Exhibit 10.5



FIRST AMENDMENT TO PURCHASE AND SALE
AGREEMENT



THIS FIRST AMENDMENT
TO PURCHASE AND SALE AGREEMENT (“Amendment”) is made as of the 26th day of April, 2013 (the “Effective
Date”), by and between TALISON ROW ASSOCIATES, LP, a Delaware limited partnership (“Seller”) and TRADE
STREET OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“Buyer”).



BACKGROUND



(1) Seller
and Buyer previously entered into a certain Purchase and Sale Agreement dated April 8, 2013 (the “Agreement”)
pursuant to the terms of which Seller agreed to sell to Buyer and Buyer agreed to purchase from Seller a tract of land containing
approximately 10.3 acres located in Parcel L, Daniel Island, City of Charleston, Berkeley County, South Carolina and all improvements
and other property situated thereon or relating thereto, subject to the terms and provisions thereof (defined in the Agreement
as the “Property”). Unless otherwise defined herein, capitalized terms when used in this Amendment shall have the meanings
given such terms in the Agreement.



(2) Buyer
has requested Seller to extend the Inspection Period and Seller has agreed subject to the terms and provisions of this Amendment.



NOW, THEREFORE, in
consideration of the premises and the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged and confessed, Seller and Buyer hereby amendment the Agreement as follows:



1.          The
Inspection Period is hereby extended until 5:00 p.m. Eastern Time Zone (U.S.A.) on May 10, 2013.



2.          The
Purchase Price is hereby increased from $47,900,000.00 to $48,050,000.00.



3.          Buyer
confirms that it has completed its physical inspection of the Improvements and waives its right to terminate the Agreement based
on the condition of the Improvements; subject, however, to Seller’s obligations to complete construction of the Improvements
pursuant to Section 6.1 of the Agreement.



4.          The
Agreement, as amended by this Amendment, is hereby declared to be in full force and effect and neither party to the Agreement,
is in default of any of its obligations thereunder.



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|EXECUTED as of the date and year first above written. |                                      
|----------------------------------------------------- | -------------------------------------
|SELLER:                                               |                                      
|                                                      |                                      
|TALISON ROW ASSOCIATES, LP                            |                                      
|a Delaware limited partnership                        |                                      
|                                                      |                                      
|By:                                                   | Talison Row Development, LLC,        
|                                                      | a Delaware limited liability company,
|                                                      | its general partner                  
|                                                      |                                      
|                                                      | By:                                  
|                                                      | Name:                                
|                                                      | Title:                               
|                                                      |                                      
|BUYER:                                                |                                      
|                                                      |                                      
|TRADE STREET OPERATING PARTNERSHIP, LP,               |                                      
|a Delaware limited partnership                        |                                      
|                                                      |                                      
|By:                                                   | Trade Street OP GP, LLC,             
|                                                      | a Delaware limited liability company,
|                                                      | its general partner                  
|                                                      |                                      
|By:                                                   | Trade Street Residential, Inc.,      
|                                                      | a Maryland corporation,              
|                                                      | its sole member                      
|                                                      |                                      
|                                                      | By:                                  
|                                                      | Name:                                
|                                                      | Title: