122 Parsons Ave. | Columbus, OH 43215

NEW CONSTRUCTION MULTI-FAMILY BOUTIQUE APARTMENT COMMUNITY | 78 UNITS | 2019 CONSTRUCTION R OF PROPERTY SUMMARY BE UN M IT U S Units 78 N

Retail SqFt 1,969

Total Rentable SqFt 66,280

Year Built 2019 Site (Acres) 1.08 78 Occupancy 91.03%

TRUCT NS IO O N C Jackson Dearborn Partners and Sub4 Development (the “Sponsor” or INVESTMENT SUMMARY “GP”), are under contract to purchase The Yardley (the “Property”), a Purchase Price $17,300,000 78-unit multi-family property in Columbus, OH on or about January 7, 2021. The Property, which was constructed in 2019, is a boutique Total Capitalization $18,575,013 project in the booming neighborhood just east of Senior Loan $12,650,000 downtown and is currently 91% occupied. 2019 Equity $5,925,013

10 Year IRR 13.37% E PR PITA UPA AL ICE CA LZ C NC S L AT C Y A I O Equity Multiple 2.24x T O O N T Year 1 Cash-on-Cash Return 13.45%

Avg. Cash-on-Cash Return 10.92%

$17,300,000 $18,575,013 91.03% EXECUTIVE SUMMARY

Deal Highlights Market Highlights • The Yardley is a 78-unit, newly constructed boutique apartment • Columbus is in the midst of unprecedented expansion, growing community with best-in-class interior finishes, located along faster than any major Midwest metro in both population and Parsons Avenue in Columbus' Olde Towne East neighborhood. private sector job growth over the past 10 years.

• Olde Towne East is one of Columbus' fastest growing • Olde Towne East is a historic neighborhood that is undergoing a neighborhoods, with rapid home value appreciation, over $100 renaissance of redevelopment of its unique housing inventory million in current development underway and immediate proximity while also welcoming of several new pedestrian neighborhood to the Nationwide Children's Hospital and the downtown district. restaurant and retail amenities.

• The existence of a 15-year 100% tax abatement, coupled with • Over $100MM of new multifamily, commercial and mixed-use historically low interest rates provides for strong double-digit development is planned in the immediate area, with nearly $3 cash on cash yields out of the gate and for the duration of the billion in various infrastructure improvements completed, planned holding period. or underway within a direct path of the property.

Sponsor / Management Deal Structure / Returns • Jackson Dearborn Partners and its affiliates together are a fully • The acquisition will be capitalized with an 80% LTV agency loan integrated multifamily investment and development company and 20% equity. with nearly 2,000 units and 4,000 student housing beds. • Equity will be 90% Limited Partner/10% General Partner, 8% • Stabilized and under construction portfolio of over $550MM, preferred return, split above preferred return of 75% to Limited development pipeline of nearly $300MM. Partner/25% to General Partner.

• The property will be managed by Metropolitan Holdings, the • Based on a 10-year hold, Investor returns are projected to be: developer and seller of the project. 12.6% IRR, 2.13x equity multiple and an average cash on cash return of 10.5%.

3 DEAL STRATEGY

The Yardley offers a rare opportunity to invest capital in a newly constructed stabilized asset with outsized cash flow returns and a limited downside profile:

• The property has 14 years remaing of a • Further enhancing cash flow is the ability • These in-place cashflow backstops will 15-year tax abatement on 100% of building to finance the acquisition with non- allow for significant downside protection improvements (land value subject to tax) - recourse 12-year debt bearing an interest in the event that rents grow slower than which effectively reduces the tax liability rate around 3% with a year of interest only anticipated or occupancy falls below by as much as 90%. and flexible pre-pay options. stabilized levels.

Local Operator Presence:

• Given that this is JDP's first foray into • Metropolitan Holdings also happens to be • The relatively small number of units the Columbus investment market, we the seller/developer and will provide makes efficient management somewhat feel it is prudent to have a local presence Intimate knowledge of property, market, challenging - we have worked out a hybrid for management. Therefore, we will be etc. pricing/staffing model with Metropolitan, using Metropolitan Holdings to oversee in which they will leverage other assets the property on a day-to-day basis. in the immediate area in order to scale and reduce costs.

4 RISKS & MITIGANTS

New Supply / Competition Future Deferred Tax Exposure on the Sale in the Area Maintenance Exposure of the Property

• Risk • Risk • Risk There is over $100MM of new development Holding an asset for 10 years will lead to A future buyer will uncap the tax planned for the area, along with a large major capital repairs during the end of the abatement, hurting the sale year cash overhaul of the neighborhood's historic holding period. flow and thus, decreasing sale proceeds. housing stock into one-off rental/for sale units.

• Mitigant • Mitigant • Mitigant With a long-term investment horizon, we The property was constructed in 2019 We have attributed value to the portion of feel strongly that the continued growth of with an all brick exterior and best-in the abatement that extends beyond our the neighborhood will only make The class interior finishes and will stand the hold period. We also believe that we are Yardley a more desirable asset. test of time. Additionally, the developer of buying into a neighborhood with ample the property is staying on as manager runway left for growth and therefore, which will provide intimate knowledge of a strong chance that asset appreciation the physical components. will occur to somewhat offset the uncapping of taxes. Furthermore, the presence of the tax abatement allows for consistent double-digit cash flow returns that would not typically be available for an asset of this quality and age.

5

MARKET OVERVIEW

111,520 +11.33% 1,000,000 #2 City of Columbus Population Growth Additional estimated residents Largest single-tenant office residents gained 2010-19 2010–19 by 2050 building in the country

15 $130 B 50 130,000 Fortune 1000 companies GDP Generated Annually College & University Student Population across headquarted in the region campuses the MSA

Comparable MSA Population Change 2010-19

Columbus

Indianapolis

Growth Engine of the Midwest USA The fastest growing large city in the Midwest - and one of the fastest- Cincinatti growing in the nation - Columbus anchors a dynamic and diverse Milwaukee 10-county metropolitan area with more than 2 million people. While Detroit most other Midwest metros have been struggling to keep residents Saint Louis and attract jobs, Columbus has been thriving. New-comers are wooed Cleveland by the low cost of living, pro-business taxing policies, and access to Pittsburgh world-class amenities in a variety of vibrant neighborhoods. Source: St. Louis Federal Reserve

-2.50% 0.00% 2.50% 5.00% 7.50% 10.00% 12.50%

7 MARKET OVERVIEW

Balanced Suburban and Urban Growth 30,000 Although the Rust Belt MSA’s have been investing to reactivate their 25,000 urban center’s, with the exception of Indianapolis, the vast majority 20,000 of any population growth has occurred in the outlying suburban 15,000 communities. Columbus has achieved a remarkable balance of both 10,000 a booming city-proper, as well as solid population growth throughout 5,000 the suburbs. Of the 215,905 people that moved to the region since

2010, almost half - 111,520 have opted to reside in the City of 2011 2012 2013 2014 2015 2016 2017 2018 2019 Columbus. Annual Population Growth MSA Total City of Columbus

Columbus Employees Industry

The State University 30,900 Education State of Ohio 23,800 Government Highly Educated Workforce and Balance of Economic Drivers JP Morgan Chase 20,000 Financial Services The Columbus region’s employers enjoy a highly educated workforce, with Ohio Health 19,900 Healthcare over 50 college and university campuses nearby, with enrollment totalling United State Government 13,800 Government more than 130,000 students - including over 61,000 at ’s flagship campus. While the more than 30,000 faculty and staff employed Nationwide Insurance 13,000 Insurance at Ohio State make it the largest employer in Columbus, the region has a Honda of America 11,000 Manufacturing remarkably diverse economy, with no single industry accounting for more Kroger 10,200 Grocery than 18% of area jobs. Mt Carmel Health Systems 8,800 Healthcare City of Columbus 8,500 Government Cardinal Health 5,500 Healthcare

8 MARKET OVERVIEW

Columbus Highlights

• 15 Fortune 1000 companies are head-quartered in the region, with • #1 Ranked “Cities to Work in Tech” - 2017, 2018 & 2019, SmartAsset 11 located in the City of Columbus • Home to Battelle and CAS - 2 of the world’s leading private-research • Home to JP Morgan Chase’s largest workspace in the world - the institutions. 2-million-square-foot McCoy Center is also the 2nd largest single tenant office building in the country behind only the Pentagon • Generates $130 Billion GDP Annually

International Connections & John Glenn Columbus Rickenbacker a Global Economy International Airport International Airport County # Businesses Located in the heart of the Midwest, Has over 160 daily flights to more Located at Rickenbacker Inland Columbus offers easy access to than 40 destinations, transporting Port is one of the world’s only Japan 138 major national and global markets. more than 8 million passengers cargo-dedicated airports and Canada 24 annually. handled over 300 million pounds of air cargo in 2018. (Cont. pg 11) Germany 36

U.K. 29

France 10 The Columbus Region is home to over 330 internationally owned Switzerland 13 businesses including Honda Rest of Europe 47 (Japan), Safelite (Belgium), DHL (Germany), and Accenture Rest Asia 20 (Ireland). Rest of World 15

9 NEIGHBORHOOD OVERVIEW

Olde Towne East

• Historic neighborhood located just east of downtown Columbus • True walkable urban neighborhood, coffee shops, bars, and featuring a wealth of historic homes dating back to the 1830’s. restaurants abound and just a mile to the heart of downtown Columbus. • Neighborhood is roughly bound by I-70 to the south, I-71 to the west, Broad Street to north and Wilson Avenue to east with the • Massive investment into the area from young couples rehabbing commercial center along Oak Street from the Parson Avenue old homes to huge public projects like the Parsons Avenue corridor to 18th Street. streetscape improvement project and Columbus Crossroads projects, and larger mixed-use developments like The Gemma and • Undergoing tremendous investment and growth, highest rising 18th & Oak. home values of any neighborhood in the Columbus MSA - 5 Year Increase of 189% • Olde Town East is the next wave of growth and development surrounding downtown Columbus with $100 million in private projects and population growth of 43.3% since 2010 189% $100M 43% Home Value Increase In Private Projects Population Growth

10 NEIGHBORHOOD DEVELOPMENT

Nationwide Children’s Hospital Expansion

Located one mile directly south of Yardley along Parsons Avenue, Nationwide Children’s Hospital is a nationally ranked pediatric acute care hospital. The hospital has long anchored east of Downtown Columbus and the adjacent neighborhoods and currently employs nearly 12,000 people, the sixth most of any company in the Columbus MSA. In 2016, an 11-project, $730 million expansion was announced and included; a six-story faculty office building, five-story outpatient specialty clinic, 258,000-square foot Behavioral Health Pavilion, 222,000-square foot research building, Nationwide conference center and other various other infrastructure additions. This expansion is coming on the heels of a similar $800 million expansion completed in 2012. The hospital’s most recent expansion has played a large role in fueling the revitalization of Parsons Avenue and adjacent residential communities such as Olde Towne East.

Nationwide Children’s Hospital Expansion W N S E

Rickenbacker Airport

Located approximately 12 miles south of The Yardley, Rickenbacker International Airport is one of the world’s only primarily cargo-dedicated airports. CT Realty announced its intention to expand its portfolio with the plan development of nearly 6 million square feet of large-scale warehouse and distribution space at the airport. Though not disclosed, the total cost of the multi-phase project is estimated to be north of $1 billion.

11 NEIGHBORHOOD DEVELOPMENT

Interstate 70/71 "Columbus Crossroads" Project

This $1.4 billion project is aimed at improving safety, congestion & reconnecting neighborhoods by replacing bridges with wider, pedestrian-friendly structures with parking and landscape design. There are several phases of the project that will be positive to The Yardley, see below.

Phase -2D: Slated to start this year, specific improvements include the addition of a northbound Parsons Avenue exit ramp from I-70 West, which will provide feeder traffic on Parsons Avenue into the Olde Easte Town neighborhood and directly in front of The Yardley.

Phase - 2E: within this phase, a new Parsons Avenue exit off of I-70 East was added, making it easier for travelers to access the Nationwide Children's Hospital from the west.

Phase 3A - East Interbelt: Not schedule to start until 2025, specific improvements will include rerouting and splitting Parsons Avenue northeast at a pivot point that is adjacent to The Yardley. This work will result in a green space immediately outside of the building's front door. Above is a rendering of the proposed work. Market Positioning SALES COMPARABLES

CAP PROPERTY SUBMARKET SALE DATE SALE PRICE YEAR BUILT UNITS SF PRICE / UNIT PRICE / SF RATE

Luxe Belle South Campus November-20 $33,000,000 2019 93 89,069 $354,839 $370.50 -

The Prescott February-20 $4,800,000 2015 24 12,384 $200,000 $387.60 -

600 Goodale October-19 $39,700,000 2013 174 168,780 $228,161 $235.22 5.80%

250 High Downtown October-19 $46,645,000 2015 121 130,317 $385,496 $357.93 -

80 on the Commons Uptown October-19 $37,055,000 2018 125 122,625 $296,440 $302.18 -

The Normandy Discovery District September-19 $62,000,000 2014 268 184,920 $231,343 $335.28 5.00%

Steel House Tri-Village October-18 $25,350,000 2018 113 98,197 $224,336 $258.15 6.16%

The Woodford Tri-Village June-18 $6,300,000 2016 24 21,144 $262,500 $297.96 5.70%

Average $31,855,000 2016 118 103,430 $272,889 $318.10 5.67%

The Yardley Olde Towne East TBD $17,300,000 2019 78 66,280 $221,795 $261.01 5.54%

$272,889 $318.10 5.67% AVERAGE PRICE / UNIT AVERAGE PRICE / SF AVERAGE CAP RATE

14 RENT COMPARABLES

5 6 4 2

3

7 8

1

STUDIO STUDIO 1 BED 1 BED 2 BED 2 BED 3 BED 3 BED # PROPERTY NAME UNITS BUILT RENT / SF OCCUPANCY RENT RENT / SF RENT RENT / SF RENT RENT / SF RENT RENT / SF 1. The Arbor 141 2018 $1.39 95.04% $1,042 $1.59 $1,302 $1.45 $1,719 $1.26 - - 2. The Pierce 93 2020 $1.53 L/U - - $1,208 $1.53 $1,455 $1.54 - - 3. 223 E Town 84 2017 $1.85 77.94% - - $1,363 $1.97 $1,922 $1.79 - - 4. The Citizens 63 2017 $1.83 93.65% $1,120 $2.07 $1,625 $1.89 $2,125 $1.59 $3,113 $1.78 5. @150 North 3rd 79 2020 $2.13 L/U $1,025 $2.15 $1,538 $2.17 $1,830 $2.07 - - 6. The Atlas Apartments 98 2015 $1.96 93.88% $995 $2.54 $1,248 $1.86 $1,610 $1.49 - - 7. The Julian 90 1921/2015 $1.94 92.22% $1,325 $1.94 $2,089 $1.94 - - 8. 303 89 2017 $2.06 DND $1,045 $2.14 $1,428 $2.25 $1,825 $1.80 - - Average 92 2018 $1.84 90.55% $1,045 $2.10 $1,379 $1.88 $1,822 $1.68 $3,113 $1.78 The Yardley 78 2019 $1.66 89.74% $945 $1.89 $1,220 $1.70 $1,675 $1.45 $2,395 $1.40

15 Investment Overview PROPERTY SUMMARY

Community Overview Utilities Address: 122 Parsons Ave. Columbus, OH Electric: Tenant (RUBS) AEP Ohio # of Units: 78 Gas: N/A N/A Year Completed: 2019 Water: Tenant (RUBS) City of Columbus Net Rentable Square Feet: 66,280 Sewer: Tenant (RUBS) City of Columbus Average Unit Size: 825 Trash Removal: Tenant (RUBS) Valet Living Retail Square Feet: 1,969 Cable: Tenant Spectrum # of Residential Buildings: 1 Internet: Tenant AT&T Number of Floors: 3–4 Parcel Size: 1.08 Acres Site Density: 72.22 Units / Acre Parcel #: 010-056881-00 Zoning: CPD Parking Breakdown Structured Garage Spaces 103 Private Garage Spaces 13 Total Parking Spaces: 116 Parking Ratio / Unit: 1.49 Construction + Mechanical Foundation: Concrete Slab Building Exteriors: Brick, Stone, Panel Siding Framing: Concrete Podium, Wood Frame Above Roofs: Flat Membrane Windows: Double Pane Insulated Windows Plumbing: PVC Electrical: Copper HVAC: Split System Individual HVAC Hot Water: Individual Electric 35-Gallon

17 AMENITIES

Community Amenities Unit Amenities

24 Hour Fitness Center • • Stainless Steel Appliances Valet Trash Service • • Quartz Counter Tops Boutique Lobby with Coffee Bar • • Vinyl Plank in Kitchen & Family Room Secure Luxer One Package Locker System • • Subway Tile Backsplash On-Site Property Management • • Washer & Dryer in All Units Attached Secure Parking Garage • • 9 Foot Ceilings Private Individual Garage Parking Available • • Oversized Custom Tiled Showers Pet Friendly Building • • Private Balcony or Patio

18 AERIAL MAP

SHORT NORTH ARTS DISTRICT

0.5 MILES

ARENA KING-LINCOLN DISTRICT BRONZEVILLE

DOWNTOWN UPTOWN DISTRICT OLDE TOWN EAST

RIVER SOUTH DISTRICT

SCIOTO RIVER

GERMAN VILLAGE SOUTHERN ORCHARDS

BREWERY N DISTRICT

W E

S

19 PHOTOS

20 PHOTOS

21 PHOTOS

22 PHOTOS

23 Financials INVESTMENT SUMMARY

SOURCES PER UNIT GENERAL ASSUMPTIONS Senior Loan $12,650,000 $162,179 Anticipated Closing Date January, 2021 Equity $5,925,013 $75,962 Rent Growth Total Source $18,575,013 $238,141 Year 1 2.50% Year 2 3.00% USES PER UNIT Year 3 and Thereafter 3.00% Purchase Price $17,300,000 $221,795 Other Income Growth 2.00% Retail Unit Buildout Cost $144,722 $1,855 Due Diligence, Third Party Reports $25,000 $321 Physical Vacancy Legal, Title, Survey, etc. $50,000 $641 Year 1 6.50% Reserves $50,000 $641 Year 2 and Thereafter 5.00% Acquisition Fee 1.00% $173,000 $2,218 Economic Vacancy Financing Costs 0.85% $107,525 $1,379 Year 1 10.71% Interest Reserve $724,767 $9,292 Year 2 7.25% Total Use $18,575,013 $238,141 Year 3 and Thereafter 6.25%

Expense Growth 2.00%

SALE ASSUMPTIONS Management Fee 3.50% Hold Period (Years) 10 Sale Year Cap Rate 5.50% Sale Year NOI $907,126 Sale Year Value $16,493,197 Additional Value at Sale from Tax Abatement $1,954,260 Total Value at Sale $18,447,456 Sale Value Per Unit $236,506 Loan Balance in Sale Year $10,998,126 Sale Costs 2% Net Profits $7,080,382

25 CAPITALIZATION

SUMMARY OF PROPOSED LOAN TERMS Lender: Fannie Mae Loan Amount: $12,650,000 Loan to Purchase Price: 75.25% Loan Term: 12 Years Amortization: 30 Years Interest Only Period: 1 Years Interest Rate (Subject to Change until Rate Lock): 3.25% Interest Reserve: 12 Months of Principal/Interest held for 6 months and released after 9 months Prepayment: Yield Maintenance through month 120, 1% of loan balance thereafter until open period starts within 90 days of maturity Non-recourse, except the recourse carve-outs (fraud, waste, etc.) are personally guaranteed by Chris Saunders, Ryan Tobias, Sean Lyons, Guaranty: Shaun Buss

TERMS / STRUCTURE

Sponsor Jackson Dearborn Partners and Sub4 Development

General Partner Single Purpose LLC to be formed by Sponsor

Total Project Equity $5,925,013

General Partner Commitment 10% of total project equity, or $592,501

Offering to Limited Partner Investors 90% of total project equity, or $5,332,512

Minimum Investment $25,000 for one LLC unit

Offered only to qualified purchasers who are accredited investors ["Accredited Investors"], within the meaning of Rule 501[a] of Regulation Investor Qualifications D under the Securities Act ["Regulation D"] Distributions - Cash Flow 8.0% preferred return pro rata then of all cash and to be split 75% to Investor and 25% to General Partner

Distributions - Capital Event After preferred return pro rata and 100% return of capital, then of all cash and capital to be split 75% to Investor and 25% to General Partner

Acquisition Fee Sponsor shall receive a 1.0% acquisition fee on the purchase price at closing

Asset Management Fee Sponsor shall receive an annual asset management fee of 0.5% of Investor Membership Interests

Property Management Fee 3.5% of gross revenue paid to Metropolitan Holdings, but potentially to affiliated property management company in the future

Disposition Fee 2.0% of net sale proceeds

26 UNIT MIX

UNIT SUMMARY IN-PLACE / PRO FORMA RENT YEAR 2 RENT MARKET MARKET ANNUAL MARKET ANNUAL UNIT TYPE UNITS UNIT SF TOTAL SF RENT / UNIT RENT / SF RENT RENT / UNIT RENT Studio - Wilson 4 500 2,000 $945 $1.89 $45,360 $969 $46,494 1 Bed / 1 Bath - Elliot 80% AMI 4 668 2,672 $1,144 $1.71 $54,912 $1,173 $56,285 1 Bed / 1 Bath - Elliot 100% AMI 4 668 2,672 $1,195 $1.79 $57,360 $1,225 $58,794 1 Bed / 1 Bath - Gilbert 6 668 4,008 $1,115 $1.67 $80,280 $1,143 $82,287 1 Bed / 1 Bath - Bryden 1 661 661 $1,165 $1.76 $13,980 $1,194 $14,330 1 Bed / 1 Bath - Franklin 10 650 6,500 $1,145 $1.76 $137,400 $1,174 $140,835 1 Bed / 1 Bath - Elliot 17 668 11,356 $1,172 $1.75 $239,088 $1,201 $245,065 1 Bed / 1 Bath - Fulton 2 702 1,404 $1,225 $1.75 $29,400 $1,256 $30,135 1 Bed / 1 Bath + DEN - Oakwood 2 835 1,670 $1,417 $1.70 $34,008 $1,452 $34,858 1 Bed / 1 Bath - McAllister 5 1,056 5,280 $1,671 $1.58 $100,260 $1,713 $102,767 2 Bed / 2 Bath - Garfield 6 994 5,964 $1,598 $1.61 $115,056 $1,638 $117,932 2 Bed / 2 Bath - Madison 5 1,020 5,100 $1,595 $1.56 $95,700 $1,635 $98,093 2 Bed / 2 Bath - Hoffman 3 1,072 3,216 $1,695 $1.58 $61,020 $1,737 $62,546 2 Bed / 2 Bath - Gustavus 2 1,136 2,272 $1,645 $1.45 $39,480 $1,686 $40,467 2 Bed / 2 Bath - Benton 2 1,156 2,312 $1,830 $1.58 $43,920 $1,876 $45,018 2 Bed / 2 Bath - Sherman 1 1,180 1,180 $1,795 $1.52 $21,540 $1,840 $22,079 2 Bed / 2 Bath - Monroe 2 1,311 2,622 $1,895 $1.45 $45,480 $1,942 $46,617 3 Bed / 2 Bath - Hamilton 2 1,711 3,422 $2,395 $1.40 $57,480 $2,455 $58,917 Total / Average 78 825 64,311 $1,359 $1.65 $1,271,724 $1,393 $1,303,517

COMMERCIAL RENT ROLL LEASE TENANT SUITE SF RENT/SF CAM/SF LEASE TYPE LEASE START EXPIRATION OPTIONS Sunnyside Tacos 101 1,969 $12.00 $6.50 NNN 9/1/2021 8/31/2031 Two 5 Year Total 1,969 $12.00 $6.50

RESIDENTIAL SUMMARY COMMERCIAL SUMMARY Number of Units 78 Number of Units 1 Total Residential SF 64,311 Total Square Footage 1,969 Projected Lease Commencement 9/1/2021 # of Units Avg. Lease Rate Avg Lease Length (years) 10 Studio Units 4 $945 Rent PSF $12.00 1 Bedroom Units 51 $1,220 Expense Reimbursement PSF $6.50 2 Bedroom Units 21 $1,675 Annual Rent Increases 2.00% 3 Bedroom Units 2 $2,395 Vacancy 5.00% TI/LC (funded at closing) $137,830 PRO FORMA

Rental Income Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11

Gross Potential Rent $1,271,724 $1,303,517 $1,342,623 $1,382,901 $1,424,388 $1,467,120 $1,511,134 $1,556,468 $1,603,162 $1,651,256 $1,700,794 Vacancy -$82,662 -$65,176 -$67,131 -$69,145 -$71,219 -$73,356 -$75,557 -$77,823 -$80,158 -$82,563 -$85,040 Loss / Gain to Lease $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Non Revenue Units -$16,304 -$13,035 -$13,426 -$13,829 -$14,244 -$14,671 -$15,111 -$15,565 -$16,032 -$16,513 -$17,008 Concessions / Discounts -$34,116 -$13,035 $0 $0 $0 $0 $0 $0 $0 $0 $0 INCOME Bad Debt -$3,179 -$3,259 -$3,357 -$3,457 -$3,561 -$3,668 -$3,778 -$3,891 -$4,008 -$4,128 -$4,252 Gross Rental Income $1,135,463 $1,209,012 $1,258,709 $1,296,470 $1,335,364 $1,375,425 $1,416,688 $1,459,188 $1,502,964 $1,548,053 $1,594,495

Total Commerical NCF $24,351 $37,155 $37,898 $38,656 $39,429 $40,218 $41,022 $41,843 $42,679 $43,533 $44,404 Total Other Income $153,375 $156,442 $159,571 $162,762 $166,018 $169,338 $172,725 $176,179 $179,703 $183,297 $186,963

Total Gross Income $1,313,188 $1,402,609 $1,456,178 $1,497,888 $1,540,811 $1,584,981 $1,630,435 $1,677,210 $1,725,346 $1,774,883 $1,825,861

Expense Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11

Real Estate Taxes $17,555 $17,906 $18,264 $18,630 $19,002 $19,382 $19,770 $20,165 $20,569 $20,980 $477,324 Insurance $42,500 $43,350 $44,217 $45,101 $46,003 $46,923 $47,862 $48,819 $49,796 $50,791 $51,807 Utilites $100,000 $102,000 $104,040 $106,121 $108,243 $110,408 $112,616 $114,869 $117,166 $119,509 $121,899 Maintenance/Repairs $20,000 $20,400 $20,808 $21,224 $21,649 $22,082 $22,523 $22,974 $23,433 $23,902 $24,380 Cleaning / Turnover $20,000 $20,400 $20,808 $21,224 $21,649 $22,082 $22,523 $22,974 $23,433 $23,902 $24,380 Contract Services $17,500 $17,850 $18,207 $18,571 $18,943 $19,321 $19,708 $20,102 $20,504 $20,914 $21,332 Advertising/Marketing $15,000 $15,300 $15,606 $15,918 $16,236 $16,561 $16,892 $17,230 $17,575 $17,926 $18,285 EXPENSE Payroll $60,000 $61,200 $62,424 $63,672 $64,946 $66,245 $67,570 $68,921 $70,300 $71,706 $73,140 General / Administrative $20,000 $20,400 $20,808 $21,224 $21,649 $22,082 $22,523 $22,974 $23,433 $23,902 $24,380 Management Fee $22,981 $42,315 $43,796 $45,329 $46,916 $48,558 $50,257 $52,016 $53,837 $55,721 $57,672 Replacement Reserves $19,800 $20,196 $20,600 $21,012 $21,432 $21,861 $22,298 $22,744 $23,199 $23,663 $24,136

Total Expenses $355,336 $381,318 $389,579 $398,027 $406,668 $415,505 $424,543 $433,788 $443,244 $452,916 $918,735

Net Operating Income $957,853 $1,021,292 $1,066,599 $1,099,861 $1,134,143 $1,169,476 $1,205,891 $1,243,422 $1,282,102 $1,321,966 $907,126

28 LP CASH FLOWS Sponsor LIMITED PARTNER(LP)RETURNS Sale Proceeds(inclusiveoftaxabatementvalue) Return Cash on Cash Total Equity LP Investor Equity Contributions Total NetCashFlow Total LPDistributions Total GrossIncome Total LPContributions Total Expenses PNtCs lw&CptlDsrbto $,3,1 21882$4,2 2963$1,3 3141$6,1 3398$2,7 4106$6,317,466 $451,086 $422,076 $393,928 $366,616 $341,491 $319,539 $289,603 $248,826 $2,198,892 -$5,332,512 LP NetCashFlow&CapitalDistribution Net OperatingIncome Asset ManagementFee Capital Improvements Capital ImprovementsFundedatClosing First MortgageDebtService DCR Cash FlowAfterDebtServiceBeforeReserves Cash Reserves Cash FlowAfterReserves Return ofInterestReserve 12.62% INVESTOR RETURNSSUMMARY LP IRR $,2,1 24189$4,9 3595$1,6 4349$8,8 5517$6,2 6148$7,621,199 $601,408 $562,728 $525,197 $488,782 $453,449 $419,167 $385,905 $340,597 $2,481,869 -$5,925,013 $,3,1 17320$0 $1,723,290 -$5,332,512 0%$5,925,013 100% 0 5251PreferredReturn $592,501 10% 0 53252Promote $5,332,512 90% 0$7,0 2886$8,0 3959$4,9 3666$9,2 4206$5,8 $6,317,466 $451,086 $422,076 $393,928 $366,616 $341,491 $319,539 $289,603 $248,826 $475,602 $0 mutEut aefl rfre eunSosr%LP% Sponsor% PreferredReturn EquityWaterfall Amount % 12189$4,9 3595$1,6 4349$8,8 5517$6,2 6148$641,272 $601,408 $562,728 $525,197 $488,782 $453,449 $419,167 $385,905 $340,597 $1,291,869 11000$0 $1,190,000 13318$,0,0 14618$,9,8 15081$,8,8 16045$,7,1 17536$1,774,883 $1,725,346 $1,677,210 $1,630,435 $1,584,981 $1,540,811 $1,497,888 $1,456,178 $1,402,609 $1,313,188 $3,3 $0 -$137,830 9783$,2,9 10659$,9,6 11413$,6,7 12581$,4,2 12212$1,321,966 $1,282,102 $1,243,422 $1,205,891 $1,169,476 $1,134,143 $1,099,861 $1,066,599 $1,021,292 $957,853 4115$6,4 6063$6,4 6063$6,4 6063$6,4 6063$660,643 $660,643 $660,643 $660,643 $660,643 $660,643 $660,643 $660,643 $660,643 $411,125 5712$4,9 3595$1,6 4349$8,8 5517$6,2 6148$641,272 $601,408 $562,728 $525,197 $488,782 $453,449 $419,167 $385,905 $340,597 $517,102 3536$8,1 3959$9,2 4668$1,0 4453$3,8 4324$452,916 $443,244 $433,788 $424,543 $415,505 $406,668 $398,027 $389,579 $381,318 $355,336 1780$0 $137,830 $724,767 2,2 2,5 2,5 2,5 2,5 2,5 2,5 2,5 2,5 $20,051 $20,051 $20,051 $20,051 $20,051 $20,051 $20,051 $20,051 $20,051 $29,625 5,0 $0 $50,000 34%68%80%88%97%1.9 15%1.3 34%14.39% 13.40% 12.43% 11.50% 10.59% 9.71% 8.85% 8.02% 6.89% 13.45% ER1YA ER3YA ER5YA ER7YA ER9YEAR10 YEAR9 YEAR8 YEAR7 YEAR6 YEAR5 YEAR4 YEAR3 YEAR2 YEAR 1 ER1YA ER3YA ER5YA ER7YA ER9YEAR10 YEAR9 YEAR8 YEAR7 YEAR6 YEAR5 YEAR4 YEAR3 YEAR2 YEAR 1 2.33 1.55 LP EQUITYMULTIPLE 2.13x 1.61 $0 $0 $0 $0 $0 .%IRt P2.0 75.00% 25.00% › 8.0%IRRtoLP 8.00% 1.66 $0 $0 $0 $0 $0 00%90.00% 10.00% 1.72 $0 $0 $0 $0 $0 1.77 $0 $0 $0 $0 $0 AVERAGE LP CASH-ON-CASHRETURN 1.83 $0 $0 $0 $0 $0 Asset Management 10.50% Fees 1.88 $0 $0 $0 $0 $0 0.50% 1.94 0$6,979,927 $0 $0 $0 $0 $0 2.00 $0 $0 $0 $0 Sponsorship

30 PARTNERSHIP

Jackson Dearborn Partners & Sub4 Development

The partnership between Jackson Dearborn Partners and Sub4 Development began back in Office Locations 2008 when Chris Saunders, President & Founder of Sub4, first began acquiring small apartment properties near the University of Illinois. The principals at JDP sourced some of the earliest acquisitions, helping to build up a substantial real estate portfolio in Central Illinois. The Chicago, IL partnership was formalized in 2014 with the creation of Jackson Dearborn Partners and Sub4 Development with the goal of creating a true nationwide portfolio. Ann Arbor, MI With a current portfolio approaching $500 million, JDP & Sub4 opened an office in Scottsdale, AZ Champaign, IL in 2020 to service development growth in Colorado and Arizona, the two primary focus markets. Scottsdale, AZ JDP is responsible for sourcing new opportunities, drafting new strategic plans and brand direction, debt and equity sourcing, and asset management. Sub4 operates as a fully integrated, diversified real estate development firm focused on planning, development, construction, and management for predominantly multi-family, student housing, and mixed-use projects across the country.

31 ACQUISITIONS & DEVELOPMENT SOURCING DESIGN DEVELOPMENT & PERMITTING

ASSET MANAGEMENT CONSTRUCTION MANAGEMENT

INVESTOR RELATIONS ENTITLEMENT

DEBT & EQUITY STRUCTURING PROPERTY MANAGEMENT

BRAND DIRECTION ACCOUNTING SERVICES

INTERIOR DESIGN MARKETING & LEASING

32 PROJECT TEAM

RYAN TOBIAS SHAUN BUSS Founder & Principal Founder & Principal

312.285.3634 312.399.9221 [email protected] [email protected]

SEAN LYONS DANE OLMSTEAD Founder & Principal Chief Investment Officer

773.505.7326 734.216.2577 [email protected] [email protected]

NICK GRIFFIN TODD GIAMPETRONI Chief Creative Officer Director of Asset Management

847.732.0116 810.444.4387 [email protected] [email protected]

33 PROJECT TEAM

CHRIS SAUNDERS JOSH STROOT President / CEO Vice President, Construction

217.621.2895 217.418.4884 [email protected] [email protected]

MARK CZYS BOB SCHIMMEL Chief Operating Officer Chief Financial Officer

217.722.1455 217.356.8750 [email protected] [email protected]

JENNY KELLEY SHANNON COLLINS Vice President, Management Director of Acquisitions

217.356.8750 217.356.8750 [email protected] [email protected]

34 JDP / SUB4 PORTFOLIO

4,076 1,728 324,600 STUDENT HOUSING BEDS MULTI-FAMILY UNITS COMMERCIAL SQ FT

$433,000,000 $128,000,000 $295,000,000 CURRENT PORTFOLIO UNDER CONSTRUCTION DEVELOPMENT PIPELINE

STABILIZED & UNDER CONSTRUCTION PORTFOLIO VALUE OF $561,000,000 WITH $295,000,000 IN THE PIPELINE

35 JDP / SUB4 PORTFOLIO

# Units in Market WI

315 MI

72 IA195 3,716 76IN IL 210 OH 718 CO AZ 6,069 Units/Beds Developed, Under 494 Construction, Planned or Acquired in 8 States

36 EXPERIENCE

Project Name NOVA Project Type Multi-Family Location Lafayette, IN Units 76 Rentable SF 71,737 Construction 2021

Project Name The Artisan Units 83 Project Type Multi-Family Rentable SF 73,420 Location Scottsdale, AZ Construction 2023

Project Name 2111 Packard Project Type Multi-Family Location Ann Arbor, MI Units 72 Site SF 59,325 Project Name 32 Green Beds 164 Construction 2021 Project Type Student Housing Rentable SF 80,104 Location Champaign, IL Construction 2020

37 EXPERIENCE

Project Name Fields South Project Type Mixed-Use Location Champaign, IL Units 122 Rentable SF 175,657 Construction 2018-20

Project Name Solace of Mahomet Units 194 Project Type Multi-Family Rentable SF 206,120 Location Mahomet, IL Construction 2020-21

Project Name 103 Healey Project Type Student Housing Location Champaign, IL Beds 108 Rentable SF 44,080 Project Name Solace at Cimarron Hills Units 348 Construction 2020 Project Type Multi-Family Rentable SF 349,650 Location Colorado Springs Construction 2022

38 DISCLOSURE

These materials are intended for the benefit and use of potential investors in consideration of the proposed transaction discussed herein and may not be reproduced, disseminated, quoted or referred to, in whole or in part, or used for any other purpose, without the prior written consent of Jackson Dearborn Partners and Sub4 Development (collectively, the “Company”). These materials are based solely on information provided by the management of the Company. The projections included herein were prepared by the management of the Company. The projections were not prepared with a view to public disclosure or compliance with the published guidelines of the Securities and Exchange Commission or the guidelines established by the American Institute of Certified Public Accountants regarding projections and forecasts. No independent accountants have compiled, examined or performed any procedures with respect to these projections, or expressed any opinion or other form of assurance with respect to these projections or the Company’s ability to achieve them. The Company cannot assume any responsibility for the accuracy of the projections.

The projections used herein are based on a number of assumptions and are subject to significant economic and competitive uncertainties and contingencies that are beyond the control of the Company. These assumptions involve judgments with respect to future economic, competitive and regulatory conditions, financial market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. All assumptions made are subject to uncertainties that may result from changes in the economy, tax law, governmental regulations or other circumstances. As a result, some assumptions inevitably will not materialize and unanticipated events and circumstances may occur; therefore, the actual results achieved during the projection period will vary from the projections and the variations may be material and adverse. Failure of the Company to meet the forecasted performance levels could result in reduced or nonexistent economic returns to investors.

There can be no assurance that the projections will be realized, and the actual results may be materially worse than those shown. The provision of these projections should not be regarded as a representation, warranty or prediction by the Company or its officers or directors that the projections are or will prove to be accurate.

This presentation does not constitute an offer to sell securities.

39 jacksondearborn.com sub4development.com

MICHIGAN OFFICE CHICAGO OFFICE CHAMPAIGN OFFICE ARIZONA OFFICE 120 W. Washington St. 404 S. Wells St. Suite 400 2301 W. Bradley Ave. Suite 2 7150 East Camelback Rd. Suite 444 Ann Arbor, MI 48104 Chicago, IL 60607 Champaign, IL 61821 Scottsdale, AZ 85251

Ryan Tobias Shaun Buss Chris Saunders Josh Stroot [email protected] [email protected] [email protected] [email protected] 312.285.3634 312.399.9221 217.621.2895 217.418.4884

40