Greentree Apartments is a 365-unit class B apartment complex located in Carrollton, TX. Constructed in 1983, Greentree Apartments consists of fifty-one two-story residential buildings and a leasing office.  Community features include a state-of-the-art fitness center that is accessible 24 hours a day, three swimming pools, a playground, lighted basketball court, BBQ Grills and irrigated grounds with stone retaining walls throughout. The Property is considered to be part of the Dallas/Forth Worth Metroplex.

The long-term outlook for the DFW apartment market, including the Carrollton submarket, remains positive, as the city is expected to outperform through the most intense part of the national downturn. From 1990 to 2000, the population of the DFW Metropolitan Area grew 29.4%, rising from 3.9 million to 5.1 million more than twice the national growth rate of 13.2% during this period. As of 2009, the population is estimated over 6.3 million and is projected to reach 7.1 million in 2013, equating to a nearly 2.6% annual increase over the next five years. Households grow proportionately with population. Tightening lending standards and continued market uncertainty are keeping more potential buyers in apartments. In addition demographics for younger households with a propensity to rent are also in a growth stage. As the number of new households increases, and the level of homeownership continues to decline, the propensity to rent increases.

The investment profile is a combination of income and capital appreciation. The Operator will implement a capital improvement program designed to enhance the long term value. At the time of acquisition, the property was 96% occupied.