Assets Services Multifamily Capabilities | National

MULTIFAMILY CAPABILITIES ASSET SERVICES

September 2022

Our Story.......................................................................3 Multifamily Platform..................................................4 Core Services...............................................................5 The Cushman & Wakefield Edge..........................6 Executive Leadership................................................7 Investor Services.........................................................8 Client Services.............................................................9 National Coverage.................................................... 10 Pre-Development Consulting Services.................11 Operations................................................................... 12 Training & Development........................................ 13 Marketing..................................................................... 14 Construction Management................................... 15 Engineering & Maintenance.................................. 16 Contract & Vendor Management....................... 17 Revenue Management............................................ 18 Risk Management..................................................... 19 Accounting & Financial Reporting.................... 20 Affordable Housing Compliance...................... ..21 Information Technology........................................ 22 Energy & Sustainability Services....................... 23 Pinnacle City Living................................................ 24 Contacts...................................................................... 25 CONTENTS

Cushman & Wakefield | 2

OUR STORY

Cushman & Wakefield offers a full suite of multifamily management solutions to deliver maximum value and customized service for all asset types, including upscale, high-rise, new development, mixed-use and value-add properties. As the first commercial real estate firm to offer multifamily services on a national scale, Cushman & Wakefield offers expertise and resources that are unmatched in the industry to prepare our clients for what’s next. We take a client-centric management approach to provide tailored solutions that achieve each client’s unique objectives for

their property or portfolio. From our established management operating process, which allows us to increase asset revenue and reduce expenses, to our top-of-the-line technology, our clients trust us to enhance the overall performance of their portfolio. Our team of talented professionals has the knowledge and training to create meaningful resident experiences and connections to drive satisfaction and retention. We pride ourselves on providing a culture where our teams feel good about the work they do, which translates into an unparalleled energy and experience for our clients.

Comprehensive Portfolio Performance with Individual Asset Care

Cushman & Wakefield | 3

MULTIFAMILY PLATFORM

172,000 UNITS

800+ ASSETS MANAGED

3,800 TEAM MEMBERS

200+ CLIENTS

25 OVER MAJOR MARKETS

PRODUCT TYPES

New Development

Luxury

High-Rise

Mixed-Use

Single-Family

Mid-Rise

Value-Add

Affordable

Garden

Cushman & Wakefield | 4

CORE SERVICES

OPERATIONS

ACCOUNTING & FINANCIAL REPORTING

MARKETING

ENGINEERING & MAINTENANCE

CONSTRUCTION MANAGEMENT

CONTRACT & VENDOR MANAGEMENT

REVENUE MANAGEMENT

RISK MANAGEMENT

INFORMATION TECHNOLOGY

TRAINING & DEVELOPMENT

ENERGY & SUSTAINABILITY SERVICES

Cushman & Wakefield | 5

THE CUSHMAN & WAKEFIELD EDGE

PASSIONATE APPROACH Our multifamily professionals are truly dedicated to creating exceptional onsite experiences for every resident, guest and employee. One of the most rewarding aspects of property management is in knowing we help to better lives.

CLIENT PARTNERSHIPS We concentrate on building and strengthening relationships as third-party multifamily managers with an ownership mentality. In doing so, we align with our clients as true value-add partners.

BINDING CULTURE Our culture is one that

RELIABLE PLATFORM

Year after year, we rank as one of the top providers on the National Multi-Housing Council’s (NMHC) Top 50 list. We stay at the top of the industry by building great teams who provide a valuable service to customers.

drives performance while allowing our employees to feel good about the work they do. This creates the unparalleled energy that our clients rely on. Employees are present because they want to be – and they aim to impress as they accomplish great things.

We’ve worked with Cushman & Wakefield’s multifamily team for over two decades and their commitment to professionalism in property management has never varied. We highly value their collaborative approach to helping us achieve results for our investors. – Jay Martha, Managing Director, Global Head of Housing, Nuveen

Cushman & Wakefield | 6

EXECUTIVE LEADERSHIP

Rick Graf | President, Multifamily • 40+ years real estate experience • Responsible for overall strategy and vision of multifamily platform • Certified Property Manager and Texas Broker • Member of NMHC, NAA, IREM, ULI • NMHC – Executive Board Member; NAA – Chairman • Richland College graduate

Woody Stone | Executive Managing Director • 20+ years of industry experience • Responsible for the operations and client relations • Feels passionate about building great teams and making a difference • Member of NMHC and NAA • Graduated from Oklahoma Panhandle State University, BBA; and Criswell College, Master of Divinity

Cushman & Wakefield | 7

INVESTOR SERVICES Cushman and Wakefield Investor Services team enhances the performance and maximizes the value of our top clients’ portfolios across all Service lines. With an expertise in MultiFamily, our team delivers integrated, optimized solutions spanning all services and geographies by partnering with our Capital Markets, Agency Leasing, Asset Services, Valuation & Advisory, Sustainability, and Project & Development Services, we provide comprehensive, seamless solutions that position our clients’ portfolios for what’s next.

CAPITAL MARKETS • Investment sales • Equity, debt, and structured finance • Corporate finance and investments banking • National Loan and Portfolio Sales

PROJECT & DEVELOPMENT SERVICES • Program, project, and construction management • Development services and master planning advisory

V A

L U

T S

A T

K E

I O

A R

• Procurement and bid management • Schedule and Budget management • Cost consultancy and value engineering • Space and occupancy planning • Move management • Workplace consultancy

N

M

&

L

A D

T A

P I

V I

C A

S O

AGENCY LEASING • Strategic assets analysis • Comprehensive property positioning • Broker relationship campaigns • Prospective tenant analysis and canvassing programs • Letter of intent and lease negotiation • Regular client reporting • Coordination of additional real estate services SUSTAINABILITY • LEED certification project management • WELL certification project management • Energy efficiency programs optimization • Operating efficiencies consulting • Energy and sustainability strategy development • ENERGY STAR benchmarking and certification • Utility control and tracking • Tenant participation programs • Leasing and sales transaction support programs • Green bundled power procurement advisory

R Y

ASSET SERVICES • Strategic assets analysis • Comprehensive property positioning • Broker relationship campaigns • Prospective tenant analysis and canvassing programs • Letter of intent and lease negotiation • Regular client reporting • Coordination of additional real estate services

P R

O J

E C T

S E

G

&

I N

R V I C E S

INVESTOR SERVICES

D E V E L O

C Y L E A S

P M

E N

E N

A G

T

VALUATION & ADVISORY • Appraisal management • Diligence advisory • Financial reporting • Property tax services • Valuation/Portfolio valuation

S U

E S

S T

I C

A I

R V

N

A B

S E

I L

T

S E

I T

Y

A S

AVERY SOLOMON Senior Managing Director Investor Services, Multifamily +1 202 315 1674 avery.solomon@cushwake.com

Cushman & Wakefield | 8

Our Client Services team is responsible for overseeing client accounts for the multifamily platform. These individuals act in partnership with our clients to develop best-in-class operational and investment advisory strategies to deliver results. The team focuses on supporting institutional clients and developers in underwriting and business planning processes throughout the entire asset lifecycle. CLIENT SERVICES

Hunter Van Horne Pacific Northwest

Erin Carney Mid-Atlantic/ Northeast

Chantal Caldwell Southern California

Quinn Watson Southeast

MULTIFAMILY HQ

Jonathan Tullo West

TBD North/South Central

Cushman & Wakefield | 9

NATIONAL COVERAGE

As one of the largest third-party multifamily property managers in the U.S., with a portfolio of 172,000 units across most major markets, we champion each property’s performance to reach its highest potential. Our team of more than 3,800 professionals operate interactive communities with an ownership mentality to drive results and deliver the highest level of customer service to residents.

David Sorise PINNACLE CITY LIVING

Bree Shaer Rothenberg | NYC

Greg Mark EAST

MULTIFAMILY HQ

Keith Tartamella | NORTHEAST TBD | MID-ATLANTIC Theresa Steen | SOUTHEAST

Tina West WEST

Pip Cornish | NC, SC Denise Holstein | GA David Bales | FL

Kevin Charcut NORTH CENTRAL

Cindy Owens l AZ Lisa McDonnell l NORTH TX Melissa Herrera l HOUSTON, SAN ANTONIO Maggie Boggs l AUSTIN, SANANTONIO

TBD | PACIFIC NW Mark DeGraff l NORTH CA Dana Sohovich l SOUTH CA Deb Kopolow l SOUTHWEST

TBH | CO, KS, MO, NE Julie LaSota | MN Elizabeth Nesler | IL, OH, IN

Cushman & Wakefield | 10

PRE-DEVELOPMENT CONSULTING SERVICES

OPERATIONS • Track market rents within three miles of subject property or identified comp set; provide regular market surveys to track competitor performances • Provide property interior unit layout and finish recommendations to optimize space and appeal to target demographic • Provide property amenity layout and programming recommendations • Attend construction meetings for operational and logistics input as needed • Provide a comprehensive lease-up timeline • Review property service contracts • Analyze pro forma underwriting • Recommend property staffing count and schedule • Suggest property FF&E planning, budgeting, and selection • Provide property office set-up recommendations • Review property operations technology • Work with interior designer to ensure selections are both aesthetically pleasing and durable

MARKETING • Research target demographics

• Create lifestyle channels for our potential renters/prospects based off demographic reporting • Provide property branding and design feedback • Assist with the development of marketing collateral and content inclusive of brochures, stationery, promotional items, 3D photo realistic renderings, VR 360 tours, and 3D floor plans • Develop the digital experience and journey • Curate and execute a robust digital marketing campaign that will drive quality traffic • Strategize and execute the renter’s journey focused on a sensory approach • Create the resident’s experience and discover what events will be beneficial to attract attention to the property during a lease-up

Cushman & Wakefield | 11

OPERATIONS We empower our operational teams to collaborate across our specialties to develop and deliver strategic business plans for our clients. Leveraging innovative systems and best practices, we focus on maximizing asset value and exceeding client expectations. At Cushman & Wakefield, we put our clients and our people at the center of what’s next in the world of real estate so that we can deliver meaningful results to clients, tenants and residents alike. Our people are our best assets. And our experienced multifamily leadership team strives to attract and retain diverse expertise across all levels. Fueled by ideas, expertise and dedication, these professionals minimize risk and maximize value at each and every asset within their care.

OPERATIONAL STRATEGIES • Revenue Management • Benchmarking and Trend Reporting • Marketing Velocity (Lease-Up) • Expense Control • Lease Renewal Tracking • Key Performance Indicators (KPIs)

• Property Auditing • Market Analyses

• Property Repositioning • Regulatory Compliance • Sustainability Evaluation

KEY PERFORMANCE INDICATORS • NOI Growth Ranking • Controllable Expense Ranking • Revenue Growth Ranking • Regional Property Manager Ranking • Regional Property Manager Report Card

Cushman & Wakefield | 12

TRAINING & DEVELOPMENT

Classroom Style Learning: The trainer travels to a specific market to deliver live, interactive training.

Cushman & Wakefield believes that employee training and development is a critical component of company growth and success. We support the ongoing skill-building, learning and competency development of our employees in order to provide fulfilling careers, retain valuable talent and build engagement and commitment. An expertly trained and coordinated property management team is imperative to the success of our clients and the buildings we serve. Cushman & Wakefield’s dedicated Asset Services Training & Development team works to ensure each management professional understands the core functions of their job and is focused on delivering superior customer service. Our management professionals benefit from our accessible training platform offered in multiple formats to accommodate different styles of learning, cyclic requirements and/or surge in staffing.

Webinars: Employees can visit our Asset Services Training Calendar to sign up for live webinars or view recordings of previous webinars on a variety of topics. On-Demand Training: Our Property Management Training Portal offers step by-step guides, reference materials and short, instructional videos.

Cushman & Wakefield | 13

MARKETING Cushman & Wakefield’s Marketing team has ad agency-level capabilities. These experts collaborate with the regional teams as well as third party companies to execute strategic marketing plans and digital campaigns through a variety of traditional, non-traditional and online mediums. Our brand development team takes in-depth market insight and intimate knowledge of each asset to create strong brand identities that resonate with the target markets. All collateral development can be facilitated through our preferred service provider, and we can coordinate printing, production banners and signage. CORE SERVICES • Advertising, collateral development, graphic design, logo design and promotional items • Branding/rebranding materials • Online banner ads • Copy writing • Web design, architecture, development and hosting • Search engine optimization and search engine marketing • Social media

BRAND DEVELOPMENT Without the right messaging, even the most impressive community is reduced to an example of unfulfilled potential and missed opportunity. Cushman & Wakefield’s brand development team takes in-depth market insight and intimate knowledge of the asset to create a strong brand identity that resonates with the More than 80 percent of people begin their apartment searches on the Internet. It’s vital that an upscale living community has a strong online presence. Cushman & Wakefield can provide a comprehensive digital marketing plan that includes everything from website development to search engine optimization to reputation management. In addition to our wide breadth of digital experience, Cushman & Wakefield has a constant finger on the pulse of that latest innovations in our ever-changing digital world. target demographic. DIGITAL MARKETING

Cushman & Wakefield | 14

CONSTRUCTION MANAGEMENT When capital improvements are needed for multifamily properties, our multifamily construction management team offers specialized project management and execution on a wide scale. Completing over $100 million in renovations in 2019 alone, the team keeps deferred capital needs from antiquating a property and brings a community’s amenity areas in line with the competition by adding items such as pet parks, playgrounds, pool upgrades, outdoor kitchens and more. These amenity enhancements not only draw in the target resident, but also build on the property’s brand value.

Cushman & Wakefield | 15

ENGINEERING & MAINTENANCE Cushman & Wakefield provides a consistent engineering and maintenance operations approach across our firm to mitigate risk and liability for us and the owners we serve, while adding value every step of the way. Our platform has the scale and expertise to effectively manage all types of buildings and operating systems, and our on-the-ground teams proactively seek opportunities to improve operations and reduce costs, ensuring our residents enjoy safe and comfortable environments. With resident needs top of mind, our maintenance teams handle in-unit service requests 24-hours a day.

Cushman & Wakefield | 16

CONTRACT & VENDOR MANAGEMENT Cushman & Wakefield’s robust procurement program leverages more than $5 billion in spend to provide our clients with the best value in terms of quality, cost and responsiveness. We leverage our annual supplier spend volume to provide a sustainable competitive advantage to achieve the most competitive pricing on all contracted products and services.

CONTRACT ADMINISTRATION

SELECTING SUPPLIERS

MEASURING PERFORMANCE

Cushman & Wakefield requires all major service contracts

Our corporate policy for choosing subcontractors is

All tenant-facing suppliers are trained in the same fashion

be competitively bid by a minimum of three qualified companies every three years or as directed by the client. Suppliers become an extension of property management services, therefore, Cushman & Wakefield thoroughly scrutinizes and selects only those who can best provide quality service consistent with our property management philosophy at a competitive price and agreeable contract terms.

designed to ensure financial and operational strength, demonstrated quality, timeliness of performance and sound company management. Cushman & Wakefield’s user-friendly web portal serves as the master database for our preferred suppliers, streamlining the procurement process and enhancing our speed to market. We offer our clients access to pre negotiated rates, discounts and competitive service differentiators.

as management and maintenance personnel to ensure a seamless experience for tenants and guests. The management team consistently monitors supplier performance using key performance indicators to ensure performance levels meet or exceed expectations. If gaps are identified, we immediately make recommendations to improve service.

Cushman & Wakefield | 17

REVENUE MANAGEMENT Highly active in revenue management, Cushman & Wakefield utilizes YieldStar, LRO and Entrata to establish daily unit-level pricing based on the site level and demand. These platforms are outpacing market revenue growth, and while every property is unique, we are confident in the positive results. In addition, clients who participate in revenue management can take advantage of utilizing Cushman & Wakefield’s in-house pricing advisor.

Cushman & Wakefield | 18

RISK MANAGEMENT Multifamily properties are exposed to a wide range of risks, which when not adequately managed, can determine the financial viability of the asset. Cushman & Wakefield’s Risk Management department is dedicated to protecting your asset, liability exposures and reputation through a series of risk control, loss prevention and risk transfer programs. Whether the exposure arises from residents, vendors, guests, the media or natural disasters, Cushman & Wakefield has controls in place to minimize the adverse financial impact those risks may present. • Loss prevention and asset protection • Renter’s insurance • Vendor insurance credentialing • Emergency operations and life-safety • Media communications

RENTER’S INSURANCE Cushman & Wakefield has exclusively partnered with LeasingDesk Insurance Services to provide an innovative renters insurance program that saves money, protects the asset and provides residents with a valuable and needed amenity. • Ensures coverages for both the renter and the asset • Reduces deductible expense from residents with no coverage • Save on the property insurance premium • Ancillary income when resident coverage lapse

Cushman & Wakefield | 19

ACCOUNTING & FINANCIAL REPORTING

Cushman & Wakefield practices a collaborative approach between property manager and property accountant in order to deliver financial reports that enable clients to make sound business decisions. Our standard operating approach includes strict security and internal business controls over nancial reporting and accounting records. This model ensures responsibilities are segregated to maintain a secure accounting environment.

• Strong, experienced professionals with knowledge in multifamily property operations, including conventional residential and affordable housing • Accounting team that partners with onsite residential property management to account for resident rental billings and payments • Providing accounting of all payables for building and resident services, unit turnover, work and supplies in connection with operations and maintenance of multifamily properties

• Paying bills for all building services, work, supplies, utilities, resident specific expenses and real estate taxes • Preparing nancial reports at both building and consolidated levels, as requested by clients, in Cash and/or GAAP/Accrual basis • Partnering with onsite property management teams to provide accurate and reliable data on resident collections and overall financial results

Cushman & Wakefield | 20

AFFORDABLE HOUSING COMPLIANCE Cushman & Wakefield’s Affordable Housing Compliance team provides onsite and regional support for the affordable housing communities we manage. Our proactive approach provides consistent, efficient service that many of our competitors are not able to offer. Our specialties in this area include: • Section 42 Compliance SAIL

• Bond • SHIP • Housing Trust • Rural Development

• NSP • FSS • Hope VI

• RTC • AHL • HOME Programs • Various HUD • Local/State Community Development Programs

The Affordable Housing Compliance team stays up-to-date on the latest changes in laws, policies and procedures and maintains numerous designations to ensure specific standards are met in reporting, establishing income and set-aside requirements, monitoring, audits, record keeping and collaborating with HUD and other governmental agencies.

Cushman & Wakefield | 21

INFORMATION TECHNOLOGY

Cushman & Wakefield’s technology infrastructure provides team members access to a custom property management application environment, residents with convenient and innovative services and solutions, and clients with accurate and timely property and portfolio information. These technology systems are scalable and flexible to meet changing business needs. We continually research, develop and implement improved systems to deliver secure and effective technology to team members, residents and clients. The information technology department consists of Network Operations, Application Development, Property Transitions and Technical and Application Support and Administration. Cushman & Wakefield’s core preferred property management software is Yardi Voyager. In addition to the core system, our property management technology offerings include:

• Property websites • Online leasing • Applicant screening • Online rent payments • Check scanning • Lead management

• Revenue management systems • Utility billing • Vendor management • Business intelligence analytics • Custom reporting

Cushman & Wakefield | 22

ENERGY & SUSTAINABILITY SERVICES Cushman & Wakefield’s Energy & Sustainability Services team is embedded within our Asset Services platform, providing a unique advantage to deliver actionable solutions that transform our managed properties. This partnership helps property managers and owners discover cost-saving opportunities and implement best practices that optimize building operational performance, enhance the resident experience and mitigate environmental risk.

Cushman & Wakefield | 23

PINNACLE CITY LIVING Pinnacle City Living, Cushman & Wakefield’s multifamily joint venture in New York City, provides services exclusively for properties in this highly specialized market. With more than 10,000 units under management, Pinnacle City Living taps into the expertise and experience of Cushman & Wakefield to deliver best-in-class solutions to clients. Services include:

Property Management

Marketing/ Leasing

Vendor Management and Compliance

Rent Regulation Advisement/ Implementation

Legal

Construction Management

Regulatory Compliance Audits

Sustainability Evaluation

Business Analytics

Client Relations

Financial Reporting

Business Plan Development & Execution

Asset Performance Reviews

New York Tax Program Advisory

Revenue Review

Financial Underwriting

Budgeting & Reforecasting

Property Repositioning

Cushman & Wakefield | 24

NATIONAL CONTACTS

AVERY SOLOMON Senior Managing Director, Investor Services Multifamily Asset Services, Americas

Direct: +1 202 315 1674 Mobile: +1 617 314 0754 avery.solomon@cushwake.com

cushwakeliving.com

Cushman & Wakefield | 25