CROSSROADS APARTMENTS SOLD

Rincon Partners, LLC (“Rincon”) is pleased to announce the sale of Crossroads Apartments (the “Property”) on January 2, 2019 for $33.5 million. Rincon acquired the 316-unit, class B, multifamily property located in Phoenix, AZ on August 30, 2016 for $25.2 million.

Rincon completed certain community amenity upgrades and upgraded the kitchen appliances in all units. The Property is located in the Deer Valley submarket and has easy access to the numerous jobs in the Deer Valley and North Scottsdale employment corridors.

Rincon is headquartered in Phoenix, AZ with an office in Atlanta, GA and targets opportunistic and value add multi-family and self-storage commercial real estate in the Southwest and Southeast United States.

For further information on new acquisitions and joint venture opportunities, please contact Jason Ottman, Chief Investment Officer, in our Phoenix, AZ office at (480) 378-2959 or Carson Hammer, Director of Acquisitions, in our Atlanta, GA office at (480) 378-3070.

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Kirk McAllaster

Mr. McAllaster currently serves as President of Rincon. Prior to joining Rincon, Mr. McAllaster spent over 11 years with Cole Real Estate Investments, Inc. ("Cole"), a public REIT (NYSE: COLE) and real estate investment management company, as Executive Vice President and Chief Financial Officer and in other executive leadership positions. He played a critical role in growing the company from a firm of 20 people and $20 million of real estate managed to a national organization of more than 375 people and $17 billion of real estate owned and managed. The Company listed on the NYSE in 2013 and merged with VEREIT, Inc. in 2014. At Cole, Mr. McAllaster was Chief Financial Officer of eight SEC registered public non-traded REITs. He was a member of the Executive Committee and Investment Committee and oversaw a broad range of accounting, corporate governance, Sarbanes Oxley and finance activities including; financial planning and analysis, property-level financing, lines of credit and cash management. During his tenure, Mr. McAllaster also played a critical role in the successful sale of three of the company's managed public, non-traded REITs in separate merger transactions with a combined value of over $6 billion. Prior to joining Cole, Mr. McAllaster spent six years with Deloitte & Touche LLP, most recently as Audit Senior Manager, and also worked for Coopers & Lybrand LLP and in private industry. Mr. McAllaster was previously a member of the Board of Directors of NexPoint Multifamily Capital Trust, Inc., a SEC registered non-traded REIT, the Board of Trustees of Xavier College Preparatory, and the Board of Directors of Cole Credit Property Trust, Inc. Mr. McAllaster is a Certified Public Accountant and has a Bachelor of Science degree from California State Polytechnic University-Pomona with a major in Accounting. He is a member of the American Institute of CPAs, the Arizona Society of CPAs, the National Association of REITs, and was a member of the Financial Standards Committee of the Investment Program Association.