2028 LIHTC Restriction Expiration Creates Path to Market-Rate Upside: Existing Low-Income Housing Tax Credit (LIHTC) restrictions are scheduled to expire in 2028, with no exposure to decontrol period provisions, providing a clear and executable path to market-rate conversion. Upon expiration, the property is well-positioned to capture significant rental upside, supported by nearby market-rate comparables such as Canoe Creek, where 2BD and 3BD units achieve rents of $1,075 and $1,219, representing a meaningful premium to Cambridge Pointe’s current in-place rents of $836 and $961.

Well Maintained Asset with Compelling Basis: Cambridge Pointe is a well-maintained 1998-vintage asset positioned at a basis below comparable market-rate trades within the submarket. While an unrestricted, market-rate version of the property would likely command a higher valuation, the asset’s affordable structure creates an opportunity to acquire the property at a more attractive basis while benefiting from the same underlying physical quality and location fundamentals.

Significant Capital Investment: Cambridge Pointe has benefited from approximately $17,300/unit in capital improvements completed over the course of ownership. Major investments include flooring ($213,262), appliances ($159,556), asphalt overlay ($102,850), siding ($88,317), roofs ($62,599), and entry doors ($40,800), while HVAC replacements account for an additional $109,985 of spend since 2022.

Supply-Constrained Market Fundamentals: Henderson County remains a stable, supply-constrained market with zero new deliveries over the past 12 months, supporting fundamentals, while rents continue to grow 3.4% year-over-year.

Recent Henderson Economic Developments: Multiple major announcements have been made in Henderson recently, including:

• Tyson Foods: $23.5M expansion supporting 1,100 jobs
• Project Wire Expansion: $12.8M capital investment to upgrade facilities
• Henderson County Mine: Multi-million-dollar operation that began in 2023 with 400+ employees projected by the end of 2025
• Allstate: $850,000 expansion project
• Henderson Distilling Company: New whiskey distillery with production beginning in late 2025

Proximity to Evansville’s Best Retail: Cambridge Pointe is ideally positioned within 25 minutes of Evansville’s premier shopping destinations, including:

• 215-Acre Promenade Development: Mixed-use lifestyle development featuring Academy Sports & Outdoors, Marshalls, Burkes Outlet, Home Centric, office space, and hotel accommodations
• Eastland Mall: 1,025,000 SF; JCPenney, Dillard’s, Macy’s; 80+ stores
• East Lloyd Commons: 159,682 SF; Dick’s Sporting Goods, Michaels, Best Buy
• Evansville Pavilion: 273,679 SF; Target, TJ Maxx, Fresh Market, Kirkland’s

Proximity to Owensboro Demand Drivers: Cambridge Pointe offers tenants convenient access to major Owensboro demand drivers, including:

• Towne Square Mall & Surrounding Retail: 437,000+ SF mall with 40+ stores
• Gateway Commons: 500,000 SF mixed-use development featuring retail, restaurant, entertainment, hotel, office, and medical space
• Owensboro Health Regional Hospital: 477 beds and 4,125 employees