• Investments are typically in projects with a minimum value of $20,000,000
• Acquisition of existing stabilized properties with 200-500 units.
• Value added repositioning acquisitions of existing apartment projects of 200-500 units (generally Class B, A locations).
• Joint Venture development, pre-purchase, and/or fee development of new Class A apartment
  properties with 200-500 units.
• In-fill locations in markets expected to show
  good growth over the next five years are preferred.

• Investments are typically in projects with a minimum value of $20,000,000
• Acquisition of existing multi-tenant designed distribution warehouse properties.
• Development of new distribution warehouses, directly by hiring a fee developer, or through Joint Ventures with a development partner.
• Build-to-suits are considered provided the property is designed for multi-tenant use.
• Emphasis is on established, strong distribution markets, modern industrial park locations and flexible multi-tenant design.

• Investments are typically in projects with a minimum value of $20,000,000
• Selective development of suburban office buildings of less than 300,000 square feet in Joint Venture with a development partner will be considered with significant pre-leasing required.
• Acquisition of distressed properties with the potential for repositioning will be considered.

• Investments are typically in projects with a minimum value of $20,000,000
• Acquisition of stabilized community centers and power centers with at least 100,000 square feet of retail area.
• Acquisition of distressed properties with the potential for repositioning will be considered with an experienced and qualified Joint Venture partner.
• Joint Venture development, pre-purchase and/or fee development of new retail projects will be considered.

Investment in private, commingled real estate funds will be pursued as a supplement to direct investment activities. The focus of such funds, both domestic and foreign, will generally be of an opportunisitic nature and involve property types, structures, risk and/or timing characteristics that are not within the scope of Northwestern Mutual’s direct investment activities.