Founded in 1994, Apartment Income Investors(Aii) offers a successful track record of investing in Class B multifamily properties in growing Western and Southwestern U.S. cities. Aii provides core-plus/value add real estate investment opportunities focused on generating steady current income and significant long-term capital appreciation. Since inception, Aii has invested $483 million in 79 properties. Our successful investment track record spans multiple real estate cycles, including three recessions. Based on our belief that what's good for tenants is good for investors, the Aii team has built investment returns based on steady lease renewals and above-median market rents. We reduce risk by adhering to well-defined acquisition criteria and by conducting detailed property-specific analysis during the acquisition phase of the investment process. Our long-term performance for investors demonstrates the potential inherent in transforming properties physically, operationally and environmentally-with emphasis on social programs that benefit entire communities.