10. Subsequent Events

The Company acquired the following properties subsequent to June 30, 2015 (unaudited):

Property	Location	Closing Date	Purchase Price		Debt			# Units	Noncontrolling Interest			Effective Ownership
Madera Point	Mesa, Arizona	August 5, 2015	$	22,525,000	$	13,515,000	(1)	256		5	%		95	%
The Pointe at the Foothills	Phoenix, Arizona	August 5, 2015	$	52,275,000	$	31,365,000	(1)	528		5	%		95	%

(1) – Madera Point: Funded with a new interest only loan with floating interest rate at 1.90% plus one-month LIBOR with a term of 60 months, that matures on September 1, 2020. The note is pre-payable in the 13^th month through the 57^th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. We purchased an interest rate cap that caps the maximum rate payable on the loan at 4.10%. The property expects to establish a renovation reserve in the amount of $1,807,666 or $7,061 per unit as part of the value-add program on the property.

– The Pointe at the Foothills: Funded with a new interest only loan with floating interest rate at 1.90% plus one-month LIBOR with a term of 60 months, that matures on September 1, 2020. The note is pre-payable in the 13^th month through the 57^th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. We purchased an interest rate cap that caps the maximum rate payable on the loan at 4.10%. The property expects to establish a renovation reserve in the amount of $1,371,252 or $2,597 per unit as part of the value-add program on the property.

On August 5, 2015 the Company executed a bridge facility (the “Bridge Facility”) with Key Bank, N.A. in the amount of $29,000,000. The proceeds from the Bridge Facility were used to fund a portion of the purchase price of the Madera Point and The Pointe at the Foothills acquisitions. The Bridge Facility is payable in full on August 4, 2016 but is pre-payable at any time without penalty. The Bridge Facility is non-amortizing during the term it is outstanding and accrues interest at an annual rate of 4.00% plus one-month LIBOR.

On August 10, 2015 the Company’s board of directors approved a $.206 per share dividend for record date September 15 and payable September 30.