Schedule III

Real Estate and Accumulated Depreciation

As of December 31, 2016

(Dollars in thousands)

							Cost of
							Improvements,
							net of				Gross Carrying				Accumulated			Encumbrances
Property			Initial Cost				Retirements				Amount				Depreciation-			(Unpaid			Year of	Life of
Name	Description	Location	Land		Building		Land		Building		Land (1)		Building (1)		Building			Principal)			Acquisition	Depreciation
Crestmont	Apartment	Marietta, GA	$	3,254	$	13,017	$	-	$	866	$	3,254	$	13,883	$	(3,317	)	$	(6,427	)	2011		40
Runaway Bay	Apartment	Indianapolis, IN		3,079		12,318		-		694		3,079		13,012		(1,539	)		(9,635	)	2012		40
Reserve at Eagle Ridge	Apartment	Waukegan, IL		5,800		22,743		-		592		5,800		23,335		(1,772	)		(18,850	)	2014		40
Windrush	Apartment	Edmond, OK		1,677		7,464		-		244		1,677		7,708		(589	)		—		2014		40
Heritage Park	Apartment	Oklahoma, OK		4,234		12,232		-		891		4,234		13,123		(1,061	)		—		2014		40
Raindance	Apartment	Oklahoma, OK		3,503		10,051		-		730		3,503		10,781		(881	)		—		2014		40
Augusta	Apartment	Oklahoma, OK		1,296		9,930		-		441		1,296		10,371		(801	)		—		2014		40
Invitational	Apartment	Oklahoma, OK		1,924		16,852		-		569		1,924		17,421		(1,346	)		—		2014		40
Kings Landing	Apartment	Creve Coeur, MO		2,513		29,873		-		299		2,513		30,172		(2,095	)		(21,200	)	2014		40
Carrington	Apartment	Little Rock, AR		1,715		19,526		-		914		1,715		20,440		(1,430	)		(14,235	)	2014		40
Arbors	Apartment	Ridgeland, MS		4,050		15,946		-		757		4,050		16,703		(1,215	)		(13,150	)	2014		40
Walnut Hill	Apartment	Cordova, TN		2,230		25,251		-		652		2,230		25,903		(1,622	)		(18,650	)	2014		40
Lenox Place	Apartment	Raleigh, NC		3,480		20,482		-		450		3,480		20,932		(1,262	)		(15,991	)	2014		40
Stonebridge Crossing	Apartment	Memphis, TN		3,100		26,223		-		819		3,100		27,042		(1,625	)		(19,370	)	2014		40
Bennington Pond	Apartment	Groveport, OH		2,400		14,828		-		557		2,400		15,385		(875	)		(11,375	)	2014		40
Prospect Park	Apartment	Louisville, KY		2,837		11,193		-		176		2,837		11,369		(588	)		(9,230	)	2014		40
Brookside	Apartment	Louisville, KY		3,947		16,502		-		453		3,947		16,955		(893	)		(13,455	)	2014		40
Jamestown	Apartment	Louisville, KY		7,034		27,730		-		996		7,034		28,726		(1,529	)		(22,880	)	2014		40
Meadows	Apartment	Louisville, KY		6,857		30,030		-		976		6,857		31,006		(1,622	)		(24,245	)	2014		40
Oxmoor	Apartment	Louisville, KY		7,411		47,095		-		906		7,411		48,001		(2,485	)		(35,815	)	2014		40
Stonebridge at the Ranch	Apartment	Little Rock, AR		3,315		27,954		-		264		3,315		28,218		(1,434	)		(20,527	)	2014		40
Iron Rock Ranch	Apartment	Austin, TX		5,860		28,911		-		502		5,860		29,413		(1,538	)		(22,900	)	2014		40
Bayview Club	Apartment	Indianapolis, IN		2,525		22,506		-		468		2,525		22,974		(967	)		-		2015		40
Arbors River Oaks	Apartment	Memphis, TN		2,100		19,045		-		422		2,100		19,467		(637	)		-		2015		40
Aston	Apartment	Wake Forest, NC		3,450		34,333		-		76		3,450		34,409		(1,078	)		(25,050	)	2015		40
Avenues at Craig Ranch	Apartment	McKinney, TX		5,500		42,054		-		114		5,500		42,168		(1,326	)		(31,250	)	2015		40
Bridge Pointe	Apartment	Huntsville, AL		1,500		14,306		-		144		1,500		14,450		(460	)		-		2015		40
Creekstone at RTP	Apartment	Durham, NC		5,376		32,727		-		124		5,376		32,851		(1,035	)		(23,008	)	2015		40
Fountains Southend	Apartment	Charlotte, NC		4,368		37,254		-		63		4,368		37,317		(1,170	)		(23,750	)	2015		40
Fox Trails	Apartment	Plano, TX		5,700		21,944		-		320		5,700		22,264		(716	)		-		2015		40
Lakeshore on the Hill	Apartment	Chattanooga, TN		925		10,212		-		181		925		10,393		(334	)		-		2015		40
Millenia 700	Apartment	Orlando, FL		5,500		41,752		-		130		5,500		41,882		(1,317	)		(29,175	)	2015		40
Miller Creek at German Town	Apartment	Memphis, TN		3,300		53,504		-		71		3,300		53,575		(1,679	)		-		2015		40
Pointe at Canyon Ridge	Apartment	Atlanta, GA		11,100		36,995		-		560		11,100		37,555		(1,208	)		-		2015		40
St James at Goose Creek	Apartment	Goose Creek, SC		3,780		27,695		-		264		3,780		27,959		(905	)		-		2015		40
Talison Row at Daniel Island	Apartment	Daniel Island, SC		5,480		41,409		-		150		5,480		41,559		(1,311	)		(33,442	)	2015		40
The Aventine Greenville	Apartment	Greenville, SC		4,150		43,905		-		34		4,150		43,939		(1,376	)		(30,447	)	2015		40
Trails at Signal Mountain	Apartment	Chattanooga, TN		1,200		12,895		-		288		1,200		13,183		(428	)		-		2015		40
Vue at Knoll Trail	Apartment	Dallas, TX		3,100		6,077		-		98		3,100		6,175		(200	)		-		2015		40
Waterstone at Brier Creek	Apartment	Raleigh, NC		4,200		34,651		-		87		4,200		34,738		(1,093	)		(20,425	)	2015		40
Waterstone Big Creek	Apartment	Alpharetta, GA		7,600		61,971		-		85		7,600		62,056		(1,943	)		(49,680	)	2015		40
Westmont Commons	Apartment	Asheville, NC		2,750		25,225		-		198		2,750		25,423		(809	)		-		2015		40
Total Investment in Real Estate			$	165,120	$	1,066,611	$	-	$	17,625	$	165,120	$	1,084,236	$	(51,511	)	$	(564,162	)
Real Estate Held for Sale
Copper Mill	Apartment	Austin, TX		3,472		13,888		-		993		3,472		14,881		(3,667	)		(6,998	)	2011		40
Heritage Trace	Apartment	Newport News, VA		2,673		10,691		-		1,027		2,673		11,718		(2,930	)		(5,237	)	2011		40
The Crossings	Apartment	Jackson, MS		4,600		17,948		-		874		4,600		18,822		(1,580	)		(15,313	)	2013		40
Berkshire	Apartment	Indianapolis, IN		2,650		10,319		-		859		2,650		11,178		(1,031	)		(8,478	)	2013		40
Total Real Estate Held for Sale			$	13,395	$	52,846	$	-	$	3,753	$	13,395	$	56,599	$	(9,208	)	$	(36,026	)

Investments in Real Estate	For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Balance, beginning of period	$	1,372,015		$	689,112		$	190,096
Additions during period:
Acquisitions		—			707,268			495,998
Improvements to land and building		10,664			8,941			4,159
Deductions during period:
Dispositions of real estate		(63,329	)		(33,306	)		(1,141	)
Reclassification to held for sale		(69,994	)		—			—
Balance, end of period:	$	1,249,356		$	1,372,015		$	689,112
Balance, end of period - held for sale:	$	69,994		$	—		$	—

Accumulated Depreciation	For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Balance, beginning of period	$	39,638		$	23,376		$	15,775
Depreciation expense		31,085			20,888			8,742
Dispositions of real estate		(10,004	)		(4,626	)		(1,141	)
Reclassification to held for sale		(9,208	)		—			—
Balance, end of period:	$	51,511		$	39,638		$	23,376
Balance, end of period - held for sale:	$	9,208		$	—		$	—