As of June 30, 2015, through its combined consolidated joint ventures, the Company has invested in a total of thirty-nine multifamily properties as listed below (property descriptions including rentable square footage, number of units, average effective monthly rent and occupancy are unaudited):

Multifamily Property Name	Rentable Square Footage		Number of Units		Date Acquired	Average Effective Monthly Rent Per Unit (1)		% Occupied as of June 30, 2015 (2)			% Occupied as of December 31, 2014 (2)
The Miramar Apartments		183,100	314		10/31/2013	$	561		91.4	%		92.7	%
Arbors on Forest Ridge		154,556	210		1/31/2014	$	787		93.8	%		92.9	%
Cutter's Point		197,972	196		1/31/2014	$	954		95.9	%		96.4	%
Eagle Crest		395,951	447		1/31/2014	$	767		95.7	%		94.9	%
Meridian		148,200	200		1/31/2014	$	791		94.0	%		95.0	%
Silverbrook		526,138	642		1/31/2014	$	696		94.1	%		91.7	%
Timberglen		221,376	304		1/31/2014	$	727		92.8	%		93.4	%
Toscana		115,400	192		1/31/2014	$	634		92.7	%		93.2	%
The Grove at Alban		267,300	290		3/10/2014	$	947		91.4	%		89.3	%
Willowdale Crossings		411,800	432		5/15/2014	$	995		91.9	%		82.9	%
Edgewater at Sandy Springs		726,774	760		7/18/2014	$	791		89.5	%		92.5	%
Beechwood Terrace		271,728	300		7/21/2014	$	760		96.3	%		98.7	%
Willow Grove		229,140	244		7/21/2014	$	723		95.1	%		94.7	%
Woodbridge		246,840	220		7/21/2014	$	848		91.4	%		90.5	%
Abbington Heights		238,974	274		8/1/2014	$	763		95.3	%		96.0	%
The Summit at Sabal Park		204,545	252		8/20/2014	$	811		93.3	%		88.5	%
Courtney Cove		224,958	324		8/20/2014	$	704		93.2	%		95.1	%
Colonial Forest		160,093	174		8/20/2014	$	625		90.8	%		94.8	%
Park at Blanding		116,410	117		8/20/2014	$	762		96.6	%		88.9	%
Park at Regency		134,253	159		8/20/2014	$	739		93.7	%		91.2	%
Jade Park		118,392	144		8/20/2014	$	708		92.4	%		96.5	%
Mandarin Reserve		449,276	520		9/15/2014	$	693		95.2	%		95.4	%
Radbourne Lake		246,599	225		9/30/2014	$	1,057		92.0	%		92.4	%
Timber Creek		248,391	352		9/30/2014	$	725		95.7	%		93.2	%
Belmont at Duck Creek		198,279	240		9/30/2014	$	834		92.9	%		93.8	%
The Arbors		127,536	140		10/16/2014	$	747		96.4	%		92.1	%
The Crossings		377,840	380		10/16/2014	$	715		94.2	%		94.7	%
The Crossings at Holcomb Bridge		247,982	268		10/16/2014	$	747		96.3	%		93.7	%
The Knolls		311,160	312		10/16/2014	$	793		92.9	%		95.2	%
Regatta Bay		200,440	240		11/4/2014	$	972		97.9	%		96.3	%
Sabal Palm at Lake Buena Vista		370,768	400		11/5/2014	$	1,070		93.3	%		95.0	%
Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments)		115,712	156		12/18/2014	$	1,001		89.1	%		92.9	%
Cornerstone		317,565	430		1/15/2015	$	821		94.7	%	(3)
McMillan Place		290,051	402		1/15/2015	$	668		89.1	%	(3)
Barrington Mill		692,180	752		2/6/2015	$	723		94.5	%	(3)
Dana Point		206,276	264		2/26/2015	$	753		91.7	%	(3)
Heatherstone		115,615	152		2/26/2015	$	752		91.4	%	(3)
Versailles		300,908	388		2/26/2015	$	781		92.3	%	(3)
Bayberry Apartment		216,891	222		4/15/2015	$	961		96.4	%	(3)
		10,327,369		12,038

(1)	Average effective monthly rent per unit is equal to the average of (i) the contractual rent for commenced leases as of June 30, 2015 minus any tenant concession over the term of the lease, divided by (ii) the number of units under commenced leases as of June 30, 2015.

(2)	Percent occupied is calculated as (i) the number of units occupied as of June 30, 2015, and at December 31, 2014, divided by total number of units, expressed as a percentage.

(3)	Properties acquired in 2015.