A F U L L S E R V I C E R E A L E S T A T E F I R M

WHO WE ARERivergate | KW Management is focused on improving living environments for our residents and enhancing property values for its owners, investors and residents through its spectrum of real estate operations. Rivergate | KW Management provides a complete range of services including property management, construction management, development, investment and advisory services.

Rivergate | KW Management represents over thirty years of executive leadership in the multi-family market across the Sunbelt states. We pride ourselves on staying on the cutting edge of technology, market trends and maintain our clients’ investments at optimum performance. We are partners in their success.

RIVERGATE | KW MANAGEMENT

Our boutique feel andpersonal attentionsets us apart.

WE MANAGE FOR A VARIETY OF INVESTORS INCLUDING: • Pension Funds• FinancialInstitutions• Private Equity

AND OUR EXPERIENCE COVERS THE SPECTRUM OF MULTIFAMILY COMMUNITIES INCLUDING:• Conventional• Lease-Up• High-Rise• Student Living• AffordableHousing OUR PHILOSOPHY INCORPORATES RESPECT TO:• Our Employees• Our Clients• Our Environment• Our Community• OurFavoriteCharities

AFFORDABLE MANAGEMENTRivergate | KW Management’s affordable housing division is experienced in the entire affordable housing regulatory spectrum including such programs as HUD, Section 8 and Section 42 Low Income Housing Tax Credits (LIHTC) along with others. Our diversified and highly experienced team is always prepared to meet the compliance regulations in any of our communities. Our affordable housing initiatives acknowledge the demand for hard work and attention to detail. Our HCCP certified team members are able to provide superior management and maintenance of the asset to assure compliance from the governing agencies. The teams are timely and accurate with reporting, certifications, file management and occupancies reviews. We are able to achieve the maximum rent based on the state and county schedules. Most importantly, we pride ourselves on our accountability to our clients and bring peace of mind as we provide reliability and stability to the communities.

OUR COMMITMENT TO EXCELLENCE INCLUDES: • Financial Controls and Detailed Monthly Financial Reports• Revenue Management• Expense Controlled Purchase Ordering• Work Order Management • SpecialRequirementsofFinancialInstitutions• Extensive Supervision of On-site Teams• Due Diligence Services• In-depth Market Knowledge• ConstructionManagement

MARKET RATE MANAGEMENTRivergate|KWManagementprovidessuperiormanagementservicesforluxurystableandlease-upcommunities,aswellasvalue-addmultifamilyproperties.Ourmaingoalistoimprovelivingenvironments.Wehavearemarkabletrackrecordandoutstandingexpertiseincreatinginnovativesolutions,growingrentalandancillaryincome,andeffectivelymanagingexpenses.Ourmanagementportfolioexperienceincludesgarden-style,midandhigh-riseapartmentcommunities,aswellasavarietyofmixed-useresidential/retail developments.

Westrivetoexceedtheexpectationsofourclientseveryday.Wearedrivenbyourpassionforexcellenceandcreativity. Ourpeoplearethekeytoourcontinuedsuccessandonlythebestofclassindividualsarerecruitedtotheteam.

• SEO Management• TrainingandEducation• SoftwareSupportandITServices• SustainabilityInitiatives• Risk Management• Master Insurance• MarketingExpertise• Vendor Discounts

COMMERCIAL MANAGEMENT

CLIENT REPORTING AND DATA MANAGEMENT

Rivergate | KW Management is involved in several commercial property management assignments including retail &office.Ourstrategies in thisareahelpowners reducetheiroperatingcostsand increasepropertyvaluesallwhilemaintainingasuperiorworkenvironmentfortenants.Ourexpertiseintenantsatisfaction,engineeringservices,security,energymanagementandsustainabilitypracticeskeeptenantshappilyinplace.

Building long-term relationships and enhancing asset value is embedded in our approach to serving owners andinvestors.Ourexperiencedpropertymanagersexchangebestpracticesanddrawfromourindustry-leadingprograms,accountingproceduresandtechnologiesalltoachievegreaterefficienciesandproduceoptimumresults.

Inaddition,ourfinancialservicesdivisionalsoprovidesdetailedmonthlyfinancialstatementpackageforourclientsincludingmonth-to-dateandyear-to-dateprofitandlosscomparisons,incomestatementandbalancesheetdataaswell as general ledger reports.

Expensesarecontrolledutilizingratioanalysisandbenchmarkingtechniquesmeasuredagainstthebusinessplanandsimilarlyclassedassetsinlocalandregionalmarkets.Ourportfoliosizeandeconomiesofscaleassuresassociationsofthebestpricingforpurchases.Fromroutinetolargeprojects,Rivergate|KWManagementobtainsmultiplebidsand utilizes a sophisticated Request for proposal process to assure comparable proposals from vendors who areappropriatelyqualifiedandinsured.

Rivergate | KW Management’stechnologyprovidesthemonitoringandreportingnecessarytoensurethatyourchosencourseofactionisproducingtheexpectedoutcome.Weprovideyouwiththedatatoolsthatwillallowyoutheabilitytoenhancethevalueofyourasset.Ourprofessionalsutilizesophisticatedanalysisandbenchmarkingtechniquestomeasure a property’s performance against similarly classed assets. Our reporting capabilities enable us to quicklyidentifyinconsistenciesinperformance,whichultimatelyallowforproactive,notreactive,managementpractices.

CONSTRUCTION MANAGEMENTThe firm has extensive construction experience covering all aspects of the apartment business. Rivergate | KW Management is capable of performing complete or partial rehabs and improving operations. As residential properties undergo a renovation, additional construction, rehab, or disaster recovery, we have the expertise to provide oversight in all of these cases and adding additional value to properties with unit renovations, amenity and upgrades, exterior painting and new facades on the exteriors.

PROFESSIONAL DEVELOPMENT & TRAINING

Rivergate | KW Management understands continual professional development and training is the key to exceptionalemployeejobsatisfactionandperformance.Communicatingourhighstandardsofoperation,as well as providing our employees with the proper tools and training programs, will ultimately prepare them to make solid business decisions, which is paramount to the overall success of each community and ourorganization.AdditionalRivergate|KWManagement’s employees are consistently building upon their experiences through on going extensive training and receive national recognition designations from:

• BUILDING OWNERS & MANAGERS ASSOCIATION• INSTITUTE OF REAL ESTATE MANAGEMENT • INTERNATIONAL COUNCIL OF SHOPPING CENTERS• NATIONAL APARTMENT ASSOCIATION• NATIONAL MULTIFAMILY HOUSING COUNCIL• URBAN LAND INSTITUTE

Management Team Profiles

JAY MASSIRMANFounder & Managing Director

Jay is an experienced real estate professional that has been in the industry for almost 30 years. He serves as the founder and managing director of RIVERGATE | KW MANAGEMENT and President of the Rivergate | KW Companies amultifaceted investment firm headquartered inMiami,Florida.

Since1984,Jayhasbeeninvolvedinthefinancing,sales,development,construction,andpropertymanagementofover100,000multifamilyunitsandseveralmillionfeetofcommercialprojects.

Prior to forming RIVERGATE | KW MANAGEMENT, Massirman Group in 2007, Jay spent 20 years with CBRE, a global real estate service provider. As a Vice Chairman he was a perennial top producer and activelyinvolvedinthesaleandfinancingofmorethan400transactionsincluding over 76,000 multifamily units with an aggregate value inexcess of $10 billion.

ORGANIZATIONS & BOARDS:• Miami Children’s Hospital - Board of Directors• UniversityofMiamiCitizensBoard• University of Miami Masters and Real Estate & Urban Development - Advisory Board• NationalMulti-HousingCouncil-Member• UrbanandInstitute-BoardMember

Jay received his BBA from University of Miami, Coral Gables, Fl. inFinanceandAccounting.

PAUL KAPLAN Founder & Managing Director

Mr. Paul Kaplan, Founder and Managing Director of RIVERGATE | KW MANAGEMENT, isaCertifiedPublicAccountantwhoreceivedhisMBAfromtheUniversityofMiamiandhisBachelorsofBusinessAdministrationDegree from Tulane University. He began his career in 1997 with Arthur Andersen,aninternationalaccountingandconsultingfirm.

Mr. Kaplan worked out of the Miami office and served in the auditdepartment. During 2000, Mr. Kaplan joined Berkowitz Dick Pollack &Brant where he spent four years in the audit department.

Mr.PaulKaplan’sprofessionalmembershipsincludetheAmericanInstituteofCertifiedPublicAccountantsandtheFloridaInstituteofCertifiedPublicAccountants. He is also CAM licensed since 2004.

Mr. Kaplan co-founded KW PROPERTY MANAGEMENT & CONSULTING in 2004 where he and his company has been performing property management, accounting services and consulting for real estate assetsthroughout Florida, New York and the Bahamas for over 50,000 units with thehelpofover900employees.Duringthistime,Mr.Kaplanhasalsobeenageneralpartnerandprojectmanageronnumeroussuccessfulrealestatetransactions.

Mr. Kaplan has also served as a receiver for the courts on over 25 cases.

ORGANIZATIONS & AWARDS:• South Florida Business Journal 40 under 40 Award - 2012• Treasurer Families for Fragile X• AdvisoryCommitteeforTheFriendshipCircle

ROBERT WHITE Founder & Managing Director

Mr.RobertWhitereceivedbothhisMastersofScienceinTaxationandhisBachelorofBusinessAdministrationDegreefromtheUniversityofMiami.He is amember of theAmerican Institute of CertifiedPublicAccountantsandtheFloridaInstituteofCertifiedPublicAccountants.

In1994,RobertjoinedtheauditdepartmentofBerkowitzDickPollack& Brant, where he focused on accounting and auditing services, aswellascorporate,partnershipandindividualtaxation.Healsoworkedwith clients in real estate, hedge funds (including real estate funds), construction, manufacturing, distribution, rental, investment funds,dealerships and SEC with publicly traded clients. He had extensive work withmergersandacquisitions,internalcontrolstructuresanddesignsaswellaslitigationsupportwork.

In 1997, he began his career at Campos & Stratis, an internationalaccounting firm specializing in litigation and insurance support.Working out of theMiami office, he served industries including realestate, manufacturing, distribution, retail and financial services.Duringhistimehere,heperformedextensiveworkrelatingtobusinessinterruptionlosses,inventorylossesandgeneralinsuranceclaims.

Robert co-founded KW PROPERTY MANAGEMENT & CONSULTING in 2004 alongwith Paul Kaplan. Since then, he has enjoyed growingsuccessforhisworkwithassociationsacrossFlorida.

Mr. White has been married since 1993 and has two children. He has an interest in the Miami Hurricanes and Cleveland Browns football teams, as well as in music and riding motorcycles.

MARCIE WILLIAMS President

Marcie is the president of Rivergate | KW Management and is the overallleaderofallaspectsofoperations,newbusinessdevelopmentand strategy.

Marcie formerly was a Senior Director at Greystar where she was responsible for the operations and business development in Northand South Carolina and select assignments across the Southeast. Her portfolioincludedover20,000unitsfromlease-upstorenovationsandrepositions. She has over 20 years of multi-family experience fromcompaniessuchasSummitPropertiesandCamdenPropertyTrust. Inadditiontooperations,MarcieworkedonCamden’sdevelopmentteamoverseeingaprojectfromsiteselection,unitmix,anddesignfinishesto stabilization. She is well known and highly respected within theindustryandhassupervisedaportfoliostretchingfromNorthCarolinatoOrlando,FL.Herfinancialstrengthinpropertybudgeting,CapExprojectnegotiationandproformas coupledwithherdynamic softskills,out-of-the-box thinking and energy level have been strong assets in her career.

Marcie earned her BA in Journalism and Minor in Psychology at the UniversityofNorthCarolinaatChapelHill.SheisanactivememberoftheGreaterCharlotteApartmentAssociationandservedontheBoardof Directors for the GCAA for twelve years, including a term as the Board President.ShecurrentlyservesontheGCAAEducationFoundationandwastheFoundationBoardPresidentforaterm.Sheistherecipientofseveral industry awards including Manager of the Year, Volunteer of the Year and Instructor of the Year and the Lex Marsh Award from the GreaterCharlotteApartmentAssociation. Sheserveson theVirginiaPolytechnic InstituteRPMBoardofAdvisors. MarcieholdsherCAPSandCPM®designationsandisamemberofIREMandULI.

KATALINA CRUZ Executive Director of Finance

Ms.CruzisaCertifiedPublicAccountantwhoreceivedherMaster’sinBusinessAdministrationfromFloridaInternationalUniversityandherBachelorsinAccountingfromFloridaInternationalUniversity.

She began her career as a professional at Arthur Andersen LLP in December of 1998. Ms. Cruz worked at the Miami office, whereshemet Paul Kaplan. At this office, she performed audit services topublicly traded clients in a wide range of industries such as generic pharmaceutical, manufacturing, fuel products, retail and financialservices.

Continuing her career in public accounting, Ms. Cruz joined Ernst& Young, LLP in May 2002. During her tenure at Ernst & Young she continued expanding her knowledge in other industries such asreal estate and governmental audits. However, her main focus was developingherexpertiseinthefieldofgenericpharmaceuticals.

Ms. Cruz joined KW PROPERTY MANAGEMENT & CONSULTING inNovember2004,toheadtheconsultingdivision.Herstrengthhasbeentoprovidequalityaccountingservicestoourconsultingclients.

Her professional memberships include the American Institute ofCertifiedPublicAccountantsandtheFloridaInstituteofCertifiedPublicAccountants.

GRANT HORWITZ Director of Commercial Management

GrantHorwitzisDirectorofCommercialManagementforRIVERGATE | KW MANAGEMENT and servesasChiefOperatingOfficerofKWPROPERTY MANAGEMENT & CONSULTING. In his role, Grant oversees thedailyoperationsofthefirm’sCommunityAssociationManagementdivision which includes approximately 600 people. He is also responsible fortheCommercialdivisionwhichconsistsofoffice,residential,retail,and industrial property management. Grant is the primary liaison for manyof thefirm’s institutional investor groups and spearheadsnewproperty implementationandfinancingopportunities.His realestatebackground includes the acquisition, finance and management ofcommercial and residential real estate as well as repositioning andredevelopmentofhotels,condominiums,officebuildingsandshoppingcenters. Over the course of his career, he has acquired and managed over $1.1 billion of real estate throughout the United States.

Grant was previously Vice President of Merchandising Associates, aMiami-basedhospitalityconsultingfirm,responsible foroverseeingprojectmanagementandcorporatestrategicplanning.Priortothat,hewasVicePresidentatTGCapital,aMiami-basedprivateequityfirmandSeniorInvestmentAnalystforStilesCapitalPartners,aFt.Lauderdale-basedprivaterealestatefund.EarlierexperienceincludespositionsatMorgan Stanley and Salomon Smith Barney in New York.

Grant received his Bachelors of Science degree in Finance from the UniversityofFloridaandhisMaster’sinBusinessAdministrationwithconcentrationsinRealEstateandFinancefromtheUniversityofFlorida.

Corporate Headquarters2801 SW 31ST Avenue, Suite 2B

Coconut Grove, FL 33133Phone: 305.416.4949

Toll Free: 800.514.5770

Doral Office8200 NW 33rd Street,

Suite 300, Miami, FL 33122Phone: 305.476.9188

Fax: 305.476.9187

SW Florida Office3365 Woods Edge Circle, Suite 102

Bonita Springs, FL 34134Phone: 239.495.3428

Fax: 239.495.6292

Tampa Office2963 Gulf to Bay Blvd, Suite 265

Clearwater, FL 33759Phone: 813.448.3981

Fax: 727.253.4949

Orlando Office5401 South Kirkman Road, Suite 310

Orlando, FL 32819Phone: 407.203.7758

Fax: 407.203.7759

New York Office75 Maiden Lane, Suite 500New York, NY 10038Phone: 212.596.7210 Fax: 212.596.7211

Ft. Lauderdale Office13790 NW 4th Street, Suite 107Ft. Lauderdale, FL 33325Phone: 954.933.5644 Fax: 954.933.5645

Bahamas OfficeBiminiBayHomeownersAssociationP.O. BOX 024009, Bimini, BahamasPhone: 305.476.9188 Fax: 305.476.9187

Charlotte Office6201 Fairview Road, Suite 200Charlotte,NC28210Phone: 980.215.8422 Fax: 980.215.8401

W W W. R I V E R G AT E K W M G M T.C O M