Dear Friends
of TwinRock,

Welcome to the Current Issue of the TwinRock Partners’ Quarterly Newsletter. The Second Quarter of 2015 has been both productive and exciting for TwinRock as our SFR, Multifamily and Special Opportunity Funds continue to perform to our expectations.

During the quarter, TRP Fund I and II successfully completed a refinance. Cumulatively, TRP Fund I has distributed 108% of the original investment to the investors with net property value of approximately 122% on the original investor capital remaining in the portfolio. Cumulatively, TRP Fund II has distributed 84% of the original investment to the investors with net property value of approximately 161% on the original investor capital remaining in the portfolio. The TRP Fund III refinance is in progress and expected to be completed in the third quarter providing a significant cash out to investors. Better yet, the loan rates have been reduced from 4.25% fixed to 3.25% over 1-month LIBOR.

We pride ourselves on our research, foresight and ability to locate under-valued opportunities. With recent sales comps as a benchmark, 2014 is shaping up to have been a year of great apartment buys. TwinRock acquired Yaletowne Apartments in Tulsa last year at ~$30,000 per unit. A sister property across the street recently sold at ~$39,000 per unit to an investment partner of the seller, likely at a discount. In Q4 2014, we acquired The Chelsea Apartments at ~$39,000 per unit. A sister property next door sold in the first quarter for ~$44,000. Both sales comps were in similar condition to our properties before renovations commenced.

Our upcoming investment pipeline continues to reflect our confidence in the growth prospects of select markets in the Western and Midwest Regions. We continue to target B & C class properties in robust secondary markets including Nevada, Oklahoma, Wisconsin, Arkansas and other parts of the country. With a newly constructed Student Housing development by the University of Arkansas under contract, we continue to find solid, opportunistic deals.

As we continue to acquire assets in these markets, we remain focused on improving market areas with an expanding business base, growing employment and shortage of for sale and rental housing. At the forefront of our investment thesis is the belief that strong rent growth will be fueled by growing demand in markets with improving localized economies, strong wage growth potential, and relatively flat supply.

Our firm is excited to hold our Second Annual Charity Event on 9/11/2015. Every year, we select and honor a different first response service, and this year we have chosen the Orange County Sheriff Department’s K9 Unit. We invite you to join us for a fun night in support of a great cause. “A dog is a man/woman’s best friend.”

Sincerely,

Alexander Philips

Chief Executive and Investment Officer