Mr. Alfieri has served as our Chief Executive Officer since June 30, 2014 and as one of our directors since May 2014. Mr. Alfieri has served as the Company’s President since July 31, 2013, and has also served as our Chief Operating Officer since our inception in 2006. Mr. Alfieri served as Chief Operating Officer of our Former Advisor and our Former Property Manager from September 2006 and March 2008, respectively, to July 31, 2013.

Prior to joining Behringer in May 2006, from January 1999 to April 2006 Mr. Alfieri was Senior Vice President of AMLI Residential Properties Trust (“AMLI”), formerly a New York Stock Exchange-listed REIT, where he directed investment activities for the Southwest region. During his seven-year tenure at AMLI, Mr. Alfieri consummated multifamily transactions in excess of $2.5 billion. From 2000 to 2006, Mr. Alfieri was a member of CEC, AMLI’s senior executive committee. In February 2006, AMLI merged into an indirect subsidiary of Morgan Stanley Real Estate’s Prime Property Fund, and the consideration paid for AMLI represented a 20.7% premium over the closing price of its common shares on the last full trading day prior to the public announcement of the merger. From 1991 until 1998, Mr. Alfieri was president and Chief Executive Officer of Revest Group, Inc., a regional full service investment company. Revest was engaged in the acquisition and development of multifamily and commercial properties as a sponsor/general partner on behalf of international and domestic private investors. Mr. Alfieri also was President and Chief Executive Officer of Revest Management Services. Revest Management Services fee managed office, mini- storage and multifamily properties.

Mr. Alfieri graduated from Texas A&M with a Bachelor of Business Administration degree in Marketing. Mr. Alfieri is a licensed Real Estate Broker in the State of Texas. Mr. Alfieri served on the Board of Directors of the National Multi Housing Council from 2002 to 2016. Mr. Alfieri is a member of the Texas A&M Mays Business School Masters of Real Estate Advisory Board. In 2011 Mr. Alfieri was honored as Executive Of The Year by Multifamily Executive magazine.

J.J. has 30 years of experience in the real estate industry, developing mixed-use, multifamily, and resort communities throughout the United States and Los Cabos, Mexico. J.J. has worked for such nationally and internationally recognized companies as Lennar Multifamily Communities, Shea Properties, Del Mar Development, Legacy Partners, JPI, and Goldman Sachs Realty Management. He has sourced, entitled, renovated and

developed over $6 billion of real estate and over 12,000 multifamily units throughout his career.

In September 2020, building on an almost three-decade-long career as an executive with institutional development firms, J.J. founded The Abraham Companies (“TAC”), an “institutional boutique” multifamily development firm.

TAC is a developer of luxury multifamily and mixed-use properties in the West and Southwest that achieve superior investment returns on behalf of select capital partners. TAC’s principals have sourced, entitled, renovated, developed, and financed over $12 billion of real estate throughout the United States and Mexico, including over 12,000 multifamily units. TAC’s professionals have decades of experience in real estate acquisitions, finance, development, and asset management with leading national institutions, yet the firm operates with efficiency and the flexibility of a boutique developer.

Prior to forming TAC, in August 2012, J.J. launched Lennar Corporation’s (NYSE: LEN) start-up apartment development platform in California. As the first Division President on the west coast, J.J. grew the division into a $4 billion portfolio (26 communities/7,500 units), ranging from suburban apartment developments to luxury high-rises in downtown San Diego and the Bay Area.

Prior to joining LMC, J.J. was the Senior Vice President of Development and Acquisitions for Shea Properties, where he successfully rebuilt the west coast apartment platform and development operations with more than 2,800 units.

Prior to Shea, J.J. ran the development operations of Del Mar Development, the leading developer of luxury resort communities headquartered Los Cabos, Mexico. This included overseeing the development of three residential master-planned communities within the world-famous Palmilla resort.

In 1994 J.J. received his BBA from Southern Methodist University in Finance, Real Estate, and International Business. J.J. is a member of the ULI Multifamily Platinum Council, he served the past five years as Co-Chairman of the NAHB National Leadership Council, and currently serves on the Board of Trustees at St. Mary’s, an IB private school located in Aliso Viejo, California.

Jerome A. Fink is a co-founder & Managing Partner of The Bascom Group, LLC. Bascom

has completed over $12.0 billion in multi-family and commercial value-added

transactions since 1996 including more than 300 multifamily properties and 80,000

units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s

subsidiaries and joint ventures include the Southern California Industrial Fund,

Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom

Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures,

Bascom Arizona Ventures, Harbor Associates, Village Partner Ventures, and the Realm

Group. Bascom’s subsidiaries also include Premier Business Centers, the largest

privately held executive suite company in the U.S.

Prior to founding Bascom, Mr. Fink acted as Senior Acquisitions and Sales Manager from

1991 to 1995 for Pacific Mutual Life Insurance Company. His responsibilities included

market assessment, property identification and negotiation, and the acquisition and

disposition of real estate investments.

Mr. Fink holds a Bachelor of Science in Electrical and Computer Engineering and a

Master of Business Administration in Real Estate and Finance from the University of

Wisconsin-Madison. He is a member of the Institute of Real Estate Managements (IREM)

and Turnaround Management Association (TMA). Mr. Fink is a licensed real estate

broker in the state of California, a Certified Commercial Investment Member (CCIM), a

Certified Property Manager (CPM), a Certified Mergers & Acquisitions Advisor (CM&AA),

and a Certified Turnaround Professional (CTP). He has appeared as a guest speaker at

various functions, including those for the Urban Land Institute, University of California

Los Angeles and Irvine, University of Southern California, and other assorted industry

events. Mr. Fink previously served on the Board of Directors for the Wisconsin Real

Estate Alumni Association and is currently a member of the USC Lusk Center for Real

Estate Executive Committee.  He has previously served on the board for the Young

Presidents Organization (YPO) California Coast chapter and is currently a member of the

World Presidents Organization (WPO).

In 2004, Mr. Fink was awarded the Apartment Executive of the Year by the Real Estate

Conference Group, the industry's largest and most prestigious multifamily conference

on the West Coast, and was later awarded the Rising Star award by the University of

California Irvine Center for Real Estate in 2008. Mr. Fink was also recognized in the 2011

Multi-Family Executive Magazine. In 2016, Mr. Fink was awarded the Ernst & Young

Entrepreneur of the Year, Orange County.

Daryl J. Carter is the Founder, Chairman and CEO of Avanath Capital Management, LLC, a California-based investment firm that acquires, renovates, and operates apartment properties, with an emphasis on affordable and workforce communities. Mr. Carter directs the overall strategy and operations of the Company. Since its formation in 2008, Avanath has acquired $2.5 billion of properties in 13 states in the U.S., comprising 12,000 apartment units. Avanath is vertically integrated and is an SEC registered investment advisor and an institutional fund manager, with capabilities that include acquisition sourcing and underwriting, construction, asset management, and on-site property management.

Mr. Carter has 40 years of experience in the commercial real estate industry. Previously, he was an Executive Managing Director of Centerline Capital Group. Mr. Carter became part of the Centerline team when his company, Capri Capital Finance, was acquired by Centerline in 2005. Mr. Carter co-founded and served as Co-Chairman of the Capri Capital family of companies. He was instrumental in building Capri to a diversified real estate investment firm with $8 billion in real estate equity and debt investments under management. Prior to Capri, Mr. Carter was Regional Vice President at Westinghouse Credit Corporation and a Second Vice President at Continental Bank.

Mr. Carter holds a Master’s in Architecture and a Master’s in Business Administration, both from the Massachusetts Institute of Technology. He received a Bachelor of Science degree in Architecture from the University of Michigan. Mr. Carter serves on the Visiting Committee of the MIT Sloan School of Management. In 2015, Mr. Carter received the MIT Sloan School Distinguished Alumni Award and served as the 2015 commencement speaker for the Sloan School MBA graduation.

Mr. Carter is a Past Chairman of the National Multifamily Housing Council. Previously, Mr. Carter served as an independent director on the boards of the following companies: Catellus Development Corporation (CDX), Silver Bay Realty Trust (SBY), and Whitestone REIT (WSR).

Chris Payne is a Managing Director for SARES•REGIS Group, a vertically-integrated real estate investment company focused on developing, redeveloping, acquiring, and managing apartment communities and commercial properties throughout the Western United States. Mr. Payne oversees the residential platform with direct responsibility for new development activity as well as oversight of the investment, construction, and property management divisions.

With over 20 years of experience in the residential industry, Mr. Payne has developed many residential product types including apartments, condominiums, seniors, single family, and affordable housing. Prior to joining SARES•REGIS Group, Mr. Payne managed the regional development activities for AvalonBay Communities in Southern California for 14 years. There he was responsible for multi-family development activity totaling over $1.5 billion dollars. Prior to joining AvalonBay, Mr. Payne managed new development activity in Southern California for Belmont Corp, a national provider of senior's housing and assisted living services. From 1996 - 1998, Mr. Payne was responsible for developing single family home communities with Greystone Homes.

Mr. Payne was awarded a Master of Real Estate Development degree from the University of Southern California in 1996, and a Bachelor of Science degree in Finance from California State University Fullerton in 1991. Mr. Payne currently serves as an adjunct professor at the University of Southern California and is a licensed California Real Estate Broker. His professional affiliations include the Urban Land Institute and National Multi Housing Council.

As President and CEO of Related California, Mr. Canori leads Related California's market rate, luxury and mixed-income residential development and strategy throughout California. He is currently overseeing a $6 billion pipeline of 7,000 multifamily and senior units, and over 1 million square feet of commercial space located in San Francisco, Silicon Valley, Los Angeles and Orange County. He oversees an integrated development team that encompasses all aspects of development, including financial analysis, acquisition, planning and design, deal structuring, entitlements, public and private financing, construction, marketing and asset management.

For the past 21 years, Mr. Canori has played a lead role in building the company's substantial portfolio of mixed-use and mixed-income developments. He is responsible for the growth of the Related California pipeline, including the development of 4,000 multifamily units with development costs in excess of $3 billion.

Mr. Canori is a graduate of the University of Southern California Marshall School of Business. He serves on the Executive Committee for the Lusk Center for Real Estate at the University of Southern California and the Policy Advisory Board for the Fisher Center for Real Estate and Urban Economics at the Haas School of Business at the University of California at Berkeley. He is also a member of the Urban Land Institute.

Ms. Kleiman is responsible for overall Operations of the Company, which includes Portfolio, Asset and Property Management; Technology; Data Analytics and Research; Redevelopment and Resource Management; and Commercial Departments. Ms. Kleiman served as the Company’s Executive Vice President and Chief Financial Officer from 2015 to 2020 and was responsible for the overall transaction management for the $16 billion merger with BRE Properties. She joined Essex in 2009 to manage the Private Equity platform and grew the business from $750 million to $3 billion in gross assets. Prior to joining Essex, Ms. Kleiman's real estate career focused primarily on institutional investment management and investment banking. As a Senior Equity Analyst and Vice President of Investor Relations at Security Capital, she was responsible for over $2 billion of the firm's REIT investments and all client communications. As a Vice President with J.P. Morgan Real Estate & Lodging Investment Banking Group, she advised senior management and boards in strategic business platforms and capital markets transactions. Ms. Kleiman began her career in real estate development management in 1991. She holds a Bachelor of Science from Northwestern University, and a Master of Business Administration from the Kellogg School of Management. She is a member of NAREIT and NMHC.

Mark is the President and Founder of MJW Investments. After beginning his career as an attorney, Los Angeles native Mark J. Weinstein founded MJW Investments in 1983 when he discovered the potential of real estate investment and development through several successful ventures. Under his leadership MJW has acquired approximately 1 billion dollars of real estate holdings in all asset types. He also spearheaded the adaptive reuse of Santee Village, one of Los Angeles’ largest adaptive reuse projects of over 800,000 sqft. of mixed-use in the Fashion District of Downtown Los Angeles. Mr. Weinstein’s passion for, and expertise in property repositioning has been a guiding factor in the company’s growth and success.

Mark is the majority owner of the firm’s $800MM diversified real estate holdings. More recently, Mark has led the firm’s strategic growth into student housing and has amassed a portfolio of student housing properties at Michigan State, Washington State, Brigham Young University, UC Santa Barbara, Texas Tech, University of Illinois and University of Oregon. The firm continues to expand its Southern California multifamily portfolio.

Throughout his career, Mr. Weinstein has maintained active associations and leadership with numerous civic and philanthropic groups. These include a three year term as Chair of the Jewish Federation’s Real Estate Construction Division; and active associations with the Young Presidents Organization (YPO), the Guardians, an agency dedicated to serving the elderly, and the Jewish Venture Philanthropy fund.

Mr. Weinstein holds a Bachelor of Arts degree from the University of California at Santa Barbara (summa cum laude), and a Juris Doctorate from Loyola Law School (dean’s list).

Robin Potts is the Co-Head of Real Estate Investments and Director of Acquisitions for Canyon Partners Real Estate LLC. Ms. Potts has been with Canyon for 11 years and is responsible for overseeing the origination and acquisitions of debt and equity investments across Canyon’s real estate platforms and holds a seat on all real estate investment committees. During her tenure at Canyon, Ms. Potts has facilitated the acquisition, financing and development of over $5 billion of commercial real estate transactions across all asset classes including multifamily, condominiums, office, retail, hospitality, industrial, student housing and mixed-use. Ms. Potts previously worked in the Financial Institutions Group of Credit Suisse in Los Angeles and focused on equity, debt, and M&A transactions in the mortgage real estate investment trust sector. Ms. Potts is a graduate of Harvard University, and received a B.A. degree in Economics.

Mr. Noah Hochman is the Senior Managing Director of Capital Markets for TruAmerica Multifamily and brings 18 years of real estate investment and private equity experience to his role. Mr. Hochman is responsible for sourcing equity capital, investor relations and debt strategy across the portfolio and oversees joint venture structuring and partnerships. Mr. Hochman is also a member of the firm’s Investment Committee.

Prior to joining TruAmerica Multifamily, Mr. Hochman served as Vice President of Acquisitions and Dispositions at Triumph Management Company. Prior to joining Triumph, Mr. Hochman served as Vice President of Acquisitions for Granite Peak Partners.

Mr. Hochman holds a Bachelor of Arts in Economics from UCLA and is a graduate of the Anderson Graduate School of Management Mergers & Acquisitions Program at UCLA.

Maria Stamolis, Co-Head of Real Estate Investments, Director of Asset Management, has been with Canyon for 10 years and has worked in the real estate industry since 1987Ms. Stamolis is responsible for the oversight and management of CPRE’s portfolio of commercial real estate debt and equity investments across all asset classes including multifamily, condominiums, office, retail, hospitality and mixed-use. Ms. Stamolis holds a seat on all real estate investment committees and serves as the Fund Executive for the Canyon Catalyst Fund, the firm’s real estate emerging manager program with CalPERS. Prior to joining Canyon in 2006, Ms. Stamolis was an Executive Vice President at Karney Management Company, a Los Angeles-based developer and owner of industrial properties and before that she was Vice President and Head of Asset Management at the Los Angeles. -based firm R&B Realty Group/Oakwood Worldwide. Ms. Stamolis also has served as a Portfolio Manager at both GE Capital and MBL Life Assurance Corporation and she started her career in New York City as a Project Manager for the developer Center for Housing Partnerships. She is a graduate of Fordham University, having earned both a B.A. in Economics and Business and an MBA in Finance.

David J. Nagel serves as President & Chief Executive Officer of Decron Properties Corp. Under his leadership, Decron Properties grew from managing 10 buildings with a $100 million valuation into a $1.5 billion enterprise with over 55 projects. This stunning growth makes Decron one of the largest and most respected privately owned real estate firms in California.

David's activities within the firm include ground-up and value-added development, acquisitions, financing, and asset management. His active and intimate familiarity with construction management, Southern California real estate, and Decron's own portfolio helps imbue the firm and its employees with the expertise, professionalism, and "owner-operator" attitude that pervades all aspects of company business.

David earned his MBA in Real Estate Finance from the University of Southern California's (USC) Marshal School of Business and his bachelor's degree from New York University's (NYU) Stern School of Business. He holds various accreditations including as California licensed contractor, and is a member of the Apartment Owner's Association (AOA), the Building Owner's Management Association (BOMA), and the International Council of Shopping Centers (ICSC).

David is married, with three children, and resides in Los Angeles. He also serves as President and Chairman of the Board of Yeshiva University High School of Los Angeles, an area private school with over 400 hundred students. David previously served as Chairman of the Board of Young Israel Century City.

Kevin Farrell is President and COO of Fifield Realty Corp.. He joined Fifield as Senior Vice President and later became President of Fifield Realty Corp (the development arm of Fifield Companies). Kevin started with Steve Fifield in the 1980's as a construction manager and is currently overseeing FRP's national apartment acquisition program as well as new construction and adaptive reuse projects in Chicago and Los Angeles. Prior to joining Fifield, Kevin was a Vice President at the Related Companies, where he managed several rental and for-sale residential development projects, including Roosevelt Square, a 2,400-unit mixed-income residential community in Chicago's near West Side. Previously, Kevin managed due diligence activities for First Union Real Estate's property investment, acquisition, and redevelopment program in Texas, New Mexico and Colorado. Kevin has an MBA from Illinois Institute of Technology and a Bachelor of Science in Civil Engineering from the University of Illinois. Kevin recently served on the City of Chicago's Green Urban Design Task Force.

Alla Sorochinsky is the Managing Director of CWP and is responsible for acquisitions, financing and asset management. Since 2001, Alla was the Chief Financial Officer of Cypress Equity Investments where she developed and managed the company's asset repositioning and financial reporting infrastructure. Alla oversaw all aspects of the company, including acquisitions, finance, asset management and dispositions.

Previously, Alla was the financial controller of several publicly traded technology companies. Alla graduated from the University of California, Los Angeles, with a degree in International Economics and received a Master's degree from the University of Southern California. Upon graduation Alla joined BDO Seidman LLP where she received her CPA license.

Ken Kahan is Founder and President of California Landmark (or "CLG"), a real estate development and investment company. Since its inception in 1988, California Landmark has invested in or developed all types of real estate from residential (including single family as well as low and high rise multi-family) to commercial (including hospitality, office and industrial). The company has developed in excess of 3,000,000 million square feet of various products.

CLG has distinguished itself in Southern California as an innovative problem solver in both the design and development of dozens of multi-family communities. The firm is currently one of the largest private multi-family developers in Los Angeles with over 500 units in various stages of construction or development.

Current projects include three high profile mixed use projects including the bw (Wilshire at Barrington), the hw (Hollywood Blvd. near Crescent Heights) and the LC (Larchmont at Melrose and Camerford). Past projects include modern townhomes and industrial "hard" lofts in the Marina Arts District, high-rise condominiums along the Wilshire corridor, California courtyard buildings in Westwood and Brentwood, art deco apartments in West Hollywood, and Mediterranean style villas in Century City.

In the past ten years CLG has expanded its footprint of residential acquisitions by purchasing existing apartment communities throughout Southern California. Projects include townhouse condominium projects converted to rentals, middle income apartments in San Diego, renovations of 1950's apartment buildings in the San Fernando Valley and most recently, low income housing in the San Gabriel Valley. At the same time, the firm has expanded its portfolio to include industrial, office and flex space projects totaling several hundred thousand square feet.

Ken is passionate about all aspect of urban planning and development. He is a frequent speaker on matters pertaining to entitlements, zoning, multi family/mixed use projects and urban development. California Landmark has been involved in the City of Los Angeles implementation ordinance of SB1818 and has delivered several mixed income housing projects throughout the region.

A native of Los Angeles, Ken obtained both his bachelor of arts and juris doctor degrees from UCLA. Ken currently resides in West Los Angeles with his family.

Jaja has over 12 years of experience in multifamily real estate development and property management, most recently as the President of Emerald Property Management, a division of Emerald Fund, Inc. Throughout his career, Jaja has managed thousands of luxury apartment and condominium units in the San Francisco Bay Area. Equally important is Jaja’s background in technology: He co-founded Mascot Network, a $23 million dollar “Facebook for Colleges” after graduating from Harvard Business School in 1999, and was named one of the 25 most influential African Americans in technology in 2001 by Black Enterprise Magazine. Jaja’s depth of experience in asset management and internet technology lead him to Airbnb in 2015, where he now leads Airbnb’s global landlord partnership strategy. Jaja holds a BA in Government from Harvard College, and a MBA from Harvard Business School.

Brian Eisendrath sources aggressive capital for institutional and high net worth clients. His ranking as one of the top originators in the country has garnered him extensive industry recognition. Brian is able to quickly and effectively meet the needs of his clients by tailoring a financing solution that is unique to their property-specific business plan. By leveraging extensive life insurance company, bank, CMBS, and bridge lending relationships, as well as CBRE’s direct lending relationships with Freddie Mac and Fannie Mae, Brian and his team are able to customize capital to maximize return on investment.

After graduating from the University of Wisconsin-Madison with a degree in Real Estate and Finance, Brian began his career as an office developer with Hines. Following Hines, he worked for a bridge lender in Chicago whose focus was construction and repositioning opportunities. Brian then decided to become a capital intermediary and joined HFF. In 2005, he joined CBRE.

Oz Erickson founded Emerald Fund in 1979 and has been actively developing projects in the Bay Area since that time. Oz identifies new projects and is involved with the entitlements, financing, project design and sales and marketing. Oz has been recognized with many industry honors including the San Francisco Business Times’ Lifetime Achievement Award for Most Admired CEO in 2013. Oz received a BA degree from Harvard University and a MBA from Stanford University

Before joining the A’s, Tan was Senior Vice President and U.S. Head of Development at Bentall Kennedy, one of North America’s largest real estate investment advisors. During her tenure, the company invested in the development of more than $3 billion of mixed-use commercial, multi-family, and logistics projects throughout the U.S.

Tan has additional experience as Executive Vice President and Director of Northern California Operations at Related California, where she opened the office and built up a $2 billion pipeline of affordable and mixed income, mixed use developments throughout the Bay Area. Her work included successful partnerships with Oakland based non-profit EBALDC, the Oakland Housing Authority and Acts Full Gospel Church on community redevelopment projects in East Oakland.

She was also the Executive Vice President at BRIDGE Housing Corporation, where she led teams focused on all aspects of the development and financing of mixed income and affordable housing communities, as well as large scale redevelopment efforts throughout California, including Chestnut Linden, Mandela Gateway and Central Station in West Oakland, MacArthur BART, and St. Josephs in East Oakland. During her tenure at BRIDGE, she oversaw the development of $3.5 billion of affordable and mixed income housing, pedestrian-oriented commercial space, and community facilities.

Throughout her work and volunteer career, Tan has worked with nonprofits and local organizations to effect positive change focused on raising the quality of life and increasing opportunity in lower income communities. She is a member of the Board of Directors of the S.H. Cowell Foundation; SPUR; and Habitat for Humanity Greater San Francisco. She is a former longtime volunteer at EBALDC, serving on its Board of Directors and its Real Estate Committee. She is also a member of the Dean’s Advisory Council for UC Berkeley’s College of Environmental Design, and the Stanford Real Estate Council. Tan and her husband are Resident Fellows at Stanford University, where they work to create an enriched residential experience for 270 undergraduate students.

Tan holds a BA in Architecture from University of California, Berkeley and a MBA from Stanford University. She is a Registered Architect in California.

Sue has been involved in real estate finance for over 20 years in a variety of roles. With TCR since 2004, Sue oversees debt and equity financing for TCR’s new developments in the Western United States. In addition, she oversees asset management and dispositions for TCR’s remaining West Coast operating properties and land holdings. Prior to joining TCR, Sue was a Vice President and Manager of the National Accounts group at Bank of the West, where she originated and managed loans for for-sale residential, apartment, retail, office, industrial and land/land development projects. Earlier, Sue served as a Vice President at Citicorp, in the Commercial Real Estate Group, and was involved in loan work-outs, asset disposition (OREO and loans) and investment banking. Sue graduated from Claremont McKenna College and earned her MBA from the Anderson School at UCLA.

Alexa Mizrahi serves as Director of Loan Origination for Lone Oak Fund, LLC. She graduated with Provost’s Honors from the University of California, San Diego in 2008, earning a Bachelor of Science in Microeconomics & Mathematics. Since joining Lone Oak Fund’s Loan Origination Department in 2009, Alexa has underwritten thousands of commercial real estate transactions and has closed more than $500 million in bridge loans. Alexa originates short term financing up to $30 million for California investment properties. She is a board member for the Los Angeles Mortgage Association, has spoken on numerous panels for organizations such as RealShare, IMN, and Bisnow, and has been published in several periodicals, including the Los Angeles Business Journal, Scotsman Guide, and GlobeSt.

Peter Sherman, Principal with Avison Young has led or been directly involved in more than $5 billion of multifamily investment sales and financings throughout Southern California. Prior to Avison Young, Sherman was a Senior Vice President at CBRE with notable transactions including the $99 million sale of The Lexington, a Hollywood land site entitled for 695 units to AvalonBay, the $300 million sale of Palazzo Westwood Village, a Class A 350-unit mixed-use apartment property in Westwood Village, the $69.7 million sale of The Vineyards at Paseo Del Sol, a Class A 288-unit pre-stabilized apartment sale in Temecula to The Praedium Group and the $45.1 million sale of Pico Lanai, a 174-unit value-add apartment property in Santa Monica to Raintree Partners.

Prior to CBRE, from 2009-2012, Sherman was a founding Partner of Los Angeles based Multi-Housing Capital Advisors (MHCA), where among other successes, he represented CIM Group and Gables Residential in the sale of six Class A apartment properties across Washington DC, Houston, Dallas and Los Angeles. Before co-founding MHCA, Sherman drove the West Coast multifamily efforts as Senior Vice President with Transwestern Multi-Housing Capital Advisors.

Sherman earned a dual Master’s degree from the Wharton Business School of the University of Pennsylvania and Johns Hopkins School for Advanced International Studies in 1996, and a BA from the University of Virginia in 1988. He is proficient in Japanese and Italian, having lived abroad in both countries respectively.

An experienced real estate executive with an 18-year track record of delivering superior project investment returns, Tyson Sayles oversees Ensemble’s multifamily group and its commitment in developing inspiring, transformative places that people call home. Previously, Tyson was the Fund Manager for CityView Southwest Multifamily Partners, a fund that purchased and renovated apartments in the Southwestern U.S. Earlier, he worked with the residential division of The KOR Group, overseeing the acquisition, renovation, recapitalization, construction and/or disposition of over 4,000 multifamily units valued at approximately $1 billion.

ROLES & RESPONSIBILITIES

Tyson’s role at Ensemble is focused on urban multifamily and mixed-use opportunities, including re-use acquisitions and new developments. He researches, evaluates and analyzes options and information that will lead to optimal decision-making for real estate acquisitions and development.

ACCOMPLISHMENTS

Bachelor of Arts in Architecture, Minor in Business Administration, University of California, Berkeley; Chancellor’s Scholar; National Merit Scholar

Involved in adaptive reuse of Eastern Columbia, winner of Los Angeles Conservancy’s 2008 Preservation Award; and Pegasus, winner of 2004 American Institute of Architects’ Los Angeles Design Citation Award

Mr. Keller is the Vice Chairman of MREG and a member of MREG’s Investment Committee. He also serves as the Chairman of MRED, MREG’s development subsidiary, and Senior Adviser to the MRECS Investment Committee with respect to construction and other heavy transitional loans. Mr. Keller has over 40 years of experience in real estate investment, development, and construction, formerly leading Mack Urban, LLC, Urban Partners, LLC, Keller Equity Group, Inc., Keller CMS, Inc., and Keller Construction Company, LTD. Mr. Keller currently holds many board and community leadership roles, including Vice Chair of the Land Use Leadership Committee and Member of the Advisory Board of ULI (Urban Land Institute) Los Angeles, Board Member of the Central City Association of Los Angeles (CCA), Board Member of the UCLA Health System, and member of The Los Angeles Coalition for the Economy and Jobs (The L.A. Coalition). Mr. Keller previously held leadership roles as Chairman of Eimago (formerly Union Rescue Mission Foundation), Chairman of the Board of Directors at Seven Arrows Elementary School in Pacific Palisades, California, Board Member of the L.A. Streetcar Initiative (LASI), member of the stakeholders group board of the DTLA South Park Business Improvement District (BID), Board Member of Friends of Waterfront, Seattle, and Board Member of Friends of the LA River (FoLAR). Mr. Keller attended the California State Polytechnic University, Pomona.

Jonathan J. Barach, President of Vista, oversees all investment activities of the firm and is responsible for its growth. Prior to founding Vista, Jonathan was a Manager at Barclays Capital Real Estate in Los Angeles where he originated debt financing for institutional private equity funds and local operators including CMBS, mezzanine, bridge, and JV equity structures. Previously, he was an Associate at FTI Consulting in their downtown LA office, a publicly-traded turnaround, valuation, and distressed advisory firm. Jonathan is also a Chartered Financial Analyst.

The principals directly oversee all investment functions, including acquisition, due diligence, financing, asset management and disposition, and commit their own capital to every deal.

Perry Pound is the Founder and CEO of Cambridge Pacific Ventures, a real estate and green technology investment firm focused on solving the housing crisis and the climate crisis. Cambridge Pacific invests in the creation of sustainable, innovative, mixed-use, transit-oriented housing communities. While beginning his career in politics and government, Perry developed his affinity for smart growth as a way to preserve open space, reduce pollution, and create a better quality of life for residents. Perry has to-date, developed more than 5,000 homes in 30 communities, and created more than 5,000 jobs.

Prior to founding his own company, Mr. Pound opened the Greystar Southern California Development Division and transformed Greystar into the LA market leader. Perry sourced, negotiated, acquired, financed, and developed a $1.5+ Billion pipeline of ten new developments totaling approximately 2,500 new multifamily housing units. Prior to Greystar, Mr. Pound led the Southern California acquisition and development efforts for Alliance Residential, JPI, BRE Properties, and The Olson Company, for a total investment of an additional $1 billion.

Mr. Pound received a Masters in International Finance from The Fletcher School of Law and Diplomacy, and completed his second year in Real Estate Finance and Development at Harvard Business School. He received his B.A., cum laude, from Pepperdine University, where he was Student Body President. Mr. Pound currently serves as an Adjunct Professor at Pepperdine Business School, a mentor for real estate technology accelerator Moderne Ventures, and a member of the Urban Land Institute, the National Multi Housing Council, and the Los Angeles World Affairs Council.

As part of the new generation of leadership at KTGY, David Senden is instrumental to the expansion and increased design profile of the firm. Mr. Senden specializes in urban infill residential and mixed-use developments, with work across the United States and internationally. In addition, he has a substantial portfolio of campus housing and specialty projects including affordable developments and recreation facilities. Since joining KTGY in early 2002, he has led teams in each of KTGY’s offices and often travels where needed to contribute to the firm’s most challenging design opportunities.

As member of KTGY’s Board of Directors, Mr. Senden is responsible for setting the big picture, strategic vision for the firm, increasing the firm’s profile and ensuring work at the highest levels. He was named to Building Design + Construction magazine’s list of the industry’s top 40 under 40 and has designed numerous award-winning projects from coast to coast.

Mr. Senden is a frequent speaker at various national and regional industry events and has written and contributed to countless articles touching on all aspects of design and the building industry. A lecturer and critic at several universities, Mr. Senden emphasizes the connection between the profession and the academy and values mentorship as key to developing talent and integrating the most current design thinking.

Kitty joined Colliers International as Executive Vice President in January 2010. She was named “Los Angeles County's Number One Multifamily Agent” by Pierce-Eislen. For 15 years, Kitty has delivered impactful solutions for her clients, servicing every facet of their multifamily real estate needs – from the sale of apartment buildings and residential land developments to condominium conversions, student housing, affordable housing and special assets. Her transactions have spanned throughout Southern California and the West Coast, with a heavy focus on West Los Angeles.

Upon entering the commercial real estate field in 1997, Kitty quickly became an expert in her market and has since consistently set and exceeded performance goals within her organizations and the industry as a whole. During her tenure with Sperry Van Ness, she ranked as the company’s #2 agent in the nation for seven years in a row. Kitty now serves as Executive Vice President for Colliers International, where she has ranked #1 in the Greater Los Angeles region since joining the company 2010.

Bob Champion is the Founder, CEO and Managing Partner of Champion Real Estate Company, a family office that specializes in real estate investment with multiple business strategies currently being executed via the company’s platform. Under Bob’s leadership, the Champion platform has generated in excess of a 20 annual return (XIRR) to its investors over the past 20-years. Bob has a Master's of Real Estate Development from the University of Southern California where he also taught real estate investment, development, and urban planning for over 16 years. He has also taught at the graduate level at UCLA, ICSC University, and the CRA University. He is an expert in shopping centers, multifamily, ertical retailing, public-private partnerships and mixed-use development with retail, residential, office, and entertainment components. Bob is a nationally recognized speaker at real estate industry events and has published numerous articles on real estate, the economy, and public policy. He has developed and invested in all of the major real estate product types and has completed over $1 billion in transactions.

Moderating/Speaking Engagements:  RealShare Apartments – The Westin Bonaventure, Los Angeles: Oct 20, 2016  15th Global Real Estate Private Equity Summit – Sofitel Beverly Hills: Sept 15, 2016  Multifamily Annual Conference West – Omni Downtown, Los Angeles: July 20, 2016  Greater Los Angeles Development Summit – DoubleTree by The Hilton: June 21, 2016  Marcus and Millichap/IPA Multifamily Forum – The Westin Bonaventure, Los Angeles: June 2, 2016  RealShare Los Angeles – LA’s Emerging Neighborhoods – The Beverly Wilshire: March 24, 2016  Bisnow Annual Multifamily/Mixed-Use Event – Montage Beverly Hills: February 24, 201  Lido Wealth Management Event – Intercontinental Hotel, Century City: November 19, 2015  Bisnow’s BMAX West- A Developer’s Outlook on California’s Booming Multifamily Industry – JW Marriot, Los Angeles: July 28, 2015  Bisnow The Future of Hollywood Event – The W Hotel, Los Angeles: April 29, 2015

 2nd Annual Multifamily Forum Socal – California Market Center: June 5, 2014.

Perry Colligan is a Senior Vice President with Bellwether Enterprise’s Los Angeles office. Prior to Bellwether Enterprise, Mr. Colligan was with Grandbridge Real Estate Capital and its predecessor in Los Angeles, Dwyer-Curlett & Co. Dwyer-Curlett & Co., was a Southern California based mortgage banking company founded in 1933. Mr. Colligan was a partner with that firm prior to its sale to Grandbridge in 2012.

Mr. Colligan has been involved in commercial real estate for more than 35 years, with more than 30 years experience in mortgage banking. His prior experience included brokerage, development, asset management, acquisitions and entity level finance. During his real estate finance career, Mr. Colligan has structured and placed in excess of $3 billion in debt and equity in more than 350 finance transactions. Representative transactions include permanent loans, construction loans, joint ventures, mezzanine debt and investment sales These debt and equity financings have been placed with a broad spectrum of investors including life insurance companies, banks, pension advisors, investment bankers, credit companies, REITs and private investors.

For over 30 years, Paul Zeger has been the definitive source of information for new construction sales and marketing in the Bay Area. His leadership in identifying and capitalizing on residential development opportunities is unparalleled. Paul’s client relationships include some of the most successful real estate development firms on the west coast – TMG Partners, Emerald Fund, Lennar Urban and Wilson Meany to name a few. Paul believes in making commitments to his clients, and building trust by delivering on his commitments. Paul earned a bachelor’s degree in Economics at Colgate University and a Masters in Business Administration from the Darden School at the University of Virginia.

As Managing Partner of Steinberg Hart’s Los Angeles office and leader of the firm’s Mixed-Use practice, Simon Ha has nearly two decades of experience in the planning, design and construction of large-scale award-winning mixed-use, hospitality, and multi-family projects in the City of Los Angeles and beyond. With an education in urban housing development from Harvard University’s Graduate School of Design, Simon leverages his knowledge of functional design, placemaking, and the development process to yield the highest value for his clients while achieving the goals of the city, community and the urban environment. Prior to joining Steinberg Hart, he was the Managing Partner at TSK-LA and a Principal at TCA Architects.

Simon is an engaged community leader in Downtown LA. He is active on various boards and committees, including the AIA National Housing Knowledge Community, Central City Association, Downtown Center Business Improvement District, Skid Row Housing Trust, and City of LA’s Zoning Advisory Committee.

Scé started her career in the 90s in Silicon Valley, designing and developing the 1st ecommerce sites for GM, HP, Blue Cross and others. Later she helped to pioneer smart phones at Palm. In 2007, Scé started her own company, Citizen, the 7th fastest growing company in Oregon which focuses on Internet of Things (IoT) products such as connected cars and connected health. While developing IoT products for these industries, she realized that there was a lack of enterprise-level Smart Apartment solution designed specifically for the Multi-Family-Home Industry. In 2014, she founded IOTAS, a smart apartment hardware and software technology company to help the MFH industry increase revenue, save costs, gather insights & monetize data from their portfolios. IOTAS has been recognized by Fortune, Wired, Gigaom, ABC, NBC, Chicago Tribune and more as the new way of automating apartments to attract tenants. Scé has spoken at Health 2.0, TechFest NW, WebVisions, NAA, and BISNOW on the impact of Internet of Things.

Mr. Cohen joined Resmark in 2001. With more than 25 years of real estate experience, he has been involved in the financing and development of over 15,000 residential units in the United States and Israel. Mr. Cohen’s responsibilities include overseeing all of Resmark’s investment, underwriting and asset management activities. Under his leadership since 2011, Resmark’s multifamily division has acquired and developed over 5,500 units through joint venture and direct investments. Previously, Mr. Cohen established the firm’s Northern California division in 2003 and successfully expanded its Northern California operations. His responsibilities included evaluating and formulating strategy for the acquisition of large distressed bank portfolios. In late 2007, he also led Resmark’s emergence as a key player in the area of direct investments in land portfolios.

Prior to joining Resmark, Mr. Cohen was a member of Fieldstone Communities’ management team, where he was responsible for land acquisition and entitlements, product design, construction management, and sales and marketing operations for multiple projects. Before arriving in the United States, he served as an operations manager for Peled Residential Construction, overseeing the day to day development of several master planned communities in Southern Israel, and prior to that as an officer in the Israeli Defense Forces.

Mr. Cohen sits on the National Association of Home Builders Multifamily Leadership Board. He received a Bachelor of Arts in Political Science from Tel Aviv University, and a Master of Business Administration from Pepperdine University.

As SVP, Mr. Andersen focuses on Multifamily development opportunities throughout Southern California, Northern California and Arizona. Currently, Jim is responsible for a portfolio of over 4000 units in various stages of processing. Prior to joining Trammell Crow Company, Mr. Andersen served as the President of NMS Properties, leading the organization from 2008 when his tenure began as the company’s Chief Operating Officer, through June, 2013. A 29-year real estate industry veteran, Mr. Andersen oversaw all aspects of NMS Properties from finance and asset management to development. Prior to joining NMS Properties, Mr. Andersen spent 12 years as Senior Vice President and Partner at Legacy Partners where he was responsible for operations, acquisitions and development activities in the Southern California, Nevada and Arizona markets. Prior to Legacy Partners, Mr. Andersen served as Chief Financial Officer for Bay Apartment Communities, a publicly traded Real Estate Investment Trust, and the predecessor to Avalon Bay. Mr. Andersen also served as Executive Vice President and Chief Financial Officer of Trammell Crow Company’s Northwest Region. Mr. Andersen holds a B.S. Degree from Loyola Marymount University. He is a member of Urban Land Institute (ULI).

Swinerton Senior Vice President and Region Manager Ray Haj is responsible for the overall vision, financials, and management of all operations totaling over $2.0 billion annually within Swinerton's Southern California and Hawaii Region. Ray manages 1,600 Swinerton employees within this region.

Ray is responsible for the oversight and success of the entire region. His focus with his core team in recent years has been developing a Best-in-Class culture, client relationships, establishing a diverse market portfolio, and leading and managing rapid business growth as a master builder. Recently Ray's primary focus has been on building a shared vision and leading succession planning to ensure Swinerton's continuous success in the future years, led by the rise of the next generation of leaders.

Ray has nearly 30 years of experience in the construction industry (22 years with Swinerton), with a Master's Degree in Engineering Management from Brigham Young University, a Master's Degree in Project Management from the University Centre of Business Administration in Vicenza, Italy, and a Bachelor's of Science in Civil and Environmental Engineering from Brigham Young University. Ray first worked with a top Italian contractor overseas before joining the Swinerton Los Angeles office in early 2001.

Vic Clark is a Senior Managing Director with Hunt Real Estate Capital. Mr. Clark has

29 years of solid experience in real estate financial services. He is currently National

Head of Conventional Agency production for Hunt Real Estate Capital. Mr. Clark has

produced more than $9 billion in loan originations comprised of over 700 transactions.

Mr. Clark led his Dallas production team to achieve nationally recognized production

volume making them the top production team in the firm for many years.

Prior to joining Hunt, Mr. Clark was Senior Vice President and Southwest Regional

Manager at Walker & Dunlop. Mr. Clark was also a Managing Director/co-head of

national production at Credit Suisse/Column Financial, Inc. There he was responsible for

nationwide production management, business relationship development, nationwide loan

origination, program direction and leadership of the Column Financial origination team.

Mr. Clark received national recognition for the highest individual production and

revenue within all Column programs for thirteen consecutive years.

Today Mr. Clark is considered a leading authority on multifamily financing. He is

frequently interviewed and quoted in the media and is often an invited guest speaker

at key industry conferences.

He is a partner and owner in approximately 9,000 multi-family housing units from Texas

to Chicago. He has extensive experience in retail, office and hotel properties including

financing, leasing and management.

Mr. Clark holds a Bachelor of Science degree in accounting from the University of

Southern California, is a certified public accountant (CPA), and is a member of the

Appraisal Institute (MAI).

Henry Manoucheri’s successful real estate career spans over 30 years. Henry began his career at Marcus & Millichap in 1985 and became one of their top brokers, being recognized throughout California as well as nationally. He has brokered over $500,000,000 worth of transactions in apartment buildings, office buildings, industrial properties, shopping centers and land. After leaving M&M, Henry launched his own privately held acquisitions business, as principal. In less than six months the number of apartments owned grew 200% from 400 to 1,200 units. Having demonstrated a detailed knowledge of acquisitions, operations and construction, Henry was able to partner with Bank of America to acquire and renovate a large apartment community in Carlsbad, CA. The asset was acquired at a purchase price of $50,700,000 with $10,500,000 in equity from Bank of America and $1,200,000 of equity from high net-worth investors. After successfully renovating the property and enhancing day-to-day operations, Henry sold the property four years later for $78,000,000 generating a profit of nearly $9,500,000 for himself and his investors. From this point forward a career of buying significant, well located apartment communities in Southern California began, acquiring 100+ unit properties throughout Los Angeles, Inland Empire, Ventura and San Diego County. Trisail of Bank of America and Urdang Advisors completed 10 large transactions with Henry over a successful 10 year relationship with acquisitions ranging from 200 to 450 units on transactions of $20 million to $70 million. This provided the economic platform for Henry to grow the portfolio to over 4,000 units. Additionally, Henry continued improving and refinancing smaller apartment communities, delivering 400 – 800% total returns to his investors over time. Henry, supported by research and analysis, sensed a changing marketplace and began selling select assets at record prices and cap rates from 2006 to 2008. The vast majority of sales were not used in trade, but rather to fund future acquisitions during the next down-cycle and to provide returns to investors. With over 30 years of experience in the business, Mr Manoucheri has been able to successfully navigate the company through difficult times by focusing on value-add propositions, detailed operations, and favorable financing opportunities, thereby profiting even during down cycles. This devotion to discipline, hard work , continuous examination of operating results and a hands-on approach has enabled Henry to deliver an average return of 22% percent annually across numerous assets, based on cash flow, and a return of over 60% per annum on assets sold. Currently the company is engaged in expanding its current holdings by acquiring new, value-add opportunities from various sellers, troubled borrowers, and financial institutions alike. Henry holds a BS in Finance and Real Estate from Cal State, Northridge, CA.

Mark Nay is an accomplished architect with over 3 decades of experience in the architectural field in both design and management. He specializes in mixed-use and residential-driven environments with his most recent accomplishment being PERLA, the first new high-rise project on Broadway in decades. In addition to his mixed-use focus his work has included such diversified projects as office buildings, transit, aviation and higher education facilities ranging from laboratories to performing arts to residence halls. In addition to his diverse project background Mark is deeply experienced with alternative project delivery methods including design-build. He has served as Principal-in-charge, project director and project architect for many projects and has been proprietor of his own architectural firm.

David Wolf brings deep expertise in every facet of residential real estate and multifamily development to his role as president of ON Collaborative. Thanks to his prior experience with industry leaders, including stints as president of Related Midwest and a top-selling team with @properties, David understands the importance of creating and executing innovative, needs-based sales and marketing campaigns. He is respected for his ability to lead teams, manage comprehensive efforts and develop astute strategies that deliver superior results. At ON Collaborative, David works hand-in-hand with developers across the country to implement high-performance projects that exceed their goals.

Mike Ballard is a partner at Ascent Multifamily Accounting and has worked in the real estate and accounting industries for almost 30 years. Early in Mike’s career, he worked in the Information Systems Consulting group for Laventhol & Horwath, CPAs. After Laventhol, he joined McGladrey & Pullen before starting his own consulting firm. At Ascent, Mike leads Ascent’s consulting practice, where he advises multifamily clients on strategic planning, process improvement, and tax credits.

Mike was a founding member of the board of the Lied Institute for Real Estate Studies at University of Nevada, Las Vegas and also helped with the formation of the local National Association of Industrial and Office Properties (NAIOP) and Construction Financial Management Association chapters. In 2010, Mike was named one of the “Top 20 Visionaries” in Nevada by Nevada Business magazine. Mike has served on the boards of several for-profit companies and not-for-profit organizations. He has helped start three banks and served on the board of Black Mountain Community Bank.

Kacy Keys launched Praxis Development Group (www.praxisdevgroup.com) in 2019 with the express intent of “Building with Purpose.” She comes to the endeavor with 25 years of experience in large and complex development projects, with a track record of success. Kacy has overseen the development of more than $1B in real estate assets (exclusive of land value) with experience in residential, retail, office and mixed-use product types. Praxis partners with institutional and legacy land owners, to help realize vision and value, and is currently building out the Family Life Center for West Angeles Church, as well as partnering with a local family on Crenshaw Blvd. to build multi-family apartments. Specializing in urban infill, Kacy has a passion for projects that result in a positive impact, with an eye towards simultaneous value creation and neighborhood enhancement. With her multi-disciplinary background as a land use/real estate attorney and developer, she looks at opportunity as “what can be” versus “what is.” Understanding the regulatory and entitlement framework, and seeing opportunity in creative solutions, she brings her business savvy and creativity to everything she does.

Prior to forming Praxis Development Group, Keys was Senior Vice President for Seritage Growth Properties, overseeing all development for the company in the Western United States. Prior her role at Seritage, Keys was Head of Development and General Counsel for JH Snyder for over a decade. Also having practiced law for several years and worked for the Mayor’s Office of Economic Development, Keys brings depth and varied experience to her work.

Sean Conway is an avid traveler and CEO and Co-founder of Pillow, a company that makes short-term rental hosting in Multifamily units easy, profitable, and compliant. Pillow is Airbnb’s exclusive Multifamily partner and working with Multifamily industry leaders which include Greystar, Lincoln Properties, Livcor and dozens more. Headquartered in San Francisco, the Company has raised $17.5MM and operates buildings in 25 cities across the US. Sean has a dream of making travel accessible for everyone and not just a luxury for some. Prior to Pillow, Sean was the Co-founder of Notehall, an online class and study notes platform, which was acquired by Chegg (NYSE: CHGG) in 2011.

Steve Basham is a Senior Market Analyst for the CoStar Group, specializing in the Los Angeles market. He

has authored more than 50 reports on Los Angeles commercial real estate, with an emphasis on targeted,

granular analysis of submarkets and micro-markets. His work has been featured in regional and national

media outlets including the L.A. Times, NPR’s Marketplace, and Bloomberg News.

David Harrington brings more than 17 years’ experience in finance and brokerage to his role as Executive Vice President and National Director for Matthews Multifamily Advisors™ division. He achieves success for his clients by leveraging the firm’s unique marketing platform and applying his unrivaled knowledge of the national multifamily market. This combination creates an ability to “make a market” for multifamily assets using aggressive underwriting and pricing strategies that ultimately connects buyers with sellers. During his career, he has executed over 500 transactions amounting to nearly $2 billion in sales. Recently, David has been a featured moderator and panelist at multifamily conferences across the country hosted by RealShare, Connect Media, Bisnow and Interface. PROFESSIONAL ACCOMPLISHMENTS § National Sales Achievement Awards, Berkadia § National Sales Achievement Award, Marcus & Millichap § Rookie of the Year Award, Marcus & Millichap § Highest Cost per Square Foot Ever Recorded – Pasadena, CA (91103) § Highest Cost per Square Foot Ever Recorded – Los Angeles, CA (90066/Mar Vista) § Highest Cost per Unit & per Square Foot – Lawndale, CA § Highest Gross Rent Multiplier Ever Recorded – San Pedro, CA § Highest Cost Per Unit Ever Recorded – Ennis, TX BUSINESS BACKGROUND § Beginning his career at Marcus & Millichap Capital Corporation in 1999, he made his foray into the business underwriting and processing debt for multifamily assets. After a short time in finance, he moved into brokerage at Marcus & Millichap’s Encino office specializing in multifamily investments sales. In 2010, David was recruited by and joined Hendricks & Partners, a national multifamily investment sales firm that later merged with Berkadia. In his career, David has earned multiple National Sales Achievement Awards as well as Rookie of the Year while at Marcus & Millichap. AFFILIATIONS AND MEMBERSHIPS § Member, National Multifamily Housing Council § California Bureau of Real Estate § License No. 01320460 EDUCATION AND QUALIFICATIONS § B.S., Real Estate B.S., Marketing Florida State University

Curtis Palmer recently joined ARA Newmark as Executive Managing Director in Los Angeles. Prior to this, Curtis served asExecutive Vice President at CBRE from 2013 to 2015 running Southern California Institutional Multi Housing Group. At CBRE,Mr. Palmer’s team was involved in $3.5 billion of multifamily transaction throughout the West Coast.Prior to joining CBRE in February 2013, Curtis Palmer was a founding Partner of Multi-Housing Capital Advisors (MHCA). Since2009 MHCA has sold, financed and equitized $2 billion in apartment and office product. In 2010, MHCA represented GablesResidential and CIM Group in a $214 million sale of six Class A apartments, including the sale of City Vista in Washington, D.C.,

as well as properties in Houston, Dallas and Los Angeles.Before co-founding MHCA, Mr. Palmer was Managing Director at Transwestern Multi-Housing Capital Advisors from 2004 throughJanuary 2009. During his tenure, Mr. Palmer completed over $8 billion of multifamily transactions including sales, debt and equity financing. Major clients includedFairfield Residential, Archstone-Smith, EQR, BlackRock Realty, DLJ Real Estate Capital Partners/Credit-Suisse, Camden Property Trust, Morgan Stanley Real Estate, EssexProperty Trust, AIMCO, CIM Group, JH Snyder Company, Canyon-Johnson, Oaktree Capital Management, Blackstone, Sequoia Equities, Prudential and Legacy Partners.From 2000 through 2003, Mr. Palmer served as Senior Managing Director with Insignia/ESG responsible for running the company’s west coast multifamilyplatform. During his tenure at Insignia/ESG, Mr. Palmer was involved in over $5 billion of apartment sales transactions. Also, in 2003 Mr. Palmer’s team executed

the recapitalization of the $182 million Thurman Portfolio on behalf of Fifteen Group. Thurman was a 6,868-unit portfolio comprising 26 properties located in 8states. From 1993 through 1998, Mr. Palmer was a Managing Director of the Financial Services Group for Aztec Group, Inc. in Miami, Florida. At Aztec Mr. Palmerwas consistently one of the top producing investment sales brokers in the country. At the end of his tenure Palmer represented Regency Windsor in the sale oftheir 7,800-unit portfolio, located in 10 states to AIMCO for $380 million. His team also sold the Lennar Corporate Portfolio and the Marco Realty Portfolio with an aggregate value of $350 million. During the period from 1992 through 1993, Mr. Palmer was Vice President for Ocwen Financial Corporation Discounted LoanGroup in West Palm Beach, Florida. From 1988 through 1992, Mr. Palmer served as Vice President at the Yarmouth Group in New York City. From 1990 through1992, Mr. Palmer ran dispositions nationwide for Yarmouth.

Dan Spinogatti, Senior Vice President of National Sales and Marketing for Real Estate, began his career at EBI Consulting in 1999 and has over 25 years of experience in the due diligence industry.

Working out of Phoenix, Arizona, Dan is responsible for managing, coaching, and mentoring EBI’s National Real Estate Team of Account Executives; selling Traditional and Equity Due Diligence Services to the Commercial Real Estate Industry.

He received his Bachelor’s degree in Environmental Studies from Richard Stockton College in New Jersey, and later pursued his Master’s degree in Hydrology/Hydrogeology from the University of Nevada.

Maxwell B. Shapiro is an associate in the firm's Los Angeles office, practicing in the Real Estate and Commercial Finance Practice Groups. His practice focuses on acquisitions and dispositions, leasing, real estate financing and commercial finance. Prior to joining Allen Matkins, Max participated in the firm's summer associate program. He also was a Judicial Extern for the Honorable Berle M. Schiller, United States District Court, Eastern District of Pennsylvania.