The managing member of APRO II is APRO II Managing Member, LLC, an indirect subsidiary of America First Real Estate Group, LLC (the “Managing Member”).  The Managing Member has the exclusive authority to conduct the day-to-day operations of the Company and to make all decisions regarding the acquisition, operation and disposition of APRO II’s investments. The individuals who are directly responsible for APRO II’s operation include:

John H. (Jack) Cassidy, President.  Mr. Cassidy serves as the President of the Managing Member.  From April 2008 until July 2010, he served as President of Beacon Property Management, LLC, which is the multifamily real estate platform of The Lightstone Group.  Mr. Cassidy was employed by Burlington from 1987 to 2007, serving as head of the real estate group, fund manager for America First Tax Exempt Investors, L.P. (NASDAQ: ATAX) and President of AFPMC.  From 2005 to 2007, Mr. Cassidy served as the Chief Executive Officer of America First Apartment Investors, Inc., a publicly traded multifamily REIT.  His fund, asset and property management experience includes the acquisition and financing of nearly $2 billion in real estate assets over the past 25 years and the management of property portfolios exceeding 10,000 multifamily units.  Prior to joining Burlington Capital, Mr. Cassidy was employed as a Vice President of E.F. Hutton & Company, involved in the identification, analysis, acquisition and financing of real estate investments, specializing in multifamily properties.  Mr. Cassidy has an M.B.A. from Columbia University and a B.A. from Georgetown University.

Chad Daffer, Executive Vice President.  Mr. Daffer serves as an Executive Vice President of the Managing Member.  Mr. Daffer also acts as the CEO of America First Tax-Exempt Investors, L.P. (NASDAQ: ATAX) which primarily invests in federally tax-exempt mortgage revenue bonds issued to provide construction and/or permanent financing of multifamily residential properties.  ATAX has over $400 million in assets and currently holds 22 tax-exempt bonds with an aggregate principal balance of approximately $198 million that are secured by 20 apartment properties located in 11 states.  Mr. Daffer has over twenty years’ experience in credit analysis, structuring, underwriting and placement of taxable and tax-exempt debt financing in connection with multifamily housing.  He joined the AFREG in 2005 from Kirkpatrick Pettis, where he served for nine years as an investment banker with special focus in project-based revenue bonds as well as the housing industry.  While at Kirkpatrick Pettis, Mr. Daffer completed the first bond financing of HUD 236 mortgage decoupling and his banking services spanned the realms of both for-profit and non-profit housing developers.  From 1992 to 1996, Mr. Daffer worked at Paine Webber in Fixed Income Institutional Sales.  Mr. Daffer graduated from the University of Nebraska–Lincoln with a B.S. in Business Administration.

Dominic Vaccaro, Executive Vice President.  Mr. Vaccaro serves as an Executive Vice President of the Managing Member.  He is Vice President of AFREG and is responsible for assisting with the identification, analysis, development, structuring, implementation and management of new real estate projects and monitoring the performance of the existing real estate portfolio.  He is experienced in the structuring and issuance of taxable and tax-exempt bonds, acquisition and development of multifamily properties, including both bridge and permanent financing, and the negotiation of tenant leases for commercial rehabilitation projects. Since joining Burlington in 2001, Mr. Vaccaro has been primarily responsible for project financing and developing AFREG’s presence in military and student housing.  Mr. Vaccaro oversaw all financial and legal matters in connection with a $240 million military housing privatization project at Offutt Air Force Base located in Bellevue, Nebraska that was carried out by AFREG.  This project was partially financed through $138 million insured Air Force housing privatization bonds that are believed by AFREG to be one of the first such bond financings rated “AAA” by both Standard & Poor’s and Moody’s.  Mr. Vaccaro has a B.S. in Business Administration—Finance from Creighton University.

Niles Andersen, Vice President.  Mr. Andersen serves as a Vice President of the Managing Member.  Mr. Andersen is President of AFPMC, and has more than 30 years’ experience in property management.  Prior to joining AFPMC in 2000, he served as District Manager for Archon Management (Goldman Sachs), Vice President of Owners Property Management, Area Manager for Cardinal Apartment Management, Regional Manager for Altman Development, Regional Vice President for Brentwood/Trammel Crow, Regional Manager for Sam Zell’s First Property Management Company (the forerunner to Equity Residential), and District Manager for Medford Property Company.  Mr. Andersen holds the Certified Property Manager (CPM) and Certified Apartment Property Supervisor (CAPS) designations.  He has served as President of the Louisville Apartment Association, President of the Apartment Association of Greater Orlando and Vice President of the Florida Apartment Association.  Mr. Andersen has also taught numerous courses in leasing, management and resident services for various associations, including the National Apartment Association.  He attended Longview and Rockhurst Colleges in Missouri.

Jason Whipple, Vice President, Acquisitions.  Mr. Whipple serves as Vice President—Acquisitions of the Managing Member.  Mr. Whipple has served as a financial analyst for AFREG as well as a senior analyst for The Burlington International Group, both subsidiaries of Burlington.  In these capacities, he is involved throughout the due diligence process.  Mr. Whipple is responsible for various tasks, such as the identification, financial analysis, structuring, and implementation of investments and projects for public and private funds.  Over his tenure with Burlington, Mr. Whipple has successfully developed and completed detailed economic and financial analyses on numerous projects involving governmental entities as well as a wide variety of private sector investments in both the U.S. and in the international arena. Mr. Whipple received a B.S. in Business Administration (major: business economics) from the University of Nebraska at Omaha.

Jon Baack, Vice President, Construction & Development.  Mr. Baack serves as Vice President—Construction & Development of the Managing Member.  In that capacity, Mr. Baack will monitor and manage all construction work at the Company, including new construction and rehabilitation of existing properties.  He provides cost analysis, budgeting, scheduling, change management, pre-construction services, and site monitoring to construction projects.  Mr. Baack joined AFREG in May 2012 and has over 12 years of experience in construction management.  Over his career, he has been involved in government, university, private, and public projects that range in size from $100,000 up to $300 million and has acted in a variety of capacities, ranging from on-site superintendent to overall project manager.  Mr. Baack holds a B.S. in Construction Management from the University of Nebraska–Lincoln.