The purpose of this Confidential Investment Offering Overview is to provide a summary of a possible future private investment opportunity that may be made available to a certain limited number of accredited investors. This is not an offer to sell real estate and/or any type of security, partnership interest, public or otherwise.

The contemplated offering, if made available formally, would provide investors with an opportunity to invest in a fund sponsored by BH Equities, an affiliate of BH Management Services LLC, a real estate firm specializing in acquisitions, equity placement, and development of multi-family properties. BH Equities’ portfolio and management currently includes more than 50,000 apartment units in 18 states, and in terms of units, is one of the 20 largest apartment operating and management firms in the United States. BH Equities has corporate offices in Texas, Florida, Illinois, South Carolina and Iowa, and has been involved as a principal co-developer of more than 100 partnerships to acquire or build apartment properties. In 2012, Stone Point Capital, a Connecticut based private-equity firm purchased a minority interest in BH Management Services, further confirming the strength of BH’s management team and providing a strong financially-sound partner.

This project is sponsored by BH New Opportunity Fund 2014, L.P. ("2014 Fund"), a BH Equity entity, that has been created to co-invest with other real estate development/investment companies for the purpose of acquiring, renovating and owning multi-family housing properties throughout the United States. Within the multi-family sector, BH has found that the institutional competition for the newer, "Class A" product has intensified. Low annual returns on other alternative investments have caused institutions and large investment funds to bid up pricing on these "Class A" assets, so that the resulting overall expected returns are, with reasonably conservative assumptions, at or near single digits. On the other hand, BH has observed less relative pressure on slightly older, "Class B" assets. These properties are available at attractive pricing with the same favorable financing terms. With a strategic upgrade plan, these communities become very competitive with the newer, "Class A" product in the eyes of many prospective apartment residents. With over two decades of successfully buying, upgrading and operating these types of assets, BH believes this "Class B" strategy provides the greatest opportunity for strong returns and they have strategically focused on acquiring "Class B" assets for the 2014 Fund.

The 2014 Fund has recently acquired or is under contract to purchase a number of portfolios across the country, including 12 multi-family communities and over 4,300 apartments. These properties represent a diverse mix of communities located in desirable submarkets within the suburbs of Chicago, Texas, and Maryland. In addition to these twelve communities, the 2014 Fund continues to research acquiring additional multi-housing properties, and has the potential to purchase several more before the 2014 Fund is complete. The properties will be purchased at attractive prices; financed with favorable credit terms; and are projected to outperform their competition when rehab plans and improved marketing and management are put in place.

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