Portfolio Overview

Executive Summary:n Portfolio Composition

n Property Spotlight

n Portfolio Overview

Portfolio Composition

Property Spotlight: Breckenridge Apartment Homes

n Property Investments: 17n Total Units: 5,263n Number of States: 9

n Total Capital Raised: $556.0 MMn Total Purchase Price: $815.9 MMn Distribution: 6% Annualized – Paid Monthly1

THIS INFORMATION IS SOLELY FOR THE USE OF RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC. INVESTORS AND THEIR FINANCIAL ADVISORS AND IS NOT TO BE USED FOR ANY OTHER PURPOSE. ALL DATA UPDATED THROUGH 6/30/17 WHERE APPLICABLE.

1 Based on a $10.00 per share purchase price

Portland hosts one of the healthiest and most diverse economies in the country, ranking second in the nation by GlobeSt.com for attracting millennials in 2015 and boasting annual effective rent growth in the same year of 7.6% according to Reis. Dubbed the “Silicon Forest,” Portland is well known for its high density of technology companies; however, Portland’s economy was also ranked in the top quartile of all domestic MSA’s for economic diversity by Moody’s Economy.com, with additional exposure to advanced manufacturing, software development, outdoor apparel and shipping businesses. Breckenridge is located in West Hills, an affluent suburb of Portland, approximately ten minutes from downtown and strategically between major employment centers in both Beaverton and Hillsboro.

Breckenridge is expected to benefit from a significant value-add strategy that includes a budget of approximately $8.5 million for improvements to the property’s exteriors, common areas and individual unit upgrades. To date, approximately $3.0 million has already be deployed, primarily for a

complete redesign and construction of a new, updated clubhouse facility which includes a new leasing office, hospitality bar, business center, game room and fitness center. Additionally, new modern paint schemes have been added throughout the property along with updated landscaping and a fenced-in dog park. In addition to plans to upgrade every unit, there is a planned expansion and enhancement of the existing pool area as well as a repositioning of the existing tennis court into an amenity area with outdoor kitchens and grills, a game area and an outdoor cinema.

As a result of Breckenridge’s strategic location and equally as important, the thorough and ongoing value-add strategy, asking rents for renovated units are already receiving a $169/month premium to non-renovated units. As the renovations continue, this trend is expected to continue as well. Breckenridge is on pace to perform as anticipated and is a strong example of the type of value-add asset that Resource Real Estate Opportunity REIT II was designed to acquire, improve, and manage.

Breckinridge Apartment Homes (“Breckinridge”), is a 357-unit multifamily property that was acquired in May 2016 for $81.5 million. Breckenridge is an exciting opportunity to implement a value-add strategy by deploying approximately $8.5 million of new capital to improve the property’s overall appeal and performance. Located in desirable Portland Oregon, Breckenridge provides residents various amenities including a clubhouse with business and fitness centers, a swimming pool, and a dog park.

Breckenridge – Portland, OR

Portfolio Overview

Montclair Terrace is a 188-unit multifamily community located in Portland, OR, and was acquired in October 2015 for $32.8 million. The property is undergoing an estimated $6.3 million improvement strategy, including ongoing exterior renovations and common amenity upgrades. Montclair Terrace is maintaining an occupancy rate of about 95%.

Verdant Apartment Homes, formerly known as Canterwood Apartments, is a 216-unit multifamily community located in Boulder, CO, and was acquired in December 2015 for $65.2 million. The property, which is expected to hold a mid-2017 grand opening, is undergoing an estimated $5.4 million improvement strategy. Verdant Apartment Homes is achieving rent premiums of about 15% per month on renovated units and is maintaining an occupancy rate of about 92%.

Indigo Creek Apartments is a 408-unit multifamily community located in Glendale, Arizona, and was acquired in April 2017 for $55.2 million. Upgrades to the exterior and interior common amenities are underway as part of a $1.8 million improvement strategy. Indigo Creek is achieving rent premiums of 29% on renovated units and is maintaining an occupancy rate of 91%.

The Apartments at Windbrooke Crossing: In December 2016, the REIT acquired The Apartments at Windbrooke Crossing, a 236-unit multifamily community located in Buffalo Grove, IL, an attractive suburb of Chicago, for approximately $48.3 million. The property offers excellent access to top-rated schools and major employment centers throughout the Chicago area.

Santa Rosa at Las Colinas: Santa Rosa at Las Colinas is a 476-unit multifamily community located in Irving, TX, and was acquired in June 2016 for $70.0 million. Renovations to the clubhouse have commenced as part of an estimated $11.7 million improvement strategy which is expected to include individual unit upgrades and further enhancements of common amenities. Santa Rosa at Las Colinas is maintaining an occupancy rate of about 95%.

The Woods of Burnsville: In December 2016, the REIT acquired The Woods of Burnsville, a 400-unit multifamily community located in Burnsville, MN, a desirable suburban market within the Minneapolis-St. Paul metro area, for approximately $51.0 million. The property is conveniently located only twenty minutes south of downtown Minneapolis and offers easy access to various lifestyle amenities.

Riverlodge is a 498-unit multifamily community located in Austin, TX, and was acquired in March 2016 for $57.0 million. Renovations to the clubhouse and leasing center have commenced as part of an estimated $12.0 million improvement strategy which is also expected to include individual unit upgrades. Riverlodge is maintaining an occupancy rate of about 91%.

THIS INFORMATION IS SOLELY FOR THE USE OF RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC. INVESTORS AND THEIR FINANCIAL ADVISORS AND IS NOT TO BE USED FOR ANY OTHER PURPOSE. ALL DATA UPDATED THROUGH 6/30/17 WHERE APPLICABLE.

Crosstown at Chapel Hill, formerly known as Farrington Lake, is a 411-unit multifamily community located in Chapel Hill, NC, and was acquired in May 2015 for $46.8 million. The property is undergoing an estimated $8.3 million improvement strategy, including completed upgrades to the clubhouse, fitness center, and pool area. Crosstown at Chapel Hill is achieving rent premiums of about 41% per month on renovated units and is maintaining an occupancy rate of about 86%.

Adair Off Addison, formerly known as Bear Creek, is a 152-unit multifamily community located in Dallas, TX, and was acquired in June 2014 for $9.5 million. The property features upgrades to a majority of individual units and a modernization of its common amenities as part of an estimated $3.6 million improvement strategy. Adair Off Addison, which sits adjacent to Adair II Off Addison (below), is currently maintaining an occupancy rate of about 93%.

Overton Trails, formerly known as Oak Hill Apartments, is a 360-unit multifamily community located in Fort Worth, TX, and was acquired in December 2014 for $47.0 million. Significant enhancements to the clubhouse and leasing center have been completed as part of an estimated $7.7 million improvement strategy. Overton Trails is achieving rent premiums of about 30% per month on renovated units and is maintaining an occupancy rate of about 87%.

Adair II Off Addison, formerly known as Fairways of Bent Tree, is a 200-unit multifamily community located in Dallas, TX, and was acquired in August 2015 for $21.3 million. Renovations and upgrades to the leasing center, fitness center, and business center as well as some individual unit upgrades have been completed as part of an estimated $4.3 million improvement strategy. Adair II Off Addison, which sits adjacent to Adair Off Addison (above), is currently maintaining an occupancy rate of about 93%.

Uptown Buckhead is a 216-unit multifamily community located in Atlanta, GA, and was acquired in March 2015 for $32.5 million. The property is undergoing an estimated $4.4 million improvement strategy, including completed renovations to the clubhouse and leasing center. Uptown Buckhead is achieving rent premiums of about 15% per month on renovated units and is maintaining an occupancy rate of about 86%.

Grand Reserve is a 319-unit multifamily community located in Naperville, IL, and was acquired in December 2015 for $66.7 million. Renovations to numerous common amenities, including upgrades to the clubhouse, fitness center, and business center, have been completed as part of an estimated $7.4 million improvement strategy. Grand Reserve held its grand opening in September 2016, and is achieving rent premiums of about 22% per month on renovated units while maintaining an occupancy rate of about 93%.

1000 Spalding, formerly known as Spalding Crossing, is a 252-unit multifamily community located in Atlanta, GA, and was acquired in September 2015 for $41.0 million. The property is undergoing an estimated $5.4 million improvement strategy, including significant upgrades to its leasing center, fitness center, and resident lounge. 1000 Spalding is achieving rent premiums of about 16% per month on renovated units and is maintaining an occupancy rate of about 90%.

Arcadia, formerly known as Fox Ridge Apartments, is a 300-unit multifamily community located in Centennial, CO, and was acquired in January 2016 for $60.3 million. Hardscape and landscape construction work were recently completed as part of an estimated $8.6 million improvement strategy. Arcadia held a grand opening in September 2016 to introduce renovated units. The property is achieving rent premiums of about 5% per month on renovated units and is maintaining an occupancy rate of about 90%.

Brookwood Apartment Homes, formerly known as Mayfair Apartments, is a 274-unit multifamily community located in Homewood, AL, and was acquired in August 2015 for $30.1 million. Renovations to the leasing center and clubhouse were recently completed as part of an estimated $11.2 million improvement strategy. Brookwood Apartment Homes is achieving rent premiums of about 24% per month on renovated units and is maintaining an average occupancy rate of about 92%.

THIS INFORMATION IS SOLELY FOR THE USE OF RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC. INVESTORS AND THEIR FINANCIAL ADVISORS AND IS NOT TO BE USED FOR ANY OTHER PURPOSE. ALL DATA UPDATED THROUGH 6/30/17 WHERE APPLICABLE.

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For information, visit www.ResourceREIT 2.com or call (866) 773-4120.

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THIS INFORMATION IS SOLELY FOR THE USE OF RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC. INVESTORS AND THEIR FINANCIAL ADVISORS AND IS NOT TO BE USED FOR ANY OTHER PURPOSE. ALL DATA UPDATED THROUGH 6/30/17 WHERE APPLICABLE.

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