# M

## ission

At Redbrick, we have a strong focus on producing actionable research in order to appropriately direct and validate our investment and development decisions.

The single-family housing asset class is dominated by individual investors and owner-occupants. As a result, there are opportunities to identify systematic market inefficiencies that have not been previously explored by professional research teams. It is our belief that these inefficiencies can be mined by our investment management and development teams to achieve superior returns.

Redbrick's proprietary research efforts are led by Dr. Thomas Skinner and Dr. Cristian Voicu. In addition, the firm's price forecasts are developed conjunction with several of the world's leading real estate economists, including Prof. William Wheaton (MIT), Prof. Edward Glaeser (Harvard), and Prof. Joseph Gyourko (Wharton).

# M

## anagement Team

The following individuals are senior management team members of Redbrick Partners or its affiliates.

Dr. Thomas Skinner, Managing Partner of Redbrick Partners

Dr. Skinner founded Redbrick and oversees the firm's single-family services and investment activities. He is also responsible for the firm's overall strategy and its research function. Dr. Skinner has a track record of innovations in the housing market. In conjunction with Freddie Mac, HUD, the Neighborhood Reinvestment Corporation, Yale School of Management and others he developed the Syracuse Home Equity Protection Program, an index-based house price insurance program. In 1998, Dr. Skinner co-founded SafeRent - a firm that introduced automated applicant screening to the apartment industry. Dr. Skinner began his professional career at McKinsey & Co. where he worked with financial institutions on strategy issues. While at McKinsey he worked with Freddie Mac to introduce Loan Prospector the first automated underwriting technology in the mortgage market. Dr. Skinner earned his Ph.D. in economics from MIT and his BA in economics from Oxford University.

William Passmore, Managing Partner of Redbrick Partners

Mr. Passmore leads the expansion of the firm's multi-regional operating network and serves on the firm's investment committee. In addition, he oversees the firm's development group. Prior to joining Redbrick in 2005, Mr. Passmore was previously a partner with McKinsey and Co. where he held a series of leadership positions in the private equity, telecommunications, and marketing practices. He is a graduate of Stanford University Graduate School of Business and Imperial College at the University of London.

### Redbrick Properties

#### Hudson Row Apartments
2633 South Road
Poughkeepsie, NY 1260

#### The Overlook at Piermont
5207 Overlook Circle
Piermont, NY 10968

#### Heights at Groveton

### Redbrick Affiliates