- 1 - LEGAL NOTICE AND DISCLAIMER

This document includes statements, estimates and projections provided by the Sponsor with respect to future performance of this asset. Such statements, estimates, and projections reflect significant assumptions and subjective judgments by the Sponsor’s management concerning the expected results. These assumptions and judgments may or may not prove to be correct, and there can be no assurance that any projected results are attainable or will be realized. The Sponsor does not assume any responsibility for verifying any such statements, estimates and projections, and the Sponsor does not make any representation or warranty as to their accuracy or completeness or that the assumptions on which they are based are valid. Although the information contained herein is believed to be accurate, the Sponsor has not conducted any analysis with respect to such information, and expressly disclaims any and all liability for representations and/or warranties, expressed or implied, or for any omissions from this document or any other written or oral communications to any interested party in the course of their evaluation

- 2 - MANAGEMENT

MANAGER/DEVELOPER BDR Sonata I Investment LLC

SPONSOR BDR Sonata I LLC

OWNER BDR Sonata East LLC

CONTRACTOR Venture Construction

ARCHITECT NK Architects

PROPERTY MANAGEMENT Coast Management

PROJECT SALE AGENT CB Richard Ellis

- 3 - CONTENTS

EXECUTIVE SUMMARY 5

INVESTMENT OFFERING 11

PROPERTY DETAIL 13

FINANCIAL SUMMARY 17

MARKET ANALYSIS & COMPARABLES 21

SPONSOR 28

- 4 - EXECUTIVE SUMMARY PROJECT HIGHLIGHTS • Exceptional Product: completed in 2019 with 91 units • New Seattle Transit Oriented Development (TOD): adjacent to the new Columbia City Station LINK Light Rail station. • Gateway location near major employment centers: poised to take advantage of rapid hi-tech employment growth in Seattle and neighboring Eastside COLUMBIA CITY STATION Communities (Amazon, Microsoft, Google, Apple, Facebook, etc.) Link Light Rail • High Visibility: over 50,000 daily traffic counts plus daily light rail riders • Highly walkable: within blocks of numerous restaurants, retail, entertainment, and recreation options. INVESTMENT PLAN BDR Sonata I LLC (“Sponsor”) developed the Sonata at Columbia Station project (“The Project”) in 2018 and 2019, achieving 95% occupancy in the Fall of 2019. Sponsor is the sole member of the BDR Sonata East LLC (“Owner”), the owner of The Project. Sponsor plans to issue 500 new Class F series of ANTICIPATED INVESTOR (CLASS F) RETURNS shares in the amount of $25,000 each ($12.5m total) to retire current investors/classes of shares and revise the ownership of Sponsor to permit a Return longer term 7-year investment horizon. At the completion of this offering, Class Preferred Return (8% annual Total) F shareholders, as a group, will own an 80% interest in both Sponsor and The Paid in Cash Quarterly Project. The current Class B shareholder (BDR Sonata I Investments LLC) will 4% own the remaining 20%. (beginning Q2 2021) Paid in Cash upon project sale 4% Sponsor will provide the project with a basis of $33,825,000 based on a 4.93% cap rate (which compares favorably to a current market cap rate of 4.25% to 8% 4.75%).

The capitalization of Sponsor will be comprised of the current HUD guaranteed Profit Share upon project sale – Annual 4.9% loan in the amount of $21,325,000 and $12,500,000 of Class F shares.

Sponsor is seeking investment commitments in April 2020 and investment Total Return 12.9% funding in April 2020.

- 5 - THE PROJECT Sonata at Columbia Station provides investors a rare opportunity to invest in a newly completed development in the vibrant Columbia City neighborhood steps away from the LINK Light Rail station. Completed in 2019, Sonata at Columbia Station offers 2,995 square feet of retail and 91 thoughtfully designed units with a competitive advantage in terms of its transit-oriented location, boutique offering and impressive amenity package. The Property is centrally located with convenient access to Seattle, Bellevue and the I-90 Corridor, providing unparalleled access to numerous employment centers and lifestyle destinations. Improving neighborhood demographics and accelerating submarket rent growth combine to support considerable rental upside. Key community amenities include: • Rooftop lounge with firepit and • Indoor theater outdoor TV • Fitness center • Rooftop dog park • Heated bike storage • BBQ stations • Community room and kitchen

PROJECT SUMMARY

3000 S Alaska Address Year Built 2019 St, Seattle, WA Number of Number of 91 4 Units Stories Number of 1 Land Area 26,830 SF Buildings Net Residential 50,899 SF Parking 60 garage stalls SF Average Home .66 stalls per 559 SF Parking Ratio SF unit

- 6 - EXCEPTIONAL PRODUCT Sonata at Columbia Station showcases leading-edge design, modern finishes, comfort, convenience and places to socialize. Sophisticated finishes combine with Pacific Northwest elements such as reclaimed barnwood and polished concrete, along with ample windows to achieve a bright, airy atmosphere.

Interior unit finished include: • Oversized windows allowing for • Undermount sinks ample light • Solid surface countertops • Stainless steel appliances • Modern cabinetry • Tile kitchen backsplash • Vinyl wood-plank flooring

UNIT MIX Unit Current Current Unity Type Avg. SF Count Rent Rent PSF Studio 25 412 $1,550 $3.76 Urban 1 BR 46 546 $1,874 $3.43 1 BR/1 BA 3 645 $1,872 $2.90 1 BR/1 BA + Den 6 731 $2,186 $2.99 2 BR/1 BA 1 731 $1,990 $2.72 2 BR/2 BA 6 1,039 $2,791 $2.69 Live/Work 4 553 $1,945 $3.52 Retail (NNN) - 2,995 $9,795 $3.09 Total/Average 91 559 $1,870 $3.33

- 7 - TRANSPORTATION LINK Light Rail With ridership over 76,000 per day, Seattle’s LINK Light Rail has exceeded all expectations. Running from SeaTac Airport in the south to the University of Washington in the north, ridership has doubled since the opening of the Capitol Hill and University of Washington stations in March 2016. The planned additions to Northgate by 2021 and the Bellevue and Redmond by 2023 are projected to add 60,000 daily riders by 2030.

In 2016, voters passed ST3, a referendum to extend the regional system to Everett in the north, Tacoma in the south, and the Seattle neighborhoods of Ballard and West Seattle, with completion scheduled by 2035. The referendum also approved a 3.7-mile extension past Microsoft’s world headquarters in Redmond that will reach Marymoor Park and downtown Redmond by 2024.

- 8 - VIBRANT LOCATION Retail and Shopping Located in the rejuvenated Columbia City neighborhood, Sonata at Columbia Station offers access to one of Seattle’s most diverse neighborhoods.A perfect combination of hip and historic, the area has seen a revival in recent years, now booming with retail, restaurants and recreation. The neighborhood is centered around the historic infrastructure of a "Main Street," Sonata at Columbia Station is within walking distance of the neighborhood’s multitude of restaurants, pubs, shops and entertainment venues. The Columbia City Ark Lodge Cinemas and Columbia City Gallery highlight the focus on artistic venues.. The "Main Street" structure coupled with access to best-in-class transportation have spurred massive neighborhood growth.

Parks and Recreation Adjacent to a community sports field, Sonata at Columbia Station offers direct access to outdoor recreation. Several nearby parks include the massive five-block Genesee Park, which hosts playfields, walking trails, picnic areas and an off-leash dog park. Jefferson Park and Cheasty Park, located two blocks west of the Property, features a public nine-hole golf course with unparalleled views of Mt. Rainier and the Seattle skyline, as well as a driving range and restaurant. Seward Park, less than 6 minutes away, occupies all of the Bailey Peninsula on Lake Washington, with miles of hiking and biking trails in addition to fishing piers, boat launches for kayaks, canoes or small sail boats, and beautiful swimming beaches.

- 9 - PROXIMITY TO MAJOR EMPLOYMENT CENTERS AND LIFESTYLE AMENITIES

LINK Light Rail Future LINK Light Rail Driving Route

- 10 - INVESTMENT OFFERING

HE PPORTUNITY INVESTMENT SUMMARY (PROJECTIONS) T O Per Unit Total Equity Class – F Shares $25,000 $12,500,000 The Sponsor developed the Sonata at Columbia Station apartment project in 2018 and 2019. The project was Preferred Return: completed in 2019 and achieved 95% rent-up in the Fall of Cash* 4% 4% 2019. Most tenants are employed by the hi-tech industry Deferred 4% 4% and enjoy the ease of light rail service and the amenities of Potential IRR 12.9% 12.9 the Columbia City neighborhood. Multiple 2.1% 2.1% The Sponsor plans to provide the project to the LLC at a Investment Time 7 years 7 years total price of $33,825,000 based on a favorable 4.93% * Quarterly, starting Q2 2021 capital rate valuation (in comparison to a marked capitalization rate of 4.25% to 4.75%). The project is financed by a HUD Guaranteed 40-year fixed rate loan (3.98%) in the Amount of $21,325,000.

The plan for the project is for a low risk profile, 7-year hold to take advantage of rental and project value growth related to the continued escalating growth in the hi-tech industry in Seattle and neighboring Eastside communities (Amazon, Microsoft, Google, Apple, Facebook, etc.).

- 11 - SUMMARY RETURN

WATERFALL ON SALE Year 7 Cap Rate 4.75% Value / Sale Price $46,121,521 Selling Costs ($3,689,721) Net Sales Price $42,431,800 Loan Balance 20,149,308 Net Cash After Loan Repayment $22,282,493 Investor Investment Repayment $12,500,000 Net Cash $9,782,493 Cash Balance $2,840,722 Total Cash to Distribute $12,623,215 Class F - Preferred Return - Accrued $3,500,000 Net Before Profit Share $9,123,215 Class F - Profit Share $7,298,571 Manager/Developer – Profit Share $1,824,643

SUMMARY RETURN –CLASS F SHARES

Year 7 Year 7 Total Per Share Class F - Preferred Return (Paid Quarterly) $3,500,000 $7,000 Class F - Preferred Return (Accrued) $3,500,000 $7,000 Class F - Profit Share $7,298,571 $14,597 Total Return – Class F Shares $14,298,571 $28,597

- 12 - PROPERTY DETAIL

Address 3000 S Alaska St., Seattle, WA 98108 Number of Units 91 Year Built 2019 Number of Floors 4 Land Area 26,830 SF Parking 60 Garage stalls Parking Ratio 0.66 spaces per unit $175 – standard Parking Fees $140-$290 depending on size, tandem, and stall w/storage Zoning NC1P40 / LR3

UNIT MIX Current Current Unity Type Unit Count Avg. SF Rent Rent PSF Studio 25 412 $1,551 $3.76 Urban 1 BR 46 546 $1,873 $3.43 1 BR/1 BA 3 645 $1,872 $2.90 1 BR/1 BA + Den 6 731 $2,186 $2.99 2 BR/1 BA 1 731 $1,990 $2.72 2 BR/2 BA 6 1,039 $2,791 $2.69 Live/Work 4 553 $1,945 $3.52 Retail (NNN) - 2,995 $9,795 $3.09 Total/Average 91 559 $1,870 $3.33

- 13 - CONSTRUCTION DETAIL Exterior Finish Single ply membrane over sloped rigid insulation Roof Wood and concrete Framing Wood and concrete Ceiling Height 8’ 3” Windows Vinyl

MECHANICAL DETAIL Wiring Copper Plumbing Copper distribution, PEX in units, PVC/cast iron drains Water Heater Gas-fired, high-efficiency central water heating system Corridors/common areas have AC, units have electric Heating & AC heat

INTERIOR DETAIL Fireplaces Gas – main lobby only Entry Door Wood Interior Doors Wood, glass, metal Cabinets Laminate Counter surfaces Quartz stone Appliances GE GE Tub and Shower Surfaces Fiberglass Flooring LVT and carpet

SUSTAINABILITY CERTIFICATIONS 4-Star Built Green Energy Star USBS Bronze Level

- 14 - - 15 - REPRESENTATIVE FLOOR PLANS

Open Concept Studio, One Bedroom, and Two Bedroom Apartment Homes

- 16 - FINANCIAL SUMMARY

YEAR 1 (2020)

$ $/UNIT $/UNIT/MO. $/SF/MO. Rental Income $2,160,264 $23,739 $1,978 $3.47 Vacancy / Concessions ($113,673) ($1,249) ($104) ($0.18) COVID-19 Contingency ($150,000) ($1,648) ($137) ($0.24) Net Rental Income $1,896,591 $20,842 $1,737 $3.05 Other Income $299,693 $3,293 $274 $0.48 Gross Revenue $2,196,284 $24,135 $2,011 $3.53 Expenses ($549,121) (6,034) (503) (0.88) Net Operating Income $1,647,162 $18,101 $1,508 $2.65

7 YEAR SUMMARY YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 2020 2021 2022 2023 2024 2025 2026 Rental Income $2,160,264 $2,232,576 $2,307,591 $2,385,126 $2,465,266 $2,548,099 $2,633,715 Vacancy / Concessions ($113,673) ($89,993) ($93,637) ($97,461) ($101,474) ($105,686) ($110,106) COVID-19 Contingency ($150,000) ------Net Rental Income $1,896,591 $2,142,583 $2,213,954 $2,287,664 $2,363,791 $2,442,413 $2,523,609 Total Other Income $299,693 $278,260 $283,825 $289,501 $295,291 $301,197 $306,628 Gross Revenue $2,196,284 $2,420,843 $2,497,778 $2,577,166 $2,659,083 $2,743,610 $2,830,236 Total Controllable Expenses $227,500 $232,050 $236,691 $241,425 $246,253 $251,178 $256,202 Total Noncontrollable Expenses $321,621 $335,431 $344,468 $353,761 $363,319 $373,150 $383,261 Total Operating Expenses $549,121 $567,899 $580,982 $594,379 $608,097 $622,144 $639,463 Net Operating Income $1,647,162 $1,852,944 $1,916,796 $1,982,787 $2,050,986 $2,121,466 $2,190,772

- 17 - PRO FORMA

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 2020 2021 2022 2023 2024 2025 2026 Revenue Rental Income $2,160,264 $2,235,873 $2,314,129 $2,395,123 $2,478,953 $2,565,716 $2,655,516 Vacancy ($108,013) ($111,794) ($115,706) ($119,756) ($123,948) ($128,286) ($132,776) Concessions ($5,660) ($5,858) ($6,063) ($6,276) ($6,495) ($6,723) ($6,958) COVID-19 Contingency ($150,000) $ - $ - $ - $ - $ - $ - Other Rent Loss $ - $ - $ - $ - $ - $ - $ - Net Rental Income $1,896,591 $2,118,221 $2,192,359 $2,269,092 $2,348,510 $2,430,708 $2,515,782 Other Income Parking, Storage, Bike Storage $114,600 $116,892 $119,230 $121,614 $124,047 $126,528 $128,762 Utility Reimbursement $49,980 $50,980 $51,999 $53,039 $54,100 $55,182 $56,286 Other Income $108,224 $110,388 $112,596 $114,848 $117,145 $119,488 $121,580 Total Other Income $272,804 $278,260 $283,825 $289,501 $295,291 $301,197 $306,628 Gross Revenue $2,346,284 $2,420,843 $2,497,778 $2,577,166 $2,659,083 $2,743,610 $2,830,236

Operating Expenses Controllable Expenses Administrative $154,700 $157,794 $160,950 $164,169 $167,452 $170,801 $174,217 Marketing $31,850 $32,487 $33,137 $33,799 $34,475 $35,165 $35,868 Repairs and Maintenance $40,950 $41,769 $42,604 $43,456 $44,326 $45,212 $46,116 Total Controllable Expenses $227,500 $232,050 $236,691 $241,425 $246,253 $251,178 $256,202 Noncontrollable Expenses Utilities $81,900 $83,538 $85,209 $86,913 $88,651 $90,424 $92,233 Management Fee $87,851 $95,986 $99,203 $102,531 $105,971 $109,530 $113,209 Insurance $20,020 $20,420 $20,829 $21,245 $21,670 $22,104 $22,546 Real Estate Taxes $100,000 $103,000 $106,090 $109,273 $112,551 $115,927 $119,405 Replacement Reserves $31,850 $32,487 $33,137 $33,799 $34,475 $35,165 $35,868 Total Noncontrollable Expenses $321,621 $335,431 $344,468 $353,761 $363,319 $373,150 $383,261 Total Operating Expenses $549,121 $567,481 $581,159 $595,186 $609,572 $624,328 $639,463 Net Operating Income $1,647,162 $1,852,944 $1,916,796 $1,982,787 $2,050,986 $2,121,466 $2,190,772

- 18 - FINANCIAL NOTES

INCOME

Rental Income Equal to property set current market rent rates

Yearly Rent Growth Based on 3.36% annual increase in underwritten rents

Vacancy 5%

COVID-19 Contingency Estimated at $150,000

Concessions 0.26% of rental income, consistent with stabilized new construction properties in the area

Parking/Storage/Bike Storage Income Based on 60 rentable stalls, occupied at 95%, and using the blended rate of $175 per month

Utility Reimbursement 55% of utility expense

Retail Income Assumes 2,995 (square footage not consistent with what’s in the pro forma) SF of retail is 100% leased. Assumes Retail 1 is leased at current lease terms of $4,755/month and Retail 2 & 3 is leased at current asking rate of $37 PSF. Retail 2 & 3 is being offered on a gross modified basis

RETAIL 1 RETAIL 2&3 Vacant – Targeting Coffee Status Leased Shop/Bakery SF 1,380 SF 1,615 SF Rent/Month $4,755 TBD Rent PSF $41 Asking Rate of $37 Lease Type Gross Gross Modified Lease Start Date Jul-19 TBD Lease Term 24 Months TBD

- 19 - FINANCIAL NOTES

OPERATING EXPENSES Payroll Based on comparable stabilized properties Administrative Based on comparable stabilized properties Marketing and Promotion Based on comparable stabilized properties Repairs and Maintenance Based on comparable stabilized properties Contracted Services Based on comparable stabilized properties Based on comparable stabilized properties. This includes the King County sewer Utilities capacity charge 4% of Gross Revenues consistent with the rate of a third-party manager would charge for Management Fees a property of this size and rent level (1% to BDR for oversight) Insurance Based on comparable stabilized properties Tax expense shown is equal to 2019 tax bill. Real estate taxes in King County are Real Estate Taxes appraised on a four to six-year cycle, with taxes assessed annually and payable in April and October. Current property assessed value was updated in 2019 Replacement Reserves $350 per unit consistent with new product

FINANCING Sonata at Columbia Station currently has an assumable HUD loan. The terms of the loan are outlined below. Loan Amount $21,325,000 Interest Rate 3.98% Interest Only Period 36 months Loan Term 40 years Loan Closing May 2017 Type Fixed Rate

- 20 - MARKET ANALYSIS

- 21 - SALES COMPARABLES

PROPERTY NAME & ADDRESS SALE DATE UNITS RETAIL SF AVE UNIT SF YEAR BUILT SALE PRICE PRICE / UNIT PRICE PSF CAP RATE Reverb 1 Feb 2019 85 1,500 SF 587 SF 2016 $31,000,000 $364,706 $622 4.23% 1023 E. Alder St. Seattle, WA Decibel 2 Feb 2019 75 2,700 SF 595 SF 2016 $27,000,000 $360,000 $606 4.27% 301 12th Ave., Seattle, WA Modera Ballard / Ballard on 20th 3 June 2018 132 N/A 698 SF 2017 $60,250,000 $456,439 $654 4.00% 2003 NW 57th St., Seattle, WA Cove 4 May 2018 60 3,000 SF 556 SF 2017 $32,160,000 $536,000 $964 4.30% 601 E. Pike St., Seattle, WA Medora 5 April 2018 79 3,100 SF 890 SF 2017 $34,750,000 $439,873 $494 N/A 6800 Roosevelt Way NE, Seattle, WA The Henry 6 Feb 2018 100 N/A 647 SF 2017 $42,100,000 $421,000 $651 4.00% 22 Etruria St., Seattle, WA Zig 7 Jan 2018 171 5,200 SF 544 SF 2017 $68,500,000 $400,585 $742 4.80% 550 Broadway, Seattle, WA Springline 8 May 2017 136 6,623 SF 763 SF 2016 $57,250,000 $420,956 $514 4.00% 3220 California Ave. SW, Seattle, WA Ballard Public Lofts and Market 9 Dec 2016 99 4,957 SF 859 SF 2016 $47,500,000 $479,798 $571 4.80% 6450 24th Ave. NW, Seattle, WA Equinox 10 Oct 2016 204 N/A 810 SF 2009 $90,250,000 $442,402 $546 4.00% 1520 24th Ave. NW, Seattle, WA Soren 11 Aug 2016 111 9,571 SF 656 SF 2015 $45,553,000 $410,387 $640 4.30% 5711 24th Ave. NW, Seattle, WA Cue 12 Aug 2016 90 8,208 SF 660 SF 2015 $39,750,000 $441,667 $669 4.25% 1525 Harvard Ave. , Seattle, WA Rivet 13 July 2016 131 N/A 656 SF 2014 $55,000,000 $419,847 $640 N/A 1201 Mercer St., Seattle, WA

- 22 - SALES COMPARABLES MAP

- 23 - RENT COMPARABLES

- 24 - RENT COMPARABLES 2. DECIBEL ON 3. ANTHEM ON CURRENT STATUS 1. ANGELINE 4. THE CENTRAL 5. GREENHOUSE 6. CITYLINE 12TH 12TH Occupancy 95% 96% 99% 97% 96% 96% 96% Average Rent $1,870 $2,325 $2,070 $2,021 $2,053 $1,764 $2,248 Average Rent PSF $3.33 $3.02 $3.48 $3.23 $3.12 $2.99 $2.83 PROPERTY INFORMATION Address 3000 S. Alaska St 4801 Rainier Ave. S. 301 12th Ave. 103 12th Ave. 2203 E. Union St. 3701 S. Hudson St. 4740 32nd Ave. S. City Seattle Seattle Seattle Seattle Seattle Seattle Seattle Year Built 2018 2016 2016 2015 2016 2012 2016 Units 91 193 75 120 92 124 339 Average Unit SF 559 770 594 626 658 590 795 1 Month Free $99 Security $500 Off Rent for Concessions None None None None during Lease-up Deposit Next 2 Leases UNIT INTERIOR FINISHES Stainless Steel / Stainless Steel / Appliances Stainless Steel Stainless Steel Stainless Steel Stainless Steel Stainless Steel Black Black Countertops Quartz Quartz Quartz Quartz Stone-style Granite Quartz Vinyl Plank / Flooring Vinyl Plank / Carpet Vinyl Plank Vinyl Plank Vinyl Plank Karndean Wood Vinyl Plank Polished Concrete A/C / Ceiling Fan Ceiling Fans None None None None Ceiling Fans A/C Ports DEPOSIT & FEES COMPARISON Application Fee $45 $40 $45 - - $45 $50 Admin Fee $250 $300 $300 $220 - - - Pet Deposit $250 $300 - - - $250 $200 Garage Parking $175 $150 $225 $175 - - $165 Monthly Pet Rent $35 $15 - $25 - $35 $20 AMENITY COMPARISON Fitness Center       Resident Lounge        Bicycle Storage / Repair      Pet Wash / Park     Washer/Dryer        Rentable Storage   Rooftop Deck       Media Room  

- 25 - RENT COMPARABLES –BY FLOORPLAN

STUDIO

PROPERTY TYPE RENT PER UNIT AVG. SF RENT PER SF Angeline Studio $1,883 619 $3.04 Decibel on 12th Studio $1,723 484 $3.56 CityLine Studio $1,678 611 $2.75 The Central Studio $1,600 519 $3.08 Anthem on 12th Studio $1,600 482 $3.32 Sonata at Columbia Station Studio $1,550 412 $3.76 The Station at Othello Studio $1,498 548 $2.73 Total / Average $1,647 525 $3.14

ONE BEDROOM / ONE BATHROOM

PROPERTY TYPE RENT PER UNIT AVG. SF RENT PER SF The Central 1 BR/1 BA $2,400 743 $3.23 Sonata at Columbia Station 1 BR/1 BA Den $2,186 731 $2.99 Decibel on 12th 1 BR/1 BA $2,175 614 $3.54 Angeline 1 BR/1 BA $2,150 708 $3.04 The Central Open 1 BR/1 BA $2,060 701 $2.94 CityLine 1 BR/1 BA $2,012 678 $2.97 Sonata at Columbia Station Urban 1 BR $1,874 546 $3.43 Sonata at Columbia Station 1 BR/1 BA $1,872 645 $2.90 Anthem on 12th 1 BR/1 BA $1,870 574 $3.26 Anthem on 12th Open 1 BR/1 BA $1,768 605 $2.92 The Station at Othello 1 BR/1 BA $1,763 717 $2.46 GreenHouse 1 BR/1 BA $1,754 582 $3.01 Assembly 118 1 BR/1 BA $1,627 581 $2.80 Total / Average $1,962 648 $3.03

- 26 - RENT COMPARABLES –BY FLOORPLAN

TWO BEDROOM / ONE BATHROOM

PROPERTY TYPE RENT PER UNIT AVG. SF RENT PER SF The Central 2 BR / 1 BA $2,975 831 $3.58 CityLine 2 BR / 1 BA $2,712 1,016 $2.67 Decibel on 12th 2 BR / 1 BA $2,688 856 $3.14 Assembly 118 2 BR / 1 BA $2,400 873 $2.75 Anthem on 12th 2 BR / 1 BA $2,400 767 $3.13 The Station at Othello 2 BR / 1 BA $2,060 841 $2.45 GreenHouse 2 BR / 1 BA $2,059 841 $2.45 Sonata at Columbia Station 2 BR / 1 BA $1,990 731 $2.72 Total / Average $2,411 845 $2.85

TWO BEDROOM / TWO BATHROOM

PROPERTY TYPE RENT PER UNIT AVG. SF RENT PER SF Angeline 2 BR / 2 BA $3,170 1,062 $2.98 Anthem on 12th 2 BR / 2 BA $2,888 909 $3.18 Decibel on 12th 2 BR / 2 BA $2,800 855 $3.27 The Station at Othello 2 BR / 2 BA $2,800 878 $3.19 Sonata at Columbia Station 2 BR / 2 BA $2,791 1,039 $2.69 Assembly 118 2 BR / 2 BA $2,775 1,030 $2.69 Assembly 118 2 BR / 2 BA $2,775 1,030 $2.69 CityLine 2 BR / 2 BA $2,712 1,016 $2.67 Total / Average $2,839 977 $2.90

- 27 - SPONSOR

ABOUT BDR HOLDINGS, LLC

The BDR family of companies is renowned for building award-winning new home communities throughout Seattle and the Eastside. From high-end luxury homes in West Bellevue, to modern lakeview homes in Kirkland, to attainable new construction communities in Southwest Seattle, there is a fresh, new BDR currently offered to fit any budget and lifestyle.

BDR has been recognized with major national and local awards for building excellence, including 3-time Builder of the Year! In addition, BDR has been awarded The prestigious national Golden Nugget award for building excellence, over 100 MAME awards for marketing and merchandising excellence, numerous Built Green Awards including the coveted “Green Hammer Award,” 22 Tribute awards, 425 Magazine’s “Builder of the Year” award 2 years in a row (2018 & 2019), and 4 Houzz “Best Design” awards. BDR communities are some of the most successful, exceptionally designed and highly recognized communities in the Puget Sound region. BDR offers exceptional housing choices based on utilizing the highest professional and ethical standards.

- 28 - AWARDS

MASTER BUILDERS – 2X BUILDER OF THE YEAR The principals of BDR have been recognized with the coveted “Builder of the Year” award twice from the Master Builders Association of King and Snohomish Counties.

TRIBUTE AWARDS –BUILDER OF THE YEAR The annual New Home Council Tribute Awards recognize excellence in new home design, sales, and marketing. BDR has been recognized with 22 Tribute Awards, including the prestigious “Builder of the Year” award.

425 MAGAZINE – 2X BEST BUILDER The annual 425 Magazine “Be of” awards recognize the Eastsides top companies. BDR Homes was voted “Best Builder” by the readers of 425 Magazine 2 years in a row, in 2018 and 2019.

GOLD NUGGET AWARDS The annual Gold Nugget Awards recognize builders who improve communities through exceptional concepts in design, planning and development. The principals of BDR have received numerous national Gold Nugget awards for building excellence.

MAME –MARKETING &MERCHANDISING EXCELLENCE The annual MAME awards recognize marketing & merchandising in the new home industry on a regional and national level. The principals of BDR have received over 100 MAME awards throughout their careers.

BUILT GREEN AWARDS The annual Built Green awards honor builders for outstanding housing projects that are sustainably designed and built. The principals of BDR have received numerous Built Green awards, including the coveted “Green Hammer Award.”

HOUZZ “BEST DESIGN 4X The Houzz “Best Design” awards recognize the very best in interior design and exterior architecture. BDR has received the Houzz “Best Design” award 4 times.

- 29 - SPONSOR EXPERIENCE

BENNETT HEISER HERITAGE CORPORATION BDR HOMES ESTABLISHED HOMES ESTABLISHED ESTABLISHED Focus on Custom, semi-custom Focus on semi-custom Focus on Assisted Living homes, Apartment and home development Retirement, Commercial and Condominium projects Multi-family Developments

Bennett Homes sold 1992 to Public Company

1984 1990 2008 2010 2020 BENNETT HOMES ESTABLISHED Bennett buys-out Heiser to establish Bennett Homes

MULTI-FAMILY EXPERIENCE

AVERAGE TOTAL TOTAL # OF ESTIMATED ESTIMATED MARKET PROPERTY TYPE PROJECT SIZE UNITS PROJECTS PRICE/UNIT VALUE (UNITS) Apartments 1,327 14 95 $270,000 $358,290,000 Condominiums 938 13 72 $430,000 $403,340,000 Assisted Living 166 3 55 $525,000 $87,150,000 Low Income 952 15 63 $210,000 $199,920,000

Total / Average 3,383 45 75 - $1,048,700,000

- 30 - SPONSOR BIOGRAPHIES

TODD BENNETT FOUNDER &CHAIRMAN

Todd Bennett is the Founder & Chairman of BDR, a diversified real estate development company specializing in innovative housing communities throughout the Puget Sound region. During his 30+ year career in real estate development, Mr. Bennett has managed the development of over 3,300 multi-family units. Mr. Bennett manages the formation of independent LLC’s to acquire real estate investment projects. Value is added to each project through a combination of development improvements and management efficiencies.

Throughout his career, Todd Bennett and his team have been recognized with major national and local awards for building excellence, including 3-time Builder of the Year. In addition, BDR has been awarded the prestigious national Golden Nugget award for building excellence, over 100 MAME awards for marketing and merchandising excellence, numerous Built Green Awards including the coveted “Green Hammer Award,” 22 Tribute awards, 425 Magazine’s “Builder of the Year” award 2 years in a row (2018 & 2019), and 4 Houzz “Best Design” awards. Mr. Bennett has also been inducted into the Builder Industry “Hall of Fame” and has been awarded “The Legacy Award” for his lifetime contributions to the building industry.

BDR communities are some of the most successful, exceptionally designed and highly recognized communities in the Puget Sound region. BDR offers exceptional housing choices based on utilizing the highest professional and ethical standards.

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KELLY FACCONE VICE PRESIDENT –FINANCE, CPA

Kelly Faccone has over 15 years of Finance and Accounting experience and is responsible for overseeing all finance activities for BDR Companies. Ms. Faccone maintains relationships with financing partners; which includes securing financing and funding for all BDR projects. In addition, she manages the budget, financial modeling, and leads the strategic financial and feasibility analysis on new and existing projects.

WENDY BRAGALONE VICE PRESIDENT –OPERATIONS & INVESTOR RELATIONS

Wendy Bragalone is the Vice President of Operations & Investor Relations. In her role, she oversees BDR projects from land acquisition and feasibility through project completion, ensuring smooth and efficient operation throughout all stages of the project and construction. Ms. Bragalone also works closely with BDR’s investors on current investment offerings during Capital Raise. Ms. Bragalone holds an active Washington Real Estate license through Realogics Sotheby’s International Realty located in Bellevue, WA and manages sales and marketing efforts for assigned major BDR projects on the Eastside.

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JIM DWYER VICE PRESIDENT –ARCHITECTURE Jim Dwyer is the Vice President of Architecture for BDR companies. He has been with BDR for 8 years and working with Todd Bennett since 2000. Mr. Dwyer manages the process of designing homes for speculative construction, custom home construction and homes built in resort communities. Once homes are designed, Mr. Dwyer coordinates the process of completing working drawings for each home and manages the process of submitting homes for building permit. In addition, Mr. Dwyer is responsible for completing new plans for the BDR Companies extensive plans library, incorporating the latest in design concepts.

ERIC HARDIE VICE PRESIDENT -CONSTRUCTION

Eric Hardie has over 20 years in the construction industry and is responsible for coordinating construction purchasing activities for all products that comprise the BDR Family of Companies. Mr. Hardie has primary responsibility to assure the BDR Companies obtain quality products and services at the best possible value. Mr. Hardie builds and maintains relationships with existing trade partners and vets/approves all potential new trade partners. Mr. Hardie is responsible for negotiating vendor contracts, establish builder programs with manufacturers and suppliers, and identifying process improvements within all areas of purchasing.

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MICHELLE SHUR LEADER –DESIGN

Michelle Shur is the Design Leader for the BDR Family of Companies boasting 20 years as a designer, 15 of which are in the construction industry. Ms. Shur oversees the process of home design and product selections for each BDR project. Working with each home client on a one- on-one basis, Ms. Shur specializes in personalizing each home to a client’s unique specifications. She is known for creating timeless luxury designs. Ms. Shur loves design challenges and continually seeks-out cutting-edge designs and trends. Her Design Philosophy is that building a home should be enjoyable and fun while creating a space that a home buyer can enjoy for years.

AMY DONLAN DEVELOPMENT MANAGER

Amy Donlan manages and oversees real estate development projects for BDR Holdings, from land acquisition to bond closure. Ms. Donlan’s experience in land use planning and construction permitting allows her to anticipate process needs and proactively guide projects through the extensive permitting processes. This provides value-based decision making at the earliest design stages which leads to enhanced homebuyer reception of the finished homes. Ms. Donlan is responsible for the creation and management of consultant teams and directing projects from start to finish including such critical aspects as the initial vision, design development, and obtaining necessary entitlements and building permits.

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AMANDA MIKOLASY VICE PRESIDENT –ACCOUNTING

Amanda Mikolasy oversees all functions of the accounting department which includes accounting processes, finance, initiatives, and department staff. Ms. Mikolasy has over 15 years of construction experience with 7 years of home building experience. She has overall responsibility for the financial statements for BDR companies and generates additional financial reports for management. SARAH SKRYABNEV COMMUNITY MANAGER –SEATTLE

Sarah Skryabnev is a Community Manager for BDR’s Seattle division. She collaborates and provides oversight to the existing Sonata at Columbia Station management team to ensure lease-up success. In addition to her work at Sonata at Columbia Station, she is also responsible for various project coordination and management tasks for BDR commercial projects.

As a licensed Real Estate Broker in Washington, Ms. Skryabnev is also responsible for various Real Estate activities for BDR including: sales and marketing for BDR Urban projects, real estate land acquisition for BDR’s Seattle East of I-5 market expansion, acts as a Site Agent for completed BDR Urban projects, and is the Site Manager for BDR’s 96-unit condominium project in Seattle.

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