Note 4 – Investments in Real Estate

As of December 31, 2015, the Company was invested in fourteen operating real estate properties and six development properties through joint venture partnerships. The following tables provide summary information regarding the Company’s operating and development investments, which are either consolidated or presented on the equity method of accounting.

Operating Properties

	Number of		Date	Ownership			Average
Multifamily Community Name/Location	Units		Built/Renovated ⁽¹⁾	Interest			Rent ⁽²⁾ (Unaudited)		% Occupied ⁽³⁾ (Unaudited)
ARIUM Grandewood, Orlando, FL ⁽⁴⁾		306	2005		95.0	%	$	1,184		97	%
ARIUM Palms, Orlando, FL		252	2008		95.0	%		1,161		94	%
Ashton Reserve, Charlotte, NC ⁽⁵⁾		473	2012/2015		100.0	%		968		92	%
Enders at Baldwin Park, Orlando, FL		220	2003		89.5	%		1,595		97	%
EOS, Orlando, FL		296	2015		(6	)		1,211		51	%
Fox Hill, Austin, TX		288	2010		94.6	%		1,145		98	%
Lansbrook Village, Palm Harbor, FL		602	2004		90.0	%		1,182		93	%
MDA Apartments, Chicago, IL		190	2006		35.3	%		2,251		92	%
Park & Kingston, Charlotte, NC ⁽⁷⁾		168	2015		96.4	%		1,151		91	%
Sorrel, Frisco, TX ⁽⁸⁾		352	2015		95.0	%		1,288		77	%
Sovereign, Fort Worth, TX		322	2015		95.0	%		1,265		90	%
Springhouse at Newport News, Newport News, VA		432	1985		75.0	%		837		93	%
Village Green of Ann Arbor, Ann Arbor, MI		520	2013		48.6	%		1,167		91	%
Whetstone, Durham, NC		204	2015		(6	)		1,325		73	%
Total/Average		4,625					$	1,200		93	%

⁽¹⁾ Represents date of last significant renovation or year built if there were no renovations.

⁽²⁾ Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended December 31, 2015. The average rent for Whetstone, EOS and Sorrel, which are still in lease-up, is pro forma based on underwriting. Total concessions for the three months ended December 31, 2015 amounted to approximately $0.3 million.

⁽³⁾ Percent occupied is calculated as (i) the number of units occupied as of December 31, 2015, divided by (ii) total number of units, expressed as a percentage, excluding Whetstone, EOS and Sorrel, which are still in lease-up.

⁽⁴⁾ ARIUM Grandewood was formerly called ARIUM Grande Lakes.

⁽⁵⁾ Ashton Reserve is comprised of Ashton I and Ashton II.

⁽⁶⁾ EOS and Whetstone are currently preferred equity investments providing a stated investment return and both properties are in lease-up and average actual rents were $1,165 and $1,091, respectively, net of upfront lease-up concessions.

⁽⁷⁾ Park & Kingston is comprised of Park & Kingston and Park & Kingston II. We own 96.0% of 151 units of Park & Kingston acquired in March 2015 and 100.0% of 15 units of Park & Kingston II acquired in November 2015, for a combined ownership of 96.4%.

⁽⁸⁾ Sorrel is in lease-up and average actual rents were $1,272, net of up-front lease-up concessions.

Development Properties

Pro Forma

Multifamily Community Name/Location

Number of
Units

Initial
Occupancy

Final Units to be
Delivered

Average
Rent⁽¹⁾
(Unaudited)

Alexan CityCentre, Houston, TX

340

1Q 2017

4Q 2017

2,144

Alexan Southside Place, Houston, TX

269

3Q 2017

2Q 2018

2,019

Cheshire Bridge, Atlanta, GA

285

1Q 2017

3Q 2017

1,559

Domain, Garland, TX

301

2Q 2017

2Q 2018

1,425

Flagler Village, Ft. Lauderdale, FL

384

2Q 2018

1Q 2019

2,481

Lake Boone Trail, Raleigh, NC

245

1Q 2018

3Q 2018

1,402

Total/Average

1,824

1,887

⁽¹⁾ Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.