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INVESTMENT PRINCIPLES

Carmel Partners’ value-added investment strategy focuses on the acquisitions of underperforming multi-family assets in selected target markets that are relatively supply constrained and exhibit favorable near-term prospects for improving rents and property values through active property renovation and repositioning. The Company seeks to increase value by transforming asset’s overall attractiveness through enhanced curb appeal, amenities and the management of the property, thereby increasing its liquidity and improving its attractiveness to the institutional marketplace.

With the depth of its senior management team in all areas of acquisition, development and management, the Company believes that it can continue to successfully exploit, execute and capitalize on inefficiencies in the apartment market.