Document:

Exhibit 10.03

 

SECOND AMENDMENT TO AGREEMENT
OF PURCHASE AND SALE

 

(Western Rim Portfolio
in San Antonio and Tyler, Texas)

 

This SECOND AMENDMENT TO AGREEMENT OF PURCHASE
AND SALE (this “Second Amendment”) is made and entered into as of May
9 , 2017, by and between BRE MF Crown Ridge LLC, BRE MF Canyon Springs LLC, BRE MF Cascades I LLC, BRE MF Cascades II
LLC and BRE MF TPC LLC, each a Delaware limited liability company (collectively, “Seller“), and BR CWS
2017 Portfolio JV, LLC, a Delaware limited liability company (as successor-in interest to CWS Apartment Homes LLC, a Delaware
limited liability company) (“Buyer“).

 

RECITALS:

 

A.           Seller
and Buyer are parties to that certain Agreement of Purchase and Sale, dated as of March 15, 2017, as amended by that certain First
Amendment to Agreement of Purchase and Sale (the “First Amendment”), dated as of March 20, 2017 (collectively,
the “Agreement”). All initially- capitalized terms not otherwise defined in this Second Amendment shall have
the meanings set forth in the Agreement unless the context clearly indicates otherwise.

 

B.            Seller
and Buyer mutually desire to amend the Agreement as provided in this Second Amendment.

 

AGREEMENTS:

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer hereby agree
as follows:

 

1.            Legal
Description of Cascades I Land. Schedule A-3 attached to the Agreement is hereby deleted in its entirety and replaced with
Exhibit “A” attached to this Second Amendment. For the avoidance of doubt, BRE MF Cascades I LLC agrees and acknowledges
that all representations, warranties and covenants in the Agreement applicable to the Cascades I Asset shall be deemed to apply
to the entirety of the property described in attached Exhibit “A.”

 

2.            Lexington
National Land Services. Section 5 of the First Amendment is hereby deleted in its entirety.

 

3.            Post-Closing
Covenants of Seller. Article 3 of the Agreement is hereby amended to add the following text as new Section 3.5:

 

    	 	1	 

     

    

 

“SECTION 3.5 Covenants
of Sellers Upon Closing. Buyer has advised the Sellers that Buyer may be required to file, in compliance with certain laws
and regulations (including, without limitation, Regulation S-X of the Securities and Exchange Commission (the “SEC”)),
audited financial statements and other financial information related to the Assets for up to one (1) complete fiscal year prior
to Closing (i.e., calendar year 2016) and any interim period during the fiscal year in which the Closing occurs (the financial
statements and information for any such interim period being unaudited) in connection with an SEC Rule 3-14 audit (the “Financial
Information”). If Buyer gives written notice to the Sellers that it is (or that its principals are) obligated to provide
such Financial Information, then following the Closing for a period of ninety (90) days thereafter (the “Cooperation
Period”) the Sellers agree to use their commercially reasonable efforts to cooperate with Buyer and its representatives
and agents, including, without limitation, Buyer’s auditor, in the Buyer’s preparation of the Financial Information
related to such SEC Rule 3-14 audit; provided, however, the Sellers shall not be required to (i) incur any out of pocket expenses
or costs unless Buyer reimburses the Sellers for the same (or, at the Seller’s request, advances the reasonably anticipated
expenses and costs of the Sellers), or (ii) provide information that was previously made available to Buyer. During the Cooperation
Period, the Sellers shall maintain, and after reasonable advance written notice from Buyer to any Seller, such Seller shall within
the Cooperation Period provide access during normal business hours to such books and records of such Seller and, to the extent
within Seller’s control, such Seller’s Property Manager, as are reasonably related to such Seller’s Asset and
necessary in connection with such SEC Rule 3-14 audit, except as otherwise limited by this Section 3.5. Further, so long as any
persons in charge of management of any Asset at the time of Closing are and remain in the employ of any Seller or an Affiliate
of any Seller, after reasonable written notice to the applicable Seller, such Seller will make such persons available for interview
during normal business hours; provided, however, that such Seller shall be allowed to have other Seller representatives present
during any such interviews. Notwithstanding the foregoing, (A) no Seller shall be required to make, or be deemed to have made,
any representations, warranties or certifications regarding such Financial Information, or to provide any information related to
any Asset that relates to the period prior to such Seller’s ownership of such Asset that is not in its possession or control,
(B) in no event shall any Seller be required to (x) provide a management representation letter or make any representation or warranty
with respect to the Financial Information, or (y) prepare any reports or data with respect to any audit or Financial Information
and the Sellers’ sole obligation with respect thereto hereunder shall be to provide Buyer with reasonable access to Financial
Information in Seller’s possession during the Cooperation Period in connection with an SEC Rule 3-14 audit, and (C) no Seller
shall be required to provide any information concerning (a) such Seller’s, or any of Seller’s Affiliates’ or
members’ (collectively with Seller, the “Seller Financial Parties”), capital structure or debt, (b) any
Seller Financial Parties’ financial analyses or projections, investment analyses, account summaries or other documents prepared
solely for any Seller Financial Parties’ internal purposes or not directly related to the operation of any Asset, (c) any
Seller Financial Parties’ tax returns, or (d) any Seller Financial Parties’ financial statements (other than Property-level
financial statements otherwise required pursuant to this Section 3.5). Buyer acknowledges and agrees that Buyer may not use any
information provided pursuant to this Section 3.5 or the results of its reviews, audits or interviews pursuant to this Section
3.5 to pursue any claim or action (“Information Based Claims”) against any Seller or any other Seller-Related
Entities and Buyer hereby waives and releases all such Information Based Claims against Seller and all other Seller-Related Entities.
This Section 3.5 shall survive Closing for a period of ninety (90) days; provided that, the foregoing waiver and release shall
survive the Closing without limitation.

 

4.            Form
of Assignment of Licenses, Permits, Warranties and General Intangibles. Exhibit D attached to the Agreement is hereby deleted
in its entirety and replaced with Exhibit “B” attached to this Second Amendment.

 

5.            Miscellaneous.

 

(a)          No
Other Amendments; This Second Amendment Governs and Controls. Except as expressly modified by this Second Amendment, the
Agreement shall remain unmodified and in full force and effect and is hereby ratified and affirmed. To the extent any of the provisions
of this Second Amendment are inconsistent with any of the provisions set forth in the Agreement, the provisions of this Second
Amendment shall govern and control.

 

    	 	2	 

     

    

 

(b)          Authority.
Each party represents to the other party or parties that the individual or individuals executing this Second Amendment on behalf
of such party has the capacity and authority to execute and deliver this Second Amendment on behalf of such party, and that this
Second Amendment, once executed and delivered, is the legal, valid and binding obligation of such party.

 

(c)          Counterparts.
This Second Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
shall constitute one and the same document. The delivery of an executed counterpart of this Second Amendment by facsimile or as
a PDF or similar attachment to an e-mail shall constitute effective delivery of such counterpart for all purposes with the same
force and effect as the delivery of an original, executed counterpart.

 

(d)          Successors
and Assigns. This Second Amendment is binding upon and shall inure to the benefit of the successors and assigns of the
parties to this Second Amendment.

 

(e)          Governing
Law. This Second Amendment shall be governed by, interpreted under, and construed and enforced in accordance with, the
laws of the State of Texas.

 

(SIGNATURES ON NEXT PAGE)

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF,
Seller and Buyer have executed this Second Amendment as of the
day and year first above written.

 

	 	CROWN RIDGE
    SELLER:
	 	 	 	 	 
	 	BRE MF Crown Ridge LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	BRE MF Investment L.P.,
	 	 	a Delaware limited partnership, 

Its Sole Member
	 	 	 	 	 
	 	 	By:	BRE MF Investment GP LLC, 

a Delaware limited liability 

company
	 	 	 	General Partner
	 	 	 	 	 
	 	 	 	By:	/s/ William J Stein
	 	 	 	Name: 	William J Stein
	 	 	 	Title: 	Senior Managing Director
	 	 	 	 	And Vice President

 

(Signatures continue
on following page)

 

Signature
Page for Second Amendment

Western
Rim Portfolio

 

    	 	4	 

     

    

 

	 	CANYON SPRINGS SELLER:
	 	 	 	 	 
	 	BRE MF Canyon Springs LLC,
	 	a Delaware limited liab ility company
	 	 	 	 	 
	 	By:	BRE MF investment L.P.,
	 	 	a Delaware limited partnership, 

Its Sole Member
	 	 	 	 	 
	 	 	By:	BRE MF investment GP LLC,

 a Delaware limited liability 

company
	 	 	 	General Partner
	 	 	 	 	 
	 	 	 	By:	/s/ William J Stein
	 	 	 	Name: 	William J Stein
	 	 	 	Title: 	Senior Managing Director
	 	 	 	 	And Vice President

 

(Signatures
continue on following page)

 

Signature Page
for Second Amendment 

Western
Rim Portfolio

 

    	 	5	 

     

    

 

	 	CASCADES I SELLER:
	 	 	 	 	 
	 	BRE MF Cascades I
    LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	BRE MF Investment  L.P.,
	 	 	a Delaware limited partnership, 

Its Sole Member
	 	 	 	 	 
	 	 	By:	BRE MF Investment GP LLC, 

a Delaware limited liability 

company
	 	 	 	General Partner
	 	 	 	 	 
	 	 	 	By:	/s/ William J Stein
	 	 	 	Name: 	William J Stein
	 	 	 	Title: 	Senior Managing Director
	 	 	 	 	And Vice President

 

(Signatures continue
on following page)

 

Signature Page
for Second Amendment 

Western
Rim Portfolio

 

    	 	6	 

     

    

 

	 	CASCADES II
    SELLER:
	 	 	 	 	 
	 	BRE MF Cascades II LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	BRE MF
    Investment L.P.,
	 		a Delaware limited partnership, 

    Its Sole Member
	 	 	 	 	 
	 	 	By:	BRE MF Investment GP LLC, 

a Delaware limited liability

 company
	 	 	 	General Partner
	 	 	 	 	 
	 	 	 	By:	/s/ William J Stein
	 	 	 	Name: 	William J Stein
	 	 	 	Title: 	Senior Managing Director
	 	 	 	 	And Vice President

 

(Signatures
continue on following page)

 

Signature Page
for Second Amendment 

Western
Rim Portfolio

 

    	 	7	 

     

    

 

	 	CIBOLO CANYON SELLER:
	 	 	 	 	 
	 	BRE MF TPC LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	BRE MF Investment  L.P.,
	 	 	a Delaware limited partnership, Its Sole Member
	 	 	 	 	 
	 	 	By:	BRE MF Investment GP LLC, 

a Delaware limited liability
	 	 	 	company
	 	 	 	General Partner
	 	 	 	 	 
	 	 	 	By:	/s/ William J Stein
	 	 	 	Name: 	William J Stein
	 	 	 	Title: 	Senior Managing Director
	 	 	 	 	And Vice President

 

(Signatures continue
on following page)

 

Signature
Page.for Second Amendment

Western
Rim Portfolio

 

    	 	8	 

     

    

 

	 	BUYER:
	 	 
	 	BR CWS 2017 PORTFOLIO JV, LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	By:	BR CWS Portfolio Member, LLC,
	 	 	a Delaware limited liability company, its Manager
	 	 	 	 
	 	 	By:	/s/ Jordan Ruddy
	 	 	 	Name: 	Jordan Ruddy
	 	 	 	Title: 	Authorized Signatory

 

    	 	9	 

     

    

 

Exhibit “A”

 

Schedule A-3

Legal Description of Cascades
I Land

 

The land referred to herein is situated in the City
of Tyler, County of Smith, State of Texas, and is described as follows:

 

TRACT 1:

 

BEING ALL OF LOT 1, N.C.B. 1806, OF AMENDING PLAT MANSIONS
AT THE CASCADES, A SUBDIVISION IN THE CITY OF TYLER, SMITH COUNTY, TEXAS, ACCORDING TO THE PLAT THEREOF RECORDED IN CABINET D,
SLIDE 396-A, PLAT RECORDS, SMITH COUNTY, TEXAS.

 

TRACT 2:

 

NON-EXCLUSIVE EASEMENT FOR EMERGENCY ACCESS AND TEMPORARY
ACCESS AS SET OUT IN DECLARATION OF RESTRICTIONS AND EASEMENTS RECORDED IN VOLUME 7371, PAGE 776, OF THE OFFICIAL PUBLIC RECORDS
OF SMITH COUNTY, TEXAS, AS AMENDED AND SUPPLEMENTED THERETO, AND AS ASSIGNED TO WESTERN RIM INVESTORS 2006-3, LP., A TEXAS LIMITED
PARTNERSHIP IN SPECIAL WARRANTY DEED, DATED 08/11/2006, RECORDED UNDER DOCUMENT NO. 2006-R00040927, AS CORRECTED BY INSTRUMENT
RECORDED UNDER DOCUMENT NO. 2006-R00050729, OFFICIAL PUBLIC RECORDS OF SMITH COUNTY, TEXAS.

 

TRACT 3:

 

NON-EXCLUSIVE WATER LINE EASEMENT AS SET OUT IN WATER
LINE EASEMENT AGREEMENT, DATED 08/11/2006, FILED OF RECORD 08/16/2006, RECORDED UNDER DOCUMENT NO. 2006-R00040933, AS CORRECTED
BY INSTRUMENT RECORDED UNDER DOCUMENT NO. 2006-R00050733, OFFICIAL PUBLIC RECORDS OF SMITH COUNTY, TEXAS.

 

TRACT 4:

 

NON-EXCLUSIVE SEWER LINE EASEMENT AS SET OUT IN SEWER
LINE EASEMENT AGREEMENT, DATED 08/11/2006, FILED FOR RECORD 08/16/2006, RECORDED UNDER DOCUMENT NO. 2006-R00040932, AS CORRECTED
BY INSTRUMENT RECORDED UNDER DOCUMENT NO. 2006-R00050732, OFFICIAL PUBLIC RECORDS OF SMITH COUNTY, TEXAS.

 

TRACT 5: (FEE SIMPLE)

 

LOT(S) 1 THRU 8, NCB 1800, RESUBDIVISION PLAT CONDOS
AT THE CASCADES, ACCORDING TO MAP OR PLAT THEREOF RECORDED IN CABINET D, SLIDE 388-A, OF THE PLAT RECORDS OF SMITH COUNTY, TEXAS.

 

    	 	10	 

     

    

 

TRACT 6: (EASEMENT ESTATE) (EAST ACCESS TO TRACT 5)

 

NON-EXCLUSIVE ACCESS EASEMENT FOR VEHICULAR, PEDESTRIAN
AND EQUIPMENT ACCESS CREATED IN JOINT VENTURE ACCESS EASEMENT AGREEMENT BY AND BETWEEN CASCADE PROPERTIES, LTD., ET AL,, DATED
11/10/2006, FILED 11/28/2006, RECORDED IN INSTRUMENT NO. 2006-R00057718, OFFICIAL PUBLIC RECORDS OF SMITH COUNTY, TEXAS, OVER AND
ACROSS THE LAND MORE PARTICULARLY DESCRIBED AS FOLLOWS:

 

BEING ALL THAT TRACT OF LAND IN SMITH COUNTY, TEXAS,
OUT OF THE S.A. & M.G. RAILROAD SURVEY, A-963, AND BEING PART OF THAT CALLED 21.148 ACRES DESCRIBED IN A DEED TO CASCADE PROPERTIES,
LTD. AS RECORDED IN VOLUME 7438, PAGE 423 OF THE OFFICIAL PUBLIC RECORDS OF SMITH COUNTY, TEXAS, AND PART OF TYLER CASCADES, UNIT
ONE, SECTION ONE, AS RECORDED IN CABINET D, SLIDE 224-A OF THE PLAT RECORDS OF SMITH COUNTY, TEXAS, AND BEING PART OF CASCADES
BOULEVARD AS SHOWN ON SAID TYLER CASCADES, UNIT ONE, SECTION ONE, AND BEING FURTHER DESCRIBED AS FOLLOWS:

 

COMMENCING AT A 1⁄2 INCH STEEL ROD FOUND AT THE
MOST EASTERLY CORNER OF SAID 21.148 ACRES;

 

THENCE NORTH 80 DEGREES 08 MINUTES 37 SECONDS EAST,
109.65 FEET TO 1⁄2 INCH STEEL ROD FOUND;

 

THENCE SOUTH 10 DEGREES 41 MINUTES 33 SECONDS EAST,
291.82 FEET TO A 1⁄2 INCH STEEL ROD SET;

 

THENCE SOUTH 79 DEGREES 10 MINUTES 30 SECONDS WEST,
85.51 FEET TO A 1⁄2 INCH STEEL ROD SET FOR THE POINT OF BEGINNING OF THIS TRACT;

 

THENCE SOUTH 08 DEGREES 24 MINUTES 27 SECONDS EAST,
11.94 FEET TO A 1⁄2 INCH STEEL ROD SET FOR CORNER;

 

THENCE SOUTHWESTERLY, 77.23 ALONG A CURVE TO THE RIGHT
HAVING A RADIUS OF

129.00 FEET AND A CENTRAL ANGLE OF 34 DEGREES 18 MINUTES
03 SECONDS (CHORD BEARS SOUTH 08 DEGREES 44 MINUTES 34 SECONDS WEST, 76.08 FEET) TO A 1⁄2 INCH STEEL ROD SET AT THE POINT
OF TANGENCY;

 

THENCE SOUTH 25 DEGREES 53 MINUTES 36 SECONDS WEST,
151.27 FEET TO A 1⁄2 INCH STEEL ROD SET FOR CORNER;

 

THENCE SOUTHEASTERLY, 36.40 ALONG A CURVE TO THE
LEFT HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 83 DEGREES 25 MINUTES 24 SECONDS (CHORD BEARS SOUTH 15 DEGREES 49
MINUTES 06 SECONDS EAST, 33.27 FEET) TO A 1⁄2 INCH STEEL ROD SET ON THE NORTHEAST LINE OF BRIARWOOD DRIVE;

 

THENCE NORTHWESTERLY, 73.23 FEET ALONG A CURVE TO THE
LEFT IN BRIARWOOD DRIVE HAVING A RADIUS OF 623.33 FEET AND A CENTRAL ANGLE OF 06 DEGREES 43 MINUTES 51 SECONDS (CHORD BEARS NORTH
60 DEGREES 53 MINUTES 44 SECONDS WEST, 73.18 FEET) TO A 1⁄2 INCH STEEL ROD SET;

 

THENCE NORTHEASTERLY, 39.20 FEET ALONG A CURVE TO THE
LEFT HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 89 DEGREES 50 MINUTES 44 SECONDS (CHORD BEARS NORTH 70 DEGREES 48 MINUTES
58 SECONDS EAST, 35.31 FEET) TO A 1⁄2 INCH STEEL ROD SET AT THE POINT OF TANGENCY;

 

    	 	11	 

     

    

 

THENCE NORTH 25 DEGREES 53 MINUTES 36 SECONDS EAST,
147.93 FEET TO A 1⁄2 INCH STEEL ROD SET AT A POINT OF CURVE;

 

THENCE NORTHEASTERLY, 59.87 FEET ALONG A CURVE TO THE
LEFT HAVING A RADIUS OF 100.00 FEET AND A CENTRAL ANGLE OF 34 DEGREES 18 MINUTES 03 SECONDS (CHORD BEARS NORTH 08 DEGREES 44 MINUTES
34 SECONDS EAST, 58.98 FEET) TO A 1⁄2 INCH STEEL ROD SET AT THE POINT OF TANGENCY;

 

THENCE NORTH 08 DEGREES 24 MINUTES 27 SECONDS WEST,
17.17 FEET TO A 1⁄2 INCH STEEL ROD SET FOR CORNER;

 

THENCE SOUTH 83 DEGREES 49 MINUTES 08 SECONDS EAST,
18.48 FEET TO A 1⁄2 INCH STEEL ROD SET FOR CORNER;

 

THENCE NORTH 79 DEGREES 10 MINUTES 30 SECONDS EAST,
8.13 FEET TO THE POINT OF BEGINNING.

 

TRACT 7: (EASEMENT ESTATE)

 

NON-EXCLUSIVE EASEMENT RIGHTS CREATED IN DECLARATION
OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR THE CASCADES LAKE COTTAGES, DATED EFFECTIVE 10/11/2012, FILED 05/23/2014, RECORDED
IN INSTRUMENT NO. 2014-20341, OFFICIAL PUBLIC RECORDS OF SMITH COUNTY, TEXAS.

 

    	 	12	 

     

    

 

Exhibit
“B”

 

EXHIBIT
D

 

Form of Assignment of Licenses,
Permits, Warranties and General Intangibles

 

Assignment and Assumption
of Licenses, Permits and Intangibles

 

THIS ASSIGNMENT AND ASSUMPTION OF LICENSES,
PERMITS AND INTANGIBLES (this “Assignment”) is entered into as of this __ day of
             , 2017 (the “Effective Date”),
by and between [BRE MF Crown Ridge LLC, a Delaware limited liability company] [BRE MF Canyon Springs LLC, a Delaware limited
liability company] [BRE MF Cascades I LLC, a Delaware limited liability company] [BRE MF Cascades II LLC, a Delaware limited
liability company] [BRE MF TPC LLC, a Delaware limited liability company] (“Assignor”), and
[              ], a
[              ]
(“Assignee”).

 

WITNESSETH

 

WHEREAS, Assignor,
[BRE MF Crown Ridge LLC, a Delaware limited liability company], [BRE MF Canyon Springs LLC, a Delaware limited liability company],
[BRE MF Cascades I LLC, a Delaware limited liability company], [BRE MF Cascades II LLC, a Delaware limited liability company],
[BRE MF TPC LLC, a Delaware limited liability company], collectively as sellers, and Assignee, as buyer, have entered into that
certain Agreement of Purchase and Sale, dated as of [ ___], 2017 (as the same may be amended, modified and/or supplemented
from time to time, the “Agreement”); and

 

WHEREAS, under
the Agreement, Assignor has agreed to assign to Assignee, and Assignee has agreed to accept and assume, any and all of Assignor’s
right, title and interest in and to any and all licenses, certificates of occupancy, warranties, guaranties, permits, approvals,
authorizations, plans and specifications, and intangible property, including, without limitation, the Domain (the “Assigned
Property”), to the extent such Assigned Property is assignable, pertaining to the construction, repairs, maintenance,
ownership, operation and improvements located on the real property described on Exhibit A.

 

NOW, THEREFORE,
effective as of the Effective Date, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor and Assignee agree as follows:

 

		1.	Assignor hereby assigns, sells, transfers, sets over and
delivers unto Assignee as of the Effective Date, all of its rights, title and interest in and to the Assigned Property. [**For
Cascades I Asset only: Notwithstanding the forgoing, Assignor hereby assigns to Assignee, on a non-exclusive basis
with Assignor, any and all rights, title and interest that Assignor may have from time to time with respect to claims pertaining
to the recording of that certain Mortgage recorded on February 27, 2015 in County Clerk's File No. 20150100008872, of the Official
Public Records, of Smith County, Texas.**]

 

    	 	13	 

     

    

 

		2.	Assignee hereby accepts such
assignment and assumes from and after the Effective Date the performance of all of the terms, covenants and conditions of the
Assigned Property on Assignor’s part to be performed thereunder which arise from and after the Effective Date.

 

		3.	Assignor agrees to undertake such commercially reasonable
actions as may be reasonably requested by Assignee as necessary to complete the transfer of the ownership of the “Domain”
(as defined below) to Assignee or Assignee’s registrar, without cost to Assignor, whether the registrant for the Domain
is listed as Assignor, a related or affiliated company of Assignor, Assignor’s property management company, or a web hosting
service or similar company utilized by Assignor, to Assignee by or before the 30th day after the date hereof. For purposes hereof,
“Domain” means all of Assignor’s right, title and interest, if any, in the trademarks, trade names, other symbols,
telephone numbers and other general intangibles that relate exclusively to the real property, the improvements or the personal
property covered by the Agreement, including, without limitation, any URLs (but excluding any proprietary website content and
Excluded Assets (as defined in the Agreement)), social media accounts, user names and password account information used solely
in connection with said real property, improvements or personal property.

 

		4.	This Assignment shall be binding upon, and inure to the
benefit of, Assignor and Assignee and their respective successors and assigns.

 

		5.	This Assignment shall be governed by, interpreted under,
and construed and enforceable in accordance with, the laws of the State of Texas.

 

		6.	No amendment or modification to any terms of this Assignment,
waiver of the obligations of Assignor or Assignee hereunder, or termination of this Assignment, shall be valid unless in writing
and signed by Assignor and Assignee. In the event that the terms of this Assignment conflict with the terms of the Agreement,
the Agreement shall control.

 

This Assignment
may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, together, shall constitute
one and the same instrument. A facsimile or PDF transmission of an original signature shall be binding hereunder.

 

[Remainder of page left blank

Signatures follow on next
page]

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF,
and intending to be legally bound hereby, Assignor and Assignee have executed this Assignment as of the day and year first above
written.

 

	 	ASSIGNOR:
	 	 
	 	BRE MF [______]  LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	ASSIGNEE:
	 	 
	 	[______],
	 	a [______],
	 	 
	 	By:	
	 	Name:	 
	 	Title:	 

 

    	 	15	 

     

    

 

Exhibit A

Legal Description of Property

 

    	 	16Exhibit 10.04

 

ASSIGNMENT OF AGREEMENT OF
PURCHASE AND SALE

 

THIS ASSIGNMENT OF AGREEMENT OF PURCHASE AND SALE
(this

“Assignment”)
is entered into effective as of March 22, 2017, by and between CWS APARTMENT HOMES LLC, a Delaware limited liability company
(“Assignor”), and BR CWS 2017 PORTFOLIO JV, LLC, a Delaware limited liability company (“Assignee”).
All initially capitalized terms used but not defined herein shall have the meanings ascribed thereto in that certain Agreement
of Purchase and Sale by and among BRE MF Crown Ridge LLC, a Delaware limited liability company (“Crown Ridge Seller”),
BRE MF Canyon Springs LLC, a Delaware limited liability company (“Canyon Springs Seller”), BRE MF Cascades I
LLC, a Delaware limited liability company (“Cascades I Seller”), BRE MF Cascades II LLC, a Delaware limited
liability company (“Cascades II Seller”), and BRE MF TPC LLC, a Delaware limited liability company (“Cibolo
Canyon Seller”), together as seller, and Assignor, as purchaser, dated as of March 15, 2017, as amended by that certain
First Amendment to Agreement of Purchase and Sale dated as of March 20, 2017 (as amended, the “Agreement”).
Crown Ridge Seller, Canyon Springs Seller, Cascades I Seller, Cascades II Seller, and Cibolo Canyon Seller are hereinafter referred
to collectively as “Seller.”

 

RECITALS:

 

1.          Assignor
is a party to the Agreement pursuant to which Assignor has agreed to purchase that certain property located in San Antonio, Texas,
and in Tyler, Texas, as more particularly described therein (the “Property”).

 

2.          The
parties desire to enter into this Assignment to evidence the transfer and assignment of all of Assignor’s right, title and
interest in the Agreement to Assignee.

 

NOW THEREFORE,
in consideration of the foregoing, the mutual representations, warranties, covenants and agreements herein contained and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as
follows:

 

1.          Assignment.
Subject to Bluerock (as defined in the Operating Agreement of Assignee) funding its share of the earnest money and loan assumption
costs as provided in Section 5.8 of the Operating Agreement of Assignee, Assignor hereby assigns, transfers and conveys to Assignee
all of its right, title and interest in, to and under (i) the Agreement; (ii) the earnest money previously deposited by Assignor;
and (iii) to the extent assignable and without any representation or warranty whatsoever, including, but not limited to any representation
or warranty as to the accuracy, contents or completeness thereof, all property condition and inspection reports relating to the
Property and received by Assignor in connection with the investigation and acquisition of the Property pursuant to the Agreement
and either prepared by third parties or provided by the Seller and all representations and warranties made to Assignor in connection
therewith (collectively, together with the Agreement and the earnest money, the “Transferred Assets”). For purposes
of clarification, the parties agree that Transferred Assets shall not include any proprietary or confidential information, internal
analyses, attorney work product or attorney-client privileged documents.

 

    	 	1	 

     

    

 

2.          Representations
and Warranties. Assignor hereby represents and warrants to Assignee that (a) Assignor has delivered to Assignee a true, correct
and complete copy of the Agreement, which Agreement has not been further amended or modified by Assignor in any respect, and which
Agreement constitutes the entire understanding of the parties thereto with respect to its subject matter; (b) except for title
objection notices and responses and other similar notices contemplated by the terms of the Purchase Agreement, Assignor has not
entered into any side letter agreements with the Seller relating to the transactions contemplated by the Agreement and the Property;
(c) Assignor has all requisite power and authority to enter into this Assignment; (d) CWS and Promote Member (as each such terms
are defined in the Operating Agreement of Assignee) will satisfy the requirement set forth in Section 14.7(iv) of the Agreement,
with regard to the CWS Group’s investment in the Assignee, (e) Assignor has not heretofore transferred, assigned, pledged
or encumbered the Transferred Assets; and (f) Assignor has not received any written notice from Seller asserting that Assignor
is in breach of, or in default under, the Agreement.

 

3.          Acceptance.    Assignee
hereby:     (a) accepts the assignment of the Agreement; (b) agrees to be bound by the terms and conditions of the Agreement;
and (c) assumes all of Assignor’s obligations under the Agreement; provided, however, notwithstanding this Assignment,
Assignor shall remain liable under the Agreement.

 

4.          Indemnification.
Assignor, on demand, shall indemnify and hold Assignee harmless for, from, and against any and all loss, cost, damage, claim,
liability or expense, including reasonable attorneys’ fees and court costs, arising out of any breach of the terms, provisions
and/or conditions of this Assignment by Assignor or its agents. The foregoing indemnification shall include loss, cost, damage,
claim, liability or expense from any injury or damage of any kind whatsoever (including death) to persons or property caused by
Assignor.

 

5.          Further
Assurances. Each of the parties hereto agrees to execute such other, further and different documents and perform such other,
further and different acts as may be reasonably necessary or desirable to carry out the intent and purpose of this Assignment.

 

6.          Successors
and Assigns. This Assignment shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

 

7.          Governing
Law. This Assignment shall be governed in all respects, including validity, interpretation and effect, by and shall be enforceable
in accordance with the internal laws of the State of Texas, without regard to conflicts of laws principles.

 

8.          Counterpart
Execution. This Assignment may be executed in multiple counterparts, each one of which will be deemed an original, but all
of which shall be considered together as one and the same instrument. Further, in making proof of this Assignment, it shall not
be necessary to produce or account for more than one such counterpart. Execution by a party of a signature page hereto shall constitute
due execution and shall create a valid, binding obligation of the party so signing, and it shall not be necessary or required
that the signatures of all parties appear on a single signature page hereto.

 

    	 	2	 

     

    

 

9.          Entire
Agreement. This Assignment contains the entire agreement between the parties regarding the subject matter hereof. Any prior
agreements, discussions or representations not expressly contained herein shall be deemed to be replaced by the provisions hereof
and no party has relied on any such prior agreements, discussions or representations as an inducement to the execution hereof.

 

[Signatures appear on following page]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed or caused this Assignment to be executed by their duly authorized representatives as of the date first
above written.

 

	 	ASSIGNOR:
	 	 
	 	CWS  APARTMENT  HOMES LLC,
	 	a Delaware  limited  liability company
	 	 	 
	 	By:	/s/ Gary Carmell
	 	 	Name:	Gary Carmell 
	 	 	Title:	President
	 	 	 
	 	ASSIGNEE:
	 	 
	 	BR CWS 2017 PORTFOLIO JV, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:  	BR CWS Portfolio Member, LLC,
	 	 	a Delaware limited liability company, its Manager
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

 

     

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed or caused this Assignment to be executed by their duly authorized representatives as of the date first
above written.

 

	 	ASSIGNOR:
	 	 
	 	CWS  APARTMENT  HOMES LLC,
	 	a Delaware  limited  liability company
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	ASSIGNEE:
	 	 
	 	BR CWS 2017 PORTFOLIO JV, LLC,
	 	a  Delaware limited  liability company
	 	 	 
	 	By:  	BR CWS Portfolio Member, LLC,
	 	 	a Delaware limited liability company, its Manager
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name: 	Jordan Ruddy
	 	Title: 	Authorized Signatory

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