Lakeshore Patterson OM by Jordan.Dickman

LAKESHORE | PATTERSON

2024 OFFERING MEMORANDUM

OHIO OM

DAYTON,

CONTENTS LEAD AGENTS Austin Sum Senior Associate Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com Nick Andrews First Vice President Investments Cincinnati Office D. 513.878.7741 nicholas.andrews@marcusmillichap.com Jordan Dickman First Vice President Investments Cincinnati Office D. 513.878.7735

Lakeshore Patterson Local Competitors Combine Financials Patterson Financials Lakeshore Financials 08 16 24 30 36 42 SECTIONS

jordan.dickman@marcusmillichap.com

“OUR COMMITMENT IS TO HELP OUR CLIENTS CREATE AND PRESERVE WEALTH BY PROVIDING THEM WITH THE BEST REAL ESTATE INVESTMENT SALES, FINANCING, RESEARCH AND ADVISORY SERVICES AVAILABLE.” 300 WEST 4TH STREET, CINCINNATI, OH

GLOBAL REACH, LOCAL EXPERTISE

$86.3B

VALUE OF RECENTLY CLOSED TRANSACTIONS

12,272

CLOSED SALES IN MOST RECENT YEAR

$12.8B

TOTAL VALUE OF RECENT LISTINGS

2,143

CLOSED FINANCINGS IN MOST RECENT YEARS

CALABASAS, CALIFORNIA | HQ 2,500 | EMPLOYEES 80+ | OFFICES

CINCINNATI DAYTON LEXINGTON LOUISVILLE

YOUR TEAM

JORDAN DICKMAN

FIRST VICE PRESIDENTS DIRECTOR, NMHG

NICK ANDREWS

FIRST VICE PRESIDENTS DIRECTOR, NMHG

AUSTIN SUM

SENIOR INVESTMENT ASSOCIATE

AUSTIN Hall

INVESTMENT ASSOCIATE

ALDEN SIMMS

INVESTMENT ASSOCIATE

CORPORATE SUPPORT

LIZ POPP

MIDWEST OPERATIONS MANAGER

JOSH CARUANA

VICE PRESIDENT

REGIONAL MANAGER

INDIANAPOLIS | CINCINNATI | LOUISVILLE | ST LOUIS | KANSAS CITY

JOHN SEBREE

SENIOR VICE PRESIDENT

NATIONAL DIRECTOR

NATIONAL MULTI HOUSING GROUP

MICHAEL GLASS

SENIOR VICE PRESIDENT

MIDWEST DIVISION MANAGER

NATIONAL DIRECTOR, MANUFACTURED HOME COMMUNITIES GROUP

BROKER SUPPORT

SAM PETROSino

VALUATION & RESEARCH

BRETT MARTIN

INTERNAL ACCOUNTANT

BRITTANY CAMPBELL-KOCH DIRECTOR OF OPERATIONS ALEX PAPA

MARKETING

COORDINATOR

EXTREMELY ATTRACTIVE ASSUMABLE

Freddie sbl

DEBT

30 YEARS TERM

10 YEARS EXPIRES Nov 2030 SERVICER FREDDIE sbl Patterson

30 YEARS TERM

10 YEARS EXPIRES Nov 2030 SERVICER

LOAN AMOUNT $2.5mm INTEREST RATE

3.79% AMORTIZATION

LOAN AMOUNT $3.6mm INTEREST

FREDDIE sbl Lakeshore

RATE 3.79% AMORTIZATION

DATA SUMMARY

Property Address: 150 Bellaire Avenue

City, State, Zip: Dayton, OH 45420

Submarket: East Dayton

County: Montgomery

Year Built/Reno: 1963

Property Type: Market

Current Ownership: Zingenuity

Current Management: Services-taylormade

Number Of Units: 67

Avg Unit Size: 891 SF

Rentable Sqft: 51,020

# of Buildings: 3

# of Stories: 3

Roof Type/Age: Pitched/Composition Shingle

Exterior of Building: Brick

Electric: Resident

Gas: Owner

Heat: Owner

Water: Owner

Sewer: Owner

Trash: Owner

Cable/Internet: Resident

SECTION - THE INVESTMENT

LAKESHORE

DATA SUMMARY

Property Address: 817 Patterson Rd

City, State, Zip: Dayton, OH 45419

Submarket: East Dayton

County: Montgomery

Year Built/Reno: 1966

Property Type: Market

Current Ownership: Zingenuity

Current Management: Services at Taylor Made

Number Of Units: 57

Avg Unit Size: 826 SF

Rentable Sqft: 57,610

# of Buildings: 4

# of Stories: 3

Roof Type/Age: Flat

Exterior of Building: Brick

Electric: Resident

Gas: Resident

Heat: Resident

Water: Owner

Sewer: Owner

Trash: Owner

Cable/Internet: Resident

PATTERSON

SECTION - THE INVESTMENT

RENT MATRIX | ONE BED

$749

Van Buren Village

$835

The Echelon $995 Lakeshore

Patterson

$784

Huntley Ridge

$950 Wilmington Pointe

02 SECTIONLOCAL COMPETITORS One Bedroom Property Year Built # Units Avg SF Avg Rent Avg Rent/SF The Echelon 1962 102 548 $995 $1.82 Huntley Ridge 1945 88 500 $950 $1.90 Subject Pro Forma 1963 & 1966 124 683 $919 $1.34 Subject Average Effective 1963 & 1966 124 683 $835 $1.22 Wilmington Pointe Apartments 1951 191 600 $784 $1.31 Van Buren Village 1951 500 550 $749 $1.36

RENT MATRIX | TWO BED

Van Buren Village $959 The Echelon $1,245

$914

Lakeshore $914 Patterson

Huntley Ridge $1,149 Wilmington Pointe

$916

02 SECTIONLOCAL COMPETITORS Two Bedroom Property Year Built # Units Avg SF Avg Rent Avg Rent/SF The Echelon 1962 102 820 $1,245 $1.52 Huntley Ridge 1945 88 778 $1,149 $1.48 Subject Pro Forma 1963 & 1966 124 907 $1,051 $1.16 Van Buren Village 1951 500 1000 $959 $0.96 Wilmington Pointe Apartments 1951 191 900 $916 $1.02 Subject Average Effective 1963 & 1966 124 907 $914 $1.01

RENT MATRIX | three BED

The Echelon $1,495 Lakeshore

$1,004 Patterson $1,004

Wilmington Pointe $1,360

02 SECTIONLOCAL COMPETITORS Three Bedroom Property Year Built # Units Avg SF Avg Rent Avg Rent/SF The Echelon 1962 102 1068 $1,495 $1.40 Wilmington Pointe Apartments 1951 191 1241 $1,360 $1.10 Subject Pro Forma 1963 & 1966 124 1163 $1,091 $0.94 Subject Average Effective 1963 & 1966 124 1163 $1,004 $0.86

UNIT MIX BREAKDOWN

One Bedroom

COMBINE - financials AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL Studio 0BR/1BA - Lakeshore 3 Units 418 SF 1,254 SF $640.00 $1.53 SF $1,920 $640.00 $1.53 SF $1,920 $675.00 $1.61 SF $2,025 Totals / Wtd. Averages 3 Units 418 SF 1,254 SF $640.00 $1.53 SF $1,920 $640.00 $1.53 SF $1,920 $675.00 $1.61 SF $2,025

1BR/1BA - A - Lakeshore 1 Units 750 SF 750 SF $775.00 $1.03 SF $775 $775.00 $1.03 SF $775 $945.00 $1.26 SF $945 1BR/1BA - A - Renovated - Lakeshore 3 Units 750 SF 2,250 SF $933.33 $1.24 SF $2,800 $945.00 $1.26 SF $2,835 $945.00 $1.26 SF $2,835 1BR/1BA - B -Lakeshore 2 Units 660 SF 1,320 SF $750.00 $1.14 SF $1,500 $750.00 $1.14 SF $1,500 $920.00 $1.39 SF $1,840 1BR/1BA - B - Renovated - Lakeshore 2 Units 660 SF 1,320 SF $902.50 $1.37 SF $1,805 $920.00 $1.39 SF $1,840 $920.00 $1.39 SF $1,840 1BR/1BA - C - Lakeshore 3 Units 675 SF 2,025 SF $785.00 $1.16 SF $2,355 $785.00 $1.16 SF $2,355 $920.00 $1.36 SF $2,760 1BR/1BA - C - Renovated - Lakeshore 2 Units 675 SF 1,350 SF $902.50 $1.34 SF $1,805 $920.00 $1.36 SF $1,840 $920.00 $1.36 SF $1,840 1BR/1BA - Patterson 3 Units 650 SF 1,950 SF $798.33 $1.23 SF $2,395 $810.00 $1.25 SF $2,430 $910.00 $1.40 SF $2,730 1BR/1BA - Renovated - Patterson 1 Units 650 SF 650 SF $910.00 $1.40 SF $910 $910.00 $1.40 SF $910 $910.00 $1.40 SF $910 Totals / Wtd. Averages 17 Units 683 SF 11,615 SF $843.82 $1.24 SF $14,345 $852.06 $1.25 SF $14,485 $923.53 $1.35 SF $15,700

2BR/1BA - A - Lakeshore 9 Units 884 SF 7,956 SF $840.56 $0.95 SF $7,565 $860.00 $0.97 SF $7,740 $995.00 $1.13 SF $8,955 2BR/1BA - B - Lakeshore 2 Units 990 SF 1,980 SF $850.00 $0.86 SF $1,700 $850.00 $0.86 SF $1,700 $1,025.00 $1.04 SF $2,050 2BR/1BA - C - Lakeshore 6 Units 1,000 SF 6,000 SF $889.00 $0.89 SF $5,334 $910.00 $0.91 SF $5,460 $1,045.00 $1.05 SF $6,270 2BR/1BA - C - Renovated - Lakeshore 2 Units 1,000 SF 2,000 SF $1,027.50 $1.03 SF $2,055 $1,045.00 $1.05 SF $2,090 $1,045.00 $1.05 SF $2,090 2BR/2BA - Lakeshore 12 Units 965 SF 11,580 SF $886.67 $0.92 SF $10,640 $910.00 $0.94 SF $10,920 $1,045.00 $1.08 SF $12,540 2BR/2BA - Renovated - Lakeshore 3 Units 965 SF 2,895 SF $1,033.33 $1.07 SF $3,100 $1,045.00 $1.08 SF $3,135 $1,045.00 $1.08 SF $3,135 2BR/1BA - Patterson 36 Units 840 SF 30,240 SF $868.11 $1.03 SF $31,252 $890.00 $1.06 SF $32,040 $1,034.00 $1.23 SF $37,224 2BR/1BA - Renovated - Patterson 8 Units 840 SF 6,720 SF $1,003.38 $1.19 SF $8,027 $1,034.00 $1.23 SF $8,272 $1,034.00 $1.23 SF $8,272 2BR/1.5BA - Patterson 16 Units 950 SF 15,200 SF $998.13 $1.05 SF $15,970 $1,020.00 $1.07 SF $16,320 $1,155.00 $1.22 SF $18,480 2BR/1.5BA - Renovated - Patterson 3 Units 950 SF 2,850 SF $1,131.67 $1.19 SF $3,395 $1,155.00 $1.22 SF $3,465 $1,155.00 $1.22 SF $3,465 Totals / Wtd. Averages 97 Units 901 SF 87,421 SF $917.92 $1.02 SF $89,038 $939.61 $1.04 SF $91,142 $1,056.51 $1.17 SF $102,481 03 SECTION - THE FINANCIALS

Two Bedroom

UNIT RENTS

UNIT DISTRIBUTION

AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL

3BR/1BA - A - Renovated - Lakeshore 2 Units 1,300 SF 2,600 SF $1,062.50 $0.82 SF $2,125 $1,080.00 $0.83 SF $2,160 $1,080.00 $0.83 SF $2,160 3BR/1BA - B - Lakeshore 1 Units 1,055 SF 1,055 SF $900.00 $0.85 SF $900 $900.00 $0.85 SF $900 $1,050.00 $1.00 SF $1,050 3BR/1.5BA - A - Lakeshore 3 Units 1,210 SF 3,630 SF $973.33 $0.80 SF $2,920 $985.00 $0.81 SF $2,955 $1,115.00 $0.92 SF $3,345 3BR/1.5BA - B - Renovated - Lakeshore 1 Units 1,055 SF 1,055 SF $1,085.00 $1.03 SF $1,085 $1,085.00 $1.03 SF $1,085 $1,085.00 $1.03 SF $1,085 Totals / Wtd. Averages 7 Units 1,191 SF 8,340 SF $1,004.28 $0.84 SF $7,030 $1,014.29 $0.85 SF $7,100 $1,091.43 $0.92 SF $7,640 Summary Studio 3 Units 418 SF 1,254 SF $640.00 $1.53 $1,920 $640.00 $1.53 SF $1,920 $675.00 $1.61 SF $2,025 One Bedroom 17 Units 683 SF 11,615 SF $843.82 $1.24 $14,345 $852.06 $1.25 SF $14,485 $923.53 $1.35 SF $15,700 Two Bedroom 97 Units 901 SF 87,421 SF $917.92 $1.02 $89,038 $939.61 $1.04 SF $91,142 $1,056.51 $1.17 SF $102,481 Three Bedroom 7 Units 1,191 SF 8,340 SF $1,004.28 $0.84 $7,030 $1,014.29 $0.85 SF $7,100 $1,091.43 $0.92 SF $7,640 Totals / Wtd. Averages 124 Units 876 SF 108,630 SF $905.91 $1.03 SF $112,333 $924.57 $1.06 SF $114,647 $1,031.02 $1.18 SF $127,846

Three Bedroom

COMBINE

financials T12 RENT ROLL: APRIL 16, 2024 INCOME AND EXPENSES: APRIL 2023 - MARCH 2024 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $1,341,159 T12 10,816 Gain (Loss) to Lease ($21,159) T12 1.58% (171) GROSS SCHEDULED RENT $1,320,000 10,645 TOTAL OTHER INCOME $147,929 11.21% 1,193 GROSS POTENTIAL INCOME $1,467,929 11,838 Physical Vacancy ($55,498) T12 4.20% (448) Bad Debt ($11,951) T12 0.91% (96) Concessions Allowance ($20,687) T12 1.57% (167) EFFECTIVE GROSS INCOME $1,379,793 91.75% 11,127 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit 2024 Taxes $96,923 Auditor 7.02% 782 Total Real Estate Taxes $96,923 7.02% 782 Insurance $37,706 T12 2.73% 304 Utilities Electric $32,451 T12 2.35% 262 Electric Vacant $1,542 T12 0.11% 12 Gas $15,315 T12 1.11% 124 Gas Vacant $429 T12 0.03% 3 Water & Sewage $43,144 T12 3.13% 348 Trash Removal $17,909 T12 1.30% 144 Utilities $110,790 8.03% 893 Total Non-Controllable $245,419 17.79% 1,979 CONTROLLABLE Contract Services Security Expense $19,724 T12 1.43% 159 Snow Removal $3,225 T12 0.23% 26 Landscaping/Grounds $21,577 T12 1.56% 174 Pest Control $13,736 T12 1.00% 111 Pool Maintenance $5,543 T12 0.40% 45 Contract Services $63,804 4.62% 515 Repairs & Maintenance $64,207 T12 4.65% 518 Marketing & Promotion $16,181 T12 1.17% 130 On-Site Payroll $159,586 T12 11.57% 1,287 Payroll Taxes & Benefits $11,132 T12 0.81% 90 General & Administrative $31,461 T12 2.28% 254 Management Fee $0 0.00% 0 Replacement & Reserves $37,200 Note 1 2.70% 300 Total Controllable $383,570 27.80% 3,093 TOTAL EXPENSES $628,989 45.59% 5,072 NET OPERATING INCOME $750,804 54.41% 6,055 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year

T6 T3 YEAR 1 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $1,353,714 T6 10,917 $1,379,124 T3 11,122 $1,534,152 12,372 ($22,292) T6 1.65% (180) ($40,825) T3 2.96% (329) ($30,683) 2.00% (247) $1,331,422 10,737 $1,338,299 10,793 $1,503,469 12,125 $153,392 11.52% 1,237 $154,866 11.57% 1,249 $159,512 10.61% 1,286 $1,484,815 11,974 $1,493,165 12,042 $1,662,981 13,411 ($29,279) T6 2.20% (236) ($12,407) T3 0.93% (100) ($75,173) 5.00% (606) ($8,379) T6 0.63% (68) ($16,779) T3 1.25% (135) ($7,517) 0.50% (61) ($9,519) T6 0.71% (77) ($8,831) T3 0.66% (71) $0 0.00% 0 $1,437,638 94.81% 11,594 $1,455,148 94.20% 11,735 $1,580,290 92.50% 12,744 % of EGI % of EGI Per Unit % of EGI $96,923 Auditor 6.74% 782 $96,923 Auditor 6.66% 782 $96,923 6.66% 782 $96,923 6.74% 782 $96,923 6.66% 782 $96,923 6.66% 782 $37,706 T12 2.73% 304 $37,706 T12 2.73% 304 $49,600 3.41% 400 $32,451 T12 2.35% 262 $32,451 T12 2.35% 262 $33,100 2.27% 267 $1,542 T12 0.11% 12 $1,542 T12 0.11% 12 $1,573 0.11% 13 $15,315 T12 1.11% 124 $15,315 T12 1.11% 124 $15,621 1.07% 126 $429 T12 0.03% 3 $429 T12 0.03% 3 $437 0.03% 4 $43,144 T12 3.13% 348 $43,144 T12 3.13% 348 $44,007 3.02% 355 $17,909 T12 1.30% 144 $17,909 T12 1.30% 144 $18,267 1.26% 147 $110,790 7.71% 893 $110,790 7.61% 893 $113,006 7.77% 911 $245,419 17.18% 1,979 $245,419 17.01% 1,979 $259,529 17.84% 2,093 $19,724 T12 1.43% 159 $19,724 T12 1.43% 159 $18,600 1.18% 150 $3,225 T12 0.23% 26 $3,225 T12 0.23% 26 $4,340 0.27% 35 $21,577 T12 1.56% 174 $21,577 T12 1.56% 174 $18,600 1.18% 150 $13,736 T12 1.00% 111 $13,736 T12 1.00% 111 $6,200 0.39% 50 $5,543 T12 0.40% 45 $5,543 T12 0.40% 45 $5,580 0.35% 45 $63,804 4.44% 515 $63,804 4.38% 515 $53,320 3.66% 430 $64,207 T12 4.65% 518 $64,207 T12 4.65% 518 $74,400 4.71% 600 $16,181 T12 1.17% 130 $16,181 T12 1.17% 130 $12,400 0.78% 100 $159,586 T12 11.57% 1,287 $159,586 T12 11.57% 1,287 $111,600 7.06% 900 $11,132 T12 0.81% 90 $11,132 T12 0.81% 90 $12,400 0.78% 100 $31,461 T12 2.28% 254 $31,461 T12 2.28% 254 $24,800 1.57% 200 $0 0 0.00% 0 $0 0 0.00% 0 $79,015 5.00% 637 $37,200 Note 1 2.59% 300 $37,200 Note 1 2.56% 300 $37,200 2.35% 300 $383,570 27.50% 3,093 $383,570 27.42% 3,093 $405,135 25.93% 3,267 $628,989 43.75% 5,072 $628,989 43.23% 5,072 $664,663 45.68% 5,360 $808,649 56.25% 6,521 $826,159 56.77% 6,663 $915,627 62.92% 7,384

T12 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE MAY-2025 YE MAY-2026 YE MAY-2027 YE APR-2028 YE APR-2029 GROSS POTENTIAL RENT All Units at Market Rent $1,341,159 $1,353,714 $1,379,124 $1,534,152 $1,580,177 $1,627,582 $1,676,409 $1,726,702 Gain (Loss) to Lease ($21,159) ($22,292) ($40,825) ($30,683) ($31,604) ($32,552) ($33,528) ($34,534) GROSS SCHEDULED RENT $1,320,000 $1,331,422 $1,338,299 $1,503,469 $1,548,573 $1,595,030 $1,642,881 $1,692,168 TOTAL OTHER INCOME $147,929 $153,392 $154,866 $159,512 $162,702 $165,956 $169,275 $172,661 GROSS POTENTIAL INCOME $1,467,929 $1,484,815 $1,493,165 $1,662,981 $1,711,275 $1,760,986 $1,812,157 $1,864,828 Physical Vacancy ($55,498) ($29,279) ($12,407) ($75,173) ($77,429) ($79,752) ($82,144) ($84,608) Bad Debt ($11,951) ($8,379) ($16,779) ($7,517) ($7,743) ($7,975) ($8,214) ($8,461) EFFECTIVE GROSS INCOME $1,379,793 $1,437,638 $1,455,148 $1,580,290 $1,626,104 $1,673,260 $1,721,798 $1,771,759 Real Estate Taxes $96,923 $96,923 $96,923 $96,923 $98,862 $100,839 $102,856 $104,913 Insurance $37,706 $37,706 $37,706 $49,600 $50,592 $51,604 $52,636 $53,689 Utilities $110,790 $110,790 $110,790 $113,006 $115,266 $117,571 $119,923 $122,321 Contract Services $63,804 $63,804 $63,804 $53,320 $54,386 $55,474 $56,584 $57,715 Repairs & Maintenance $64,207 $64,207 $64,207 $74,400 $75,888 $77,406 $78,954 $80,533 Marketing & Promotion $16,181 $16,181 $16,181 $12,400 $12,648 $12,901 $13,159 $13,422 On-Site Payroll $159,586 $159,586 $159,586 $111,600 $113,832 $116,109 $118,431 $120,799 Payroll Taxes & Benefits $11,132 $11,132 $11,132 $12,400 $12,648 $12,901 $13,159 $13,422 General & Administrative $31,461 $31,461 $31,461 $24,800 $25,296 $25,802 $26,318 $26,844 Management Fee $0 $0 $0 $79,015 $81,305 $83,663 $86,090 $88,588 Replacement & Reserves $37,200 $37,200 $37,200 $37,200 $37,944 $38,703 $39,477 $40,266 TOTAL EXPENSES $628,989 $628,989 $628,989 $664,663 $678,667 $692,972 $707,585 $722,513 NET OPERATING INCOME $750,804 $808,649 $826,159 $1,103,721 $1,135,531 $1,168,382 $1,202,307 $1,237,340 INCOME EXPENSE COMBINEfinancials

Tax Breakdown Property Address Parcel ID Year Built Market Value Assessed Value Tax Rate Taxes Payable Land Use Code 144 Bellaire Ave R72-13910-0028 1963 $655,160 $229,310 0.033797 $22,142.54 C - Apartments 40+ Rental Units 150 Bellaire Ave R72-13910-0029 1977 $457,860 $160,250 0.033554 $15,363.25 C - Apartments 40+ Rental Units 2815 Lake Shore Pl R72-13910-0091 1970 $717,960 $251,290 0.033588 $24,115.18 C - Apartments 40+ Rental Units 817 Patterson Rd R72-13909-0002 1966 $1,028,080 $359,830 0.034338 $35,302.07 C - Apartments 40 or More Rental Units Total $2,859,060 $1,000,680 $96,923.04 $35,302.07

CASH FLOW

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2

Gross Potential Rent 14.39% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 1.65% 2.96% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% EXPENSES Expenses 2.00% 2.00% 2.00% 2.00% Management Fee** 5.00% 5.00% 5.00% 5.00% 5.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2 Physical Vacancy 2.20% 0.93% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 0.63% 1.25% 0.50% 0.50% 0.50% Concessions Allowance 0.71% 0.66% 0.00% 0.00% 0.00% Total Economic Loss 3.54% 2.84% 5.50% 5.50% 5.50%

INCOME

UNIT MIX BREAKDOWN

PATTERSON - financials AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL One Bedroom 1BR/1BA 3 Units 650 SF 1,950 SF $798.33 $1.23 SF $2,395 $810.00 $1.25 SF $2,430 $910.00 $1.40 SF $2,730 1BR/1BA - Renovated 1 Units 650 SF 650 SF $910.00 $1.40 SF $910 $910.00 $1.40 SF $910 $910.00 $1.40 SF $910 Totals / Wtd. Averages 4 Units 650 SF 2,600 SF $826.25 $1.27 SF $3,305 $835.00 $1.28 SF $3,340 $910.00 $1.40 SF $3,640 Two Bedroom 2BR/1BA 36 Units 840 SF 30,240 SF $868.11 $1.03 SF $31,252 $890.00 $1.06 SF $32,040 $1,034.00 $1.23 SF $37,224 2BR/1BA - Renovated 8 Units 840 SF 6,720 SF $1,003.38 $1.19 SF $8,027 $1,034.00 $1.23 SF $8,272 $1,034.00 $1.23 SF $8,272 2BR/1.5BA 16 Units 950 SF 15,200 SF $998.13 $1.05 SF $15,970 $1,020.00 $1.07 SF $16,320 $1,155.00 $1.22 SF $18,480 2BR/1.5BA - Renovated 3 Units 950 SF 2,850 SF $1,131.67 $1.19 SF $3,395 $1,155.00 $1.22 SF $3,465 $1,155.00 $1.22 SF $3,465 Totals / Wtd. Averages 63 Units 873 SF 55,010 SF $930.86 $1.07 SF $58,644 $953.92 $1.09 SF $60,097 $1,070.49 $1.23 SF $67,441 Summary One Bedroom 4 Units 650 SF 2,600 SF $826.25 $1.27 $3,305 $835.00 $1.28 SF $3,340 $910.00 $1.40 SF $3,640 Two Bedroom 63 Units 873 SF 55,010 SF $930.86 $1.07 $58,644 $953.92 $1.09 SF $60,097 $1,070.49 $1.23 SF $67,441 Totals / Wtd. Averages 67 Units 860 SF 57,610 SF $924.61 $1.08 SF $61,949 $946.82 $1.10 SF $63,437 $1,060.91 $1.23 SF $71,081 03 SECTION - THE FINANCIALS

UNIT RENTS

UNIT DISTRIBUTION

PATTERSONfinancials

T12 RENT ROLL: APRIL 16, 2024 INCOME AND EXPENSES: APRIL 2023 - MARCH 2024 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $740,559 T12 11,053 Gain (Loss) to Lease ($11,158) T12 1.51% (167) GROSS SCHEDULED RENT $729,401 10,887 TOTAL OTHER INCOME $60,607 8.31% 905 GROSS POTENTIAL INCOME $790,009 11,791 Physical Vacancy ($28,754) T12 3.94% (429) Bad Debt ($4,190) T12 0.57% (63) Concessions Allowance ($12,184) T12 1.67% (182) EFFECTIVE GROSS INCOME $744,881 92.31% 11,118 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit 2024 Taxes $35,302 Auditor 4.74% 527 Total Real Estate Taxes $35,302 4.74% 527 Insurance $19,015 T12 2.55% 284 Utilities Electric $6,199 T12 0.83% 93 Electric Vacant $850 T12 0.11% 13 Gas $1,820 T12 0.24% 27 Gas Vacant $429 T12 0.06% 6 Water & Sewage $23,345 T12 3.13% 348 Trash Removal $9,709 T12 1.30% 145 Utilities $42,352 5.69% 632 Total Non-Controllable $96,669 12.98% 1,443 CONTROLLABLE Contract Services Security Expense $9,561 T12 1.28% 143 Snow Removal $984 T12 0.13% 15 Landscaping/Grounds $10,201 T12 1.37% 152 Pest Control $7,627 T12 1.02% 114 Pool Maintenance $5,543 T12 0.74% 83 Contract Services $33,916 4.55% 506 Repairs & Maintenance $35,316 T12 4.74% 527 Marketing & Promotion $8,694 T12 1.17% 130 On-Site Payroll $83,890 T12 11.26% 1,252 Payroll Taxes & Benefits $6,160 T12 0.83% 92 General & Administrative $16,885 T12 2.27% 252 Management Fee $0 0.00% 0 Replacement & Reserves $20,100 Note 1 2.70% 300 Total Controllable $204,962 27.52% 3,059 TOTAL EXPENSES $301,631 40.49% 4,502 NET OPERATING INCOME $443,250 59.51% 6,616 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year

T6 T3 YEAR 1 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $747,594 T6 11,158 $761,664 T3 11,368 $852,972 12,731 ($12,423) T6 1.66% (185) ($22,760) T3 2.99% (340) ($17,059) 2.00% (255) $735,171 10,973 $738,904 11,028 $835,913 12,476 $62,795 8.54% 937 $63,433 8.58% 947 $65,336 7.82% 975 $797,966 11,910 $802,337 11,975 $901,248 13,451 ($12,864) T6 1.75% (192) ($2,366) T3 0.32% (35) ($41,796) 5.00% (624) $0 T6 0.00% 0 $0 T3 0.00% 0 ($4,180) 0.50% (62) ($4,800) T6 0.65% (72) ($4,800) T3 0.65% (72) $0 0.00% 0 $780,302 95.94% 11,646 $795,170 96.04% 11,868 $855,273 92.50% 12,765 % of EGI % of EGI Per Unit % of EGI $35,302 Auditor 4.52% 527 $35,302 Auditor 4.44% 527 $35,302 4.44% 527 $35,302 4.52% 527 $35,302 4.44% 527 $35,302 4.44% 527 $19,015 T12 2.55% 284 $19,015 T12 2.55% 284 $26,800 3.37% 400 $6,199 T12 0.83% 93 $6,199 T12 0.83% 93 $6,323 0.80% 94 $850 T12 0.11% 13 $850 T12 0.11% 13 $867 0.11% 13 $1,820 T12 0.24% 27 $1,820 T12 0.24% 27 $1,857 0.23% 28 $429 T12 0.06% 6 $429 T12 0.06% 6 $437 0.06% 7 $23,345 T12 3.13% 348 $23,345 T12 3.13% 348 $23,812 2.99% 355 $9,709 T12 1.30% 145 $9,709 T12 1.30% 145 $9,903 1.25% 148 $42,352 5.43% 632 $42,352 5.33% 632 $43,199 5.43% 645 $96,669 12.50% 1,443 $96,669 12.32% 1,443 $105,301 13.24% 1,572 $9,561 T12 1.28% 143 $9,561 T12 1.28% 143 $9,380 1.10% 140 $984 T12 0.13% 15 $984 T12 0.13% 15 $1,675 0.20% 25 $10,201 T12 1.37% 152 $10,201 T12 1.37% 152 $10,050 1.18% 150 $7,627 T12 1.02% 114 $7,627 T12 1.02% 114 $3,350 0.39% 50 $5,543 T12 0.74% 83 $5,543 T12 0.74% 83 $5,025 0.59% 75 $33,916 4.35% 506 $33,916 4.27% 506 $29,480 3.71% 440 $35,316 T12 4.74% 527 $35,316 T12 4.74% 527 $40,200 4.70% 600 $8,694 T12 1.17% 130 $8,694 T12 1.17% 130 $6,700 0.78% 100 $83,890 T12 11.26% 1,252 $83,890 T12 11.26% 1,252 $60,300 7.05% 900 $6,160 T12 0.83% 92 $6,160 T12 0.83% 92 $6,700 0.78% 100 $16,885 T12 2.27% 252 $16,885 T12 2.27% 252 $13,400 1.57% 200 $0 0.00% 0 $0 0.00% 0 $42,764 5.00% 638 $20,100 Note 1 2.58% 300 $20,100 Note 1 2.53% 300 $20,100 2.35% 300 $204,962 27.19% 3,059 $204,962 27.06% 3,059 $219,644 25.94% 3,278 $301,631 38.66% 4,502 $301,631 37.93% 4,502 $324,945 40.86% 4,850 $478,671 61.34% 7,144 $493,539 62.07% 7,366 $530,328 66.69% 7,915

T12 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE APR-2025 YE APR-2026 YE APR-2027 YE MAR-2028 YE MAR-2029 GROSS POTENTIAL RENT All Units at Market Rent $740,559 $747,594 $761,664 $852,972 $878,561 $904,918 $932,066 $960,028 Gain (Loss) to Lease ($11,158) ($12,423) ($22,760) ($17,059) ($17,571) ($18,098) ($18,641) ($19,201) GROSS SCHEDULED RENT $729,401 $735,171 $738,904 $835,913 $860,990 $886,820 $913,424 $940,827 TOTAL OTHER INCOME $60,607 $62,795 $63,433 $65,336 $66,642 $67,975 $69,335 $70,721 GROSS POTENTIAL INCOME $790,009 $797,966 $802,337 $901,248 $927,632 $954,795 $982,759 $1,011,548 Physical Vacancy ($28,754) ($12,864) ($2,366) ($41,796) ($43,049) ($44,341) ($45,671) ($47,041) Bad Debt ($4,190) $0 $0 ($4,180) ($4,305) ($4,434) ($4,567) ($4,704) EFFECTIVE GROSS INCOME $744,881 $780,302 $795,170 $855,273 $880,278 $906,020 $932,521 $959,803 Real Estate Taxes $35,302 $35,302 $35,302 $35,302 $36,008 $36,728 $37,463 $38,212 Insurance $19,015 $19,015 $19,015 $26,800 $27,336 $27,883 $28,440 $29,009 Utilities $42,352 $42,352 $42,352 $43,199 $44,063 $44,945 $45,844 $46,760 Contract Services $33,916 $33,916 $33,916 $29,480 $30,070 $30,671 $31,284 $31,910 Repairs & Maintenance $35,316 $35,316 $35,316 $40,200 $41,004 $41,824 $42,661 $43,514 Marketing & Promotion $8,694 $8,694 $8,694 $6,700 $6,834 $6,971 $7,110 $7,252 On-Site Payroll $83,890 $83,890 $83,890 $60,300 $61,506 $62,736 $63,991 $65,271 Payroll Taxes & Benefits $6,160 $6,160 $6,160 $6,700 $6,834 $6,971 $7,110 $7,252 General & Administrative $16,885 $16,885 $16,885 $13,400 $13,668 $13,941 $14,220 $14,505 Management Fee $0 $0 $0 $42,764 $44,014 $45,301 $46,626 $47,990 Replacement & Reserves $20,100 $20,100 $20,100 $20,100 $20,502 $20,912 $21,330 $21,757 TOTAL EXPENSES $301,631 $301,631 $301,631 $324,945 $331,839 $338,883 $346,079 $353,432 NET OPERATING INCOME $443,250 $478,671 $493,539 $530,328 $548,439 $567,137 $586,441 $606,370 INCOME EXPENSE PATTERSONfinancials CASH FLOW Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Assessed Value Tax Rate Taxes Payable Land Use Code 817 Patterson Rd R72-13909-0002 1966 $1,028,080 $359,830 0.034338 $35,302.07 C - Apartments 40 or More Rental Units Total 0.00 $1,028,080 $359,830 $35,302.07

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2

Gross Potential Rent 15.18% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 1.66% 2.99% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% EXPENSES Expenses 2.00% 2.00% 2.00% 2.00% Management Fee** 5.00% 5.00% 5.00% 5.00% 5.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2 Physical Vacancy 1.75% 0.32% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 0.00% 0.00% 0.50% 0.50% 0.50% Concessions Allowance 0.65% 0.65% 0.00% 0.00% 0.00% Total Economic Loss 2.40% 0.97% 5.50% 5.50% 5.50%

INCOME

UNIT MIX BREAKDOWN

Two Bedroom

Three Bedroom

LAKESHORE - financials AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL Studio 0BR/1BA 3 Units 418 SF 1,254 SF $640.00 $1.53 SF $1,920 $640.00 $1.53 SF $1,920 $675.00 $1.61 SF $2,025 Totals / Wtd. Averages 3 Units 418 SF 1,254 SF $640.00 $1.53 SF $1,920 $640.00 $1.53 SF $1,920 $675.00 $1.61 SF $2,025 One Bedroom 1BR/1BA - A 1 Units 750 SF 750 SF $775.00 $1.03 SF $775 $775.00 $1.03 SF $775 $945.00 $1.26 SF $945 1BR/1BA - A - Renovated 3 Units 750 SF 2,250 SF $933.33 $1.24 SF $2,800 $945.00 $1.26 SF $2,835 $945.00 $1.26 SF $2,835 1BR/1BA - B 2 Units 660 SF 1,320 SF $750.00 $1.14 SF $1,500 $750.00 $1.14 SF $1,500 $920.00 $1.39 SF $1,840 1BR/1BA - B - Renovated 2 Units 660 SF 1,320 SF $902.50 $1.37 SF $1,805 $920.00 $1.39 SF $1,840 $920.00 $1.39 SF $1,840 1BR/1BA - C 3 Units 675 SF 2,025 SF $785.00 $1.16 SF $2,355 $785.00 $1.16 SF $2,355 $920.00 $1.36 SF $2,760 1BR/1BA - C - Renovated 2 Units 675 SF 1,350 SF $902.50 $1.34 SF $1,805 $920.00 $1.36 SF $1,840 $920.00 $1.36 SF $1,840 Totals / Wtd. Averages 13 Units 693 SF 9,015 SF $849.23 $1.22 SF $11,040 $857.31 $1.24 SF $11,145 $927.69 $1.34 SF $12,060

2BR/1BA - A 9 Units 884 SF 7,956 SF $840.56 $0.95 SF $7,565 $860.00 $0.97 SF $7,740 $995.00 $1.13 SF $8,955 2BR/1BA - B 2 Units 990 SF 1,980 SF $850.00 $0.86 SF $1,700 $850.00 $0.86 SF $1,700 $1,025.00 $1.04 SF $2,050 2BR/1BA - C 6 Units 1,000 SF 6,000 SF $889.00 $0.89 SF $5,334 $910.00 $0.91 SF $5,460 $1,045.00 $1.05 SF $6,270 2BR/1BA - C - Renovated 2 Units 1,000 SF 2,000 SF $1,027.50 $1.03 SF $2,055 $1,045.00 $1.05 SF $2,090 $1,045.00 $1.05 SF $2,090 2BR/2BA 12 Units 965 SF 11,580 SF $886.67 $0.92 SF $10,640 $910.00 $0.94 SF $10,920 $1,045.00 $1.08 SF $12,540 2BR/2BA - Renovated 3 Units 965 SF 2,895 SF $1,033.33 $1.07 SF $3,100 $1,045.00 $1.08 SF $3,135 $1,045.00 $1.08 SF $3,135 Totals / Wtd. Averages 34 Units 953 SF 32,411 SF $893.94 $0.94 SF $30,394 $913.09 $0.96 SF $31,045 $1,030.59 $1.08 SF $35,040

3BR/1BA - A - Renovated 2 Units 1,300 SF 2,600 SF $1,062.50 $0.82 SF $2,125 $1,080.00 $0.83 SF $2,160 $1,080.00 $0.83 SF $2,160 3BR/1BA - B 1 Units 1,055 SF 1,055 SF $900.00 $0.85 SF $900 $900.00 $0.85 SF $900 $1,050.00 $1.00 SF $1,050 3BR/1.5BA - A 3 Units 1,210 SF 3,630 SF $973.33 $0.80 SF $2,920 $985.00 $0.81 SF $2,955 $1,115.00 $0.92 SF $3,345 3BR/1.5BA - B - Renovated 1 Units 1,055 SF 1,055 SF $1,085.00 $1.03 SF $1,085 $1,085.00 $1.03 SF $1,085 $1,085.00 $1.03 SF $1,085 Totals / Wtd. Averages 7 Units 1,191 SF 8,340 SF $1,004.28 $0.84 SF $7,030 $1,014.29 $0.85 SF $7,100 $1,091.43 $0.92 SF $7,640 Totals / Wtd. Averages 57 Units 895 SF 51,020 SF $883.93 $0.99 SF $50,384 $898.42 $1.00 SF $51,210 $995.88 $1.11 SF $56,765 03 SECTION - THE FINANCIALS

UNIT RENTS

UNIT DISTRIBUTION

LAKESHOREfinancials

T12 RENT ROLL: APRIL 16, 2024 INCOME AND EXPENSES: APRIL 2023 - MARCH 2024 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $600,600 T12 10,180 Gain (Loss) to Lease ($10,002) T12 1.67% (170) GROSS SCHEDULED RENT $590,598 10,010 TOTAL OTHER INCOME $87,322 14.79% 1,480 GROSS POTENTIAL INCOME $677,920 11,490 Physical Vacancy ($26,744) T12 4.53% (453) Bad Debt ($7,761) T12 1.31% (132) Concessions Allowance ($8,502) T12 1.44% (144) EFFECTIVE GROSS INCOME $634,913 91.05% 10,761 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit 2024 Taxes $61,621 Auditor 9.71% 1,044 Total Real Estate Taxes $61,621 9.71% 1,044 Insurance $18,691 T12 2.94% 317 Utilities Electric $26,252 T12 4.13% 445 Electric Vacant $692 T12 0.11% 12 Gas $13,495 T12 2.13% 229 Water & Sewage $19,799 T12 3.12% 336 Trash Removal $8,200 T12 1.29% 139 Utilities $68,437 10.78% 1,160 Total Non-Controllable $148,749 23.43% 2,521 CONTROLLABLE Contract Services Security Expense $10,163 T12 1.60% 172 Snow Removal $2,240 T12 0.35% 38 Landscaping/Grounds $11,376 T12 1.79% 193 Pest Control $6,108 T12 0.96% 104 Contract Services $29,888 4.71% 507 Repairs & Maintenance $28,890 T12 4.55% 490 Marketing & Promotion $7,486 T12 1.18% 127 On-Site Payroll $75,696 T12 11.92% 1,283 Payroll Taxes & Benefits $4,972 T12 0.78% 84 General & Administrative $14,575 T12 2.30% 247 Management Fee $0 5.00% 0 Replacement & Reserves $17,700 Note 1 2.79% 300 Total Controllable $179,208 33.23% 3,037 TOTAL EXPENSES $327,958 51.65% 5,559 NET OPERATING INCOME $306,955 48.35% 5,203 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year

T6 T3 YEAR 1 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $606,120 T6 10,273 $617,460 T3 10,465 $704,760 11,945 ($9,869) T6 1.63% (167) ($18,065) T3 2.93% (306) ($14,095) 2.00% (239) $596,251 10,106 $599,395 10,159 $690,665 11,706 $90,598 15.19% 1,536 $91,433 15.25% 1,550 $94,176 13.64% 1,596 $686,849 11,642 $690,829 11,709 $784,841 13,302 ($16,415) T6 2.75% (278) ($10,040) T3 1.68% (170) ($34,533) 5.00% (585) ($8,379) T6 1.41% (142) ($16,779) T3 2.80% (284) ($6,907) 1.00% (117) ($4,719) T6 0.79% (80) ($4,031) T3 0.67% (68) $0 0.00% 0 $657,337 93.42% 11,141 $659,978 91.93% 11,186 $743,401 92.00% 12,600 % of EGI % of EGI Per Unit % of EGI $61,621 Auditor 9.37% 1,044 $61,621 Auditor 9.34% 1,044 $61,621 9.34% 1,044 $61,621 9.37% 1,044 $61,621 9.34% 1,044 $61,621 9.34% 1,044 $18,691 T12 2.94% 317 $18,691 T12 2.94% 317 $23,600 3.58% 400 $26,252 T12 4.13% 445 $26,252 T12 4.13% 445 $26,777 4.06% 454 $692 T12 0.11% 12 $692 T12 0.11% 12 $706 0.11% 12 $13,495 T12 2.13% 229 $13,495 T12 2.13% 229 $13,765 2.09% 233 $19,799 T12 3.12% 336 $19,799 T12 3.12% 336 $20,195 3.06% 342 $8,200 T12 1.29% 139 $8,200 T12 1.29% 139 $8,364 1.27% 142 $68,437 10.41% 1,160 $68,437 10.37% 1,160 $69,806 10.58% 1,183 $148,749 22.73% 2,521 $148,749 22.65% 2,521 $155,027 23.49% 2,628 $10,163 T12 1.60% 172 $10,163 T12 1.60% 172 $1,475 0.20% 25 $2,240 T12 0.35% 38 $2,240 T12 0.35% 38 $2,065 0.28% 35 $11,376 T12 1.79% 193 $11,376 T12 1.79% 193 $5,900 0.79% 100 $6,108 T12 0.96% 104 $6,108 T12 0.96% 104 $2,065 0.28% 35 $29,888 4.55% 507 $29,888 4.53% 507 $11,505 1.74% 195 $28,890 T12 4.55% 490 $28,890 T12 4.55% 490 $35,400 4.76% 600 $7,486 T12 1.18% 127 $7,486 T12 1.18% 127 $5,900 0.79% 100 $75,696 T12 11.92% 1,283 $75,696 T12 11.92% 1,283 $53,100 7.14% 900 $4,972 T12 0.78% 84 $4,972 T12 0.78% 84 $8,850 1.19% 150 $14,575 T12 2.30% 247 $14,575 T12 2.30% 247 $11,800 1.59% 200 $0 5.00% 0 $0 5.00% 0 $37,170 5.00% 630 $17,700 Note 1 2.69% 300 $17,700 Note 1 2.68% 300 $17,700 2.38% 300 $179,208 32.97% 3,037 $179,208 32.94% 3,037 $181,425 24.60% 3,075 $327,958 49.89% 5,559 $327,958 49.69% 5,559 $336,452 50.98% 5,703 $329,379 50.11% 5,583 $332,020 50.31% 5,627 $406,949 61.66% 6,897

T12 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE APR-2025 YE APR-2026 YE APR-2027 YE MAR-2028 YE MAR-2029 GROSS POTENTIAL RENT All Units at Market Rent $600,600 $606,120 $617,460 $704,760 $725,903 $747,680 $770,110 $793,214 Gain (Loss) to Lease ($10,002) ($9,869) ($18,065) ($14,095) ($14,518) ($14,954) ($15,402) ($15,864) GROSS SCHEDULED RENT $590,598 $596,251 $599,395 $690,665 $711,385 $732,726 $754,708 $777,349 TOTAL OTHER INCOME $87,322 $90,598 $91,433 $94,176 $96,060 $97,981 $99,941 $101,939 GROSS POTENTIAL INCOME $677,920 $686,849 $690,829 $784,841 $807,445 $830,707 $854,649 $879,289 Physical Vacancy ($26,744) ($16,415) ($10,040) ($34,533) ($35,569) ($36,636) ($37,735) ($38,867) Bad Debt ($7,761) ($8,379) ($16,779) ($6,907) ($7,114) ($7,327) ($7,547) ($7,773) EFFECTIVE GROSS INCOME $634,913 $657,337 $659,978 $743,401 $764,762 $786,744 $809,366 $832,648 Real Estate Taxes $61,621 $61,621 $61,621 $61,621 $62,853 $64,110 $65,393 $66,701 Insurance $18,691 $18,691 $18,691 $23,600 $24,072 $24,553 $25,045 $25,545 Utilities $68,437 $68,437 $68,437 $69,806 $71,202 $72,626 $74,079 $75,560 Contract Services $29,888 $29,888 $29,888 $11,505 $11,735 $11,970 $12,209 $12,453 Repairs & Maintenance $28,890 $28,890 $28,890 $35,400 $36,108 $36,830 $37,567 $38,318 Marketing & Promotion $7,486 $7,486 $7,486 $5,900 $6,018 $6,138 $6,261 $6,386 On-Site Payroll $75,696 $75,696 $75,696 $53,100 $54,162 $55,245 $56,350 $57,477 Payroll Taxes & Benefits $4,972 $4,972 $4,972 $8,850 $9,027 $9,208 $9,392 $9,580 General & Administrative $14,575 $14,575 $14,575 $11,800 $12,036 $12,277 $12,522 $12,773 Management Fee $0 $0 $0 $37,170 $38,238 $39,337 $40,468 $41,632 Replacement & Reserves $17,700 $17,700 $17,700 $17,700 $18,054 $18,415 $18,783 $19,159 TOTAL EXPENSES $327,958 $327,958 $327,958 $336,452 $343,506 $350,710 $358,069 $365,585 NET OPERATING INCOME $306,955 $329,379 $332,020 $406,949 $421,256 $436,034 $451,297 $467,063 INCOME EXPENSE LAKESHOREfinancials

CASH FLOW

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2

Gross Potential Rent 17.34% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 1.63% 2.93% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% EXPENSES Expenses 2.00% 2.00% 2.00% 2.00% Management Fee** 5.00% 5.00% 5.00% 5.00% 5.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2 Physical Vacancy 2.75% 1.68% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 1.41% 2.80% 1.00% 1.00% 1.00% Concessions Allowance 0.79% 0.67% 0.00% 0.00% 0.00% Total Economic Loss 4.95% 5.15% 6.00% 6.00% 6.00%

INCOME

DAYTON

THE ECONOMY

1| Prior to the pandemic, Dayton’s real gross metropolitan product grew at an average annual rate of 1.3% from 2015 to 2019. During that same five-year period, job growth averaged 1.0% annually, with roughly 3,700 jobs added on average each year. 2| In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 9.4% year-over-year in 2nd quarter. 3| In 2023, the metro’s inflation-adjusted economic output expanded 1.8%. At the same time, the metro recorded a net gain of 7,600 jobs, expanding the employment base 2.0%. 4| As such, Dayton’s unemployment rate in November 2023 declined 0.2 points year-over-year to 3.2%, below the national average of 3.5%. 5| During the past year, job gains in Dayton were most pronounced in the Professional/Business Services sector followed by Education/Health Services. 6| Despite job losses stemming from the pandemic, Dayton’s

956 units completed in past 12 months 955 units currently in progress HIGHEST OVERALL PERFORMING SUBMARKET

RENT

1| Over the past five years, annual change in effective asking rents in Dayton ranged from 2.2% to 10.3%. 2| In 4th quarter 2023, effective asking rents for new leases were up 4.1% year-over-year. That annual rent performance was below the market’s fiveyear average of 5.4%. 3| Product classes in Dayton, Class A led for rent performance over the past five years. 4| In 4th quarter 2023, annual effective rent change registered at 3.8% in Class A units, 3.4% in Class B units and 5.1% in Class C units. 5| Among submarkets, the strongest annual rent change performances over the past year were in Greene County (5.7%) and South Montgomery County (3.9%). 6| The weakest performance was in North Dayton/Miami County at 0.3%. As of 4th quarter 2023, effective asking rental rates in Dayton averaged $1,129 per month, or $1.232 per square foot.

LOCAL MARKET

Q4 2023 MARKET SNAPSHOT Pre-1970s 1970s 1980s 1990s 2000+ Occupancy 95.0% 94.1% 96.5% 95.5% 95.2% Y-O-Y Rent Growth 5.1% 6.5% 2.2% 5.8% 1.7% Average Rent Per Unit $913 $982 $1,031 $1,259 $1,464

SUBMARKETS RENT OCCUPANCY YOY Xenia $1,011 95.1% 14.9% Dayton – West $916 96.3% 14.2% Trotwood $971 95.5% 9.2% Kettering – East $999 96.2% 8.2% Bellbrook $1,5874 95.3% 6.8%

SCAN FOR MORE

1| New apartment completions in Dayton were moderate recently, as 956 units delivered in 2023. Completions over the past year expanded the local inventory base 1.7%. 2| In the past year, supply was greatest in Central Dayton/Kettering (389 units) and North Dayton/Miami County (229 units). 3| The only other submarket to receive any new supply in 2023 was South Montgomery County, though modest at 80 units.

4| Annual new supply averaged 557 units, and annual inventory growth averaged 1.0% over the past five years. During that period, new supply was concentrated in Central Dayton/Kettering and South Montgomery County, which received 65% of the market’s total completions. 5| At the end of 2023, there were 955 units under construction with 850 of those units scheduled to complete in the next four quarters.

OCCUPANCY

1| Occupancy in the Dayton apartment market has ranged from 95.2% to 98.0% over the past years, averaging 96.6% during that period. 2| Over the past year, occupancy lost 1.0 point, with the 4th quarter 2023 rate landing at 95.2%. 3| Looking at product classes in Dayton, 4th quarter 2023 occupancy registered at 94.3% in Class A units, 95.2% in Class B units and 95.8% in Class C units. Occupancy in Class C product was generally tightest over the past five years. 4| Among submarkets, 4th quarter 2023 occupancy was strongest in Greene County (96.5%) and North Dayton/Miami County (95.7%). The weakest readings were seen in Northwest Dayton (92.3%) and South Montgomery County (94.7%). 5| Over the past five years, Greene County and North Dayton/Miami County generally led for occupancy, both averaging occupancy of 97.2%.

UNITS UNDER CONSTRUCTION

SUPPLY

SECTOR UNITS Central Dayton / Kettering 549 North Dayton / Miami County 265 South Montgomery County 141 TOTAL FUTURE INVENTORY GROWTH SUBMARKET CHANGE Central Dayton / Kettering 3.4% North Dayton / Miami County 3.1% South Montgomery County 1.2% HIGHEST OVERALL PERFORMING SUBMARKET SUBMARKETS RENT OCCUPANCY YOY Xenia $1,011 95.1% 14.9% Dayton – West $916 96.3% 14.2% Trotwood $971 95.5% 9.2% Kettering – East $999 96.2% 8.2% Bellbrook $1,5874 95.3% 6.8% LOWEST OVERALL PERFORMING SUBMARKETS SUBMARKETS RENT OCCUPANCY YOY Downtown $1,299 92.1% 2.6% Kettering – West $1,126 93.6% 2.4% Miamisburg $1,236 95.7% 1.1% Huber Heights $1,125 96.4% -0.4% Miami $1,187 93.3% -0.5%

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