Acquisition furthers MIM’s Mature-LIHTC-to-Market-Rate Investment
Strategy, Addressing Critical Need for Affordable, Workforce Housing

PRESS – FOR IMMEDIATE RELEASE

(Springfield, MO – December 13, 2021) Moline Investment Management [MIM]| Moline Management, LLC, an affordable and market-rate housing specialist investment manager focused on the development, redevelopment, ownership, and operation of multifamily assets across the Midwest and Central U.S. has acquired a 214-unit mature LIHTC portfolio.

“The portfolio is comprised of six (6) seasoned LIHTC assets strategically located in key markets throughout the state (of Missouri)” stated Charles Moline, Founder and CEO of MIM. “By design, the portfolio overlays nicely with our existing communities and is a strong addition to our ongoing LIHTC-to-market rate conversion strategy.”

The portfolio was acquired from an established private equity firm prominent in the operation of LIHTC projects. This is the second transaction MIM has completed with this group.

The properties are seasoned LIHTC assets located in Springfield, Saint Joseph, West Plains. “Each of the properties feeds off and benefits from the demand drivers of their respective cities,” said Paul Arena, Chief Operating Officer at MIM. “Springfield is a thriving city in the southeastern portion of the state, a highly-rated apartment market in a university town; St. Joseph is a bedroom community north of Kansas City, and benefits from the dynamic demand generated from that city; and West Plains sees demand from both Southern Missouri as well as northern Arkansas, which is booming,” continued Arena.

“Four of the six acquired assets have all begun their decontrol period,” continued Moline, “and the other two will begin their eligibility period within a three-to-four-year period.” “By then,” continued Moline, “we will have been able to make significant inroads toward improving operations and readying these properties to be fully competitive as market-rate apartment communities.”

“As part of our value-add and pre-asset management operating philosophy, we’ve already identified additional value in the retail portion of the St. Joseph asset,” continued Moline, “and are in dialogue with commercial brokers to identify an appropriate tenant for the space, which could potentially take the form of a restaurant or lounge space.” said Moline.

“The acquisition is fully accretive and in line with MIM’s overall investment strategy of acquiring mature, seasoned LIHTC properties, and taking them through the decontrol period, in a way that is respectful of our residents, and in fact, improves upon their quality of occupancy,” said Arena.

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About Moline Investment Management [MIM] | Moline Management, LLC

Founded in 2010, MIM ( www.molinemgt.com ) is an affordable and market-rate housing specialist investment manager focusing on the development, redevelopment, ownership and operation of multi-family apartment communities across the U.S. MIM targets development, redevelopment and/or acquisition opportunities within dynamic midwestern and central U.S. urban and suburban markets, as well as other select cities where current and projected supply, demand and price metrics – – reinforced by MIM’s hands-on operating paradigm and asset management process – – allow us to unlock value and generate superior returns for our investors.

A central tenet of the MIM operating paradigm is to put tenants first. The firm continuously seeks to offer a range of services and amenities that improve the lives of all its residents. The firm operates in a manner that drives preference for MIM communities, exceeds expectations, and speaks to the loyalty of those who choose to reside with Moline Management, year after year.

“Our people are the reason for our success, and they work with purpose to build on and constantly improve upon a culture that encourages teamwork, employee involvement, trust, opportunity, and respect, for our residents and for each other.” “As such, we believe in the highest levels of honesty and integrity in all we do.” – Charles Moline, Founder and CEO

MIM ASSUMES MANAGEMENT OF 640-UNIT MATURE LIHTC PORTFOLIO

(Springfield, MO – September 13, 2021) Moline Investment Management [MIM]| Moline Management, LLC, an affordable and market-rate housing specialist investment manager focused on the development, redevelopment, ownership, and operation of multifamily assets across the Midwest and Central U.S. is pleased to announce that it has assumed the management of a 640-unit mature LIHTC portfolio.

“The portfolio is comprised of high-quality assets, but that have just not been managed to their full potential” stated Charles Moline, Founder and CEO of MIM. ‘Dispersed throughout Missouri, Nebraska and Kansas, the portfolio overlays nicely with our existing communities and is a strong addition to our ongoing LIHTC business.”

“Coincident with MIM’s assumption of management responsibilities, we expect to enter into a purchase and sale agreement for these assets within the next 30 days,” continued Moline, “with a closing scheduled for late in the fourth quarter, dependent upon underwriting and investment committee signoff.”

The management assignment was awarded by a U.S.-based private equity firm prominent in LIHTC investments. The firm recently reallocated a portion of its portfolio to other asset classes within the private equity and alternatives investments space, driving the re-balancing.

“This transaction is, first and foremost, a testament to MIM and Moline Management’s track record and reputation for operating LIHTC communities, and our team’s skill at running them efficiently,” offered Paul Arena, MIM’s Chief Operating Officer. “By the time we acquire and close on the portfolio later this year,” continued Arena, “MIM will have greatly improved these assets operationally, which directly benefits every one of the 640 plus residents.” “At the same time, Arena continued, we will have expanded our growing portfolio and market presence as we continue to acquire and develop market-rate communities throughout the Midwest and central states.”

With a significant portion of the properties having a remaining life in the tax credit program of less than four years, MIM will begin to transition certain of these LIHTC assets to market-rate status as they become eligible.

Press Release – Page Two

“Our pre-transition diligence indicated, in fact, that a number of the assets were already eligible to transition out of the program and to assume market-rate status,” Arena continued, “yet no steps were taken by the prior management, and there was little to no communication with the Agencies that oversee these programs to discuss the timeline for this transition.”

About Moline Investment Management [MIM] | Moline Management, LLC

Founded in 2010, MIM ( www.molinemgt.com ) is a affordable and market-rate housing specialist investment manager focusing on the development, redevelopment, ownership and operation of multi-family apartment communities across the U.S. MIM targets development, redevelopment and/or acquisition opportunities within dynamic midwestern and central U.S. urban and suburban markets, as well as other select cities where current and projected supply, demand and price metrics – – reinforced by MIM’s hands-on operating paradigm and asset management process – – allow us to unlock value and generate superior returns for our investors.

A central tenet of the MIM operating paradigm is to put our tenants first. We continuously seek to offer a range of services and amenities that improve the lives of all our residents. We operate in a manner that drives preference for MIM communities, exceeds expectations, and speaks to the loyalty of those who choose to reside with us, year after year.

Our people are the backbone of our success, and they work with purpose to build on and constantly improve a culture that encourages teamwork, employee involvement, trust, opportunity, and respect. We believe in the highest levels of honesty and integrity in all we do.

(Springfield, MO – September 8, 2021) Moline Investment Management [MIM]| Moline Management, LLC, a leading vertically integrated specialist investment manager focused on the development, redevelopment, ownership, and operation of multifamily assets across the U.S. is pleased to announce the launch of its new resident-focused web site.

“The new web site gives us important improvements and upgrades in our resident services module, as well as easy access to both community and unit amenity information,” stated Charles Moline, Founder and CEO of MIM, who announced the rollout in a letter to investors.

The site, engineered in partnership with one of MIM’s primary proptech vendors, features improved property search capability, a more interactive ‘Careers’ navigation area for job seekers and more accurate delineation of MIM’s growing affordable and market rate portfolios. ‘As a LIHTC specialist manager, we were challenged to highlight both our affordable/low income housing opportunities, while also featuring our market rate communities, and to do so in a way that was respectful and sensitive to all,” added Moline. “The results speak for themselves, and we now have a site we are extremely proud of,” Moline said.

‘The web site working group really put in the time, and we’re proud of their commitment to improving both the Company and this extremely vital resident-focused information tool,” offered Paul Arena, Chief Operating Officer at MIM, “and while it would be all too easy to say the web site gives MIM greater capability,” continue Arena, “the fact is the site is for our future and current residents.”

The MIM web site also affords visitors more seamless interaction with the firm’s investor relations modules, allowing for more efficient review of investor/LP positions, valuations and a portal for posting new pipeline transactions.

About Moline Investment Management [MIM] | Moline Management, LLC

Founded in 2010, MIM ( www.molinemgt.com ) is a leading vertically integrated specialist investment manager focusing on the development, redevelopment, ownership and operation of multi-family apartment communities across the U.S.  MIM targets development, redevelopment and/or acquisition opportunities within dynamic midwestern and central U.S. urban and suburban markets, as well as other select cities where current and projected supply, demand and price metrics – – reinforced by MIM’s hands-on operating paradigm and asset management process – – allow us to unlock value and generate superior returns for our investors.

A central tenet of the MIM operating paradigm is to put our tenants first. We continuously seek to offer a range of services and amenities that improve the lives of all our residents. We operate in a manner that drives preference for MIM communities, exceeds expectations, and speaks to the loyalty of those who choose to reside with us, year after year.

Our people are the backbone of our success, and they work with purpose to build on and constantly improve a culture that encourages teamwork, employee involvement, trust, opportunity, and respect. We believe in the highest levels of honesty and integrity in all we do.

(Springfield, MO – July 28, 2021) Moline Investment Management [MIM]| Moline Management, LLC, a leading midwest-based, vertically integrated specialist investment manager focused on the development, redevelopment, ownership and operation of multifamily assets across the U.S. is pleased to announce that Paul Arena, a real estate private equity and investment management executive, has been appointed Chief Operating Officer.

In his new role, Arena is tasked with guiding the growth of the firm and scaling the business to handle an expanding portfolio. “Paul brings a stellar track record of profitably operating real estate portfolios, and his leadership, fundraising and capital markets experience will be invaluable to the firm as we seek to aggressively expand our portfolio and investor base,” said Charles Moline, Founder and Chief Executive Officer of MIM.

“From my early conversations with Charlie,” said Arena, “it was clear that MIM’s approach to acquiring, owning and operating residential communities was consistent with my own,” and the firm’s aggressive acquisition goals and planned expansion of its investor base to include family offices, endowments and institutional plan sponsors would play to my strengths and was the challenge I was seeking.”

Prior to joining MIM, Arena was Chief Operating Officer of Vauxhall Advisors, a New York City-based capital advisory. Earlier, Arena was Principal and Global Head of Real Estate fundraising at Atlantic-Pacific Capital, and prior to this was Chief Operating Officer of Strategic Resources Corp., the exclusive investment advisor to a family of offshore-domiciled opportunistic real estate vehicles.

“From humble beginnings in 2010, MIM has steadily acquired scale in multifamily real estate to where it is now a leading owner operator and recognized manager of affordable and workforce housing throughout the midwestern U.S.,” offered Moline.” “From our investment research to our underwriting and due diligence to our asset management process, MIM has assembled a highly professional team, and few managers of our size and scope bring an institutional mindset to the process,” continued Moline. “This will give MIM a competitive advantage among managers as Paul helps us craft and implement our investor acquisition strategy and as we seek to raise LP, joint venture and co-invest capital.”

MIM targets affordable and workforce housing opportunities throughout the Midwest and a few other select markets that, their research indicates, will benefit from the continued out-migration of residents and businesses from high-cost, coastal gateway markets. These are markets that are generally considered tax favorable, welcoming of business, and that provide a high quality of life for their residents. Arena added, “Currently in vogue apartment markets such as Austin (Texas), Jacksonville (Florida) and Phoenix (Arizona), for example, hold little interest for us presently because many of them are already overbought, and current valuations do not support our value-add and opportunistic strategies.”

About Moline Investment Management [MIM] | Moline Management, LLC

Founded in 2010, Moline Investment Management is a leading vertically-integrated specialist investment manager focusing on the development, redevelopment, ownership and operation of multi-family apartment communities across the U.S.  MIM targets the development, redevelopment and/or acquisition opportunities within dynamic midwestern and central U.S. urban and suburban markets, as well as other select cities where current and projected supply, demand and price metrics – – reinforced by MIM’s hands-on operating paradigm and asset management process – – allow us to unlock value and generate superior returns for our investors.