Kipling Capital Inc.

REPRESENTATIVE TRANSACTIONS

Investment Funds


Multifamily Partners III, LLC
Nationwide
Value Add Equity

Kipling Capital served as the sole placement agent for Multifamily Partners III, LLC. The Fund offers an exclusive opportunity to co-invest with the investment manager and the principals of Kipling Capital in opportunistic acquisitions of multifamily properties with potential for significant value creation and appreciation in metropolitan areas expected to have strong population and job growth. The fund provides a unique feature which allows Kipling's clients to share in the Manager's profit interest arising from Joint Ventures with large institutional investors.

Total Offering - $75,000,000


Multifamily Partners III, LLC




Capital Accelerator Program V
Nationwide
Opportunistic Equity

Kipling Capital served as the sole placement agent for CAP V, LLC. The offering provided Kipling Capital's investors an exclusive opportunity to co-invest with the investment manager and the principals of Kipling Capital. The Fund will acquire under-performing tax-exempt debt obligations secured by residential apartments and will opportunistically purchase multifamily real estate with a significant "value added" component.

Total Offering - $38,000,000


Capital Accelerator Program V




Compass Property Partners International, L.P.
Value Add and Opportunistic Equity

In 2007, Kipling Capital closed its first international real estate fund in partnership with a leading institutional real estate placement agent and advisory firm headquartered in San Francisco. The Fund provides the opportunity to co-invest with top-tier institutional real estate fund managers in global real estate investment opportunities.

Total Offering - $45,000,000


Compass Property Partners International, L.P.

Individual Transactions


Somerset Villa Apartments
Phoenix, AZ
Value Add Equity

Somerset Villa Apartments is a 384 unit apartment complex located on an 11.9 acre infill site in North Central Phoenix. Somerset Villa Apartments was purchased in an off-market transaction at approximately 80% of the estimated replacement cost. Some highlights include: below market rents; an approved and funded $1.3 billion Light Rail system with a station to be located a block away; strong job and population growth in the region; and potential upside from more sophisticated management and marketing.

Project Cost - $15,000,000
Final IRR - 25.49%


Somerset Villa Apartments




Chesapeake Park Plaza
Kearney Mesa, CA
Value Add Equity

Chesapeake Park Plaza is a 93,646 square foot office building with parking on the ground floor. The property is well located in the Kearny Mesa area of San Diego.

Project Cost - $18,500,000
Final IRR - 16.70%


Chesapeake Park Plaza




Arbor Courtyard Business Park
Los Angeles, California
Value Add Equity

A 182,352 square foot mixed-use office and warehouse business park consisting of 5 buildings on 9.5 acres. Located in the submarket known as El Monte in the San Gabriel Valley, 12 miles east of downtown Los Angeles, tenants benefit from a "foreign trade zone" that provides favorable import/export tax treatment.

Project Cost - $19,305,000
Final IRR - 25.70%


Arbor Courtyard Business Park




Orinda Theater Square
Orinda, California
Value Add Equity

Orinda Theater Square is an 87,162 square foot office, retail and entertainment complex plus 322-space parking structure located in Orinda, CA. The theater was built in 1941 and is listed on the Federal Register of Historical Places.

Project Cost - $18,275,000
Final IRR - 14.50%


Orinda Theater Square




The Sunset Tower/CNN Building
Hollywood, California
Core Equity

A Landmark, 198,713 square foot, fourteen story, Class A office building with an adjacent five story parking garage located on Sunset Blvd. in Hollywood, CA. The Sunset Tower lies in the immediate vicinity of over $1 billion in retail and residential conversion and redevelopment projects and provides easy access to freeways and the new Metro-Rail Line.

Project Cost - $36,700,000
Final IRR - 44.30%


The Sunset Tower/CNN Building




Plaza de Monterey
Palm Desert California
Value Add Equity

An 84,480 square foot neighborhood shopping center located in Palm Desert, California. The retail shops and the Albertsons were owned by two separate sellers. Albertsons outgrew their building and moved across the street.

Value is expected to be created by coordinating management of the center under one owner and by re-leasing the vacant Albertsons space, which was purchased at a discount.

Project Costs - $13,900,000
Final IRR - 19.00%


Plaza de Monterey




Towne Center at Brookhill
Denver, Colorado
Value Add Equity

A 305,633 square foot Westminster community shopping center located in the Denver Metropolitan area. Key anchors currently include: Home Depot (which owns its own building), Ross Dress for Less, Burlington Coat Factory, Bed Bath & Beyond, Chili's Restaurant and Shoe Carnival.

Project Costs - $32,000,000
Final IRR - 35.10%


Towne Center at Brookhill




Tierra Del Sol Apartments
Mesa, AZ
Value Add Equity

Tierra Del Sol Apartments is a 276-unit apartment complex located on 14.9 acres in the South Mesa submarket of Phoenix. The total purchase price for the property was $16,917,500. The property is in an excellent infill location 1.4 miles from the Fiesta Mall, the center of retail services and employment in Mesa.

Project Costs - $16,918,000
Final IRR - 59.65%


Tierra Del Sol Apartments




Warner Atriums
Woodland Hills, CA
Core Equity

Warner Atriums is a 126,000 square foot office building plus a three level parking garage located in Woodland Hills, California.

Project Costs - $7,980,000
Final IRR - 12.30%


Warner Atriums




Valley Corporate Park
Van Nuys, CA
Value Add Equity

Valley Corporate Park is a 153,130 square foot, five-building office park, located in Van Nuys, California.

Trade Center I & II

Redlands, CA
Value Add Equity

Trade Center I & II is a 193,787 square foot, four-building office park, located in Redlands, California. Both properties were structured into a single investment.

Project Costs - $7,325,000
Final IRR - 28.20%


Valley Corporate Park
Trade Center I & II




Teton Mountain Lodge
Jackson Hole, Wyoming
Mezzanine Debt

The 130,000 square foot Teton Mountain Lodge offers condominium ownership (studios, 1, 2, and 3 bedroom units) and all of the services and amenities of a four-star hotel.

The investment was put in place after construction commenced and over 50% of the luxury ski-in ski-out condominium units were pre-sold pursuant to executed purchase and sale agreements.

Project Costs - $43,600,000
Final IRR - 22.00%


Teton Mountain Lodge

Note — All of the investment offerings related to the transactions listed above have been completed, are no longer available to investors and the fund and project names used are not necessarily the names used in the investment offering. Past performance is not indicative of future results. Please refer to our Statement of Qualification.