Belden Brown

Passco Real Estate Enterprises, Inc. provides real estate investment services. The company specializes in property investment, both existing and new developments. Its portfolios include shopping centers, industrial business complexes and housing tracts. The company was founded by William O. Passo and is headquartered in Irvine, CA

Passco Apartment REIT, Inc. is a newly organized Maryland corporation that intends to qualify as a real estate investment trust, or REIT, beginning with the taxable year in which it satisfies the minimum offering requirements of this offering. It expects to use substantially all of the net proceeds from this offering to invest primarily in multi-family rental real estate to capitalize on anticipated demand across the United States. It may also invest in other property classes as well as other real estate-related assets, including debt and equity securities of other real estate companies, and in originating or purchasing mortgages, mezzanine, bridge and other loans. It is incorporated in the State of Maryland on May 12, 2009 and it currently does not own any real estate assets. It is considered to be a blind pool because it has not yet identified any specific assets to acquire. Its external advisor, Passco Advisors, LLC, will conduct its operations and manage its portfolio of real estate investments. It has no paid employees. Its office is located at 96 Corporate Park, Suite 200, Irvine, California 92606. Its telephone number is (949) 263-7900 or (877) 4PASSCO. Its fax number is (949) 442-2460.

Passco Self Storage Fund I LLC operates as a real estate investment company. The company was founded in February 2007 and is headquartered in Irvine, CA

Passco Waikoloa LLC operates as a real estate holding company. The company was founded in February 2007 and is headquartered in Irvine, CA.

PASSCO Cos. LLC operates as a real estate investment firm. It specializes in acquisition, development, and management of multifamily and commercial properties. The company was founded by William O. Passo in 1998 and is headquartered in Irvine, CA.

Passco Real Estate Enterprises, Inc. provides real estate investment services. The company specializes in property investment, both existing and new developments. Its portfolios include shopping centers, industrial business complexes and housing tracts. The company was founded by William O. Passo and is headquartered in Irvine, CA

Passco Apartment REIT, Inc. is a newly organized Maryland corporation that intends to qualify as a real estate investment trust, or REIT, beginning with the taxable year in which it satisfies the minimum offering requirements of this offering. It expects to use substantially all of the net proceeds from this offering to invest primarily in multi-family rental real estate to capitalize on anticipated demand across the United States. It may also invest in other property classes as well as other real estate-related assets, including debt and equity securities of other real estate companies, and in originating or purchasing mortgages, mezzanine, bridge and other loans. It is incorporated in the State of Maryland on May 12, 2009 and it currently does not own any real estate assets. It is considered to be a blind pool because it has not yet identified any specific assets to acquire. Its external advisor, Passco Advisors, LLC, will conduct its operations and manage its portfolio of real estate investments. It has no paid employees. Its office is located at 96 Corporate Park, Suite 200, Irvine, California 92606. Its telephone number is (949) 263-7900 or (877) 4PASSCO. Its fax number is (949) 442-2460.

Passco Self Storage Fund I LLC operates as a real estate investment company. The company was founded in February 2007 and is headquartered in Irvine, CA

PASSCO Cos. LLC operates as a real estate investment firm. It specializes in acquisition, development, and management of multifamily and commercial properties. The company was founded by William O. Passo in 1998 and is headquartered in Irvine, CA.

Passco Real Estate Enterprises, Inc. provides real estate investment services. The company specializes in property investment, both existing and new developments. Its portfolios include shopping centers, industrial business complexes and housing tracts. The company was founded by William O. Passo and is headquartered in Irvine, CA

Passco Self Storage Fund I LLC operates as a real estate investment company. The company was founded in February 2007 and is headquartered in Irvine, CA

Passco Apartment REIT, Inc. is a newly organized Maryland corporation that intends to qualify as a real estate investment trust, or REIT, beginning with the taxable year in which it satisfies the minimum offering requirements of this offering. It expects to use substantially all of the net proceeds from this offering to invest primarily in multi-family rental real estate to capitalize on anticipated demand across the United States. It may also invest in other property classes as well as other real estate-related assets, including debt and equity securities of other real estate companies, and in originating or purchasing mortgages, mezzanine, bridge and other loans. It is incorporated in the State of Maryland on May 12, 2009 and it currently does not own any real estate assets. It is considered to be a blind pool because it has not yet identified any specific assets to acquire. Its external advisor, Passco Advisors, LLC, will conduct its operations and manage its portfolio of real estate investments. It has no paid employees. Its office is located at 96 Corporate Park, Suite 200, Irvine, California 92606. Its telephone number is (949) 263-7900 or (877) 4PASSCO. Its fax number is (949) 442-2460.

PASSCO Cos. LLC operates as a real estate investment firm. It specializes in acquisition, development, and management of multifamily and commercial properties. The company was founded by William O. Passo in 1998 and is headquartered in Irvine, CA.

Passco Waikoloa LLC operates as a real estate holding company. The company was founded in February 2007 and is headquartered in Irvine, CA.

Passco Real Estate Enterprises, Inc. provides real estate investment services. The company specializes in property investment, both existing and new developments. Its portfolios include shopping centers, industrial business complexes and housing tracts. The company was founded by William O. Passo and is headquartered in Irvine, CA

Passco Self Storage Fund I LLC operates as a real estate investment company. The company was founded in February 2007 and is headquartered in Irvine, CA

Passco Apartment REIT, Inc. is a newly organized Maryland corporation that intends to qualify as a real estate investment trust, or REIT, beginning with the taxable year in which it satisfies the minimum offering requirements of this offering. It expects to use substantially all of the net proceeds from this offering to invest primarily in multi-family rental real estate to capitalize on anticipated demand across the United States. It may also invest in other property classes as well as other real estate-related assets, including debt and equity securities of other real estate companies, and in originating or purchasing mortgages, mezzanine, bridge and other loans. It is incorporated in the State of Maryland on May 12, 2009 and it currently does not own any real estate assets. It is considered to be a blind pool because it has not yet identified any specific assets to acquire. Its external advisor, Passco Advisors, LLC, will conduct its operations and manage its portfolio of real estate investments. It has no paid employees. Its office is located at 96 Corporate Park, Suite 200, Irvine, California 92606. Its telephone number is (949) 263-7900 or (877) 4PASSCO. Its fax number is (949) 442-2460.

Passco Self Storage Fund I LLC operates as a real estate investment company. The company was founded in February 2007 and is headquartered in Irvine, CA

Passco Waikoloa LLC operates as a real estate holding company. The company was founded in February 2007 and is headquartered in Irvine, CA.