INVESTMENT CRITERIA

• Class B or C apartments.  Residents of these communities do not have an option to purchase their housing; therefore, there is a consistent demand for these properties, and resident turnover is minimized.

• Midwest and Non-coastal South region

• Single assets with 125+ units, priced at $10-$30 million

• Properties that are owned by lenders that have been acquired through foreclosure or Deed in Lieu proceedings

• Section 42 Low Income Housing properties that are being sold by their institutional tax credit investors

• Properties sold by owners or investors that are unable or unwilling to recapitalize or have near term debt maturities.

• Off-market transactions being sold by local owners

HIVERNAN is currently underwriting multifamily acquisition opportunities with the following criteria: