INVESTMENT CRITERIA

Target Assets	Class C through Class A- multifamily residential communities, with a focus on Class B properties; targeted properties will typically be comprised of two-story and three-story buildings in suburban settings and generally include amenities such as swimming pools, fitness centers, clubhouses, laundry facilities, dog parks, and children’s playgrounds
Target Asset Size	Between 150 and 500 units; individual units are expected to average 750 square feet in size
Target Total Capitalization Per-Asset	$15-50 million
Average Investment Size	$4-10 million
Target Leverage	Up to 75% to 80% loan-to-cost, based on “all-in” investment cost, including planned value-add capital improvements and other expenses, measured across the portfolio
Target In-Place Occupancy	85-95%; MBP does not anticipate making investments in properties with in-place occupancy of less than 75% unless a compelling opportunity arises; tenant leases are generally 9 to 12 months and typically require security deposits
Target Vintage of Assets	1975 and newer
Expected Hold Period	2-7 Years