BIOGRAPHIES MANAGING PARTNERS

JOHN BRYAN is a co-founder and principal of HTG Advisors, LLC. His
responsibilities as Managing Partner of the company include strategic consulting,
feasibility analysis, capital structuring and overseeing the execution of project business
plans.
Mr. Bryan serves as the President and a managing partner of Carmel Investment Group, LLC,
a full service development and investment company focused on acquiring apartment
communities and adding value through renovation and condominium conversion. Carmel has
actively acquired, financed, repositioned, renovated, leased and converted properties
throughout Florida. Carmel was formed as a strategic partnership with the principals of
Housing Trust Group (HTG).
Prior to co-founding Carmel
Investment Group, Mr. Bryan was the National Director of Acquisitions for Crescent
Heights, one of the nations premier condominium developers. During his tenure there,
Mr. Bryan was involved in condominium conversions and developments throughout the United
States, with a particular focus on Florida acquisitions. Mr. Bryan is a graduate of Auburn
University (B.A.) and Georgia State University (M.B.A.).

RANDY E. RIEGER is a co-founder
and principal of HTG Advisors, LLC. Mr. Rieger is also the co-founder, Chairman, and Chief
Executive Officer of Housing Trust Group of Florida, L.L.C., a multi-faceted real estate
development company that develops, owns, and manages properties throughout the
southeastern United States. The company is headquartered in Coconut Grove, Florida.
Housing Trust Group is active
in all facets of real estate building and development including, but not limited to,
luxury multi-family rental communities, affordable multi-family rentals, multi-family
student housing communities, commercial developments and multi-family for sale housing.
The company has developed, acquired, owned and managed several thousand units throughout
the southeastern United States.
Mr. Rieger is also a
principal and co-founder of Carmel Investment Group, which primarily converts apartment
communities to condominiums throughout the State of Florida.
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