Investment Highlights

• Well-located Class B workforce housing community with strong in-place demand
• Off-market acquisition at a basis 50%+ below replacement cost
• Projected 16% IRR and 2.0x equity multiple
• Projected 90%+/- bonus depreciation in year one (subject to individual tax situations)
• Conservative underwriting that does not rely on aggressive rent growth (0% rent growth assumed for year 1)
• ~6% cash flow day 1

Market Expertise

• We focus on a select few markets, allowing us to develop deep expertise and prioritize quality over quantity in our investments
• We currently own and operate 9 properties and 4 full cycle exits in Arizona that far exceeded projections
• We have strong relationships with the local brokers and lenders cultivated over many years of successful executions
• We have accumulated thousands of data points in the Southwest to be experts in those markets