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 (“BH”), a real estate firm specializing in acquisitions, equity placement, and development of multi‑family properties. BH Equities´ portfolio and management currently includes over 60,000 apartment units in 21 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, and currently owns about 210 properties. In 2012, Stone Point Capital, a Connecticut based private‑equity firm managing, purchased a minority interest in BH Management Services, further confirming the strength of BH’s management team, providing a strong financially‑sound organization with which to partner.

This project is sponsored by BH New Opportunity Fund 2015, L.P. (“2015 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 2015 Fund.

The 2015 Fund contains an exciting lineup of properties that have already been purchased or are under contract. They represent a mix of consistently‑performing properties located in desirable submarkets within the Southwest, Midwest, the Mid‑Atlantic, Florida and Texas. The properties will be purchased at attractive prices, financed with excellent credit terms, and positioned to outperform their competition when renovation plans and improved marketing and management teams are put into place. The BH 2015 fund currently includes nineteen multi‑family communities and over 6,200 apartments. In addition to these nineteen communities, the 2015 Fund continues to research acquiring additional multi‑housing properties, and has the potential to purchase several more before the 2015 Fund is complete.

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