Investment Summary - Watercolors of Centerton

ATERCOLORS OF CENTERTON

IMPORTANT NOTICES AND DISCLOSURES

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 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

The views and opinions expressed in this presentation are those of The Sponsor Team (“Defined as any and all owners and members of Elevate Commercial Investment Group, Aspen Funds, and Oak IQ Investments”) and are subject to change based on market and other conditions Although the information presented herein has been obtained from and is based upon sources The Sponsor Team believe to be reliable, no representation or warranty, expressed or implied is made as to the accuracy or completeness of that information No assurance can be given that the investment objectives described herein will be achieved Reliance upon information in this material is at the sole discretion of the reader

This data is for illustrative purposes only. Past performance of indices of asset classes does not represent actual returns or volatility of actual accounts or investment managers, and should not be viewed as indicative of future results. The investments discussed may fluctuate in price or value Investors may get back less than they invested

Forward looking information contained in these materials is subject to certain inherent limitations. Such information is information that is not purely historical in nature and may include among other things, expected structural features anticipated ratings proposed or target portfolio composition, proposed diversification or sector investment specific investment strategies and forecasts of future market or economic conditions The forward looking information contained herein is based upon certain assumptions, which are unlikely to be consistent with, and may differ materially from, actual events and conditions In addition not all relevant events or conditions may have been considered in developing such assumptions Accordingly actual results will vary and the variations may be material.

Prospective investors should understand such assumptions and evaluate whether they are appropriate for their purposes These materials may also contain historical market data; however, historical market trends are not reliable indicators of future market behavior Information in these materials about the Manager its affiliates and their personnel and affiliates and the historical performance of portfolios it has managed has been supplied by the Manager to provide prospective investors with information as to its general portfolio management experience and may not be viewed as a promise or indicator of the Issuer s future results. Such information and its limitations are discussed further in the sections of these materials in which such information is presented.

Past performance of indices or asset classes does not represent actual returns or volatility of actual accounts or investment managers and should not be viewed as indicative of future results. The comparisons herein of the performances of the market indicators, benchmarks or indices may not be meaningful since the constitution and risks associated with each market indicator, benchmark or index may be significantly different. Accordingly, no representation or warranty is made to the sufficiency relevance important, appropriateness completeness, or comprehensiveness of the market data, information or summaries contained herein for any specific purpose.

Past performance is not indicative of comparable future results. Given the inherent volatility of the securities markets it should not be assumed that investors will experience returns comparable to those shown here. Market and economic conditions may change in the future producing materially different results than those shown here. All investments have inherent risks.

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 At the request of a recipient, the Company will provide a private placement memorandum, subscription agreement and the Limited Liability Company Operating 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.

All Rights Reserved. No part of this document may be reproduced, stored, or transmitted by any means with the express written consent of Elevate Commercial Investment Group, Aspen Funds, or Oak IQ Investments.

ATERCOLORS OF CENTERTON W

Sponsor Team

SPONSOR TEAM

Goodin

Friese

ELEVATE CIG

WEKNOWAPARTMENTS

Elevate Commercial Investment Group, based in Dallas, Tx, is a multifamily investment firm with over $400M in assets under management. We focus on capital preservation while striving to deliver strong, risk-adjusted returns to our investors.

We provide busy professionals the opportunity to invest in real estate without the hassle of having to analyze properties, manage tenants, or deal with any repairs.

Elevate CIG specializes in value-add multifamily real estate and exhibits an expertise in maximizing value on every asset we acquire. Rather than attempting to predict the market cycles, we strive to acquire cash flowing apartment communities within large, well-located U.S. metros.

Jorge Abreu

Jorge has been Investing in real estate for over 15 years He started in Single Family, small multifamily properties and eventually worked his way up to large 100+ unit multifamily He also started and built a construction company which is the in house construction arm for Elevate.

Eric Bodiwala

Eric has extensive experience in raising capital, managing private equity funds Eric has been responsible for acquiring rehabbing, wholesaling, and selling in excess of $500 million worth of real estate in a variety of locations which include both residential and commercial properties.

Justin Goodin

Justin graduated from the Kelley School of Business with a Bachelors in Finance and Supply Chain Management After graduation Justin began working for a commercial bridge lender as a multifamily underwriter Within Elevate, he focuses on market research, property analysis, debt relationships broker communication and leading the team's acquisition process.

Brian Wagers

Brian is a multi family investor with both hands on and hands off experience He grew his family's portfolio to 500 units before moving on to syndication where has now been involved in over $150MM worth of apartment transactions & over 2,000 units through his experience as an owner and general partner.

Joel Friese

Joel has 10+ years working for a reputable property management company, where he helped grow the company while attaining valuable experience in different roles including property manager, operations director, construction management, and eventually vice president In addition to his business career, Joel serves as a firefighter for his local department.

MORE

ELEVATE CASE STUDY - GREEN MEADOWSSOLD

SPONSOR TEAM

Continued

Tarek El Moussa

TEM Capital is a private real estate investment firm founded by Tarek El Moussa. They help clients achieve superior returns through the acquisition of apartment communities and self storage facilities nationwide.

TEM Capital is financed by accredited investors seeking a combination of passive income, equity growth and tax benefits. They scrupulously analyze prospective opportunities from a select group of operating partners. Our mission is to match the right investor to the right opportunity at the right time.

He was previously the co-host of the HGTV hit series Flip or Flop and will co-star alongside his wife, Heather Rae El Moussa, in HGTV's newest show 'The Flipping El Moussas .

Tarek received his real estate license when he was 21 years old and quickly made a name for himself in Orange County, California. At the height of the housing boom, he was selling multi-million dollar mansions, but when the housing bubble burst, he carved out a new niche for himself in the world of real estate: flipping distressed properties.

Tarek El Moussa is the host of 'Flipping 101 With Tarek El Moussa' where he draws upon his flipping experience to help novice renovators get in the game.

SPONSOR TEAM

Ben Fraser

Managing Director • CIO

Prior to Aspen Funds, Ben was a commercial lender at First Business Bank specializing in government backed loan originations (SBA & USDA), for one of the top SBA lenders in the nation. Prior to that he was a commercial credit underwriter for Crossfirst Bank, personally responsible for underwriting over $125MM in C&I and CRE loans across a variety of industries.

Prior to that, he worked for Tortoise Capital Advisors, a boutique asset management firm in energy infrastructure investments, and helped grow their institutional managed accounts from ~$3BN AUM to ~$7BN AUM. Ben was responsible for responding to all institutional RFPs from interested institutional investors.

Ben completed his MBA from Azusa Pacific University, and his B.S. in Finance from the University of Kansas, graduating magna cum laude.

Aaron Leatherdale CEO

Mr. Leatherdale is the Director of Acquisitions and Business Development for Oak IQ Investments. Mr. Leatherdale caught the “real estate bug” at the age of 22 with the purchase of his first 4plex.

Since then, Mr. Leatherdale has been involved in many aspects of the real estate industry including property and construction management, operating short-term rentals, marketing strategy, and building a personal portfolio of rental properties in the US and Canada.

A licensed realtor in MO/KS, Mr. Leatherdale has transacted on over $50MM in residential rental units as an agent or principal in the last 12 months.

Asset Living

Under his direction, Ryan has grown Asset Living from a small, Houston based company into the fourth largest property management firm in the nation with over 175,000 units under management

"Leadingwithunrivaledpassion, we’reonamissiontofoster communityanddrivepositive impactthatreflectsourbelief thateveryonedeservesaplace tocallhome."

Case Studies

36+ years of industry-leading service managing 175,000+ units

Watercolors of Centerton

Terra Vista, 205 units

Indiandale Apartments, 132 units

Rosewood Apartments, 100 units

Pomeroy Place, 72 units

Parkway Crossing, 92 units

Country Club Place East 3434 Parc at South Green

ATERCOLORS OF CENTERTON W Investment Overview

EXECUTIVE

Sponsor

community,

Arkansas.

the past decade, Northwest Arkansas

of the country’s most dynamic

emerged as

dubbed

Vendorville” , Walmart, Proctor and Gamble, Dr. Pepper Snapple Group, Kellogg’s, and Hershey’s

just a few of the major retailers that have a presence in this region.

is a luxury community,

provides residents

host of upscale amenities which include

a swimming pool,

year round golf

center, business center,

PROJECTED RETURNS

Cash on Cash

Cash on Cash Return - Cash flow returns are what’s left after you factor in vacancy costs, mortgage, and expenses, and it’s the pot of rental income money that gets distributed to investors. The remaining cash flow is usually distributed to passive investors on a quarterly basis.

IRR (internal rate of return) - is the standard metric used to compare the return on your investment with the length of time included in the calculation. In contrast, ROI (return on investment) calculations don’t consider how long it will take to collect your returns.

Equity Multiple - The initial amount invested into a deal is an investor’s capital. That capital equals the amount of equity an investor has in the passive investment. Thus, the term Equity Multiple simply means the amount your capital (or equity) will be multiplied by the end of the deal.

If a real estate syndication deal has an equity multiple of 2x and a projected hold time of 5 years, that means investors can expect to double their capital (original investment) in that 5 year period.

6% Preferred Return YOUGETPAIDFIRST Waterfall

Preferred Return - This is when the Sponsor says a certain percentage must be paid out to investors before the Sponsor takes their part of the returns. In this case, we are investors will earn 6% on their capital before any profits are split to the Sponsor team.

Equity

switches to 50/50

IRR,

Imagine a list of everyone participating in the deal with the debt and equity partners categorized into groups – those with the lowest returns and the highest risk at the top. When cashflow is available, it gets distributed like a waterfall, starting at the top and trickling down to those with higher returns and lower risk toward the bottom.

UNITS Phase

Phases 1&2 were developed in 2018 and have since stayed 96%+ occupied consistently. By purchasing Phase 3 from the same developer, we instantly benefit from economies of scale and will have immediately have a solid foothold in Centerton.

Off Market Purchase

LOVE THIS

Path of Progress

Low Risk Debt

FIXED INTEREST RATE DEBT

We are in an inflationary environment! It should now be crystal clear that doing nothing and keeping your money in a savings account is the worst thing you could do for your hard-earned and hard-won wealth right now.

This is why we have secured fixed interest rate debt on this opportunity!

AMENITIES

ATERCOLORS OF CENTERTON W

Market Overview

NORTH WEST ARKANSAS

3 Hours NW From Little Rock

Located in the Centerton, Arkansas

In recent years, the region has seen a swelling population of tech-workers as Walmart battles it out with Amazon in the online retailing space.

Bentonville

Over the past decade, Northwest Arkansas has emerged as one of the country’s most dynamic economic regions.

NORTH WEST ARKANSAS MSA

Major Employers

The Northwest Arkansas

MSA has become the 31st fastest growing and the 102nd most populous U.S. metro," according to economist Mervin Jebaraj.

WELL LOCATED ASSET

sits

LEARN MORE

Walmart's new "Apple-like" HQ in NW Arkansas

Located only 7 minutes from Watercolors of Centerton, Walmart's new Bentonville, Arkansas, campus will open its door to employees in phases throughout 2025, and the company is using the new 350-acre dig as a way to entice its employees back to work.

Its dangling a giant fitness center - equipped with a nearby childcare facility, three pools and a mediation garden. The Walton Family Whole Health & Fitness center and childcare facility will open in late 2023.

It will include 12 office buildings, amenity buildings, parking decks, and surface lots. The campus can accommodate between 18,000 and 19,000 people.

Walmart's HQ will feature food trucks plazas in various locations across campus; coffee bars and grab-and-go stations that will offer organic and healthy snacks and meals; and in-office pantries on each floor.

ATERCOLORS OF CENTERTON W

Financial Analysis

WHERE RENTS ARE GOING IN THIS MARKET

As shown above, the current developer has focused on occupancy rather than increasing rents up to current market rates. As the next owners, we will have the opportunity to raise rents $200 - $400 above in place numbers.

Last year, Bentonville was the fastest-growing in the state and the 28th fastest-growing in the nation, based on growth estimates from April 1, 2020, to July 1, 2021. Its population rose by 4.8% to 56,734, from 54,120.

With the population steadily increasing, and the booming job market in this region, rents will only continue to increase.

COMPARABLE PROPERTIES

The comparable properties nearby prove that there is a clear path to achieve higher rents.

RENT COMPARABLES

Over 24 months, we plan to gradually increase rents upon renewal between $200 - $250 on average. Even after our projected rent increases, our average rents will still be in line or below most of the comparable properties in the area. The market data proves a clear path to achieve higher rents without necessarily doing anything. Our property management company feels extremely confident after installing smart features to each unit and improving the on site amenities, we will not experience difficulties achieving these project rent amounts.

ACQUISITION & DISPOSITION DATA

Phase 1 & 2 Phase 3

SOURCES & USES

Phase 1 & 2 Phase 3

SENIOR LOAN Phase 3

Phase 1 & 2

For Phases 1&2, we are assuming a fixed-rate

Fannie Mae loan at 3.49%.

This puts us at an extremely low loan-to-value of 62% LTV!

For Phase 3, we are speaking with a local community bank who is very interested in financing Phase 3.

Our interest rate will be locked before closing and will be fixed for 5 years.

The rate will be based off Wall Street Journal Prime + 0.25%.

We have nearly 2 years of interest only remaining. When we start paying principal & interest on the loan

Today, this would be 6.50%. By the time we close Phase 3, we are being conservative by adding 0.25% (25 BPS) to our underwriting.

With Phase 3 not closing until 2023, our team still has time to search for the most competitive terms possible.

FORMA

Y5

FORMA Phase

PRO FORMA Combined

REAL ESTATE TAX PROPOSAL

*Using 'Worst Case Scenario' in underwriting model.

STRESS TESTS

Phase 1 & 2 Phase 3

While our price-per-unit is slightly higher than comparable sales, the market continues to appreciate and we expect these averages to increase substantially over time. The majority of the properties in this chart have a much older construction year than Watercolors of Centerton.

HYPOTHETICAL INVESTMENT

UNDENIABLE REASONS YOU SHOULD INVEST OUTSIDE YOUR LOCAL MARKET

#1 – Take the Emotion Out

Personal biases, convenience, and emotions are highly likely to cloud your vision when in search of a local investment opportunity. Investing elsewhere forces you to rely on the property-specific data and removes the emotional component from the process, resulting in a higher likelihood that you’ll invest based on preset criteria and goals.

#2 – Increase Your Flexibility

By constraining yourself to invest locally, you’re barred from options in other markets representing the ideal mix of investing criteria population and job growth trends, geography, real estate prices, and government and state laws that would help you, personally, to meet your investing goals.

#3 – Diversify Your Portfolio

A local only strategy leaves room for little to no diversification and could be devastating to your real estate investments if any type of natural disaster, local economic/government issue, or market recession were to occur.

By investing in multiple markets, both locally and out of state, you’re actually creating diversification within your real estate portfolio and protecting yourself from the ever changing market cycles.

#4 – Focus Your Intentions

When you invest outside of your local area, you’re automatically protected from “stumbling upon” an investment. You can’t get a “great feeling” during a tour or buy into some real estate out of convenience.

Since you’d be throwing money in “sight unseen,” investing across state lines requires a process, intentional communication, and, possibly, more research and analysis on the property to ensure its qualities align with your investment goals.

PROJECTED RETURNS

Cash on Cash

Cash on Cash Return - Cash flow returns are what’s left after you factor in vacancy costs, mortgage, and expenses, and it’s the pot of rental income money that gets distributed to investors. The remaining cash flow is usually distributed to passive investors on a quarterly basis.

IRR (internal rate of return) - is the standard metric used to compare the return on your investment with the length of time included in the calculation. In contrast, ROI (return on investment) calculations don’t consider how long it will take to collect your returns.

Equity Multiple - The initial amount invested into a deal is an investor’s capital. That capital equals the amount of equity an investor has in the passive investment. Thus, the term Equity Multiple simply means the amount your capital (or equity) will be multiplied by the end of the deal.

If a real estate syndication deal has an equity multiple of 2x and a projected hold time of 5 years, that means investors can expect to double their capital (original investment) in that 5 year period.

6% Preferred Return YOUGETPAIDFIRST Waterfall

Preferred Return - This is when the Sponsor says a certain percentage must be paid out to investors before the Sponsor takes their part of the returns. In this case, we are investors will earn 6% on their capital before any profits are split to the Sponsor team.

IRR,

switches to 50/50

Imagine a list of everyone participating in the deal with the debt and equity partners categorized into groups – those with the lowest returns and the highest risk at the top. When cashflow is available, it gets distributed like a waterfall, starting at the top and trickling down to those with higher returns and lower risk toward the bottom.

READY TO TAKE ACTION?

We are asking for a minimum of

investment amounts.

opportunity is open to investors on a first come, first serve basis. Secure your spot today!

INVESTOR PORTAL

INVESTOR PORTAL

COMMONLY USED TERMS