Contents  Company Background- The Dinerstein Companies  The Millennium Apartments- Urban Infill Apartments  Sterling University Housing- Student Housing  Dinerstein Product Examples 2

The Dinerstein Companies  Established in 1955, the Dinerstein Companies (TDC) has developed and constructed over 50,000 multi-family units in twenty-six states.  The Dinerstein Companies general contracting subsidiary builds each development. Currently, the construction division ranks as the eleventh largest in the country.*  One of the leading “green” developers in the country with over $533,000,000 in LEED Silver apartment product currently under construction and development.  Since July 2004, TDC has sold $1.14B worth of multifamily product.  Current Geographic Footprint:  46% Southern California  30% Central Florida  12% Texas  12% Split between North Carolina, Alabama, and Ohio 3 * Per Multifamily Executive, May 2010 Top 50 Builders

The Millennium Apartments Urban Infill Developments  High density (sixty+ units/acre) located within an urban center  Each Millennium property includes a state-of-the-art community center, an internet café, a commercial kitchen and a health club-quality fitness facility  Every unit comes standard with island-style open kitchens, granite countertops, stainless steel appliances, and upgraded cabinetry and fixtures  Ground floor and top floor units will be “loft style”, complete with stained concrete or wood vinyl flooring, exposed ducts and eight foot doors 4 NAME CITY STATE# Units The Millennium Greenway Houston Texas309 The Millennium Waterway Avenue The Woodlands Texas 393 The Millennium South End Charlotte North Carolina267 The Millennium WestShore Tampa Florida379 The Millennium Warner Center Los Angeles California432 The Millennium Playa Del Rey West Los Angeles California196 TOTALS 1,976

Millennium Waterway Avenue Houston, Texas 5

5  Wholly owned subsidiary of Dinerstein Companies, founded in 1997  Largest builder and developer of off-campus student housing in the country, having completed student housing developments at thirty-nine different national universities  SUH has successfully developed or acquired fifty-two properties totaling 28,538 beds in twenty-six states, with another 4,000 beds currently under development  Since 2004, Sterling has sold forty-five student properties to a multitude of buyers including private investors, tenant-in-common syndicates, institutional funds, and REITs. Sterling University Housing Student Housing Developments

Sterling 42 nd Street- University of South Florida Tampa, Florida 7

8 Millennium WestShore

Millennium WestShore 9

5  379 Total Units  917 sf average size, average rent $1,375  Unit Composition  10% Efficiencies  48% 1 bedroom- 1 bath  40% 2 bedroom- 2 bath  2% 3 bedroom- 3 bath  Efficiencies have rented the fastest, everything else has moved in tandem with one another Property Description

5  Property purchased in September 2007  Construction commenced in January 2008  Final Certificate of Occupancy obtained in January 2010  Projected to be stabilized in February 2011 Development Timeline

5  Tampa’s Urban Core and Job Center  WestShore Business District is the largest office submarket in Florida encompassing 15.5MM sf of office space  The location is sandwiched between International Plaza to the north and WestShore Plaza to the south  Close proximity to airport  Central location allows for the ability to commute to St. Petersburg (20 minutes south) or Clearwater (30 minutes west) Millennium WestShore Location

Property Amenities 13 Clubhouse Pool Area

Resident Amenities 14 Commercial KitchenMovie Theatre Computer Lab Exercise Facility

Unit Interiors 15