The Landing OM by Jordan.Dickman

THE LANDING AT

MEADOW VIEW

LEAD AGENTS

JORDAN DICKMAN

First Vice President Investments

Cincinnati Office

D. 513.878.7735

NICK

First Vice President Investments

Cincinnati Office

D. 513.878.7741

nicholas.andrews@marcusmillichap.com

jordan.dickman@marcusmillichap.com AUSTIN SUM

Senior Associate

Cincinnati Office

D. 513.878.7747

austin.sum@marcusmillichap.com

ANDREWS

YOUR TEAM

JORDAN DICKMAN

FIRST VICE PRESIDENTS DIRECTOR, NMHG

NICK ANDREWS

FIRST VICE PRESIDENTS DIRECTOR, NMHG

AUSTIN SUM

SENIOR INVESTMENT ASSOCIATE

BRIAN JOHNSTON

INVESTMENT ASSOCIATE

AUSTIN HALL

INVESTMENT ASSOCIATE

ALDEN SIMMS

INVESTMENT ASSOCIATE

BROKER SUPPORT

SAM PETROSNIO

VALUATION & RESEARCH

SKYLER WILSON

CLIENT RELATIONS MANAGER

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

BRITTANY CAMPBELL-KOCH

DIRECTOR OF OPERATIONS

ALEX PAPA

MARKETING COORDINATOR

AB TRACK RECORD 01

TRACK RECORD

AB Contracting, Inc. is West Virginia’s premier multi-family developer. We are your source for residential, commercial, and industrial structures. We have been building custom homes and businesses throughout West Virginia and Ohio for over 30 years. Our experience is evident in each job we undertake. The AB Contracting Team brings their knowledge and skill to each job. We strive to provide each customer with a quality product and exceptional customer service.

CURRENT COMMUNITIES

THE LANDING AT MEADOW VIEW BRIDGEPORT, WV PAGE 11 900 ON LEE CHARLESTON, WV PAGE 6 HIGHLAND PARK TRIADELPHIA, WV PAGE 7 SUGAR MAPLE RIDGE MORGANTOWN, WV PAGE 9 THE DISTILLERY ASHEVILLE, OH PAGE 8 THE BEND AT MEADOW VALLEY HURRICANE, WV PAGE 10

900 ON LEE

900 on Lee is located in Charleston, West Virgina. 900 on Lee unveils an exceptional portrait of living with 1- and 2-bedroom apartment units for rent. This unique fusion of style and sophistication, makes the apartment residences reflect contemporary flair. When residences live at 900 on Lee, their address says it all.

65 | UNITS

2022 | YEAR BUILT

CHARLESTON | WEST VIRIGNIA

HIGHLAND PARK

Overlooking West Virginia’s beautiful and majestic mountains, Highland Park offers one and two bedroom luxury apartments for rent as well as three bedroom townhomes for rent. It is conveniently located near shopping and dining off of exit 10 in the Triadelphia – Wheeling West Virginia area. Whether you’re an outdoor enthusiast, busy professional or empty nester, Highland Park has something to fit your lifestyle! Highland Park features a clubhouse equipped with a 24-hour fitness center and a community room, an outdoor pool for those hot summer days, children’s playground area with grill stations, and a half basketball court with Versa Court technology.

AMENITIES

CLUBHOUSE

COMMUNITY ROOM

PLAYGROUND

FIRE PIT AREA

HALF BASKETBALL COURT

FITNESS CENTER

SWIMMING POOL

GRILLING STATIONS

WALKING TRAILS

THE DISTILLERY

The Distillery is the newest luxury community located in Asheville, Ohio. Offering 1-, 2- and 3-bedroom floor plans. At The Distillery, apartments are designed to meet your lifestyle needs. The Distillery offers exceptional amenities including a clubhouse that features a fitness room, movie theater, lounge area, and an outdoor swimming pool with a splash pad. It is one of the few pet-friendly communities in the area that not only cater to residents, but to their pets as well. If it is swimming, working out, playing a game of pickle ball, having coffee, or enjoying a community event, you

SUGAR MAPLE RIDGE

Sugar Maple Ridge offers multiple floorplan to suit a variety of styles and needs. Detached homes, one level living, patio homes and townhomes! Quality finishes, granite counters, and stainless steel appliances come standard in every home.

2022 | YEAR BUILT

MORGANTOWN | WEST VIRIGNIA

AMENITIES

FITNESS CENTER

YOGA & BOXING STUDIO

HEATED SALTWATER POOL

PLAYGROUND

FIRE PIT

GAZEBO

CLUBHOUSE

BASKETBALL COURT

WALKING TRAILS

BEND AT MEADOW VALLEY

Rustic and Chic, This Patio and Townhome Community has open floor plan options, select customizations and main level owners suites.

55 STEVE CIRCLE HURRICANE, WEST VIRGINIA

THE LANDING | SUBJECT

Offering 1- and 2-bedroom floor plans. At The Landing, its brought all to you with apartments designed to meet your lifestyle needs. The Landing offers exceptional amenities including a clubhouse that features a fitness room, pickle ball court, lounge area, and an outdoor swimming pool. It is one of the few pet-friendly communities in the area that not only cater to their residents, but to residences pets as well. If it is swimming, working out, playing a game of pickle ball, having coffee, or enjoying a community event, you can do it here.

AMENITIES

CLUBHOUSE

FIRE PIT

PLAYGROUND

FITNESS CENTER

POOL

CONFERENCE ROOM

LOUNGE

MAIL ROOM

84 SILVER MAPLE RDG, CHARLESTON, WV 549 UNITS

EAGLE VIEW LUXURY APARTMENTS

BUILT MAY 2013 SOLD 2022

117 SASSAFRAS WY BRIDGEPORT, WV 256 UNITS

FEATURES 1- 2- & 3- BEDROOMS SOLD 2023

MEADOW CREEK

SALE COMP

Units 200

Occ at Sale 99.9%

Sale Price $43.89M

Price per Unit $219,443

Sale Date March 24, 2023

BLACK BEAR VILLAGE

2018 SOLD 2021 18

380 Richard Harrison Way, Morgantown, WV

250 UNITS BUILT

SALE COMP

Units 250

Occ at Sale 99.0%

Sale Price $54.34M

Price per Unit $217,352

Sale Date June 9, 2021

THE ASSET 02

THE LANDING

Offering 1- and 2-bedroom floor plans. At The Landing, apartments are designed to meet your lifestyle needs. The Landing offers exceptional amenities including a clubhouse that features a fitness room, pickle ball court, lounge area, and an outdoor swimming pool. We are one of the few pet-friendly communities in the area that not only cater to our residents, but to their pets as well. If it is swimming, working out, playing a game of pickle ball, having coffee, or enjoying a community event, you can do it here.

FEEL AT HOME

Live the way you’ve always wanted without compromising style or quality. At The Landing at Meadow View, our apartment residences are designed with you in mind. Now you really can have it all . . . lifestyle included.

102

BLOOMFIELD LANE BRIDGEPORT, WV 26330

FLOORPLANS

UNIT TYPE NO. OF UNITS RENTABLE SQFT TOTAL SF 1BR/1BA 51 800 40,800 1BR/1BA EXECUTIVE LEASE 5 800 4,000 TOTAL 56 800 44,800 2BR/1BA 51 1,000 51,000 2BR/1BA EXECUTIVE LEASE 5 1,000 5,000 TOTAL 56 1,000 56,000 UNIT DISTRIBUTION ONE BEDROOM TWO BEDROOM

THE ALPHA THE TANGO 1BR/1BA

2BR/1BA

EXCEPTIONAL AMENITIES

Access to Clubhouse

Community Lounge

Fitness Center

Swimming Pool

Pickle Ball Court

Fire Pit

Picnic Area with Gas Grill

Mail Room

Playground

LEARN MORE.

UNITS SQFT RENT RENT/SF 1-BED 1 BA 51 800 $1,425 $1.78 1-BED 1 BA - EXECUTIVE LEASE 5 800 $2,750 $3.44 AVERAGES 900 $2,087 $2.61

FEATURES • STAINLESS STEEL APPLIANCES • GRANTIE COUNTERTOPS • WALK-IN CLOSETS • MODERN LIGHT FIXTURES • LVP FLOORING • BALCONY

THE ALPHA

UNIT

THE TANGO

LEARN MORE.

UNIT FEATURES •

UNITS SQFT RENT RENT/SF 2-BED 1 BA 51 1,000 $1,675 $1.68 2-BED 1 BA - EXECUTIVE LEASE 5 1,000 $3,250 $3.25 AVERAGES 1,000 $2,462 $2.47

STAINLESS STEEL APPLIANCES

GRANTIE COUNTERTOPS

WALK-IN CLOSETS

MODERN LIGHT FIXTURES

LVP FLOORING

BALCONY

•

THE COMPETITION 03

LOCAL RENTAL COMPETITOR SUMMARY

BLACK BEAR VILLAGE

Your home, your way. The vibe is fresh – with market-leading amenities delivering calm, cool, and connectedness. Discover what your bold, new life looks like at Black Bear.

GRAYCLIFF TOWNHOMES

They have the largest rental townhomes in all of Morgantown with homes offering game rooms, family rooms, two car garages, open floorpans, multiple storage closets, master

WHISPER CREEK APARTMENTS

Whisper Creek Luxury Apartments and Townhomes are the perfect blend of country and city, serene and busy, luxury and leisure, and accessibility and privacy.

LOCATION

LOCAL COMPETITORS

Understanding real estate comparables and the state of the market in your local area is essential. It can help you make an informed decision about buying or selling a property.

BLACK BEAR VILLAGE 250 UNITS GRAYCLIFF TOWNHOMES 76 UNITS

WHISPER CREEK 88 UNITS

BLACK BEAR VILLAGE

• Brand New Contemporary Design

• Over Size Walkin Closets

• Washer & Dryer In Unit

• Private Patio/Balcony

• Full Kitchens

• New Cabinetry

• 24/7 Fitness

• Heated, salt water pool

• Golf simulator

• Dog park & pet station

• Clubhouse lounge

• 24-HR emergency service

• Half basketball

• Electric car charging lot

• Resident Pays Electricity

• Resident Pays Sewer

• Resident Pays Trash Removal

• Resident Pays Water

UNITS 250 YEAR BUILT 2019 OCCUPANCY 91.9% UNIT MIX UNITS SQFT RENT RENT/SF ONE BEDROOM 157 694 $1,320 $1.90 TWO BEDROOM 93 867 $1,508 $1.74

center

court

UNIT FEATURES FEATURED AMENITIES UTILITIES

380 Richard Harrison Way, Morgantown, WV 26501

GRAYCLIFF TOWNHOMES

UNITS 130 YEAR BUILT 2008 OCCUPANCY 95.4% UNIT MIX UNITS SQFT RENT RENT/SF TWO BEDROOM 22 1230 $1,410 $1.15 THREE BEDROOM 54 2524 $1,727 $0.68 FOUR BEDROOM 54 2992 $2,165 $0.72

• Cable Ready • Large Bedrooms • Hardwood Floors • 24-Hour Access • Maintence on Site • Pool • Firepit • Club House • Resident pays electricity • Resident pays gas • Resident pays sewer • Resident pays trash • Resident pays water UNIT FEATURES FEATURED AMENITIES UTILITIES 522 Black Stone Dr, Morgantown, WV 26508 36

WHISPER CREEK APARTMENTS

UNITS 88 YEAR BUILT 2015 OCCUPANCY 100.0% UNIT MIX UNITS SQFT RENT RENT/SF ONE BEDROOM 30 910 $1,045 $1.15 TWO BEDROOM 38 1060 $1,310 $1.24 THREE BEDROOM 20 1540 $1,735 $1.13

• Air Conditioning • Balcony • Cable Ready • Fireplace • Clubhouse • Fitness Center • Game Room • Gated • Laundry Facilities • Resident pays electricity • Resident pays gas • Resident pays sewer • Resident pays trash • Resident pays water UNIT FEATURES FEATURED AMENITIES UTILITIES 501 Mill Creek Drive, Morgantown, WV 26508 38

THE MARKET 04

ECONOMIC DRIVERS

“USA Today ranked Bridgeport, West Virginia, as one of the 50 best cities to live in.

Bridgeport was ranked at number 16 in the report.

USA Today says they use statistics from the U.S. Census Bureau, the FBI and other sources to identify the best cities to live in.

According to the report, about 50 percent of adult 25 and older have graduated from college, the median household income is around $82,000 a year and goods and services are about 15 percent less expensive than they are nationwide. The economy of Bridgeport, WV employs 4.44k people. The largest industries in Bridgeport, WV are Health Care & Social Assistance (875 people), Educational Services (691 people), and Public Administration (575 people), and the highest paying industries are Agriculture, Forestry, Fishing & Hunting, & Mining ($128,382), Mining, Quarrying, & Oil & Gas Extraction ($101,250), and Manufacturing ($82,438).”

SPORTS COMPLEX COUNTRY CLUB

WVU NURSING

BRIDGEPORT

LODGEVILLE ESTATES EXPANSION AEROSPACE INDUSTRY SECTOR WVU SCHOOL OF NURSING THE THRASHER GROUP INC CHARLES POINTE COUNTRY CLUB BRIDGE SPORTS COMPLEX

Bridgeport Clarksburg Morgantown Fairmont Distance from Bridgeport 0 4.6 miles 36 miles 18 miles Population 8,675 93,500 139,157 56,233 Median Age 45.2 42.8 34.2 41 Poverty Rate 4.82% 15.6% 19.5% 15.5% Median Household Income $84,295 $51,552.00 $52,332.00 $52,856 Median Property Value $229,500 $116,200.00 $170,600.00 $122,700 CLARKSBURG BRIDGEPORT POPULATION | 102,175 44

BRIDGEPORT, WEST VIRGINIA

$84,295

HH INCOME

$229,550

MEDIAN PROPERTY VALUE

$341,490

MEDIAN LIST PRICE

102,175

POPULATION

+21.0% POPULATION CHANGE (SINCE 2001)

BRIDGEPORT 45

MEDIAN AGE AVERAGE ANNUAL RENT PER HOUSEHOLD AVERAGE HOUSEHOLD INCOME AVERAGE HOME VALUE 20K 40K 60K 80K 100K 45 $14,208 $108,336 $350,000 ANNUAL RENT MEDIAN RENT 5.933X $14,208 AVERAGE HH INCOME IS 5.933X THE AVERAGE ANNUAL RENT 46

DEMOGRAPHICS

AVERAGE HOUSEHOLD INCOME

The graph below represents the 2020 average household income by MSAs. Home values in Bridgeport, WV are 2.72 times the average household income, where the property is located. Showing that it is more expensive to live in Bridgeport, thus driving a strong local renter demand.

ECONOMY & RETAIL

THE LANDING

RETAIL DISTANCE SHEETZ 1.9 MILES DOLLAR GENERAL 7.1 MILES ANYTIME FITNESS 7.1 MILES STAPLES 9.0 MILES ARBYS 8.8 MILES FAMILY DOLLAR 10 MILES SUBWAY 9.9 MILES GAMESTOP 8.9 MILES KFC 7.2 MILES MICHAELS 7.4 MILES WALGREENS 6.9 MILES PAPA JOHNS 6.9 MILES ADDITIONAL RETAIL WITHIN MAP

BRIDGEPORT EMPLOYMENT

BRIDGEPORT CAMPUS (WVU UNITED HOSPITAL CENTER)

• 316 observation rooms

• Over 2,500 employees including 381 Physicians

• The total annual payroll is $105M

MITSUBISHI HEAVY INDUSTIRES (REGIONAL JETS)

Expanding its presence at North Central West Virginia Airport with the construction of two new hangars totaling more than 100,000 square feet. The $19.1 million project could bring as many as 800 jobs to the area, including 300 positions during the construction phase, according to company officials.

ALLEGHENY SCIENCE & TECHNOLOGY

AST focuses on applying its core capabilities to overcome challenges in the critical areas of energy, environment, national sec urity, and defense. They have 107 employees and an annual revenue of $12.0M

FUSION TECHNOLOGY

Fusion Technology deploys state-of-the-art fusion technology to solve global problems as a scalable path to practical fusion energy. They have 180 employees and annual revenue of $8.5M

FBI | 2,500 EMPLOYEES

Criminal Justice Information Services (CJIS) is a high-tech hub in the hills of West Virginia that provides a range of state of -the-art tools and services to law enforcement, national security and intelligence community partners, and the general public. They provide Identity history summa ry checks, uniform crime reporting program, national instant criminal background check system.

BRIDGEPORT SPORTS COMPLEX MEADOWBROOK MALL FBI CENTER COUNTRY CLUB BRIDGEPORT ALLEGHENY TECHNOLOGY CORP NORTH CENTRAL WV AIRPORT AURORA FLIGHT SCINECE WV FUSION TECHNOLOGY 2,500 EMPLOYEES 107 EMPLOYEES 180 EMPLOYEES 75+ STORES 150+ EMPLOYEES | 6,000+ MEMBERS 468 EMPLOYEES 21,154 FLIGHTS | 43,0000+ PASSENGERS PER YEAR

BRIDGEPORT

304 CHAPEL BROOK DR, BRIDGEPORT, WV 82 TURQUIOSE WAY, BRIDGEPORT, WV 362 KELLEY DR, BRIDGEPORT, WV BRIDGEPORT, WV | $2,499,999 BRIDGEPORT, WV | $649,900 BRIDGEPORT, WV | $600,000 43 DAVID DANIELS DR, FAIRMONT, WV 48 TURQUIOSE WAY, BRIDGEPORT, WV 324 LEXINGTON CIR, BRIDGEPORT, WV BRIDGEPORT, WV | $749,900 BRIDGEPORT, WV | $625,000 BRIDGEPORT, WV | $549,990

LOCAL HOME VALUES

A 500k-1.2million B 150-300k C 200-750k D 200-590k E 80-500k F 220-535k G 220-750k H 400-1.5million I 400-700k E A C B I G F H D 53

THE DEVELOPMENTS 05

WEST VIRGINIA UNIVERSITY

WEST VIRGINIA UNIVERSITY SCHOOL OF NURSING

West Virginia University School of Nursing and WVU Medicine United Hospital Center held a ribbon cutting ceremony Oct. 4 in conjunction with the Harrison County Chamber of Commerce to showcase the new School of Nursing campus at Bridgeport.

In the unique partnership, the newest School of Nursing campus offers the fast-track BS/ BA to BSN nursing program, alongside state-of-the art classrooms and skills labs just steps away from the clinical facility. United Hospital Center contributed $100,000 toward furnishings and equipment for the new School of Nursing Bridgeport Campus.

“With this program, we can train nurses faster,” shared Tara Hulsey, Dean and E. Jane Martin Endowed Professor. “The hospital was already expanding, so the timing was perfect for us to bring the fast-track program to a setting where there was a need.”

The new space in Bridgeport is both practical and beautiful, with natural light filling the classrooms and views of the mountains seen from the conference rooms and student lounge.

“The addition of the WVU School of Nursing to the UHC campus provides a unique opportunity for collaboration, enabling the school to produce dedicated and compassionate nurses ready to meet the evolving healthcare challenges of tomorrow,” said David F. Hess, M.D., president and CEO of UHC. “We cannot unilaterally solve nursing shortages, but together, we are uniquely positioned to meet the demands of our region and state.”

27,367 Student Enrollment 216 Undergraduate Degrees 55 Graduate Degrees 85% Acceptance Rate

THE THRASHER GROUP

#1 IN WEST VIRGINIA

ENR Top Firms by Market Sector 2017

#31 IN MID-ATLANTIC

ENR Mid-Atlantic Top Design Firms 2017

#77 IN US & CANADA

2016 Top 100 Hot Firm List – Zweig Group

THRASHER QUALITY

They’re a team of architecture, engineering, and survey consultants with the experience, integrity, and versatility to get the job done. They plan, design, contract, and manage your project… overseeing everything, or helping with a small portion… all while keeping your end goals in mind.

They can evaluate existing building conditions and potential sites to determine the best use of available land, get survey data , and utilize GIS base mapping. They create architectural and engineering designs – using advanced technology – and consider environmental aspects as well as conduct materials testing.

In 2014, the Thrasher Group won an RFP for engineering services related to 60 commercial acres located adjacent to the new inte rstate interchange project in Morgantown, WV. From our earliest meetings it became clear that the Thrasher Group was a motivated partner, and wou ld apply any and all resources towards meeting our aggressive timelines while still delivering a great product. Candidly, it was refreshing to have a designer aggressively pushing us for information and decisions to ensure that we met our goals.

President Dr. Maria C. Rose Fairmont State University

Five Diamond West Virginia Chamber Employer Thrasher Program Vehicle Donation

6,000+ Members

40+

Annual Sporting Tournaments

10,000 Participants, not including spectators

BRIDGEPORT SPORTS COMPLEX

Our indoor turf field contains nearly 3,500 square feet of playing field for year-round sports. Two retractable batting cages complete with pitching machines are located on the indoor turf for batting practice. Our turf, which can be split in half or into quadrants, contains field markings for soccer, football, lacrosse, and baseball with a digital scoreboard. The indoor turf is utilized by leagues, camps, and tournaments, and is available for rentals.

The Bridge features two state of the art swimming pools: a 25-meter by 25-yard competition pool and a 25-yard recreational warmup pool. Bleachers for spectating are located inside the pool area, and concessions are located nearby. Members of The Bridge can access the pools during designated lap swimming hours or recreational family open swim hours.

BRIDGEPORT COUNTRY CLUB

Bridgeport Country Club is the place to be for you and your family! New modernized greens within a very well-maintained golf course that is always green and challenging. A large, gorgeous pool that offers stone water features, six full 25-meter lanes for our swim team, diving board, a slide, kiddie pool with water fountain and more...

OTHER DEVELOPMENTS

Heading into the final week of February, Bridgeport had seen $29.4 million in activity in building permits filed Projects range from heavy industrial, retail, commercial, and residential Meadowbrook Mall will undergo a complete makeover to include the addition of a 151,000-square-foot, a total of an $8 million bu ild-out

The industrial portion of expansion is led by the North Central West Virginia Airport (CKB) and the Aerotech Business Park, whi ch have an estimated annual economic impact of $1 billion. The airport is home to a passenger terminal, expanding aviation training programs, and a host of support businesses.

THE LODGEVILLE ESTATES EXPANSION PROJECT

The entire project to be in the range between $4-5 million 10.71 acre parcel of land for up to 96 potential apartment units

AEROSPACE INDUSTRY CONTINUES TO GROW

This new building extension adds 48,000 square feet, doubling the current manufacturing capacity and capabilities. The Aurora Flight Sciences building expansion will bring more aerospace jobs to north central West Virginia. Aurora delivers innovations across aircraft configurations, autonomous systems, propulsion technologies, and manufacturing proc esses. For over 30 years, Aurora has developed cutting-edge air vehicles and enabling technologies from concept to reality. A division of Boeing, Aurora Flight Sciences specializes in a variety of manned and unmanned aircraft and satellite application s for military and commercial use. Aurora also has the contract to supply the next generation of the Virgin Galactic spaceplane, due to roll out in 2025 .

DEVELOPMENTS SUMMARY

Name Location Value Start Date Delivery Oakwood Estates at White Oaks Harrison County Bridgeport, WV $10M+ Q3 2024 New Menards at Charles Pointe Crossing Harrison County Bridgeport, WV $14.6M Q2 2023 Charles Pointe Crossing Expansion Harrison County Bridgeport, WV $91M Q1 2023 Mon Health Hospital Harrison County Bridgeport, WV $22.5M Q3 2023 Expansion Project for Lodgeville Estates Harrison County Bridgeport, WV $4-5M Aurora Flight Sciences Harrison County Bridgeport, WV 2026

expansion project

Expansion

artist renderings 63

Aurora Flight Sciences Start to the

Charles Point Crossing

Conceptual

THE FINANCIALS 06

THE LANDING

UNIT DISTRIBUTION

UNIT RENTS

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 SUMMARY One Bedroom 56 Units 800 SF 44,800 SF $1,470.54 $1.84 $82,350 $1,470.54 $1.84 SF $82,350 $1,543.30 $1.93 SF $86,425 Two Bedroom 56 Units 1,000 SF 56,000 SF $1,742.86 $1.74 $97,600 $1,742.86 $1.74 SF $97,600 $1,815.63 $1.82 SF $101,675 Totals / Wtd. Averages 112 Units 900 SF 100,800 SF $1,606.70 $1.79 SF $179,950 $1,606.70 $1.79 SF $179,950 $1,679.46 $1.87 SF $188,100

UNIT MIX SUMMARY

THE LANDING

UNIT MIX SUMMARY 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 51 Units 800 SF 40,800 SF $1,350.00 $1.69 SF $68,850 $1,350.00 $1.69 SF $68,850 $1,425.00 $1.78 SF $72,675 1BR/1BA - Executive Lease 5 Units 800 SF 4,000 SF $2,700.00 $3.38 SF $13,500 $2,700.00 $3.38 SF $13,500 $2,750.00 $3.44 SF $13,750 Totals / Wtd. Averages 56 Units 800 SF 44,800 SF $1,470.54 $1.84 SF $82,350 $1,470.54 $1.84 SF $82,350 $1,543.30 $1.93 SF $86,425 TWO BEDROOM 2BR/1BA 51 Units 1,000 SF 51,000 SF $1,600.00 $1.60 SF $81,600 $1,600.00 $1.60 SF $81,600 $1,675.00 $1.68 SF $85,425 2BR/1BA - Executive Lease 5 Units 1,000 SF 5,000 SF $3,200.00 $3.20 SF $16,000 $3,200.00 $3.20 SF $16,000 $3,250.00 $3.25 SF $16,250 Totals / Wtd. Averages 56 Units 1,000 SF 56,000 SF $1,742.86 $1.74 SF $97,600 $1,742.86 $1.74 SF $97,600 $1,815.63 $1.82 SF $101,675

YEAR 1 GROSS POTENTIAL RENT % of GPR Per Unit % of GPR Per Unit All Units at Market Rent $2,159,400 19,280 $2,257,200 20,154 Gain (Loss) to Lease ($43,188) 2.00% (386) ($45,144) 2.00% (403) GROSS SCHEDULED RENT $2,116,212 18,895 $2,212,056 19,751 Other Income Pet Fee Income $32,391 1.53% 289 $33,363 1.51% 298 Application Fee $26,992 1.28% 241 $27,802 1.26% 248 Late Fee/Other Income $32,391 1.53% 289 $33,363 1.51% 298 Total Other Income $91,774 4.34% 819 $94,527 4.27% 844 GROSS POTENTIAL INCOME $2,207,986 19,714 $2,306,583 20,594 Physical Vacancy ($105,811) 5.00% (945) ($110,603) 5.00% (988) Bad Debt ($21,162) 1.00% (189) ($22,121) 1.00% (198) EFFECTIVE GROSS INCOME $2,081,013 92.00% 18,580 $2,173,860 92.00% 19,409 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit % of EGI Per Unit 2020 Taxes Paid $272,720 Auditor 13.11% 2,435 $272,720 12.55% 2,435 Total Real Estate Taxes $272,720 13.11% 2,435 $272,720 12.55% 2,435 Insurance $33,600 1.61% 300 $33,600 1.55% 300 Utilities Electric $6,000 0.29% 54 $6,120 0.28% 55 Gas $0 0.00% 0 $0 0.00% 0 Water & Sewage $44,800 2.15% 400 $45,696 2.10% 408 Trash Removal $5,600 0.27% 50 $5,712 0.26% 51 Total Utilities $56,400 2.71% 504 $57,528 2.65% 514 Total Non-Controllable $362,720 17.43% 3,239 $363,848 16.74% 3,249 CONTROLLABLE Contract Services Snow Removal $3,920 0.19% 35 $3,920 0.18% 35 Landscaping/Grounds $11,200 0.54% 100 $11,200 0.52% 100 Pest Control $3,920 0.19% 35 $3,920 0.18% 35 Total Contract Services $19,040 0.91% 170 $19,040 0.88% 170 Repairs & Maintenance $67,200 3.23% 600 $67,200 3.09% 600 Marketing & Promotion $8,400 0.40% 75 $8,400 0.39% 75 On-Site Payroll $100,800 4.84% 900 $100,800 4.64% 900 Payroll Taxes & Benefits $11,200 0.54% 100 $11,200 0.52% 100 General & Administrative $11,200 0.54% 100 $11,200 0.52% 100 Management Fee $78,038 3.75% 697 $81,520 3.75% 728 Replacement & Reserves $28,560 Note 1 1.37% 255 $29,131 1.34% 260 Total Controllable $324,438 15.59% 2,897 $328,491 15.11% 2,933 TOTAL EXPENSES $687,158 33.02% 6,135 $692,339 31.85% 6,182 NET OPERATING INCOME $1,393,855 66.98% 12,445 $1,481,521 68.15% 13,228

EXPENSE

CURRENT

INCOME

THE LANDING INCOME & EXPENSES

UNDERWRITING NOTES

# NOTE

1 Replacement & Reserves: added based on market norm of $255 per unit per year

YEAR 2 YEAR 3 % of GPR Per Unit % of GPR Per Unit $2,324,916 20,758 $2,394,663 21,381 ($46,498) 2.00% (415) ($47,893) 2.00% (428) $2,278,418 20,343 $2,346,770 20,953 $34,364 1.51% 307 $35,395 1.51% 316 $28,636 1.26% 256 $29,495 1.26% 263 $34,364 1.51% 307 $35,395 1.51% 316 $97,363 4.27% 869 $100,284 4.27% 895 $2,375,781 21,212 $2,447,054 21,849 ($113,921) 5.00% (1,017) ($117,339) 5.00% (1,048) ($22,784) 1.00% (203) ($23,468) 1.00% (210) $2,239,076 92.00% 19,992 $2,306,248 92.00% 20,591 % of EGI Per Unit % of EGI Per Unit $272,720 12.18% 2,435 $272,720 12.18% 2,435 $272,720 12.18% 2,435 $272,720 12.18% 2,435 $34,272 1.53% 306 $34,957 1.56% 312 $6,242 0.28% 56 $6,367 0.28% 57 $0 0.00% 0 $0 0.00% 0 $46,610 2.08% 416 $47,542 2.12% 424 $5,826 0.26% 52 $5,943 0.27% 53 $58,679 2.62% 524 $59,852 2.67% 534 $365,671 16.33% 3,265 $367,530 16.41% 3,282 $3,998 0.18% 36 $4,078 0.18% 36 $11,424 0.51% 102 $11,652 0.52% 104 $3,998 0.18% 36 $4,078 0.18% 36 $19,421 0.87% 173 $19,809 0.88% 177 $68,544 3.06% 612 $69,915 3.12% 624 $8,568 0.38% 77 $8,739 0.39% 78 $102,816 4.59% 918 $104,872 4.68% 936 $11,424 0.51% 102 $11,652 0.52% 104 $11,424 0.51% 102 $11,652 0.52% 104 $83,965 3.75% 750 $86,484 3.75% 750 $29,714 1.33% 265 $30,308 1.35% 271 $335,876 15.00% 2,999 $343,433 15.23% 3,044 $701,547 31.33% 6,264 $710,963 31.75% 6,348 $1,537,529 68.67% 13,728 $1,595,285 71.25% 14,244

CURRENT YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YE APR-2024 YE APR-2025 YE APR-2026 YE APR-2027 YE APR-2028 YE APR-2029 YE APR-2030 YE APR-2031 YE APR-2032 YE APR-2033 GROSS POTENTIAL RENT All Units at Market Rent $2,159,400 $2,257,200 $2,324,916 $2,394,663 $2,466,503 $2,540,498 $2,616,713 $2,695,215 $2,776,071 $2,859,353 $2,945,134 Gain (Loss) to Lease ($43,188) ($45,144) ($46,498) ($47,893) ($49,330) ($50,810) ($52,334) ($53,904) ($55,521) ($57,187) ($58,903) GROSS SCHEDULED RENT $2,116,212 $2,212,056 $2,278,418 $2,346,770 $2,417,173 $2,489,689 $2,564,379 $2,641,311 $2,720,550 $2,802,166 $2,886,231 Total Other Income $91,774 $94,527 $97,363 $100,284 $102,290 $104,335 $106,422 $108,551 $110,722 $112,936 $115,195 GROSS POTENTIAL INCOME $2,207,986 $2,306,583 $2,375,781 $2,447,054 $2,519,463 $2,594,024 $2,670,801 $2,749,861 $2,831,271 $2,915,102 $3,001,426 Physical Vacancy ($105,811) ($110,603) ($113,921) ($117,339) ($120,859) ($124,484) ($128,219) ($132,066) ($136,027) ($140,108) ($144,312) Bad Debt ($21,162) ($22,121) ($22,784) ($23,468) ($24,172) ($24,897) ($25,644) ($26,413) ($27,205) ($28,022) ($28,862) EFFECTIVE GROSS INCOME $2,081,013 $2,173,860 $2,239,076 $2,306,248 $2,374,433 $2,444,643 $2,516,939 $2,591,382 $2,668,038 $2,746,972 $2,828,252 Real Estate Taxes $272,720 $272,720 $272,720 $272,720 $278,174 $283,738 $289,413 $295,201 $301,105 $307,127 $313,270 Insurance $33,600 $33,600 $34,272 $34,957 $35,657 $36,370 $37,097 $37,839 $38,596 $39,368 $40,155 Utilities $56,400 $57,528 $58,679 $59,852 $61,049 $62,270 $63,516 $64,786 $66,082 $67,403 $68,751 Contract Services $19,040 $19,040 $19,421 $19,809 $20,205 $20,610 $21,022 $21,442 $21,871 $22,308 $22,755 Repairs & Maintenance $67,200 $67,200 $68,544 $69,915 $71,313 $72,739 $74,194 $75,678 $77,192 $78,736 $80,310 Marketing & Promotion $8,400 $8,400 $8,568 $8,739 $8,914 $9,092 $9,274 $9,460 $9,649 $9,842 $10,039 On-Site Payroll $100,800 $100,800 $102,816 $104,872 $106,970 $109,109 $111,291 $113,517 $115,788 $118,103 $120,465 Payroll Taxes & Benefits $11,200 $11,200 $11,424 $11,652 $11,886 $12,123 $12,366 $12,613 $12,865 $13,123 $13,385 General & Administrative $11,200 $11,200 $11,424 $11,652 $11,886 $12,123 $12,366 $12,613 $12,865 $13,123 $13,385 Management Fee $78,038 $81,520 $83,965 $86,484 $89,041 $91,674 $94,385 $97,177 $100,051 $103,011 $106,059 Replacement & Reserves $28,560 $29,131 $29,714 $30,308 $30,914 $31,533 $32,163 $32,806 $33,463 $34,132 $34,814 TOTAL EXPENSES $687,158 $692,339 $701,547 $710,963 $726,009 $741,381 $757,087 $773,132 $789,526 $806,276 $823,389 NET OPERATING INCOME $1,393,855 $1,481,521 $1,537,529 $1,595,285 $1,648,423 $1,703,261 $1,759,852 $1,818,250 $1,878,512 $1,940,697 $2,004,863 INCOME EXPENSE

THE LANDING CASH FLOW

*Calculated as a percentage of Gross Potential Rent | **Calculated as a percentage of Effective Gross Income

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 Income Gross Potential Rent 4.53% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Expenses Expenses 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Management Fee** 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 Physical Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%