SIGNIFICANT RENTAL UPSIDE

• Value add upside as unrenovated apartments average $1,475 per month while renovated apartments average $1,751 per month - $276 per month increase
• 56% of the apartments can be upgraded generating in excess of $213,000 annually in rental premiums

STRONG OPERATING PERFORMANCE

• New leases signed in 2026 average 6% higher than prior resident leases
• 2026 lease renewals average 4% increases with 85% retention

ATTRACTIVE ASSUMABLE DEBT

• New $19.1M agency loan with 35 year amortization
• 5.41% interest only payments through 2030 with 35 year amort through 2035

EFFICIENT SUBURBAN COMMUNITY

• The property consists of three phases built between 1963 and 1972 with low maintenance full brick construction
• All roofs replaced 2007, all windows replaced 2000, all boilers replaced 2012-14, new laundry equipment in 2024
• Every apartment has private townhouse entrances, no common hallways to maintain
• All remaining capital investment will be revenue generating for apartment upgrades, parking sealcoat / striping, concrete repairs and landscaping

EXCEPTIONAL MARKET FUNDAMENTALS

• Rents in Orange County have grown 4.8% since 2021 and forecast to grow 3.2% annually thru Q4 2030
• Current vacancy is 2.2% and forecast to average just 2.73% through 2030
• • Average Household incomes exceed $83,000 and Average Home Values exceed $308,000 within 3 miles