Corbett Village Homes, Tucson AZ

Empoweringinvestorstoearnpassiveincomethroughrealestateinvesting.

Thisdocumentisconfidentialandmaynotbereproducedorredistributed.Theinformationpresentedhereinhasbeenpreparedforinformationalpurposesonlyandisnotanoffertobuyorsell,orasolicitationofanoffertobuyorsellanysecurity orfundinterestoranyfinancialinstrumentandisnottobeconsideredinvestmentadvice.Thispresentationisforinstitutionaluseonlyandisnottobedistributedtoanypartyotherthanitsintendedrecipient.

Thefollowingmaterialspresentinformationregardingaproposedcreationofaspecialpurposevehicle(the“Issuer”)whichwouldoffersecurities(the“Securities”)toindirectlyfinanceitsacquisitionofaportfoliooffinancialassetstobeselected and managed by the portfolio manager referred to herein (the “Manager”). These materials have been prepared to provide preliminary information about the Issuer and the transactions described herein to a limited number of potential underwritersoftheSecuritiesforthesolepurposeofassistingthemtodeterminewhethertheyhaveaninterestinunderwritingtheSecurities.AllsecuritiesaresoldthroughCPICapitalEMDTokenFunderorFrontFundr.

Forward-LookingStatements

Thisdocumentincludes“forward-lookingstatements”and“forward-lookinginformation”(collectively,“forward-lookingstatements”)and“financialoutlook”withinthemeaningofapplicablesecuritieslaws.Allstatementsotherthanstatements ofhistoricalfactsincludedinthisdocument,including,withoutlimitation,statementsregardingthefuturefinancialposition,targetedorprojectedinvestmentreturns,businessstrategy,budgetsandprojectedcostsofthePartnershipandplans andobjectivesofthePartnershipforfurtheroperations,areforward-lookingstatementsorfinancialoutlook.Inaddition,forward-lookingstatementsandfinancialoutlookgenerallycanbeidentifiedbytheuseofforward-lookingterminologysuch as “may,” “will,” “expect,” “intend,” “forecasted,” “projected,” “estimate,” “anticipate,” “believe,” or “continue” or the negative usages thereof or variations thereon or similar terms, although not all forward-looking statements or financial outlook containtheseidentifyingwords.Forward-lookingstatementsandfinancialoutlookreflectourcurrentexpectationsandassumptionsasofthedateofthestatementsandaresubjecttoanumberofknownandunknownrisks,uncertaintiesand otherfactors,including,withoutlimitation,thoselistedundertheheading“RiskFactors”below,manyofwhicharebeyondourcontrol,whichmaycauseactualresults,performanceorachievementstobemateriallydifferentfromanyanticipated futureresults,performanceorachievementsexpressedorimpliedbytheforward-lookingstatements.Althoughwebelievethattheassumptionsonwhichtheforward-lookingstatementsaremadeandthefinancialoutlookisbased,including, withoutlimitation,thoseassumptionslistedunderheading“Assumptions”below,arereasonable,basedontheinformationavailabletoitonthedatesuchstatementsweremade,noassurancescanbegivenastowhethertheseassumptionswill provetobecorrect.Giventheseuncertainties,readersarecautionedthatforward-lookingstatementsandfinancialoutlookcontainedhereinarenotguaranteesoffutureperformance;accordingly,readersshouldnotplaceunduerelianceon forward-looking statements or financial outlook. To the extent any forward-looking statements in this this document constitute “financial outlook” within the meaning of applicable securities laws, such information is being provided, so that readers are aware of management’s current estimate of future financial performance of the Partnership (which estimates are subject to change). We will not update any forward-looking statements or financial outlook except as, and to the extent, required by applicable securities laws. The forward-looking statements and financial outlook contained herein, and all subsequent written and oral forward-looking statements and financial outlook attributable to the Partnership, or personsactingonanyoftheirbehalf,areexpresslyqualifiedintheirentiretybythiscautionarystatement.NorepresentationorwarrantyismadebythePartnershipastotheaccuracyorcompletenessofanyoftheinformationcontainedherein. Nosecuritiescommissionorsimilarregulatoryauthorityhaspassedonthemeritsofthesecuritiesreferredtohereunderandanyrepresentationtothecontraryisanoffence.Inconsideringthepriorperformanceinformationcontainedherein, prospectiveinvestorsshouldbearinmindthatpastperformanceisnotnecessarilyindicativeoffutureresults,andtherecanbenoassurancethatthePartnershipwillachievecomparableresults.

RiskFactors

InvestmentinthePartnershipinvolvesahighdegreeofriskandissuitableonlyforsophisticatedinvestorswhocanwithstandthelossoftheirentireinvestmentandrequiresthefinancialabilityandwillingnesstoacceptthehighrisksandlackof liquidityinherentinaninvestmentinthePartnership.Noassurance,representationorwarrantycanbegiventhatthePartnership’sinvestmentobjectiveswillbeachievedorthatinvestorswillreceiveareturnoftheircapital.AninvestmentinUnits issubjecttorisk.Standardrisksapplicabletoinvestmentsofthisnatureinclude:

• NomarketforUnits:ThereiscurrentlynoresalemarketfortheUnitsanditisnotguaranteedthatanymarketwilldevelop.TheUnitsarenottransferablewithouttheapprovalofGeneralPartnerandincompliancewithapplicablesecuritieslaws andregulations.

• VacancyRates:Theapartmentbuildingbusinessreliesonasteadysupplyofgoodqualitytenants.Ashortageofqualitytenantsduetoaneconomicdownturnorjoblossesinagivenmarketplacecouldresultinhigherthanexpectedvacancy andlowerthanexpectedrevenue.

• Noguaranteedreturn:TheprojectedreturnsdescribedinthisInvestmentSummaryarenotguaranteed.AninvestmentinUnitsisnotsuitableforinvestorswhocannotaffordtoassumesignificantrisksinconnectionwiththeirinvestments.

• Taxmatters:Investorsshouldconsulttheirowntaxadvisorsforadvicewithrespecttothetaxconsequencesofaninvestmentintheunitsbasedontheirparticularcircumstances.

• ThePartnership:intendstoacquireunitsinaUSLP(Investment),Delawarelimitedpartnership,andthePartnershipwillownunitsinthe

• USLP(Investment).Intheeventofarefinancingoftheproperty,thePartnershipwillbeentitledtoparticipateinthenetproceedsoftherefinancingonaparipassubasis.Subjecthowever,tothefinaltermsoftheUSLP(investment)agreement which may include a Preferred Equity Partner that may receive preferred preferential rights of return (see Two-Tiered Equity Structure for more details). For more information, investors are advised to review the agreements governing the relationshipsdescribedherein.

• Covid-19:AstheimpactandextentoftheCOVID-19outbreakisnotknownasofthedateofthisdocument,allforwardlookingstatementsinthisdocumentarequalifiedbytherisksassociatedwiththeCOVID-19outbreak.Thereissignificant risk that the COVID-19 outbreak will cause the assumptions underlying the forward-looking information in this document to change and the actual results and performance of the Partnership to differ materially from the forward-looking statementscontainedherein.

Assumptions

Materialfactorsorassumptionsthatwereappliedindrawingaconclusionormakinganestimatesetoutintheforward-lookingstatementsandfinancialoutlookcontainedhereinincludethat:buildingupgradeplansandrelatedexpenseswill proceedasanticipated;thePartnershipwillremainingoodstandingwithrespecttoitsobligationstoanyseniorlenders;thegeneraleconomyisstable;localrealestateconditionsarestable;interestratesarerelativelystable;equityanddebt marketscontinuetoprovideaccesstocapital;andthatthePartnership’sexpenseswillnotbemateriallygreaterthananticipated.Thesefactorsandassumptionsshouldbeconsideredcarefullybyreaders.Readersarecautionednottoplace undue reliance on the forward-looking statements or financial outlook or the assumptions on which the forward-looking statements and financial outlook are based on. Investors are further cautioned that the foregoing list of factors and assumptionsisnotexhaustive.Inaddition,informationregardingtargetedreturnsisbasedonthefollowingprinciplesandassumptions:thePartnershipwillmaintainaconsistentlevelofcashflowandindebtednessandwillnotmateriallyincur additionalindebtedness,otherthanwithrespecttoordinaryoperatingcostsorasdisclosedherein;theconsumerpriceindex,propertytaxes,operatingexpensegrowth,andmarketrentgrowthwillbeasanticipated;existingtenantswillfulfiltheir currentcontractualleaseobligationsandremaininoccupancyandpayrentforthetermoftheirleases;uponexpiryoftheirleases,thenumberofretainedtenantswillmeethistoricalretentionexperience;andthePartnershipwillmaintaincash reservesasanticipated.

Althoughwebelievethattheassumptionsonwhichtheforward-lookingstatementsaremadearereasonable,basedontheinformationavailabletoitonthedatesuchstatementsweremade,noassurancescanbegivenastowhetherthese assumptionswillprovetobecorrect.Accordingly,readersshouldnotplaceunduerelianceonforward-lookingstatements.Wewillnotupdateanyforward-lookinginformationexceptas,andtotheextent,requiredbyapplicablesecuritieslaws. Theforward-lookingstatementscontainedherein,andallsubsequentwrittenandoralforward-lookingstatementsattributabletothePartnership,orpersonsactingonanyoftheirbehalf,areexpresslyqualifiedintheirentiretybythiscautionary statement. Market data and certain industry statistics used throughout this executive summary were obtained from market research, informational and marketing materials provided to CPI Capital, publicly available information and industry publications.Industrypublicationsgenerallystatethattheinformationcontainedthereinhasbeenobtainedfromsourcesbelievedtobereliable,butthattheaccuracyandcompletenessofsuchinformationisnotguaranteed.Norepresentation orwarrantyismadebythePartnershipastotheaccuracyorcompletenessofanyoftheinformationcontainedherein.Nosecuritiescommissionorsimilarregulatoryauthorityhaspassesonthemeritsofthesecuritiesreferredtohereunderand anyrepresentationtothecontraryisanoffence.Inconsideringthepriorperformanceinformationcontainedherein,prospectiveinvestorsshouldbearinmindthatpastperformanceisnotnecessarilyindicativeoffutureresults,andtherecanbe noassurancethatthePartnershipwillachievecomparableresults.

RISKMITIGATION&OTHERIMPORTANTNOTES

FIXEDPRICEDACQUISITIONDEAL-NOTADEVELOPMENTDEAL-WEHAVEALOCKEDINPRICE.

THEREWILLBENO DEVELOPMENTRISK

ThePartnership(CPICapital& Investors)willbeacquiringthe homesatcertificateofoccupancy.

THEREWILLBENO MATERIALORLABOUR COSTINCREASERISK THROUGHTHE DEVELOPMENTPROCESS

ThePartnership(CPICapital& Investors)willbeexecutingaforward purchasebasis/allcostsincluded agreementwiththeDeveloper (seller).

THEREWILLBENO CONSTRUCTIONRELATED FINANCING

TheDeveloper(seller)willbe securingdebtfortheconstruction independentlyfromThePartnership (CPICapital&Investors)

PURCHASEPRICEIS12% DISCOUNTTO APPRAISEDVALUE

CPICapitalacquisitionteam sourcedthisprojectdirectlyfrom theDeveloper(seller)andrelieved theDeveloperfromhavingto marketandsellthehometo71 separatebuyers,hencethe discount.

EXTREMELYRAREINFILL PROPERTY

Infillisapieceoflandavailablefor developmentinexistingurban neighborhoods.HistoricallyBTR-SFR portfolioshavebeendevelopedinthe outskirtsoftownduetoavailabilityof bareland.Thedeveloperacquired thelands fouryearsagofromthe countywhichpreviouslyhousedan elementaryschool.

THEREWILLBENO ENTITLEMENT (REZONING)RISK

Thelandshavebeenfullyentitledby theDeveloper(seller).All entitlement/development documentsareavailable inCPI Capitalinvestorportal.

Opportunity:

ofTucson,Arizonadirectlyfromthedeveloperforatotalpurchasepriceof$21.5million

BusinessPlan:

CPI Capital will go under contract on a forward purchase basis to acquire Corbett Village Homes Rental Community upon construction completion, which will occur in phases commencing on September 2023 through June 2024, and will lease the homes at market rents as they are delivered. By locking in today’s pricing,thepropertywillbenefitfromcontinuedrentalgrowthandappreciationinthemarket,whichwillalso help protect against rising interest rates. Corbett Village Homes Rental Community will appeal to families and working professionals seeking an affordable, entry level home rental that provides an alternative to homeownershipanddenseurbanliving.

CorePlusRiskForOpportunisticReturns:

By acquiring newly constructed homes on a forwardpurchasebasis,the Sponsor avoids construction risk, getstheadvantageoffuturerentgrowthandappreciationandacquireshomeswithwarrantiesthatrequire minimalmaintenanceorcapital,allwhileachievingreturnsthatwouldgenerallyrequirehigherrisk.Portfolio returnsprojectstoa22%grossleveredIRR,8.5%leveredcashoncashonyears3-5,and2.62xgrosslevered equity multiple over a 5-year hold period. The homes are all on separate parcels, mitigating risk and providingaflexibleexitstrategywiththeabilitytosellthehomesoneoffinadownsidescenario.

RegionalAdvantages

Withanabundanceofhigh-qualityjobsandnew,high-profiledevelopmentsunderwayintheregion,Tucson is experiencing exceptional growth. This growth includes over $1 billion worth of expansion plans at the University of Arizona's Tech Park and Raytheon Technology Corp is undergoing a significant expansion adding 3,000 new jobs to southern Tucson. Strong job growth and relative affordability have created excellentgrowthdynamicsintheTucsonrealestatemarket.CorbettVillageprovidesinvestorswiththerare opportunity to acquire a newly constructed portfolio of single-family homes by one of the fastest-growing homebuildersinoneofAmerica'smostdesirablecities.

Compliance

For Canadian Investors this offering is a 45-106 – Offering Memorandum Exemption and is open to accredited and eligible investors. For US investors this offering is a Reg-D 506C offering and is open only to accreditedinvestors.AUSaccreditedinvestorhaseitheranetworthof$1million,notincludingtheirprimary residence or an annual income of $200,000 (or $300,000 if married) for the last two years and you have a reasonableexpectationthatitwillcontinue.

PerfectMatchForRemote Workers

Tucson offers a great lifestyle and a variety of work-from-home opportunities. Ranked No. 5 among "The 7 Best Cities for Remote Workers"byForbes,andoneoftheTop10Remote-ReadyCitiesin theU.S.,accordingtoLivability.com.Withanumberofco-working spaces,freelancersandremoteworkerswillfitinnicely,aswellas finding plenty of friendly residents who are happy to play host wheneverpossibleintheregion.

SteadilyRecovered,PreparedForTakeoff

In December 2021, local employers added 15,200 net jobs year-over-year, reaching 100% of pre-pandemic workforce according to Bureau of Labor Statistics.

The median price of a single-family home in Tucson has increased by 17.6% year-over-year. Tucson’s relative affordability, strong job announcements, and remote work trends allow to benefit long-term as home prices in the area becomeincreasinglycostprohibitive.

ConvenienceandProximity

Stationed at an elusive central location, Corbett Village Homes are within 15 minutes' driving distance of major retailers such as Walmart, Costco and Target. In under 17 minutes, you can zoom your way to the Tucson International Airport or in the direction of significant employers, including Amazon and Raytheon. A 14-minute drive also gives you access to the bustling streets of Downtown Tucson. The University of Arizona, which operates as the largest employer in the region with 15,000+ jobs, along with the DavisMonthan-TucsonAirForceBase,generatingapproximately$3 billionineconomicactivityannually,arelocatedwithina15-minute drivingdistancefromtheasset--Thus,providingconvenienceand proximitytotheseamenities

DemandDrivers

Ranked No. 8 among "The 15 Best Cities for Gen Z to Live Well on a Budget," Tucson offers a unique combination of quality of life, affordability and natural beauty — an attractive package that drawsyoungprofessionalstothearea.Manyofthesenewresidents are young adults looking to further their education by going to school in town or working at local companies such as Intel, RaytheonAircraft,HoneywellAerospaceandothers.Developersare takingnoticeofthelifestyleandlife-cyclechangesintheMillennial, Gen X & Baby Boomer Cohorts and are responding with a hybrid rentalproduct.

BENEFITSOFBUILD-TO-RENT(BTR)

The single-family build-to-rent market is the fastest-growing segment in the U.S. single family home market. AccordingtotheUrbanLandInstitute,single-familyrentalshaveoutpacedthegrowthofbothsingle-family-for-sale and multifamily housing in recent years. Developers are taking notice of the lifestyle and life-cycle changes in the Millennial, Gen X & Baby Boomer Cohorts and are responding with a hybrid rental product. Single-family build-to-rent communities have been meticulously designed to attract today’s discerning renter who seeks the comforts and advantages of a new home while benefiting from the maintenance-free conveniences of apartment livingandavoidingthecostsofhomeownership,includingdownpayments,mortgagesandhomerepairs.

AdvantagesofSFBTRforInvestors

AdvantagesofSFBTRforResidents

• Onaverage,rentsare20–25%higher thanconventionalmultifamily communities

• Lowerturnovercost,givena“stickier” tenantbasedrawntotheassettype

• Strongdemandforlow-density housing

• Double-digityear-over-yearrental growth

• SFBTRrentsreflecthigher-income tenantdemographicsthanthatof conventionalapartmentcommunities

•

•

levelofsecurity

GROWINGDEMANDFORSINGLEFAMILYRENTALS

EmptyNestersAreaNew SourceofDemand

AccordingtotheJointCenterforHousing StudiesofHarvardUniversity,demand forfuturehousingwillbefueledbythe35 –44-year-oldagecohort,andempty nesterswhoare65andabove.Empty nesterstypicallyexperiencesubstantial shiftsintheirhousingneeds,further motivatingthisdemographictosteer towardsamaintenance-free, build-to-rentcommunity.

TheEmergenceofThe $100K+Renter

Freedomfrommaintenanceandthe inherentabilitytoeasilychange locationaresomeoftheleading reasonsfortheshifttorentingfor BabyBoomers.Rentinghasbecome muchmoreprevalentamongthe generationsandfamilytypes, traditionallymore-likelytoown homes.

HigherIncomeHouseholds MakeGreatTenants

Theattractivenessofbuild-to-renthousingis alsosignificanttoinvestorsofthese communities.High-incomerentersaremore likelytoacceptrentincreasesuponrenewal, benefitingownershipwithlowerturnovercosts anddecreasedmaintenancecosts.Higher incomeresidentstraditionallytakebettercare oftheirunits,especiallyinBTRassetswhere theirunitsfeelliketheirownhome,as opposedtotemporaryhousing.

BoomingSingleFamilyHomePricesDrivingRentalDemand

Thecombinationofintensedemandandthelow mortgagerateshaspushedhomepricestolevels thataremakingitdifficulttosaveforadown payment,particularlyamongfirst-timebuyers.

Renters-by-Choiceisamarketsegmentontherise, primarilydrivenbylifestylepreferences.Millennialsand babyboomersalikedesireahigh-qualityliving experiencewithprivacyandnomaintenance.

Build-to-rentsubdivisionsareattractivetosomeurban apartmentrenterswhowanttomovetothesuburbsbut areunableoruninterestedinbuyingahome.Many youngprofessionalsandfamiliesarelesskeenthan theirparentsinbeingtieddownbya30-yearmortgage.

Thehomeownershiprateofmillennialhouseholdsis belowthatofGenXersandBabyBoomersatthe sameage,inpartbecausethey’vesavedlessfora down-paymentduetoeconomiccircumstances, studentloansanddebts.

HOUSINGSHORTAGE&PRICEESCALATION CAUSEDBYCONFLUENCEOFFACTORS

FactorsContributingTo HousingShortage

• New-homeconstructionhasfallen 6.8millionunitsshortofwhatis neededtomeet household-formationgrowth.

• Increaseinthenumberof householdsduetohighdivorce ratesaswellasyounger generationsstayingsinglelonger anddelayingmarriage/family.

• EmptynesterBabyBoomersarenot sellingtheirhomes.Olderadultsare aginginplacemorethanearlier generations.

• Manyarestartingfamiliesandwant tobuyahouseafteryearsofrenting butnowtherearenotenoughsellers tomeettheirdemand.

• Sole-personhouseholdsare increasing.

THREE-TIEREDEQUITYSTRUCTUREALLOWS INVESTORSTOMATCHINVESTMENTGOALS

Three-Tiered Return Structure: A three-tiered return structure gives investors more choices when placing their equity. Investors have the opportunity to invest as either a Class A, B or C Limited Partners relative to meeting the minimuminvestmentrequirements.

Limited Partner Class A: These investors receive a cumulative preferred return of 10% paid out monthly upon stabilization. Due to the position in the capital stack, Class A investorshavevirtuallynoupsideupondispositionoranother capitalevent.Thistierisforinvestorswhopreferastrongcash flow and minimal risk. The minimum investment as a Class A LimitedPartneris$100,000

LimitedPartnerClassB:ClassBinvestorssitbehindClassA Investors in the capital stack per diagram. These investors receive a cumulative preferred return of 8% paid out monthly upon stabilization. Cash flow from operations remaining after payingoutClassAwillbedistributedtoClassB&Cinvestors monthly upon stabilization. The minimum investment for Class B is $100,000. This tier is for investors who want to maximize their returns over the life of the investment. Class B investors will participate in the upside upon disposition or capital events. Profits exceeding the 8% preferred returns are split70/30betweentheLP/GP(nosecondaryhurdle).

LimitedPartnerClassC:ClassCinvestorssitbehindClassA Investors in the capital stack per diagram. These investors receive a cumulative preferred return of 7% paid out monthly upon stabilization. Cash flow from operations remaining after payingoutClassAwillbedistributedtoClassB&Cinvestors monthly upon stabilization. The minimum investment for Class C is $50,000. This tier is for investors who want to maximizetheirreturnsoverthelifeoftheinvestment.ClassC investors will participate in the upside upon disposition or capital event. Profits exceeding the 7% preferred returns are split70/30betweentheLP/GP.Profitsexceedinga15%IRRare split50/50.

LimitedPartner(ClassA) (basedon$100,000investment)

Cap

LimitedPartner(ClassB) SensitivityRange (basedon$100,000investment)

N/A $132,262 10.4% 1.57x 5.40%

5.00% $177,297 16.2% 2.05 8.5% 21.1% 4.75% $197,643 18.5% 2.26 8.5% 25.1%

4.50% $220,250 20.8% 2.48 8.5% 29.6% 4.25% $245,516 23.1% 2.73 8.5% 34.7% 4.00% $273,941 25.6% 3.02 8.5% 40.4%

5.00% $87,595 16.0% 2.03 8.5% 20.7%

LimitedPartner(ClassC)

SensitivityRange (basedon$50,000investment)

4.75% $94,851 17.7% 2.18 8.5% 23.6% 4.50% $102,913 19.4% 2.34 8.5% 26.8%

4.25% $111,924 21.2% 2.52 8.5% 30.4% 4.00% $112,061 23.0% 2.72 8.5% 34.5% *Uponstabilization

INVESTMENTOFFERING

CorbettVillageHomesisaprivateoff-marketportfolioofa71-homerentalcommunity purchasedatan12%belowmarketratefromwhattheywouldcosttobuildfrom scratchduetoCPICapital'sdirectrelationshipwiththebuilder.

WiththeriseindemandforbothSFRsingrowingmarketsandexistingdemandfor single-familyresidences,yards,garages,andcomplimentaryamenitiesthatarenot commoninthearea,thisexclusivedealislikestrikinggoldinthedessert.

Withthislandbeingalreadyentitled,theprojectisreadyforgroundbreaking construction,allowingforsignificanttimeandmoneysavingsacrosstheboardforyou asaninvestor.

Thisrareinvestmentopportunityoffersanoasisforcommunitiesseekingthecomfort andadvantagesofanewhomewhilebenefitingfromthemaintenance-free conveniencesofapartmentlivingandavoidingthecostsofhomeownership.This demandallowsfor20%-25%higherrentscomparedtoitsmultifamilyinvestment counterpart.

Theland'selusivecentrallocation,surroundedbyrobustrentalneighborhoodsacross alldirectionsandproximitytorecognizedestablishments,providesanunmatchable opportunityforimpendinggrowthofthebuilt-to-renthomesintheregion.

Heavydemandforsingle-familybuild-to-rentcommunitiesintheregionaredrivenby householdformations,netmigration,andCOVID-relatedpreferencessuchasremote work.InMay2022,TucsonrealizedthethirdhighestSFR/BTRrentgrowthofallmajor westernmarketswithan11.7%annualincrease-anumberestimatedtocompoundin thefuture. PROJECT

LANDSIZE:7.0 AVERAGERENT/SF:$1.47

TOTALPROJECTCOST:$24,073,000 AVERAGEMARKETRENT:$2,104

Single-familyRentalCommunity

JohnBurnsMarketRankings–Non-coreMarkets(OutsideTheTop20LargestSFRMarkets)

1 PortSt.Lucie 5% (11) 10% (5) 34% (2) 2 FortMyers 4% (22) 10% (4) 36% (1) 3 Sarasota 6% (10) 7% (20) 32% (3) 4 Reno 5% (17) 9% (7) 27% (10) 5 Fayetteville,AR 6% (6) 6% (24) 27% (11) 6 Lakeland 3% (41) 10% (2) 27% (6) 7 Spokane 8% (1) 5% (32) 25% (14) 8 Pensacola 4% (23) 7% (13) 26% (12) 9 Wilmington 6% (7) 6% (25) 24% (21) 10 ColoradoSprings 5% (15) 7% (18) 23% (22) 11 Killeen 4% (31) 6% (26) 27% (8) 12 Tucson 4% (35) 8% (9) 25% (18)

13 WestPalmBeach* 4% (25) 7% (19) 25% (19)

14 Huntsville 3% (43) 8% (10) 25% (17)

15 FortLauderdale* 4% (21) 6% (22) 21% (25)

16 Boise 2% (66) 9% (6) 30% (4)

17 FortWorth* 4% (32) 7% (16) 23% (23)

18 Winston-Salem 3% (38) 10% (3) 21% (30)

19 MyrtleBeach 4% (28) 3% (53) 29% (5) 20 DaytonaBeach 3% (54) 6% (30) 27% (7)

1 Boise 6% (1) 5% (1) 2 Reno 5% (11) 4% (5) 3 SaltLakeCity 5% (5) 4% (16) 4 Spokane 5% (9) 4% (10) 5 Tucson 5% (3) 4% (20) 6 WestPalmBeach* 5% (6) 4% (18) 7 PortSt.Lucie 5% (14) 4% (11) 8 Ogden 5% (16) 4% (12) 9 Boston 4% (27) 5% (2) 10 Seattle* 5% (23) 4% (9) 11 Tacoma* 4% (25) 4% (6) 12 Greenville,SC 6% (2) 3% (46) 13 Winston-Salem 5% (10) 3% (42) 14 Visalia 4% (37) 5% (3) 15 FortWorth* 4% (28) 4% (19) 16 Columbia,SC 5% (4) 3% (55) 17 Wilmington 5% (19) 3% (33) 18 Lakeland 5% (18) 3% (36) 19 ElPaso 5% (20) 3% (38) 20 Knoxville 5% (7) 3% (62)

Notes:Currentrankingassumes30%employmentgrowth,30%BurnsSingle-FamilyRentIndex'~growth,and40%BumsHomeValueIndexTMgrowth. WecurrentlydonothaveaBurnsHomeValueIndexTMforNassau. Futurerankingassumes60%BurnsSingle-FamilyRentIndexTMgrowthand40%BurnsHomeValueTMgrowth. Sources:JohnBurnsRealEstateConsulting,LLC(Data:Oct-21/Nov-21,Pub:Dec-21) *Metropolitandivision**Combinationofmetropolitandivisions

MARKETOVERVIEW

PowerfulRentGrowth

TucsonWillLeadTheNationInRentGrowth

Withlowsupply,demand forapartmentswill continuetoclimb.

Tucsonaveragerentis lessthan$1,200aunit, oneofthelowestinthe westcoast.Aspeople movetoTucsonand supplyalreadylow,rents areincreasingforthe totalmarketandis projectedtoleadthe nation.

*Source:IPAMarketReportQ22022

LocatedincloseproximitytoDowntownTucson, UniversityofArizona,DavisMonthanAirForceBase andTucsonInternationalAirport,CorbettVillage Homesarewithindrivingdistancefrommajor employers,notablelandmarksandthousandsofjobs. Withina10minutedrivefromHighway10andits uniquelocationprovidesresidentsanaccesstoall theamenitiesnearby.Locatedinthemidstofaninfill, CorbettVillagepresentsrenterswiththechanceto livelifeclosetowheretheyworkandrelax.Witheasy accesstomajoremployers,notablelandmarks, thousandsofjobs,downtownTucsonandUniversityof Arizonawe'rebuildingacommunityfilledwith everythingyouneed-allwithindrivingdistance.

AREADEMANDDRIVERS

AffordabilityandConvenienceinNorthwestHouston

UniversityOfArizona

UAisoneoftheworld'stoppublicresearchuniversitiesandaleadingeconomicdriverintheTucsonregion.A$734 millionbudget,$11.1billioneconomicimpact,and34,100directjobssupportedinArizonaarejustafewreasonsUAisa topchoiceforeducation,innovation,anddiscovery.Additionally,UAattractsapproximately135,800out-of-state visitorsforsportingevents,campustours,familyvisits,conferences,andmore.

AmazonFulfilmentCenters

Amazon,knownforitsconsumer-centricapproach,isinvestingintheTucsoncommunity.Thetechgiantpurchased51 acresofvacantlandadjacenttoit’smassivefulfillmentcenteronKolbRoad,nearValenciaRoad,andwillusethesite foradistributioncenter.“OurgrowthinTucsonisanexampleofAmazon’scustomerfocus,whileprovidingjobsand careeropportunitiesinthecommunity,”saidZoeRichmond,aspokeswomanforAmazon.“Since2010,Amazonhas investedmorethan$16billioninArizonawith32,000full-andpart-timeemployeesthroughoutthestate.”

UniversityOfArizonaTechPark

TheUATechParkisArizona’spremierresearchanddevelopmentfacilityandisoneofthenation’sleadingtech parks.Theparkhasanannualstatewideeconomicimpactof$2billionandoneofitstenants,Raytheon TechnologiesCorporation,hasa$2.6billionstatewideeconomicimpact.TheUATechParkboastsapproximatelytwo millionsquarefeetofdevelopedspaceona1,282-acresiteandishometomultipletechfirms,includingFortune500 companiesIBM,RaytheonTechnologiesCorporation,UnitedHealthGroup,OracleCorporation,andCitigroupInc. Employingapproximately6,000people.

DavisMonthan-TucsonAirForceBase

ThemilitaryanddefenseassetsofSouthernArizonaareapowerfullocaleconomicengine.Davis-MonthanAirForce Base,theU.S.ArmyIntelligenceCenter/FortHuachucaandotheroperationsfromlocalfirmshavemadetheaerospace sectoraleadingindustryinTucson.Themilitarypresencegenerates$3billionineconomicactivityannually,supporting over19,100jobsdirectly.Additionally,over19,300militaryretireesliveinthelocalcommunitywithacombinedannual retirementpayvaluedat$513.6million.

RaytheonTechnologyCorp

RaytheonTechnologiesCorporation,locatedinSouthernArizona’smosthighlysought-afterindustrialandbusiness parks,isexperiencingrapidgrowth.Withaworkforceofmorethan3,300people,Raytheonhasbeenidentifiedasone ofthepremieremployersintheregion.ItisundergoingasignificantexpansionatitscomplexneartheTucson InternationalAirport,adding559,000squarefeetofcommercialspace.Theannouncementcameontopofthe2,000 newjobspreviouslyplannedincongruencewiththebuildingexpansion.Raytheonhasalreadyhiredmostofthe planned2,000newemployees,withanaverageannualsalaryofover$100,000.

Davis-MonthanAirForceBase:8minutes

MAPVIEW:CORBETTVILLAGEHOMES

Corbett Village Homes

NORTHWESTVIEW

MALL

SOUTHWESTVIEW

MALL MALL

UNPRECEDENTEDHOUSINGMARKETFUELING RENTERDEMAND

Tucsonhomeownership(assuminga3.5%down payment)hasa43%higherdebtservicecost comparedtorentingoneofthehomesatCorbett VillageHomes.

RealestateisprohibitivelyexpensiveinTucsonand homepricesintheareahavebeensteadilyrising sincethemarketbottomedoutin2010.

Tucsonisrankedasoneofthetophottesthousing marketsfor2022,withsalesvolumeforecastto growby14.2%andpricespredictedtoriseby8.0% thisyear,accordingtoRealtor.com.

Millennialsarestartingtohavechildren,and demographicprojectionsshowthatmoreofthem willstartfamiliesoverthenextfewyears.Thisis oneofthedriversofbuilt-to-rentdemand;young coupleswithbabiesandtoddlerswanttobeinthe suburbsandtoliveinahomethathasayardfor thekidstoplayin.Itisincreasinglymoredifficultto buysorentingasingle-familyhomemakesalotof senseforthem.

PROFORMAFINANCIALS

CorbettVillageHomes–AnnualCashFlows

Date Year 11/30/2023 11/30/2024 11/30/2025 11/30/2026 11/30/2027 11/30/2028 11/30/2029 11/30/2030 11/30/2031 11/30/2032 11/30/2033 1 2 3 4 5 6 7 8 9 10 11

GrossPotentialRent 172,997 1,711,739 1,934,412 1,993,249 2,053,875 2,116,346 2,180,717 2,247,045 2,315,391 2,385,816 2,458,383 Loss-to-Lease 0 (25,676) (29,016) (29,899) (30,808) (31,745) (32,711) (33,706) (34,731) (35,787) (36,876)

GrossScheduledRent $172,997 $1,686,063 $1,905,396 $1,963,350 $2,023,067 $2,084,601 $2,148,006 $2,213,339 $2,280,660 $2,350,029 $2,421,507

Vacancy 34,459 (42,262) (77,376) (79,730) (82,155) (84,654) (87,229) (89,882) (92,616) (95,433) (98,335) Concessions (73,373) (72,981) 0 0 0 0 0 0 0 0 0 BadDebt (1,730) (17,117) (19,344) (19,932) (20,539) (21,163) (21,807) (22,470) (23,154) (23,858) (24,584) ModelUnit 0 0 0 0 0 0 0 0 0 0 0

NetRentalIncome $132,354 $1,553,702 $1,808,675 $1,863,688 $1,920,373 $1,978,783 $2,038,970 $2,100,987 $2,164,891 $2,230,738 $2,298,588

OtherIncome 5,493 54,884 62,067 63,929 65,847 67,822 69,857 71,953 74,111 76,334 78,624

UtilityReimbursements 2,740 27,373 30,956 31,885 32,841 33,826 34,841 35,886 36,963 38,072 39,214

TotalRevenue $140,587 $1,635,959 $1,901,698 $1,959,501 $2,019,061 $2,080,432 $2,143,668 $2,208,826 $2,275,965 $2,345,144 $2,416,426

Admin 3,657 11,299 11,638 11,987 12,346 12,717 13,098 13,491 13,896 14,313 14,742 Marketing 3,657 11,299 11,638 11,987 12,346 12,717 13,098 13,491 13,896 14,313 14,742

Landscaping

9,751 30,130 31,033 31,964 32,923 33,911 34,928 35,976 37,056 38,167 39,312

Make-Ready 9,751 30,130 31,033 31,964 32,923 33,911 34,928 35,976 37,056 38,167 39,312 Maintenance 7,679 23,727 24,439 25,172 25,927 26,705 27,506 28,331 29,181 30,057 30,958

PORTFOLIO&CASESTUDIES

✔ CPICapitalMultifamilyPortfolio

This asset is located in the rapidly growing Horizon West community of Winter Garden,which boasts stellar demographics and is home to notable white-collar employersandmedicaljobs.TheOrlandoMSAwasoneofthe topinvestmentmarketspriortotheCOVID-19pandemicandisrapidlymakingitswaybacktothetopwithstrongjob gainsandoverallpopulationgrowththatranked#3inthecountryfor2020.AscendWaterleighis a thoughtfully designed, low density community complete with spacious one-, two-, and three-bedroom apartments with convenient access to white-collar employmentandmajorOrlandothoroughfares.

TimeSouthernArizonaHome BuilderOfTheYear2000,2007, 2009,2011,2013,2015,2018

RECENTPEPPERVINERHOMESCOMMUNITIES

RECENTPEPPERVINERHOMESCOMMUNITIES

FULLSERVICEPROPERTYMANAGEMENT

ValleyIncomePropertiesiscommittedtothelongtermviabilityofthemetroPhoenixrealestate marketplace.Ourstaffofprofessionalsstrivestodeliversuperiorandreliableinvestorreturns throughstrictcontrolofoperationexpenses,adherencetosoundmanagementprincipals,strategic forwardplanning,andopencommunicationwithclients.

Thecompany’srootswereplanedmorethan24yearsagowhenDesignatedBrokerJefferyE. Hanrathrecognizedtheneedforahands-on,no-nonsenseassetmanagementcompanydedicated tothemediumsizedpropertyowner/investor.SincethatValleyIncomeProperties(previouslyEquity Development)hadbuiltareputationfoundedincommitmenttoservice,qualityassetmanagement, andunparalleledresponsivenesstoclientneeds.

CPICAPITALLEADERSHIPTEAM

AUGUSTBINIAZ ChiefOperatingOfficer

AVABENESOCKY ChiefExecutiveOfficer DANDRAGONETTI ExecutiveDirector DR.DRUVTEJAMBATI Partner

REALESTATETERMS&DEFINITIONS

CapitalizationRate(CapRate)– A rate of return on a real estate investment property based on the expected income that the property will generate. Capitalization rate is used to estimate the investor’s potential return on his or her investment. This is done by dividing the income the propertywillgenerate(afterfixedcostsandvariablecosts)bythetotalvalueoftheproperty.

Whenacquiringincomeproperty,thehigherthecapitalizationrate(“CapRate”),thebetter.

Whensellingincomeproperty,thelowertheCapRatethebetter.

Ahighercaprateimpliesalowerprice,alowercaprateimpliesahigherprice.

CashFlow– Cash generated from the operations of a company, generally defined as revenues lessalloperatingexpenses.

Cash-on-Cash – A rate of return often used in real estate transactions. The calculation determines the cash income on the cash invested. Calculated as:Annual Dollar Income Return / TotalEquityInvested=Cash-on-Cash

Debt Service Coverage Ratio (DSCR) – It is the multiples of cash flow available to meet annual interestandprincipalpaymentsondebt.Thisratioshouldideallybeover1.Thatwouldmeanthe propertyisgeneratingenoughincometopayitsdebtobligations.

Investor Average Annual Return, excluding disposition – The average return per year during theinvestmenthold.Thiscalculationdoesnotincludethereturnofinvestedcapital.

Investor Average Annual Return, including disposition – The average return per year including profitsfromdisposition.

InternalRateofReturn(IRR)–Therateofreturnthatwouldmakethepresentvalueoffuturecash flows plus the final market value of an investment opportunity equal the current market price of the investment or opportunity. The higher a project’s internal rate of return, the more desirable it is toundertaketheproject.

ReturnonEquity(ROE)–Theamountofnetincomereturnedasapercentageofshareholders equity.ROEisexpressedasapercentageandcalculatedas:ReturnonEquity=Net Income/Shareholder’sEquity