Deal Presentation - Braxton Waterleigh by CPI CAPITAL

Confidential Investment Summary

Important Notices and Disclosures

AVA BENESOCKY Managing Partner 604-828-8302 ava@cpicapital.ca

AUGUST BINIAZ

Managing Partner 604-363-4797 august@cpicapital.ca

This document is confidential and may not be reproduced or redistributed. The information presented herein has been prepared for informational purposes only and is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or fund interest or any financial instrument and is not to be considered investment advice. This presentation is for institutional use only and is not to be distributed to any party other than its intended recipient.

The following materials present information regarding a proposed creation of a special purpose vehicle (the “Issuer”) which would offer securities (the “Securities”) to indirectly finance its acquisition of a portfolio of financial assets to be selected 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 underwriters of the Securities for the sole purpose of assisting them to determine whether they have an interest in underwriting the Securities. All securities are sold through CPI Capital EMD TokenFunder. Forward-Looking Statements This document includes “forward-looking statements” and “forward-looking information” (collectively, “forward- looking statements”) and “financial outlook” within the meaning of applicable securities laws. All statements other than statements of historical facts included in this document, including, without limitation, statements regarding the future financial position, targeted or projected investment returns, business strategy, budgets and projected costs of the Partnership and plans and objectives of the Partnership for further operations, are forward-looking statements or financial outlook. In addition, forward-looking statements and financial outlook generally can be identified by the use of forward-looking terminology such 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 contain these identifying words. Forward-looking statements and financial outlook reflect our current expectations and assumptions as of the date of the statements and are subject to a number of known and unknown risks, uncertainties and other factors, including, without limitation, those listed under the heading “Risk Factors” below, many of which are beyond our control, which may cause actual results, performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Although we believe that the assumptions on which the forward-looking statements are made and the financial outlook is based, including, without limitation, those assumptions listed under heading “Assumptions” below, are reasonable, based on the information available to it on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct. Given these uncertainties, readers are cautioned that forward-looking statements and financial outlook contained herein are not guarantees of future performance; accordingly, readers should not place undue reliance on 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 persons acting on any of their behalf, are expressly qualified in their entirety by this cautionary statement. No representation or warranty is made by the Partnership as to the accuracy or completeness of any of the information contained herein. No securities commission or similar regulatory authority has passed on the merits of the securities referred to hereunder and any representation to the contrary is an offence. In considering the prior performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the Partnership will achieve comparable results. Risk Factors Investment in the Partnership involves a high degree of risk and is suitable only for sophisticated investors who can withstand the loss of their entire investment and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Partnership. No assurance, representation or warranty can be given that the Partnership’s investment objectives will be achieved or that investors will receive a return of their capital. An investment in Units is subject to risk. Standard risks applicable to investments of this nature include:

1.No market for Units: There is currently no resale market for the Units and it is not guaranteed that any market will develop. The Units are not transferable without the approval of General Partner and in compliance with applicable securities laws and regulations. 1.Vacancy Rates: The apartment building business relies on a steady supply of good quality tenants. A shortage of quality tenants due to an economic downturn or job losses in a given marketplace could result in higher than expected vacancy and lower than expected revenue. 1. No guaranteed return: The projected returns described in this Investment Summary are not guaranteed. An investment in Units is not suitable for investors who cannot afford to assume significant risks in connection with their investments. 1. Tax matters: Investors should consult their own tax advisors for advice with respect to the tax consequences of an investment in the units based on their particular circumstances. 1. The Partnership: intends to acquire units in a USLP (Investment), Delaware limited partnership, and the Partnership will own units in the 1.USLP (Investment). In the event of a refinancing of the property, the Partnership will be entitled to participate in the net proceeds of the refinancing on a pari passu basis. Subject however, to the final terms of the USLP (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 relationships described herein. 1.Covid-19: As the impact and extent of the COVID-19 outbreak is not known as of the date of this document, all forward looking statements in this document are qualified by the risks associated with the COVID-19 outbreak. There is significant 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 statements contained herein. Assumptions Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward- looking statements and financial outlook contained herein include that: building upgrade plans and related expenses will proceed as anticipated; the Partnership will remain in good standing with respect to its obligations to any senior lenders; the general economy is stable; local real estate conditions are stable; interest rates are relatively stable; equity and debt markets continue to provide access to capital; and that the Partnership’s expenses will not be materially greater than anticipated. These factors and assumptions should be considered carefully by readers. Readers are cautioned not to place 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 assumptions is not exhaustive. In addition, information regarding targeted returns is based on the following principles and assumptions: the Partnership will maintain a consistent level of cash flow and indebtedness and will not materially incur additional indebtedness, other than with respect to ordinary operating costs or as disclosed herein; the consumer price index, property taxes, operating expense growth, and market rent growth will be as anticipated; existing tenants will fulfil their current contractual lease obligations and remain in occupancy and pay rent for the term of their leases; upon expiry of their leases, the number of retained tenants will meet historical retention experience; and the Partnership will maintain cash reserves as anticipated.

Other assumptions: • • •

Effective Gross Income Year to Year increase year one 4%, year two 11%, year three 7%, year four 3%, year five 3% Asset Value at time of sale is calculated using a 4.09% CAP rate. Although we believe that the assumptions on which the forward-looking statements are made are reasonable, based on the information available to it on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct.

Accordingly, readers should not place undue reliance on forward-looking statements. We will not update any forward-looking information except as, and to the extent, required by applicable securities laws. The forward-looking statements contained herein, and all subsequent written and oral forward-looking statements attributable to the Partnership, or persons acting on any of their behalf, are expressly qualified in their entirety by this cautionary statement. Market data and certain industry statistics used throughout this executive summary were obtained from market research, informational and marketing materials provided to the CPI Capital, publicly available information and industry publications. Industry publications generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. No representation or warranty is made by the Partnership as to the accuracy or completeness of any of the information contained herein. No securities commission or similar regulatory authority has passes on the merits of the securities referred to hereunder and any representation to the contrary is an offence. In considering the prior performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the Partnership will achieve comparable results.

Institutional Quality Investment

The following information is an investment summary provided to prospective investors and others. This information is not an offering to sell either a security or a solicitation to sell a security.Attherequestofareceipt,theCompany will provide a subscription agreement and Limited Partnership Agreement. The Managing Member in no way guarantees the projections contained herein. Real estate values, income, expenses and development costs are all affected by a multitude of forces outside the Managing Member’s control. This investment is illiquid and only those persons that are able and willing to risk their entire investment should participate. Please consult your attorney, CPA and/or professional financial advisor regarding the suitability of an investment by you.

Table of Contents Executive Summary Property Profile Financial Analysis Market Overview Portfolio & Case Studies Index

8 24 34 42

48 60

Executive Summary ✓ Investment Summary ✓ Investment Offering ✓ Investment Highlights

CPICapital.ca |

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Investment Summary OFFERING SUMMARY

Orlando, Florida CPI Capital has identified Ascend Waterleigh for acquisition. The asset is a 354-unit, 3-story garden apartment community located in the highly affluent Winter Garden submarket of the Orlando MSA. Recently completed by DHI Communities, a subsidiary of DR Horton Homes, the construction quality and location of the Property make it one of the premier investment opportunities in the Orlando MSA. Ascend Waterleigh is located in the rapidly growing Horizon West community of Winter Garden, which boasts stellar demographics and is home to notable white-collar employers and medical jobs. The Orlando MSA was one of the top investment markets prior to the COVID-19 pandemic and is rapidly making its way back to the top with strong job gains and overall population growth that ranked #3 in the country for 2020. This offering is a 45-106 - Prospectus Exemption and is open to only accredited investors. An accredited investor has either financial assets exceeding $1 million, OR net assets of least $5 million, OR an annual income of $200,000 (or $300,000 if married) for the last two years and you have a reasonable expectation that it will continue.

Cap (Adjusted T12*)

4.03%

Reversion Cap

See Page 15

Expense Ratio (Adjusted T12*)

41%

Occupancy (as of 4/29/21)

90%

DSCR

1.28

Purchase Price

$91,600,000

Hold Time

5 years

Equity Required (Total)

$31,774,000

Equity Required (LP-Class A)

$9,618,000

Equity Required (LP-Class B)

$22,156,000

Class A IRR and Avg. Annual Return

Class B Return

See Page 15

*normalized based on real estate tax expense

CPICapital.ca |

Stunning, Luxury Garden Asset Located In Orlando’s Fastest Growing Submarket Ascend Waterleigh is an ultra-modern, 354 unit luxury garden asset completed in 2021 by DHI Communities. Located in Horizon West, the 3rd fastest growing master-planned community in the nation, will be home to more than 90,000 people when fully complete. The property is also situated less than 10 minutes from the Hamlin Development which is a rapidly growing 900-acre community comprised of singlefamily homes, retail, restaurants, and will feature more than 2M SF of medical office.

Highly Affluent Immediate Area Ascend Waterleigh features an on-site average household income of over $85k. Within 3 miles of the property, the average household income is $111k+ with average home values of $352k+. In addition, 71% of the Winter Garden population is employed in the whitecollar job sector.

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Orlando’s Western Beltway Allows Easy Access To Major Employment Centers Residents of Ascend Waterleigh enjoy direct drive-by visibility and accessibility on SR 429 (45,000 VPD.) Walt Disney World is 5 minutes away - employing over 75,000 people in the area. The Orlando Health ER and Medical Pavilion (opened in January 2021) is just a short 10 minute drive located in Horizon West. In addition, the I-4 Resort Corridor, South Orlando Commercial Core, Southpark Center & Southridge Commerce Park and Downtown Orlando CBD are all within 30 minutes of the property.

Adjustable, Private Loan CPI Capital plans to secure a low-leveraged private loan of 75% LTV with an adjustable interest rate of approximately 3.50% with five years of interest only payments. We will be purchasing an interest rate cap to mitigate risk.

CPICapital.ca |

Two-Tiered Equity Structure Allows Investors to Match Investment Goals Two-Tiered Return Structure: A two-tiered return structure gives investors more choices when placing their equity. Investors have the opportunity to invest in either tier of equity Class A, Class B or a combination of both Class A and Class B. Diversifying in both classes allows for a risk adjusted and blended return. Limited Partner (A) Class A: Class A investors sit behind the debt in the capital stack. Class A has a preferred return of 9% paid out monthly This tier is limited to only 30.3% of the total equity with a minimum total investment of $100,000 per investor (for example, an investor may elect to invest in $75k in Class A and $25k in Class B or vice versa so long as the total investment in the deal is $100k.) Due to the position in the capital stack, Class A investors have virtually no upside upon disposition or another capital event. This tier is for investors who prefer stronger cashflow and minimal risk. Limited Partner (B) - Class B: Class B investors sit behind Class A investors in the capital stack, per the diagram. Class B has a preferred return of 7% which will accrue over the life of the deal. Cashflow from operations remaining after paying out Class A will be distributed to Class B investors monthly. The minimum investment in Class B is $25k. 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.

GENERAL PARTNER $31,774,000

LIMITED PARTNER (B)

70% Ownership

LIMITED PARTNER (A)

$68,855,250

DEBT

C L A S S A P A R T N E RS H I P S T R U C T U R E Investor Distribution of Cashflow

9% Preferred to Investor

Membership Ownership

9% Preferred to Investor

C L A S S B P A R T N E RS H I P S T R U C T U R E Investor Distribution of Cashflow Membership Ownership

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30% Ownership

7.0% Preferred to Investor 70/30 Split Thereafter 70% to 13% IRR 50/50 Thereafter

Belo w ar e sample r etur n s based on each investme n t option : Class A provides an immediate and consistent return of 9% throughout the life of the investment.

INVESTOR RETURNS BASED ON $1,000,000 INVESTMENT - CLA 0SS A Investment Investor Annual Percent Return Investor Return on Investment

($1,000,000)

Return from Disposition - Limited Partner Total Return - Limited Partner

($1,000,000)

Year 1

Year 2

Year 3

Year 4

Year 5

109%

$90,000

$1,000,000

$90,000

$1,090,000

Class B provides strong cash flows over the life of the investment and a higher overall return.

I N V E S T O R R E T U R N S B A S E D O N $ 1 , 0 000 , 0 0 0 I N V EES T M E N T - C L A S S B Investment Investor Annual Percent Return Investor Return on Investment

($1,000,000)

Return from Disposition - Limited Partner Total Return - Limited Partner

($1,000,000)

Year 1

Year 2

Year 3

Year 4

Year 5

5.1%

6.8%

6.9%

7.5%

8.2%

$50,657

$68,452

$69,365

$74,744

$82,331

$50,657

$68,452

$69,365

$74,744

See Below

R E T U R NS U M M A R Y

Limited Partner (Class A)

Limited Partner (Class B) Sensitivity Range

Cap Rate

Return on Disposition

IRR

Equity Multiple

Avg. CoC*

Annualized**

N/A

$1,000,000

9.0%

1.45x

9.0%

4.53%

$1,456,529

13.7%

1.80x

6.9%

16.0%

4.28%

$1,668,903

16.4%

2.01x

6.9%

20.3%

4.03%

$1,907,626

19.1%

2.25x

6.9%

25.1%

3.78%

$2,177,925

21.9%

2.52x

6.9%

30.5%

3.53%

$2,486,511

24.8%

2.83x

6.9%

36.6%

*Excludes proceeds from sale, **Includes proceeds from sale

The Blended Option provides a mix of Class A and Class B. Please download our Blended Excel Calculator HERE to view potential returns using this option.

CPICapital.ca |

Investment Offering CPI Capital is pleased to present this investment offering of the 354-unit, Ascend Waterleigh community. Completed in 2021, Ascend Waterleigh represents top-quality suburban living in a rapidly growing suburb of the Orlando MSA. Ascend Waterleigh is a thoughtfully designed, low density community complete with spacious one-, two-, and three-bedroom apartments with convenient access to whitecollar employment and major Orlando thoroughfares including the brand-new Orlando Health ER & Medical Pavilion - Horizon West, Hamlin Town Center, Walt Disney World, Flamingo Crossings Town Center, and more.

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A s c e n d W at e rle ig h 1 0 0 9 1 T u lle r L oo p • W in t e r Garde n , FL 3 4 787

354

1,078

381,468

Units

Average Unit Square Feet

2021

90%

$1.47

$1,589

Occupancy (As of 4/29/21)

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Acres

Year Built

Average Market Rent/SF

Rentable Square Feet

Average Market Rent

Solid Demographics and Fundamentals A s c e n d Wa t e r l e i g h i s S ur r o unde d b y I m p r e s s i ve D e mo gr aphi c s

DEMOGRAPHIC SNAPSHOT

$96,826 Average Household Income within a 1 Mile Radius of Ascend Waterleigh

Population:

1-Mile

3-Mile

5-Mile

2025 Projection

1,787

15,147

54,671

2020 Population

1,523

12,976

54,671

2010 Census

468

4,515

22,186

Annual Growth 2020-2025

3.5%

3.3%

Annual Growth 2010-2020

22.5%

18.7%

14.6%

22.5% Annual Growth 2010-2020 within a 1 Mile Radius of Ascend Waterleigh

Households: 2025 Projection

696

5,635

23,072

2020 Households

593

4,830

19,802

2010 Census

183

1,675

7,941

Annual Growth 2020 - 2025

3.5%

3.3%

Annual Growth 2010 - 2020

18.5%

15.8%

11.0%

Owner Occupied 2020

487

3,917

15,245

Renter Occupied 2020

208

1,718

7,826

2020 Avg Household Income

$96,826

$111,345

$103,781

Total Specified Consumer Spending

$16.2M

$144M

$573.6M

<$25,000

100

582

2,413

$25,000 - $50,000

649

2,979

$50,000 - $75,000

665

3,278

$75,000 - $100,000

716

3,025

$100,000 - $125,000

674

2,515

$125,000 - $150,000

464

1,776

$150,000 - $200,000

558

1,991

$200,000+

525

1,825

39%

Of Population Has a Bachelor’s Degree or Higher within 3 Miles of Ascend Waterleigh

2020 Households by Household Income:

Best Suburb To Raise A Family In Orange County (Winter Garden Suburb)

CPICapital.ca |

Orlando Poised For Strong Recovery Post-Pandemic D r i v e n B y To ur i sm A nd Po pul at i o n Gr o w t h The outlook is positive once the virus has reached some form of containment. Orlando had consistently posted some of the strongest population and job growth figures in the nation over the past decade. Job growth had been especially strong in the five years prior to the pandemic, growing at more than double the national rate. All of the factors that drove Orlando’s economic success over the past decade will still be present once the event-driven recession has passed. Orlando is likely to regain its prior momentum and could see a boost to in-migration patterns should denser markets continue to lose residents in search of more affordable and plentiful space.

108,000+

290,520

New Jobs Added Back PostPandemic (June ‘20-Dec‘20)

Total Population In Orlando in 2020

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4th

Largest City in Florida (Behind Jacksonville, Miami and Tampa)

Winter Garden: Highly Affluent And Rapidly Expanding Suburban Orlando Horizon West, which is located in Winter Garden, is one of the fastest growing submarkets of the Orlando MSA and displays strong demographics and fundamentals. Since 2010, the area has enjoyed 76% population growth, and is home to multiple destination retail and entertainment venues including the Hamlin Town Center, Flamingo Crossings Town Center, and Walt Disney World, to name a few. Residents enjoy convenient access to all of their everyday lifestyle needs via SR 429 and Avalon Road, two of the most heavily trafficked arteries in the area. Once finished, Horizon West will be home to more than 90,000 full-time residents.

GOLF 1

Orange County National Golf Center & Lodge

H O S P I TA LS 1

Orlando Health Medical Pavilion

West Orange Country Club

AdventHealth Winter Garden

Tranquilo Golf Club at Four Seasons Resort Orlando

Orlando Health Central Hospital

Disney’s Palm Golf Course

Dr. P. Phillips Hospital

Golden Bear Club

AdventHealth Celebration

Arnold Palmer’s Bay Hill Club & Lodge

PA R KS &

R EC

E NInternational T E R TA I NDrive MENT

1 2

Publix Super Market at Hamlin Cove

Winter Garden Village

Orlando Premium Outlets

Orlando Vineland Premium Outlets

Fun Spot America

ICON Orlando

Orange County Convention Center

Flamingo Crossings

SUBURBS 1

Dr. Phillips

Lake Butler

Windermere

Winter Garden

Horizon West Regional Park Equestrian Trail

Lake Down Boat Ramp

Roper YMCA Family Center

Braddock Park

Tibet-Butler Nature Preserve

West Orange Trail

SC H O O L S 1

Keene’s Crossing Elementary School

Bridgewater Middle School

Windermere High School

Independence Elementary School

Water Springs Elementary

CPICapital.ca |

In The Heart Of Horizon West Flamingo Crossings Town Center | 5 Minutes

Hamlin Town Center | <10 Minutes

Over 40+ brands and unique offerings which include; Target, Walgreens, Five Below, Firehouse Subs, Five Guys, UPS, and more. In addition, seven hotels will be a part of the town center including SpringHill Suites and TownePlace Suites by Marriott, and a Hampton by Hilton

Winter Garden Village | 15 Minutes

Currently under construction, once complete, this town center will have nearly 2 million SF of retail, restaurants, entertainment uses, hotels, medical facilities, and office spaces. Storesinclude Starbucks, Bosphorous Turkish Cuisine, Cinepolis Movie Theater, UPS, Publix, WalMart Supercenter, and more

Lakeside Village in Windermere | 15 Minutes AT&T, Bank of America, Century 21, Chase, Dunkin Donuts, First Watch, GNC, Hand & Stone Massage & Facial Spa, Jumbo Sushi, Keke’s Breakfast, Luxury Nails & Day Spa, Mattress 1, Panera Bread, Pizza Hut, and more

Stores include American Eagle, Famous Footwear, Jos. A. Bank, Kay Jewelers, Marshall’s, Old Navy, Victoria’s Secret, Ross Dress for Less, Super Target, Best Buy, GameStop, Bed Bath & Beyond, Bonefish Grill, Chick Fil-A, Chili’s Grill & Bar, Chipotle, Cold Stone Creamery, Five Guys Burgers, McDonald’s, LA Fitness, and more

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Disney Springs | 20 Minutes

Outdoor shopping, dining, and entertainment complex at the Walt Disney World Resort. 185 retailers including AMC Movies, Anthropologie, Bongos Cuban Café, Cirque Du Soleil Boutique, Coca-Cola Store, Free People, Kiehls, Kipling, Uniqlo, and more

South View

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Northeast View

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Property Profile ✓ ✓ ✓ ✓ ✓

Property Details Unit Mix Amenities Property Specifications Floor Plans

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Ascend Waterleigh

CO M M U NI T Y A M ENI TI E S

U NI T F EA TU RE S

Wi nt e r Ga r d e n , F L

Expansive Fitness Center

Premium Designer Granite Countertops

AscendWaterleigh is a 354 unit ClassA apartment community completed in 2021 situated on approximately 21 acres, offering 1, 2 and 3 bedroom units in 14 three-story buildings.

U ni t M i x ( A s o f M a y 2021 ) Bed/Bath

Avg SF

#Units

Rent/Unit

Rent/SF

1BR/1BA

782

$1,305

$1.67

1BR/1BA

790

$1,350

$1.71

Yoga/Spin Room with State-of-theArt Bikes Heated Saltwater Pool with Lounge Chairs and Cabanas

Flat Modern European Gray Cabinetry with Pantry Spacious Oval Soaking Tubs

Poolside Pavilion with BBQ Grills and Fire Pit

Dual Vanities with Framed

Pet-Friendly with Bark Park and Wash Station

Modern Kitchen Tile Backsplashes

24-Hour Access Parcel Locker System Kids Play Zone Complimentary Starbucks Coffee Bar Wi-Fi Clubhouse with Shuffleboard Business Lounge

Mirrors* Large Walk-In Closets

Kitchen Prep Islands with Pendant Lighting Stainless Steel Appliance Package Full-Sized Washer and Dryer in Every Apartment Home

Valet Trash and Recycling Service

Large Kitchen Sink with Modern Finishes

Convenient Car Wash Station

Hardwood-Style Flooring

1BR/1BA

884

$1,428

$1.61

2BR/2BA

1,160

$1,657

$1.43

Outdoor Sand Volleyball Court

Eco-Friendly Double Paned Windows

$1.34

Porch-Style Gaming Area with Ping Pong Table

Abundant, Large Windows for Ample Natural Light

2BR/2BA 3BR/2BA

1,306 1,484

78 48

$1,752 $2,012

$1.36

Smoke-Free Community

Energy-Efficient Electronic Thermostat

Detached Private Garages to Rent

USB-Port Electrical Outlets

EV Charging Stations

Screened-In Patios *Available in select homes

All 1 Beds

802

156

$1,346

$1.68

All 2 Beds

1,236

150

$1,706

$1.38

All 3 Beds

1,484

$2,012

$1.36

Totals

1,078

354

$1,589

$1.47

CPICapital.ca |

14% 3 BEDROOM

44% 1 BEDROOM 42% 2 BEDROOM

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Best-In-Class Luxury Amenities Expansive 7.7k SF Clubhouse

Club Quality Fitness Center with Yoga Room

Heated Saltwater Pool with Lounge Chairs and Cabanas

Outdoor Gathering Areas with TV’s & Ping Pong

Outdoor Playground & Beach Volleyball Court

CPICapital.ca |

Pr o p e r t y S p e c i fic at io n s P R O P E R T Y D E TA I L S Year Built

2020/2021

Electrical

Each unit is individually metered

Building Style

Garden

Paving

Asphalt

Number of Buildings

UTI LITI ES

Number of Stories

Electric

Duke Electric

Acres

22 acres

Water/Sewer

OUC

Site Density (Units/Acre)

16.8

Valet Trash

Valet living, residents pay $25 per month

Exterior Materials

Stacked stone and hardie-style exteriors

Gas

SAMS gas

Roof

Asphalt Shingle

PA R K I N G

Roof Age

2020/2021

Surface Parking

568

Stairways

Open breezeways

Handicap Spaces

Foundation

Concrete slab on grade

Spaces per Unit

1.74

Construction Type

Wood frame

Small Garages

Ceiling Height

9 foot

Large Garages

Floor Coverings

Vinyl wood flooring in living and wet areas and ground floor bedrooms, carpet in bedrooms on 2nd & 3rd floors

Total Parking Spaces

630

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CPICapital.ca |

Floor Plans 31 | CPICapital.ca

Flo o r Plan s

A1 - 782 SF 1 BR - 1 BA Number of Units: 54

A3- 884 SF 1 BR - 1 BA Number of Units: 12

B1 - 1,160 SF 2 BR - 2 BA Number of Units: 72

A2 - 790 SF 1 BR - 1 BA Number of Units: 78

A4 - 884 SF 1 BR - 1 BA Number of Units: 12

B2 - 1,306SF 2 BR - 2 BA Number of Units: 78 CPICapital.ca |

C1 - 1,484SF 3 BR - 2 BA Number of Units: 48

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CPICapital.ca |

Financial Analysis ✓ ✓ ✓ ✓ ✓ ✓

Return on Investment Overview Debt and Cash Flows Pro Forma Projections Rent Comps Sale Comps Sensitivity Analysis

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F i na nc i a l O v e r v ie w

OFFERING SUMMARY Cap (Adjusted T12*)

4.03%

Reversion Cap

See Page 15

Expense Ratio (Adjusted T12*)

41%

Occupancy (as of 4/29/21)

90%

DSCR

1.28

Purchase Price

$91,600,000

Hold Time

5 years

Equity Required (Total)

$31,774,000

Equity Required (LP-Class A)

$9,618,000

Equity Required (LP-Class B)

$22,156,000

Class A IRR and Avg. Annual Return

Class B Return

See Page 15 *normalized based on real estate tax expense

CPICapital.ca |

DEBT FINANCING* Principal Balance

$68,855,250

Loan to Value

75%

Loan Type

Private

Interest Rate

3.50%

Months of Interest Only Payments

Term (Years)

3+1+1

Fixed or Adjustable

Adjustable (We will be purchasing an interest rate cap to mitigate risk.)

Amortizing Period (Years)

Prepayment Penalty

0.5% exit fee

*Subject to change before closing

37 | CPICapital.ca

Pr o F o r ma Pr o je c t i o n s T-12

Per Unit

Year 1

Per Unit

Year 2

Year 3

Year 4

Year 5

$6,776,640

$19,143

$6,953,850

19644

$7,289,384

$7,522,190

$7,754,997

$7,987,803

Other Income

$343,290

$970

$561,693

1587

$828,687

$845,083

$861,479

$877,876

Loss to Lease

-$104,920

-$296

-$57,822

-163

Vacancy Loss

-$1,248,039

-$3,526

-$452,000

-1277

-$473,810

-$488,942

-$504,075

-$519,207

Concessions/Non-Rev

-$240,000

-$678

-$141,602

-400

-$21,139

-$21,814

-$22,489

-$23,165

-$13,257

-$37

-$15,354

-43

-$18,223

-$18,805

-$19,387

-$19,970

$5,513,713

$15,575

$6,848,764

19346.79157

$7,604,898

$7,837,711

$8,070,524

$8,303,338

11%

INCOME Gross Potential Rent

Bad Debt EFFECTIVE GROSS INCOME YoY Increase

24%

OPERATING EXPENSES Payroll

$370,264

$1,046

$379,488

1072

$383,624

$391,368

$399,267

$407,326

Contract Services

$164,338

$464

$153,282

433

$154,953

$158,080

$161,271

$164,526

Repairs & Maintenance

$21,398

$60

$70,800

200

$71,572

$73,016

$74,490

$75,994

Turnover

$14,781

$42

$73,632

208

$74,435

$75,937

$77,470

$79,033

Utilities

$209,451

$592

$281,076

794

$284,140

$289,875

$295,726

$301,695

Administrative

$67,566

$191

$86,022

243

$86,960

$88,715

$90,505

$92,332

Marketing

$147,863

$418

$88,500

250

$89,465

$91,270

$93,113

$94,992

Insurance

$177,000

500

$178,929

$182,541

$186,225

$189,984

$137,843

$389

$171,219

484

$190,122

$195,943

$201,763

$207,583

Property Taxes

$124,469

$352

$1,244,359

3515

$1,257,922

$1,283,312

$1,309,215

$1,335,641

Replacement Reserves

$88,500

$250

$88,500

250

$88,500

$1,346,472

$3,804

$2,813,878

7949

$2,860,621

$2,918,557

$2,977,545

$3,037,607

38%

37%

$4,744,277

$4,919,154

$5,092,979

$5,265,731

18%

Management Fee

2.5%

TOTAL OPERATING EXPENSES % of EGI NET OPERATING INCOME YoY Increase

24% $4,167,241

41% $11,772

$4,034,887 -3%

11397.98471

CPICapital.ca |

Re nt Co m p s Building Name

Address

Units

Stories

Year Built

Avg SF

Mi. Away

Avg. Rent/SF

Avg. Rent/ Unit

1 Bed

2 Bed

3 Bed

Ascend Waterleigh

10091 Tuller Loop

354

2021

1,078

$1.47

$1,589

$1,346

$1,706

$2,012

The Lodge at Hamlin

6151 Lake Lodge Dr

250

2020

1,075

4.36

$1.73

$1,854

$1,499

$2,017

$2,387

Vintage Horizon West

9223 Vintage Hills Way

340

2021

1,008

0.15

$1.69

$1,708

$1,496

$1,793

$2,160

The Westerly

14680 Westerly Dr

352

2020

991

2.72

$1.65

$1,636

$1,419

$1,728

$2,114

IMT Sonoma Hills

14619 Casita Ridge

340

2018

985

1.35

$1.61

$1,581

$1,349

$1,647

$1,945

Lakewalk at Hamlin Apartments

14012 Shoreside Way

316

2018

1,072

4.13

$1.58

$1,694

$1,451

$1,817

$1,890

39 | CPICapital.ca

S a l e s Co m p s Criteria: Within 15 Miles of Ascend Waterleigh and sold within the last 24 months. Sale Date

Property Name

Submarket

Number Of Units

Year Built

Sale Price

Price Per Unit

Pending

Ascend Waterleigh

Winter Garden

354

2021

$91,600,000

$258,757

Feb 2020

Venetian Isle

Windermere

346

2017

$92,000,000

$264,901

Feb 2020

Zen Apartments

I-Drive

258

2016

$68,000,000

$263,565

Dec 2019

Trelago Apartments

Lake Maitland

350

2018

$105,000,000

$300,000

July 2019

Lakewalk at Hamlin

Summerlake

316

2018

$80,125,000

$253,560

CPICapital.ca |

S e ns i t i v it y A nal ys i s Break Even Occupancy*

OCCUPANCY

Cap Rate Analysis

GROSS INCOME

TOTAL EXPENSES

CAP RATE

IRR

95%

$7,714,239

$5,093,288

4.53%

13.7%

85%

$6,985,301

$5,255,065

4.28%

16.4%

75%

$6,256,362

$5,236,841

4.03%

19.1%

65%

$5,527,424

$5,218,618

3.78%

21.9%

60%

$5,162,955

$5,209,506

3.53%

24.8%

*Break Even Calculated After Stabilization

41 | CPICapital.ca

CPICapital.ca |

Market Overview ✓ ✓ ✓ ✓

Orlando By The Numbers Orlando, FL MSA Overview Largest Employers Nearby Capital Projects

43 | CPICapital.ca

Orlando By the Numbers

MSA Population - 2019:

2,608,147

Median Household Income:

$61,876

Number of Housing Units:

1,077,100

Awards & Accolades •

#1 Travel Destination in the U.S.

•

75+ Million visitors in 2018

•

Ranked #4 “Up-and-Coming U.S. Tech Market” (CBRE Research)

•

One of the Top 25 largest apartment markets in the nation (CBRE Research)

•

Home to the 2nd and 8th largest hospitals in the U.S. (by bed count)

•

Home to the largest public university in the U.S. by enrollment (Univ. of Central Florida)

•

Population projected to grow by 1.5% in the next 5 years (PWC Emerging Trend Report 2021)

•

Employment projected to grow by 4.2% in the next 5 years (PWC Emerging Trend Report 2021)

•

Ranked #16 in U.S. News & World Report in Best Places to Retire

•

Ranked #12 in U.S. News & World Report in Fasted Growing Places

•

Ranked #23 in Forbes Best Places for Business and Careers 2019

CPICapital.ca |

Orlando, Florida MSA Located in the east-central section of the state, the Orlando MSA encompasses an area of some 3,985 square miles and includes Orange, Seminole, Osceola, and Lake Counties. The majority of the Orlando MSA population is concentrated in Orange and Seminole Counties, although Osceola and Lake County are experiencing significant growth as new development spreads outward from the urban core. Orlando’s centralized location within Florida allows for short drive times to all major metropolitan areas in the state, as demonstrated by the following highway distances: JACKSONVILLE

MELBOURNE

FT. LAUDERDALE

TAMPA

DAYTONA BEACH

WEST PALM BEACH

MIAMI

NAPLES

150 miles

70 miles

210 miles

80 miles

60 miles

170 miles

240 miles

200 miles

(north)

(southeast)

(southwest)

(northeast)

(southeast)

(southwest)

Economy Both the state of Florida and the Orlando MSA have experienced rapid economic growth over the last three decades. Orlando in particular has been at the epicenter of the economic expansion, often leading both the state and the nation in job creation. Contributing to the success of the metropolitan area are a wellestablished and growing corporate presence, enviable quality of life, favorable taxes, an educational system committed to excellence, a state-of-the-art transportation network and a skilled and dedicated workforce. Metro Orlando is the 22nd largest metropolitan area in the United States and is steadily rising (up from 26th in 2019.) Orlando is one of the most popular tourist destinations in the world. In 2017, Orlando set an all-time US record with 72 million visitors.

Population The Orlando MSA has historically been one of the fastest growing metropolitan areas in the nation in terms of population growth. Orlando’s attractive quality of life, relatively low cost of living, diversified economy and rapid job growth have helped drive inmigration to the region. According to Claritas, Inc., the Orlando MSA has a 2020 population of over 2.60 million residents. Since 2000, Orlando’s average annual population growth rate of 3.0% is significantly greater than both the State of Florida and national averages. By 2025, Orlando’s population is forecast to over 2.79 million residents.

45 | CPICapital.ca

Central Florida is an equally important location for the telecommunications, biotechnology and other high-tech industries. Some of Orlando’s high-tech employers include Oracle, AT&T, Bell Labs and GE Systems. Lockheed Martin, a world- leading U.S.-based aerospace and defense contractor, has been a major employer in the Orlando area dating back to the 1960’s and NASA’s early space programs. The latest industry to significantly expand its presence in Orlando is the television, film and music industry. Florida has become the nation’s third largest state in terms of dollar volume of film, television and related revenues. With over $1.2 billion in annual revenue, Orlando also ranks as the third largest city in the state for these industries. Major production studios in Orlando include Disney/ MGM, Universal Studios and Nickelodeon.

Orlando MSA Largest Employers COMPANY

#EMPLOYEES

Walt Disney World Resort

75,000

Universal Orlando (+Resort)

26,000

Advent Health

21,815

Orlando Health

20,500

Publix

19,783

Orlando International Airport

18,000

University of Central Florida

13,483

Resource Employment Solutions

8,400

Lockheed Martin

8,000

Darden Restaurants

7,178

SeaWorld Parks & Entertainment

6,032

Valencia College

5,824

Marriott Vacations Worldwide

5,350

Westgate Resorts

5,151

Siemens

4,800

Rosen Hotels & Resorts

4,534

Wyndham Destinations

3,600

Hilton Grand Vacations Club

3,444

AT&T Mobility

3,063

JP Morgan Chase

3,053

CPICapital.ca |

Considerable Nearby Capital Projects Underway

WATERLEIGH PLANNED DEVELOPMENT

FLAMINGO CROSSING DEVELOPMENT

HAMLIN DEVELOPMENT - HORIZON WEST

DISNEY EXPANSION

Consists of 3,600 home community in Winter Garden with entitlements for 125K SF of retail and nearly 80K SF of office space. A 49K SF Publix Supermarket was recently announced. Current home sale prices between $350K - $630K.

A 640-acre community comprised of single-family homes and medical offices with plans to feature 2M+ of office space. Hamlin Reserve will host 6 medical office tenants, across from the new hospital. Also, a future 220-acre mega-park featuring sportsplex, music venue, and more.

47 | CPICapital.ca

Walt Disney World mixed-use development with 1,750 hotel rooms across multiple flags. In addition, there is a 250K SF Town Center with retail featuring Target. Also, an additional 100+-acres remain for future growth.

Star Wars: Galaxy’s Edge: a 14-acre Star Wars theme park that was recently completed in Disney’s Hollywood Studios. Galaxy’s Edge places guests on the planet of Batuu where they mingle with inhabitants of the Black Spire Outpost, eat the foods of the area and create their own lightsabers and droids. The Star Wars theme park, which costs over $1B, raises the bar on theme park creativity and ride experience.

CPICapital.ca |

Portfolio & Case Studies ✓ CPI Capital Multifamily Portfolio

49 | CPICapital.ca

CPI Capital Multifamily Portfolio

Bluewater at Bolton’s Landing Property closed September 2021. Projected annual CoC returns of 9% (class a) and 7.3% (class b) and an IRR of 18.4% (class b) over a 5-year hold. PROPERTY DETAILS CL ASS

CONSTRUCTED

2019

L O C AT I O N

Charleston, SC

UNITS

350

PURCHASE PR ICE

$85,850,000

S TR U CT U R E

CO-GP

This asset is located in the highly sought-after west Ashley submarket of the Charleston MSA. Completed in 2019, this true, Class A community was thoughtfully designed with stately architecture. quality floor plans and a serene landscape making it one of the premier communities in Charleston. Bluewater at Bolton's Landing is situated in the heart of West Ashley which boasts stellar demographics and is in close proximity to major employers and medical jobs. The property also is minutes from the excitement of downtown Charleston and Folly Beach, James island, Johns island, and Kiawah islands. CPICapital.ca |

CPI Capital Multifamily Portfolio

Parc at Champion Forest Property closed February 2022. Projected annual CoC 7% and an IRR of 16.7% (class a) and 17.7% (class b) over a 3-year hold. PROPERTY DETAILS CL ASS

CONSTRUCTED

2000

L O C AT I O N

Houston, TX

UNITS

232

PURCHASE PR ICE

$30.5m

S TR U CT U R E

CO-GP

The asset is a 232-unit, Class B multifamily value-add investment opportunity in fast-growing Northwest Houston, TX. Completed in 2000, this beautiful property was thoughtfully designed with stately architecture, quality floor plans and a serene landscape making it one of the most attractive communities in the area. Parc at Champion Forest is conveniently located along FM-1960 about halfway between I-45 and SH 249, 2 minutes from Walmart and Home Depot, and a short drive to major employers, including Amazon distribution centers HOU2 and HOU7, and Hospitals HCA Houston Healthcare Northwest and Houston Methodist at Willowbrook.

51 | CPICapital.ca

CPI Capital Multifamily Portfolio

The Richmond Apartments Property closed in 2018. Projected is Currently under Development.

PROPERTY DETAILS CL ASS

CONSTRUCTED

2024

L O C AT I O N

Richmond, BC

UNITS

PURCHASE PR ICE

$8.7m

S TR U CT U R E

Structure Joint Venture

Ideally located in Richmond’s family-oriented area of No 4 Road and Steveston Highway. This project offers easy access to Vancouver, Delta and the US border. With a lot size of 41,169 square feet and sellable area of over 27,000 square feet, the average square feet per unit is 1400 per unit. This 19- unit townhome development features a large spacious family style living.

CPICapital.ca |

53 | CPICapital.ca

Index ✓ Property Management ✓ Real Estate Terms & Definitions ✓ Sponsorship / Management Team

CPICapital.ca |

Full Service Property Management Headquartered in Charlotte, NC

FCA Management manages over 4,500+ units in the Southeast in 5 states.

FCA Partners has 25+ years of management experience in the southeast.

FCA Partners provides quality daily management services that are focused on property operations, increasing asset value, timely and accurate reporting, and clear communication.

55 | CPICapital.ca

Real Estate Terms & Definitions ❖ Capitalization Rate (Cap Rate) – 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 property will generate (after fixed costs and variable costs) by the total value of the property. ◊ When acquiring income property, the higher the capitalization rate (“Cap Rate”), the better. ◊ When selling income property, the lower the Cap Rate the better. ◊ A higher cap rate implies a lower price, a lower cap rate implies a higher price. ❖ Cash Flow – Cash generated from the operations of a company, revenues less all operating expenses.

generally defined as

❖ Cash-on-Cash – A rate of return often used in real estate transactions. The calculation determines the cash income on the cash invested. ◊ Calculated: Annual Dollar Income Return / Total Equity Invested = Cash-on-Cash ❖ Debt Service Coverage Ratio (DSCR) – It is the multiples of cash flow available to meet annual interest and principal payments on debt. This ratio should ideally be over 1. That would mean the property is generating enough income to pay its debt obligations. ❖ Investor Average Annual Return, excluding disposition – The average return per year during the investment hold. This calculation does not include the return of invested capital. ❖ Investor Average Annual Return, including disposition – The average return per year including profits from disposition. ❖ Internal Rate of Return (IRR) – The rate of return that would make the present value of future cash 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 to undertake the project. ❖ Return on Equity (ROE) – The amount of net income returned as a percentage of shareholders equity. ◊ ROE is expressed as a percentage and calculated as: Return on Equity = Net Income/Shareholder’s Equity CPICapital.ca |

Sponsorship / Management Team

AVA BENESOCKY

AUGUST BINIAZ

Chief Executive Officer

Chief Marketing Officer

DR. DRUV AMBATI Strategic Advisor

Featured in

57 | CPICapital.ca

DAN DRAGONETTI, MBA, BCOMM, BGNST, PMP Executive Director

ALAN WUNSCHE, MBA, CPA, CA, BSC, CBP EMD, Advisor

CPICapital.ca |

CPICapital.ca