Worcester Investments' Apartment Portfolio highlights the apartment communities acquired since expanding into Kansas City.

Worcester Investments began purchasing rental property in the Worcesters' hometown of Eugene, Oregon almost immediately upon forming the company in 2006. The family business expanded into the Kansas City, Missouri area through a real estate connection in 2007 and began focusing on multi-family real estate. Worcester Investments presently owns and operates, with our investors, 2,000+ apartment units in the Kansas City area. This portfolio consists of the multi-family acquisitions from December 2009 through December 2013.

Why Kansas City
Frederick Apartments located in the KC submarket of St. Joe, Missouri

Frederick

The Frederick Apartments total 96 units, located just outside North Kansas City in St. Joseph. We purchased the Frederick Apartments in December of 2009 directly from the owner. After making several improvements to the property through value-add components, we have seen phenomenal returns from this investment.

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Gene Field Apartments located in the KC submarket of St. Joe, Missouri

Gene Field

Purchased in June of 2010 as an MHDC property with an expiring contract, Gene Field totals 107 units located just outside North Kansas City in St. Joseph. Gene Field's occupancy increased to 95% within 45 days of initial takeover, and continued to stabilize quickly and successfully. We anticipate continued success upon the expiration of the MHDC contract in 2015.

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Northcrest Apartments located in the KC submarket of Riverside, Missouri

Northcrest

The Northcrest Apartments are located in the Kansas City submarket of Riverside and total 151 units. We purchased the Northcrest Apartments in November of 2010 from a bank who gained ownership through a recent foreclosure. Northcrest has provided a strong return and its surrounding area continues to see new growth and development.

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Maple Estates Apartments located in the KC submarket of Lee's Summit, Missouri

Maple Estates

Maple Estates is a 185 unit apartment community located in the Kansas City sub-market of Lee's Summit. We acquired the apartments in July of 2011 from a bank and completed significant capital improvements. Maple Estates has performed very well and its return has exceeded our projections.

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Rock Ridge Ranch Apartments located in South Kansas City, Missouri

Rock Ridge Ranch

The Rock Ridge Ranch Apartments consist of 74 units located in a quiet residential neighborhood in South Kansas City. We completed significant capital improvement after purchasing the property in January of 2012, and Rock Ridge Ranch has produced strong returns since stabilization.

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Stonleigh Court Apartments located in the KC submarket of Leavenworth, Kansas

Stonleigh Court

The Stonleigh Apartments consist of two separate properties totaling 156 units, located just northwest of Kansas City in Leavenworth, Kansas. We purchased Stonleigh from the lender in March of 2012 and completed extensive capital improvement efforts during takeover. Stonleigh has performed well since stabilizing.

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Fairway Hills Apartments located in the KC submarket of Leavenworth, Kansas

Fairway Hills

The Fairway Hills Apartments total 152 units, located on a golf course outside Kansas City in Leavenworth, Kansas. We purchased Fairway Hills in June of 2012 and the property leased up quickly. Fairway began performing well before it reached stabilization, and the property continues to produce strong returns.

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Douglas Place Apartments located in the KC submarket of Grandview, Missouri

Douglas Place

The Douglas Place Apartments consist of 125 units, located just south of Kansas City in Grandview. We purchased the property in October of 2012, absorbing severe delinquency problems that needed immediate correction. Douglas Place achieved stabilization in mid-2013 with a highly improved delinquency balance and professional management presence.

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Campus View Apartments located in the KC submarket of Lawrence, Kansas

Campus View

Campus View (formerly Hampton Apartments), consists of 101 units, located a few blocks from the University of Kansas in Lawrence, Kansas. The property had a poor reputation, a very high delinquency, and an undesirable resident base primarily due to inadequate applicant screening and deferred maintenance. We purchased Campus View at $20/K per unit and have been steadily improving occupancy and collections since takeover.

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Rolling Ridge Apartments located in the KC submarket of Olathe, Kansas

Rolling Ridge

Rolling Ridge (Olathe Portfolio) is a 65-unit apartment complex with 67 additional duplex and single family home units located in the desirable Olathe, KS submarket of Kansas City. At approximately $19K per unit, the portfolio was a very desirable acquisition. The portfolio was managed adequately and had low delinquency and occupancy in the low 90s upon takeover.

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Brownstone Apartments located in the KC submarket of Overland Park, Kansas

Brownstone

The Brownstone Apartments consist of 155 units in Overland Park, Kansas. At $35K/unit, Brownstone offered a stabilized opportunity with a strong immediate return and upside in increasing rents. Brownstone went through a foreclosure during the recession, which we feel contributed to our favorable price. The property has performed well since takeover.

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