Gary L. Smith

Passco Apartment REIT, Inc. is a newly organized Maryland corporation that intends to qualify as a real estate investment trust, or REIT, beginning with the taxable year in which it satisfies the minimum offering requirements of this offering. It expects to use substantially all of the net proceeds from this offering to invest primarily in multi-family rental real estate to capitalize on anticipated demand across the United States. It may also invest in other property classes as well as other real estate-related assets, including debt and equity securities of other real estate companies, and in originating or purchasing mortgages, mezzanine, bridge and other loans. It is incorporated in the State of Maryland on May 12, 2009 and it currently does not own any real estate assets. It is considered to be a blind pool because it has not yet identified any specific assets to acquire. Its external advisor, Passco Advisors, LLC, will conduct its operations and manage its portfolio of real estate investments. It has no paid employees. Its office is located at 96 Corporate Park, Suite 200, Irvine, California 92606. Its telephone number is (949) 263-7900 or (877) 4PASSCO. Its fax number is (949) 442-2460.

Passco Apartment REIT, Inc. is a newly organized Maryland corporation that intends to qualify as a real estate investment trust, or REIT, beginning with the taxable year in which it satisfies the minimum offering requirements of this offering. It expects to use substantially all of the net proceeds from this offering to invest primarily in multi-family rental real estate to capitalize on anticipated demand across the United States. It may also invest in other property classes as well as other real estate-related assets, including debt and equity securities of other real estate companies, and in originating or purchasing mortgages, mezzanine, bridge and other loans. It is incorporated in the State of Maryland on May 12, 2009 and it currently does not own any real estate assets. It is considered to be a blind pool because it has not yet identified any specific assets to acquire. Its external advisor, Passco Advisors, LLC, will conduct its operations and manage its portfolio of real estate investments. It has no paid employees. Its office is located at 96 Corporate Park, Suite 200, Irvine, California 92606. Its telephone number is (949) 263-7900 or (877) 4PASSCO. Its fax number is (949) 442-2460.

Passco Apartment REIT, Inc. is a newly organized Maryland corporation that intends to qualify as a real estate investment trust, or REIT, beginning with the taxable year in which it satisfies the minimum offering requirements of this offering. It expects to use substantially all of the net proceeds from this offering to invest primarily in multi-family rental real estate to capitalize on anticipated demand across the United States. It may also invest in other property classes as well as other real estate-related assets, including debt and equity securities of other real estate companies, and in originating or purchasing mortgages, mezzanine, bridge and other loans. It is incorporated in the State of Maryland on May 12, 2009 and it currently does not own any real estate assets. It is considered to be a blind pool because it has not yet identified any specific assets to acquire. Its external advisor, Passco Advisors, LLC, will conduct its operations and manage its portfolio of real estate investments. It has no paid employees. Its office is located at 96 Corporate Park, Suite 200, Irvine, California 92606. Its telephone number is (949) 263-7900 or (877) 4PASSCO. Its fax number is (949) 442-2460.

Passco Apartment REIT, Inc. is a newly organized Maryland corporation that intends to qualify as a real estate investment trust, or REIT, beginning with the taxable year in which it satisfies the minimum offering requirements of this offering. It expects to use substantially all of the net proceeds from this offering to invest primarily in multi-family rental real estate to capitalize on anticipated demand across the United States. It may also invest in other property classes as well as other real estate-related assets, including debt and equity securities of other real estate companies, and in originating or purchasing mortgages, mezzanine, bridge and other loans. It is incorporated in the State of Maryland on May 12, 2009 and it currently does not own any real estate assets. It is considered to be a blind pool because it has not yet identified any specific assets to acquire. Its external advisor, Passco Advisors, LLC, will conduct its operations and manage its portfolio of real estate investments. It has no paid employees. Its office is located at 96 Corporate Park, Suite 200, Irvine, California 92606. Its telephone number is (949) 263-7900 or (877) 4PASSCO. Its fax number is (949) 442-2460.

Passco Apartment REIT, Inc. is a newly organized Maryland corporation that intends to qualify as a real estate investment trust, or REIT, beginning with the taxable year in which it satisfies the minimum offering requirements of this offering. It expects to use substantially all of the net proceeds from this offering to invest primarily in multi-family rental real estate to capitalize on anticipated demand across the United States. It may also invest in other property classes as well as other real estate-related assets, including debt and equity securities of other real estate companies, and in originating or purchasing mortgages, mezzanine, bridge and other loans. It is incorporated in the State of Maryland on May 12, 2009 and it currently does not own any real estate assets. It is considered to be a blind pool because it has not yet identified any specific assets to acquire. Its external advisor, Passco Advisors, LLC, will conduct its operations and manage its portfolio of real estate investments. It has no paid employees. Its office is located at 96 Corporate Park, Suite 200, Irvine, California 92606. Its telephone number is (949) 263-7900 or (877) 4PASSCO. Its fax number is (949) 442-2460.