Market Overview

Balfour Beatty Communities Enters Memphis Market with Multifamily Acquisition

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Preserve at Southwind is a 306-unit apartment community ideally located
in the desirable Germantown/Collierville area of Memphis

Balfour
Beatty Communities
, a national residential real estate investment
and management company responsible for the ownership and operation of
more than $6 billion in residential assets, has successfully acquired Preserve
at Southwind
, a 306-unit apartment community located in Memphis, TN.
The latest addition to Balfour Beatty Communities' multifamily portfolio
was completed as part of a joint venture with ApexOne
Investment Partners
and American
National Insurance Company
and marks the Company's first foray into
the Memphis residential market. Newmark
Knight Frank
served as the broker for the acquisition.

Built in 2000, Preserve at Southwind offers 1-, 2- and 3-bedroom
apartment units ranging from 700 to 1434 square feet of living space.
Located in the desirable Germantown/Collierville area, the community
offers convenient access to major business hubs including FedEx World
Headquarters and the World Technology Center, as well as the Memphis
International Airport.

"We are excited to enter the Memphis market with the acquisition of
Preserve at Southwind," said Michael Price, senior vice president of
residential transactions for Balfour Beatty Communities. "The area shows
considerable promise for continued growth, creating increasing demand
for well-located, quality apartment homes. We look forward to
capitalizing on that demand through a series of targeted property
renovations and our world-class management services."

Property management services will be provided by Balfour Beatty
Communities as they work to reposition Preserve at Southwind as a
best-in-class apartment community to serve the concentration of
professionals working in the area's thriving business district.
Renovations will include updates to apartment home interiors, amenities
and common areas.

About Balfour Beatty Communities

Balfour
Beatty Communities, LLC
is a diversified real estate services
company delivering development, design, financing, construction,
renovation, property and facilities management services in the
multifamily, student and military housing sectors. A leader in the
industry, Balfour Beatty Communities has more than 50,000 residential
units and $6 billion in real estate assets under management and has
developed or renovated more than 29,000 units with a total value of
close to $4 billion. Headquartered outside Philadelphia, PA, Balfour
Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour
Beatty Investments, Inc
.

Balfour Beatty Investments is part of Balfour
Beatty plc
, a global leader in construction services, support
services, and infrastructure investment.

About ApexOne Investment Partners

ApexOne
Investment Partners
is a privately held real estate investment firm
and fund manager. Our platform was created to isolate, acquire, enhance
and operate multifamily real estate. Our leadership brings over 150
years and $15B of cumulative real estate experience to each investment.
We identify assets where a combination of physical enhancements and
focused asset management will have a positive influence on our community
residents resulting in maximizing investor returns and mitigating
investment risk.

About American National Insurance Company

American
National Insurance Company
, headquartered in Galveston, Texas, was
founded in 1905 and is licensed in all states except New York. American
National and its subsidiaries offer a broad line of products and
services, which include life insurance, annuities, health insurance,
credit insurance, pension products and property and casualty insurance
for personal lines, agribusiness and certain commercial exposures. The
family of companies operates in all 50 states.

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