Worcester Investments Multi-Family Real Estate Portfolio

December 2009 – December 2016

Frederick Apartments

Saint Joseph, Missouri

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Dec 2009

96

100,000

$1,442,000

$1,542,000

$10,073

12.90%

156.05%

Frederick Apartments

Gene Field Apartments

Saint Joseph, Missouri

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Jun 2010

107

100,000

$1,862,000

$1,962,000

$5,575

12.00%

20.12%

Gene Field Apartments

Northcrest Apartments

Riverside, Missouri

Purchase Date:

Number of Units:

Purchase Price:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Nov 2010

151

$3,000,000

$12,745

11.50%

23.20%

Northcrest Apartments

Maple Estates Apartments

Lee's Summit, Missouri

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Jul 2011

185

500,000

$3,750,000

$4,250,000

$31,490

10.20%

58.37%

Maple Estates Apartments

Rock Ridge Ranch Apartments

Kansas City, Missouri

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Jan 2012

74

300,000

$1,231,000

$1,531,000

$8,992

12.90%

24.52%

Rock Ridge Ranch Apartments

Stonleigh Court Apartments

Leavenworth, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Mar 2012

156

650,000

$2,708,311

$3,358,312

$13,703

10.60%

45.85%

Stonleigh Court Apartments

Fairway Hills Apartments

Leavenworth, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Jun 2012

152

200,000

$3,176,000

$3,376,000

$158,825

10.52%

835.44%

Fairway Hills Apartments

Douglas Place Apartments

Grandview, Missouri

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Oct 2012

125

380,000

$2,520,000

$2,900,000

$15,223

11.97%

58.89%

Douglas Place Apartments

Campus View Apartments

Lawrence, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Jul 2013

101

404,000

$1,900,000

$2,304,000

$30,340

11.50%

47.07%

Campus View Apartments

Rolling Ridge Apartments

Olathe, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Aug 2013

127

504,000

$2,650,000

$3,154,000

$18,031

9.94%

31.57%

Rolling Ridge Apartments

Brownstone Apartments

Overland Park, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Nov 2013

155

620,000

$5,520,000

$6,140,000

$19,255

10.98%

14.03%

Brownstone Apartments

Fontainebleau Apartments

Topeka, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Oct 2014

112

800,000

$4,032,000

$4,832,000

$15,093

11.20%

11.78%

Fontainebleau Apartments

The Reserve at Brownstone

Overland Park, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Oct 2014

80

765,000

$2,270,000

$3,035,000

$9,445

10.52%

10.30%

The Reserve at Brownstone

Antioch Crossing Apartments

Overland Park, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Feb 2015

90

340,000

$3,900,000

$4,240,000

$-3,340

10.00%

-2.76%

Antioch Crossing Apartments

Valencia Hills Apartments

Shawnee, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

Feb 2015

352

1,490,000

$12,800,000

$14,290,000

$45,970

10.62%

14.13%

Valencia Hills Apartments

Falls at Cottonwood Creek

Kansas City, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

May 2015

114

295,000

$5,500,000

$5,795,000

$16,463

9.37%

8.64%

Falls at Cottonwood Creek

Waterstone Apartments

Kansas City, Kansas

Purchase Date:

Number of Units:

Physcial Rehab:

Purchase Price:

Total Costs:

Average Monthly Cash Flow:

Projected Cash on Cach Return:

Average Cash on Cash Return:

June 2015

372

620,000

$13,000,000

$13,620,000

$40,256

11.50%

12.21%

Waterstone Apartments

It's my pleasure to recommend the principals of Worcester Investments. The principals have strong knowledge and keen financial strength in the commercial real estate arena to recognize an opportunity to add their value added expertise to a property. I've seen the high results of their efforts and know that their future will be full of successes moving forward.

- Jack Hanrahan, First American Title

Over the past few years, we have had the pleasure of working closely with Worcester Investments LLC on a number of real estate transactions. They have a tremendous amount of knowledge regarding the real estate industry in St. Joseph, MO, and are very thorough when it comes to the details of each and every acquisition. They are an asset to our community and we hope to continue doing business with them for many years to come

- Saint Joseph Title & Abstract

I have worked with Worcester Investments on a couple projects. They always paid on time and delivered exactly what was agreed upon. The Worcesters are known for their great integrity. I will gladly work with them again.

- Kevin Pendergast, O’Riley Capital

I would recommend Paul Worcester as a very good man to do business with. He was very honest, helpful and businesslike in our dealings. He is a man of his word which I appreciate very much.

- Ray LaVaugn

Worcester Investments has been a great partner and manager. The income our properties have produced has exceeded my expectations. They always follow through on their commitments, and they communicate very well. I consider them true professionals.

- Dr. Stephen Hull

Gebhardt Family Trust financed a property with Worcester Investments in 2007. Since that time Worcester Investments has made all payments timely. I would recommend doing business with them.

- George Gebhardt, Trustee

I want to take this opportunity to thank you for the business you with Nodaway Valley Bank. The loans we have with you have been maintained in an excellent manner. It is a big asset having Paul manage these investments for you and gives the bank the comfort level we need. I look forward to a long standing relationship.

- Jerry Ingle, Nodaway Valley Bank

The Worcesters are humble, hardworking people who are continually bettering themselves. I am not surprised at the success they are experiencing. I highly recommend any potential business partners, lenders, etc. to work with the Worcesters.

- Joe Isenberg, Brothers Cleaning

It has been a pleasure conducting business with Worcester Investments, as they have remitted all payments on time and provided timely documentation for all necessary activities. I still maintain a singular business relationship with Worcester Investments, but would, without hesitation, discuss other business opportunities with them. I highly recommend Worcester Investments and I believe they represent the correct risk/reward opportunity.

- Toby Ream, Imagine Investing

I've worked closely with Worcester Investments through every aspect of acquisition. I have found WI and its members to be knowledgeable investors who are well equipped to handle all aspects of a real estate transaction. A purchaser of investment property is presented with a number of challenges during the course of a transaction. WI has met every challenge. Worcester Investments and its members are timely, efficient, knowledgeable and a pleasure to work with.

- Robert Smejkal, Oregon State Bar

Paul and Joel were easy to work with and honest throughout the purchase process. We were able to close the transaction successfully. I look forward to working with them in the future.

- Aaron Mesmer, Block LLC

As a banker who works with many small and mid-size businesses, I certainly feel that Worcester Investments is a step above the rest. You will not find a more professional, well-run organization. They are unparalleled in all aspects of their business, from the execution of their business plan to the planning, acquisition and financing structure. They are extremely thorough and always do their homework. It is truly a pleasure working with them.

- Chris Grossman

I have been the Worcesters' accountant for several years. I have found them to be professional, competent and ethical in their business ventures. I would not hesitate to recommend their services to others.

- Gerald Hoots, Hoots, Baker & Wiley PC

The Worcesters are a delight to work with and display exceptional wisdom in real estate investment. We can vouch for their integrity, honesty, and desire to serve more than be served. Most of our investments with WI earns interest that the firm pays in monthly installments, always on time. There is no other opportunity available that can match the returns WI offers and also gives us the sense of security that our funds are in safe hands.

- Stuart & Christine Smith

Paul and Joel were easy to work with and honest throughout the purchase process. We were able to close the transaction successfully. I look forward to working with them in the future.

- Aaron Mesmer, Block LLC

Joel and Worcester Investments are a pleasure to work with. They are tenacious negotiators, tireless researchers and incredibly dependable partners. Whether partnering in real estate purchases or loaning them funds for opportunities, I am always confident that the outcome will be successful.

- Kerrie Johnson

We have worked with the Worcester family and Worcester Investments for over a year and closed multiple transactions together. They have always been very straight forward, accessible, and accommodating with the many information requests and questions that go along with processing a loan. Their knowledge of real estate, especially multi-family, is truly impressive. We welcome the opportunity to work with Worcester Investments for a long time to come!

- John Schorgl & Tom Cohen, Johnson Capital

I financed Worcester Investments on 3 properties in the Saint Joseph area. They have always paid on time and have been a pleasure to work with. I would recommend them to work with.

- Howard Miller, Spirit Miller Trucking

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