Exhibit 10.9

ASSIGNMENT OF

MASTER CREDIT FACILITY AGREEMENT

AND OTHER LOAN DOCUMENTS

The undersigned (“Assignor”) hereby assigns to FANNIE MAE, the corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and existing under the laws of the United States, all right, title and interest of Assignor in and to all of the loan documents (the “Loan Documents”), including but not limited to the Loan Documents listed on Exhibit A hereto, executed in connection with the credit facility (the “Facility”) in the original maximum principal amount of Eighty-Eight Million Four Hundred Thousand and No/100 Dollars ($88,400,000.00), pursuant to that certain Master Credit Facility Agreement dated as of July 18, 2012 (as the same may be amended, restated or otherwise modified or supplemented from time to time, the “Master Agreement”) by and among (i) Assignor, (ii) (a) CANYON CREEK OWNER LLC, (b) DESERT FLOWER OWNER LLC, (c) ORCHARD PARK OWNER LLC, (d) REGENT COURT OWNER LLC, (e) SHELDON PARK OWNER LLC, (f) SUN OAK OWNER LLC, (g) SUNSHINE VILLA OWNER LLC, (h) WILLOW PARK OWNER LLC, each a Delaware limited liability company, and (i) any additional borrowers that join into or become a party to the Master Agreement (individually and collectively, “Borrower”), and (iii) PROPCO LLC, a Delaware limited liability company and TRS LLC, a Delaware limited liability company (individually and together, “Guarantor”), as evidenced by one or more promissory notes entitled Variable Facility Note or Fixed Facility Note (and any addenda thereto) and secured by various Multifamily Mortgages or Deeds of Trust or Deeds to Secure Debt (and any riders, addenda or exhibits thereto).

This Assignment is given in connection with, and in consideration of, Fannie Mae’s purchase of one or more advances made pursuant to the Master Agreement by Assignor to Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged.

Capitalized terms and phrases not defined herein shall have the same meaning ascribed to them in the Master Agreement.

This Assignment is effective as of July 18, 2012.

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IN WITNESS WHEREOF, Assignor has caused this Assignment to be duly executed, sealed and delivered.

EXHIBIT A

*All documents are dated as of July 18, 2012.