Institutional Multifamily Partners LLC

Institutional Multifamily Partners LLC ("IMP"), (formerly known as Western Multifamily LLC), a discretionary equity co- investment joint venture between affiliates of GID and California Public Employees' Retirement System ("CalPERS"), was formed in 2010 through the consolidating acquisition of three existing and separate multifamily investment portfolios. As of October 31, 2018, the Institutional Multifamily Partners portfolio consisted of 75 real estate investments including 9 development projects totaling 20,979 apartment units. In addition, 32 properties have retail and commercial space totaling 703,749 square feet. GID serves as portfolio and asset manager and through Windsor Property Management Company, its property management affiliate, as property manager. The co-investment limited partnership, called Institutional Multifamily Partners LLC, invests in multifamily real estate across the United States. The establishment of IMP continues and expands the successful relationship GID has enjoyed with CalPERS since 1998.