JDA Multifamily Greenbook

MULTIFAMILY OVERVIEW

INTRODUCTION

Johnson Development Associates (JDA) Multifamily Division develops and acquires class A, strategically located properties across the country that provide valuable lifestyle living for our residents, enabling them to enjoy time spent with family and friends. In the pursuit of operational excellence, we strive to continuously improve our development expertise so that we can anticipate and satisfy the future needs of our residents. We do this in accordance with our Guiding Principles and with an unwavering commitment to long-term value creation for all stakeholders in the properties we deliver and the communities in which we invest.

Since 1988, JDA’s Multifamily division has developed more than 35 communities consisting of over 9,000 units of multifamily living space. JDA has assets and controls land positions throughout the United States and continues to pursue strategic locations across target markets.

JDA's emphasis on its Guiding Principles fuels the success of our clients, the communities in which we do business, our vendors, and our investors:

INTEGRITY

Conduct all business in an honest, forthright, and ethical manner.

PARTNERSHIP

Honor commitments and develop enduring relationships grounded in mutual trust, respect, service, and reliability. This applies to customers, teammates, investors, financial partners, vendors and our communities.

HUMILITY

Recognize what we do not know, actively seek knowledge and guidance in our decision making, and acknowledge, learn, and grow from our mistakes.

PRINCIPLED ENTREPRENEURSHIP

Create long-term value by anticipating opportunities for profitable growth, satisfying the evolving needs of the customer, and embracing change while striving for continuous improvement. Exercise sound judgment and take calculated risks to deliver superior results.

INITIATIVE

Be decisive and passionately pursue opportunities with a sense of urgency while continuously adapting and refining strategies.

FULFILLMENT

Reach our full potential by developing our talents, earning meaningful responsibility, and overcoming challenges as a team and find purpose in the positive impact we have on our business, family, and community.

JDA Headquarters in Spartanburg, SC

A HISTORY OF SUCCESS

Johnson Development Associates (JDA) has strong sponsorship support from founder George Dean Johnson, Jr. who is also the co-founder of Extended Stay America Hotels and former board member to seven NYSE-listed companies. As Johnson’s story of entrepreneurial leadership has unfolded, the company that bears his name has been intertwined in his remarkable success as a businessman and community leader.

In the early 1990s Johnson became the largest franchisee of Blockbuster Video Entertainment Inc. with a portfolio of over 200 stores before selling his franchise to the parent company and becoming the president of the domestic division of Blockbuster. When Viacom bought Blockbuster for $8.4 billion in 1994, Johnson and his business partner Wayne Huizenga saw an opportunity in the extended stay lodging business and took Extended Stay America Hotels (ESA) public on the New York Stock Exchange with a mere two hotels completed in their portfolio. This became the fastest-growing lodging company in the history of lodging and included 475 hotels when Blackstone bought ESA for $3 billion in May of 2004 and took it private. Today, Johnson’s son, Geordy, has transitioned into the CEO role at JDA, assuming a principle leadership role within the business.

In recent years, under the direction of Ted Collie, the Multifamily Division has engaged in strategic development and acquisition opportunities across the sunbelt, with a focus on the Coastal Carolinas and Florida. JDA operates communities and controls land positions throughout the country and continues to pursue strategic locations across target markets.

Ted Collie

George Dean Johnson, Jr.

Geordy Johnson

DIVISIONS & AFFILIATES

INDUSTRIAL

The Industrial Division’s development history includes over 135 buildings and over 34 million square feet of industrial space.

JDA Divisions

MULTIFAMILY

Our Multifamily Division has developed or acquired 36 communities with more than 9,000 units spanning both the East and West coasts.

Affiliated Companies

American Credit Acceptance is an emerging credit auto finance company providing financial solutions from coast-to-coast. The company offers a common sense lending approach for dealer partners and affordable payment programs for customers.

SELF-STORAGE

JDA’s Self-Storage Division has developed over 75 storage facilities across the country since 2016.

JDA SELF-STORAGE

The Self-Storage Division’s history dates back more than 30 years. Under the American Storage brand name, JDA assembled a portfolio of 31 facilities through a combination of development and acquisitions. Since divesting that portfolio in 2016, JDA has developed over 75 state of the art Class A storage facilities in growing markets nationwide.

7

Life Storage in Largo, Florida

ExtraSpace Storage in Naples, Florida

ExtraSpace in Bronx, NY

JDA INDUSTRIAL

For nearly 30 years, JDA has developed distribution, e-commerce, and light manufacturing facilities in strategic port-related markets, key inland transportation hubs, and primary and secondary markets possessing logistics demand and population growth. In recent years, the Industrial Division has expanded into high barrier infill markets and has developed over 135 buildings totaling over 34 million square feet of industrial space. The Division has a proven track record for delivering projects of large magnitude while still offering their clients familiarity, accountability, and responsiveness of a privately held business.

Pinto I in Houston, Texas

South Orange Logistics Center I & II in Orlando, Florida

OTO DEVELOPMENT

Founded in 2004 by former Extended Stay America executives George Dean Johnson, Jr., Wayne Huizenga, Corry Oakes, and Todd Turner, OTO Development stands as one of the nation’s premier hospitality companies. Specializing in upscale select-service hotels, OTO develops, acquires, owns, and operates properties across key markets nationwide, with a portfolio boasting over 90 opened properties since its inception. Focused on renowned brands like Hilton, Hyatt, IHG, and Marriott, the company maintains an extensive acquisition and development pipeline in some of the most sought-after markets in the country. OTO’s commitment to excellence has earned it top national recognition for development, management, and customer service from every major partner brand.

AC by Marriott South San Francisco/SFO Airport

AC Hotel Naples 5th Avenue

INVESTMENT APPROACH

JDA pairs the nimbleness of an entrepreneurial development company with the stability of institutional grade capital.

JDA’s projects are funded with 100% internal equity and our ownership is committed to maintaining liquidity to support a robust pipeline. We understand that the firm is only as strong as our reputation for honoring our commitments.

Our ability to execute on opportunities is not hindered by a protracted investment committee process or the need to raise external equity and our development team is empowered with the authority to make decisions in real time when necessary. In business, the passage of time is a common enemy; we will not waste a prospective seller’s time or ours.

We proudly stand by our track record and are happy to provide transactional and financial references as needed.

Lago in Naples, Flordia

We carefully manage and execute every step in the development process, and our team takes great pride in each facility we add to the JDA portfolio.

To ensure the best possible outcome in the execution of our development plans and the fulfillment of all of our commitments, we are responsive and empowered to make investment decisions quickly with no “tire kicking.”

In addition to benefitting from the strong financial backing of internal capital, JDA is also one of the first developers to provide onsite development management services. This improves communication, provides another layer of quality control, allows us to act quickly to position our projects for success, and has been a key component to building our reputation as a leading developer of Class A multifamily product. We are skillful at both site planning and integration of multifamily into a master plan, and we pride ourselves on engaging with the local jurisdiction and community stakeholders, gaining consensus to ensure a successful outcome.

Coastline Ventura in Ventura, California

UNDER DEVELOPMENT

THE ELLIOTT Land O’Lakes, FL (Tampa) | 320 Units

HADLEY Davenport, FL (Orlando) | 367 Units

UNDER DEVELOPMENT

GALLERIA

MAREA Naples, FL | 300 Units

COASTAL EXCHANGE Myrtle Beach, SC | 300 Units

ARDEN Ladson, SC (Charleston) | 198 Units

MONTY North Charleston, SC | 300 Units

TRAILS AT HUNTER’S LAKE Tampa, FL | 241 Units

COASTLINE VENTURA Ventura, CA | 231 Units

LAGO Naples, FL | 320 Units

ELARA Seattle, WA | 150 Units

INDIGO SQUARE

Mount Pleasant, SC (Charleston) l 438 Units

ATWATER Malvern, PA (Philadelphia) | 326 Units

FOUNTAIN SQUARE Miami, FL | 175 Units

VIO San Jose, CA l 234 Units

ARTISAN Petaluma, CA (San Francisco) | 144 Units

CRANBERRY WOODS Cranberry Township, PA (Pittsburgh) | 303 Units

INDIGO SQUARE

LOCATION: MOUNT PLEASANT, SOUTH CAROLINA

BUILT: Q3 2018

UNITS: 438

Located within the thriving, dynamic, and internally-recognized destination market of Charleston, South Carolina, Indigo Square is both the heart of the action in the Mount Pleasant community and a stone’s throw away from historic downtown. Mount Pleasant is one of the market’s most desirable places to live, with a current apartment development moratorium, and high home prices. Perfectly positioned along Highway 17 and directly across from Mount Pleasant Towne Centre (500,000+ SF of open-air retail and 60+ shops and restaurants), Indigo Square’s location serves as its primary competitive advantage.

Indigo Square is further highlighted by its integration within a 35acre master-planned community assembled and developed by JDA, which features a 122-key Home2 Suites developed and owned by OTO Development and a multi-story, self-storage facility operated by ExtraSpace Storage and developed by JDA. Indigo Square is anchored by Regency Center’s 50,000 SF retail center featuring South Carolina’s first Greenwise Market by Publix, local and national restaurants such as Boxcar Betty’s, and a mix of high-end service retailers such as Club Pilates and South Carolina’s only Corepower Yoga. Completing the unparalleled living experience, Indigo Square is just a short 15-minute drive to nearby local beaches, Sullivan’s Island and Isle of Palms.

Mount Pleasant Towne Centre

STUDY

FOUNTAIN SQUARE

LOCATION: MIAMI, FLORIDA

BUILT: Q4 2016

UNITS: 175

The Fountain Square Shopping Center is a 320,000+ SF retail center anchored by Target and Publix. JDA converted the site plan for a senior living facility to better integrate with the retail components and provide an urban community within a walkable mix used development, catering to a diverse tenant base straddling the Doral and Sweetwater markets adjacent to Florida International University (FIU). The shopping center was 97% leased at the time of multifamily construction, and JDA worked with Regency Centers on staging and sequencing plans to successfully minimize impacts on the day-to-day operations of the retail center during construction of the residential community.

Fountain Square is ideally located near major thoroughfares such as Highway 41 and the Ronald Reagan Turnpike, offering unrivaled convenience for residents. On top of the major retail anchors of Target and Publix, Fountain Square Shopping Center includes national food chains such as Crumbl Cookies, Chipotle, and Panera Bread. Culminating the unmatched resident experience, Fountain Square sits only 20-minutes from local beaches, Hobie Beach and Key Biscayne.

The Fountain Sqaure Shopping Center

MULTIFAMILY TEAM

Ted Collie

president

tcollie@johnsondevelopment.net

Ted Collie serves as President of the Multifamily Division at JDA. In this role, Ted is responsible for formulating JDA’s multifamily acquisition and development strategy along with building and leading the team in its execution. Prior to joining JDA, Ted worked with Cortland as Executive Vice President of Investments, where he led their regional investment teams, evolved their investment strategy, and sat on Investment Committee. During his tenure, Cortland was the fastest growing multifamily platform nationally. Previously, Ted worked at H/2 Capital Partners in New York and served as Director of Acquisitions at Archstone where he was instrumental in their East Coast expansion.

During his career, Ted has executed over $30B of transactions across several dozen markets. Ted graduated from the McIntire School of Commerce at the University of Virginia before receiving his MBA at Columbia University. He resides in Spartanburg, SC with his wife and daughter, where he serves on the United Way of the Piedmont’s Education Vision Council and volunteers at Meeting Street Academy.

Jared Wilson

regional

director

jwilson@johnsondevelopment.net

Jared Wilson serves as the Carolinas Regional Director for the Multifamily Division at JDA. In this role, he is responsible for real estate acquisitions and project development for the Carolinas. Prior to this role, Jared managed site due diligence, producing and maintaining development schedules, managing site and architectural design/ programming, generating project budgets, initiating permitting, and supporting entitlements across the JDA multifamily platform. Prior to his current role, Jared served as the Director of Design for JDA’s Self-Storage Division, where he was responsible for the design strategy and management of third party consultants and suppliers for all of the company’s self-storage projects. Prior to joining JDA in 2017, Jared was the Director of Design and Construction at Pure Barre in Spartanburg, SC, where he developed and maintained, Pure Barre’s Design and Construction Standards for consistency, conformance, economics and code compliance. He began his real estate career at EDENS, based in Columbia, SC, where in his last role he served as Director of Tenant Construction. Jared completed his undergraduate and graduate work at Clemson University. Jared serves as the Vice President of the Spartanburg Day School Board of Trustees.

Mark Robinson

director of operations

mrobinson@johnsondevelopment.net

Mark Robinson is the Director of Operations for the Multifamily Division of JDA. He is responsible for managing the Division’s daily operations, financial planning, overseeing its operating portfolio, and investor reporting. Prior to joining the Multifamily Division, he served in JDA’s Industrial Division for five years as its Director of Operations, Director of Entitlements and as a Real Estate Manager, where he focused on new development opportunities in the Mid-Atlantic and Northeast. Mark also spent seven years as an infantry and reconnaissance officer in the United States Marine Corps where he led combat units in Afghanistan, Africa, and Colombia. After completing his time in the military, Mark received a Master of Business Administration from UNC Kenan-Flagler Business School. He also holds a Bachelor of Science Degree from Towson University.

Mike O’Neill

director of construction

moneill@johnsondevelopment.net

Mike O’Neill serves as Director of Construction for JDA. In his role, Mike is responsible for developing a team of Development Managers and overseeing the execution of our multifamily pipeline from the preconstruction phase through Certificate of Occupancy. Mike previously served as a Senior Development Manager with JDA’s Self-Storage Division and OTO Development. He is a graduate of Florida Atlantic University and attended The University of Florida for a Master of Science degree in Building Construction. Mike has extensive contracting experience in both commercial and custom home projects and holds a general contractor’s license in the state of Flordia.

John Langford

assistant general counsel

jlangford@johnsondevelopment.net

John Langford serves as Assistant General Counsel of JDA. In this role, John works with JDA’s Industrial, Self-Storage, and Multifamily teams on the acquisition, development, financing, construction, leasing, and disposition of commercial real estate. Prior to joining JDA in 2021, John practiced commercial real estate and corporate law with Haynsworth

Sinkler Boyd, P.A. in Columbia, SC. John earned a Juris Doctor magna cum laude from the University of South Carolina School of Law, and he is a cum laude graduate of Wofford College with a Bachelor of Arts degree in Finance and Spanish. He resides in Spartanburg, South Carolina with his wife and children, where he is a member of the Rotary Club of Spartanburg and volunteers at Meeting Street Academy.

Adam Tietz

real estate manager

atietz@johnsondevelopment.net

Adam Tietz joined JDA as a Real Estate Manager for the Multifamily Division in 2020. He is responsible for market analysis, site selection and acquisition, contract negotiation, project design, and entitlement work for all new multifamily development activities throughout the state of Florida. Adam has over 10 years of development and acquisition experience in both the public and private sectors, working on a multitude of projects in the Midwest, Colorado, and Florida. He received a Master’s of Real Estate Development from Clemson University as well as a Master’s of Urban Planning and a Bachelor’s Degree from the University of Nebraska.

Nick Broome

senior development manager

nbroome@johnsondevelopment.net

Nick Broome joined the JDA Multifamily Division in 2019. In his current role as Senior Development Manager, Nick is responsible for leading and managing the design, permitting, and construction phases of JDA’s multifamily projects in Florida. Prior to joining the multifamily division, Nick was a Development Analyst in JDA’s Self-Storage division where he managed self-storage projects in North Carolina and Florida. Nick received a degree in Political Science from Clemson University.

Victoria Nelson

asset manager

vnelson@johnsondevelopment.net

Victoria Nelson serves as Asset Manager for the Multifamily Division at JDA. In this role, she is responsible for developing and executing property level strategies to enhance asset value and meet investment objectives for her portfolio. Victoria has over 11 years of managerial experience in the Multifamily Industry. She has managed conventional, subsidized, stabilized, renovation, luxury, and lease up assets over the length of her career. She holds a North Carolina Real Estate License and graduated Cum Laude with a Bachelors of Science in Business Administration with a concentration in Management from East Carolina University.

Christian Boyd

development manager

cboyd@johnsondevelopment.net

Christian Boyd joined JDA’s Multifamily Division in 2022. In his current role as Development Manager, Christian is responsible for managing the design, permitting, and construction phases of JDA’s multifamily projects in Central Florida. Prior to joining JDA, Christian worked for DPR Construction where he worked in the Special Services Group on a variety of projects. Christian received a Bachelor’s degree in Construction Management from the University of Florida.

Jake Hale

development manager

jhale@johnsondevelopment.net

Jake Hale joined JDA’s Multifamily Division in 2023. In his current role as Development Manager, Jake is responsible for managing the design, permitting, and construction phases of JDA’s multifamily projects in Tampa, FL. Prior to this role, Jake worked for Moss Construction in field management positions on multifamily, hospitality, food service, and education projects around the Tampa Bay area. Jake received a Bachelor’s degree in Construction Management from the University of Florida.

Pierce Skidmore

development manager

pskidmore@johnsondevelopment.net

Pierce Skidmore joined the JDA Multifamily Division in 2022. In his role as Development Manager, Pierce is responsible for leading and managing the design, permitting, and construction phases of JDA’s multifamily projects in Tampa, Florida. Prior to this role, Pierce served as a Senior Asset Manager for Toorak Capital Partners, Inc, where he assisted in managing a KKRbacked portfolio. His career has included many positions across the industry including construction management, commercial/residential real estate, and finance. Pierce completed his undergraduate at the University of North Florida with a BS in Construction Management and his graduate degree in Entrepreneurship at the University of South Florida.

Hines Liles

real estate associate

hliles@johnsondevelopment.net

Hines Liles joined JDA’s Multifamily Division as a Real Estate Associate in 2022. In this role, Hines supports the team with the acquisition and development of multifamily projects by primarily conducting due diligence for potential projects. Prior to joining JDA, Hines spent four years in Denver, CO where he worked as a lender at a regional bank. Recently, Hines has been actively involved in Ducks Unlimited and the Boy Scouts of America. He is a graduate of Washington and Lee University, where he majored in Economics and Environmental Studies.

Patrick Sullivan

real estate associate

psullivan@johnsondevelopment.net

Patrick joined JDA in 2021 as a Real Estate Analyst for the Multifamily Division. In this role, he assists the Multifamily team with sourcing, underwriting, asset performance analysis, historical rate trends, and overall market research. Before joining JDA, Patrick interned for the Real Estate team at OTO Development in Spartanburg, SC. He graduated from Washington and Lee University with a Bachelor of Arts degree in Economics and Politics.

Amber Thomas

asset management associate

athomas@johnsondevelopment.net

Amber Thomas joined JDA as an Asset Management Associate for the Multifamily Division in 2023. In this role, Amber is responsible for the development and execution of short- and long-term strategies to enhance asset value and meet investment objectives for her portfolio. Prior to joining JDA, Amber worked as an Operations Coordinator for Affordable Upstate in Greenville, SC. She is a graduate of the University of South Carolina, where she earned a Bachelor of Arts degree in Global Studies and Spanish.

Ebee Johnson

asset management associate

ejohnson@johnsondevelopment.net

Ebee Johnson serves as an Asset Management Associate in the Multifamily Division of JDA. In this role, Ebee is responsible for the development and execution of short- and long-term strategies to enhance asset value and meet investment objectives for her portfolio. Prior to JDA, Ebee worked for a local real estate developer in Greenville, SC as well as for the South Carolina Board of Financial Institutions. Ebee’s educational background includes a Master of Real Estate Development from Clemson University and a Bachelor of Science in Finance and Real Estate from The University of South Carolina.

Baird Tuveson

real estate analyst

btuveson@johnsondevelopment.net

Baird Tuveson joined JDA in 2022 as a Real Estate Analyst for the Multifamily Division. In this role, he assists the Multifamily team with sourcing, underwriting, asset performance analysis, historical rate trends, and overall market research. Before joining JDA, Baird interned for the Real Estate team at OTO Development in Spartanburg, SC. He graduated from Washington and Lee University with a Bachelor of Science degree in Business Administration.

Giulio de Alessandrini

real estate analyst

galessandrini@johnsondevelopment.net

Giulio de Alessandrini joined JDA in 2023 as a Real Estate Analyst for the Multifamily Division. In this role, he assists the Multifamily team with sourcing, underwriting, portfolio management, and overall market research. Giulio joined JDA as an intern with the Multifamily Division in June 2022 and began a full-time role in June 2023. He graduated from Washington and Lee University in 2023 with a Bachelor of Science degree in Business Administration. At Washington and Lee, Giulio served as Co-Executive Director of the Real Estate Society.

Nate Besch

development analyst

nbesch@johnsondevelopment.net

Nate Besch is a Development Analyst for the Multifamily Division of JDA. He is responsible for assisting in the oversight of the building development process for projects in Florida. He also assists in the design, permitting, and construction supervision of projects. Nate is a recent graduate from Temple University where he studied Construction Engineering Technology and Business.

Bennett Rudolph

development analyst

brudolph@johnsondevelopment.net

Bennett Rudolph joined JDA in 2024 as a Development Analyst for the Multifamily Division, after interning with the Division in 2023. He is responsible for assisting in the design, permitting, budgeting and construction of new developments in Florida. Bennett is a recent graduate from the University of Florida where he majored in Finance.

Sarah Gilmer

development coordinator

sgilmer@johnsondevelopment.net

Sarah Gilmer joined JDA in 2022 as a Development Coordinator for the Finance team, Multifamily Division, and Industrial Division. She assists the team leaders and members by helping oversee the successful completion of projects and events. Prior to joining JDA, Sarah was an Executive Assistant with over 10 years of experience in C-Level offices.