Subsequent Events

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Lakewood Flats

We received an unsolicited offer to purchase Lakewood Flats from an unaffiliated third party, and on April 7, 2016, entered into a PSA with the unaffiliated third party. The prospective buyer terminated the contract on May 27, 2016. We continued to negotiate with the prospective buyer, and on July 22, 2016, we reinstated and amended the PSA. The purchase price under the amended agreement remains $68.8 million.

Fifth Amended and Restated Advisory Agreement

On July 25, 2016, we entered into the Fifth Amended and Restated Advisory Management Agreement with our Advisor to, among other things, revise the administrative services fee to the lesser of (i) $1.3 million annually and (ii) the costs of providing administrative services to us under the Fifth Advisory Agreement, to amend the non-solicitation provision and to extend the term of the agreement to June 6, 2017. The Fifth Advisory Agreement is effective as of June 6, 2016.

Second Amendment to Amended and Restated Property Management and Leasing Agreement

On July 25, 2016, we entered into the Second Amendment to Amended and Restated Property Management and Leasing Agreement (“Second Amendment”) with BHO II Management to amend the non-solicitation provision of the agreement.

Share Redemption Program

On August 10, 2016, our board of directors approved redemptions for the third quarter of 2016 totaling 93,120 shares with an aggregate redemption payment of approximately $0.5 million. See Part II, Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds” for a full description of the price at which we redeem shares under our share redemption program.

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