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Sun Belt Multifamily Portfolio III DST CONFIDENTIAL DST Interests are speculative, illiquid and involve a high degree of risk. This material is neither an offer to sell, nor the solicitation of an offer to buy any security, which can be made only by a Private Placement Memorandum (the Memorandum), dated March 18, 2020, and sold only by broker dealers and registered investment advisors authorized to do so. All potential investors must read the Memorandum, and no person may invest without acknowledging the receipt and complete review of the Memorandum. Investments are suitable for accredited investors only. Please see following page of this brochure for important disclosures. Summary Risk Factors An investment in the Interests of the Sun Belt Multifamily Portfolio III DST (the Parent Trust) involves significant risk and is suitable only for Investors who have adequate financial means, desire a relatively long-term investment and who will not need immediate liquidity for their investment and can afford to lose their entire investment. Investors must read and carefully consider the discussion set forth in the section of the Private Placement Memorandum (Memorandum) captioned “Risk Factors.” The risks involved with an investment in the Parent Trust include, but are not limited to: • The Interests may be sold only to accredited investors, which, for • The Space Coast Property is located in a “Hurricane Susceptible natural persons, are investors who meet certain minimum annual Region,” which increases the risk of damage to the Space Coast income or net worth thresholds. Property. • The Interests are being offered in reliance on an exemption from the • The Loans will reduce the funds available for distribution and increase registration requirements of the Securities Act of 1933, as amended, the risk of loss. and are not required to comply with specific disclosure requirements that apply to registration under the Securities Act of 1933, as amended. • The prepayment premiums associated with, or expected to be associated with, the Loans may negatively affect the Parent Trust’s exit • The Securities and Exchange Commission has not passed upon strategies. the merits of or given its approval to the Interests, the terms of the offering, or the accuracy or completeness of any offering materials. • If the Operating Trusts are unable to sell or otherwise dispose of their respective Properties before the maturity dates of the respective • The Interests are subject to legal restrictions on transfer and resale Loans, they may be unable to repay the Loans and may have to cause and Investors should not assume they will be able to resell their a Transfer Distribution (as defined herein). Interests. • The Loan Documents contain, or are expected to contain, various • Investing in Interests involves risk, and Investors should be able to restrictive covenants, and if the Parent Trust and/or the Operating bear the loss of their investment. Trusts fail to satisfy or violates these covenants, the Lender(s) may declare the applicable Loans in default. • Investors will have limited control over the Trusts. • The terms of the Marley Park Loan and the KeyBank Loan may be • The Trustees will have limited duties to Investors and limited authority. different than what is discussed in the Memorandum. • There are inherent risks with real estate investments. • There is no public market for the Interests. • There are economic risks associated with a fluctuating U.S. and • An investment in the Interests will not be diversified as to the type of world economy. asset or geographic location. • There is risk of investor confidence due to public health concerns. • The Interests are not registered with the Securities and Exchange Commission or any state securities commissions. • The Parent Trust will depend on the Operating Trusts for revenue, the Operating Trusts will depend on the Master Tenants for revenue and • Investors may not realize a return on their investment for years, if at all. the Master Tenants will depend on the Residents under the Residential Leases, and any default by the Master Tenants or the Residents will • The Parent Trust is not providing any prospective Investor with adversely affect the Trust’s operations. separate legal, accounting or business advice or representation. • The costs of complying with environmental laws and other • There are various tax risks, including the risk that an acquisition of an governmental laws and regulations may adversely affect the Parent Interest may not qualify as a Section 1031 Exchange. Trust and the Operating Trusts. IMPORTANT NOTES The Inland name and logo are registered trademarks being used under license. “Inland” refers to some or all of the entities that are part of The Inland Real Estate Group of Companies, Inc. one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof. Inland has been creating, developing and supporting real estate-related companies more than 50 years. THIS OFFERING CONTAINS TRADEMARKS THAT ARE THE EXCLUSIVE PROPERTY OF CHRISTOPHER TODD LICENSING, LLC DBA CHRISTOPHER TODD COMMUNITIES (“CTC”) AND ITS AFFILIATES. OTHERS MAY LICENSE CTC TRADEMARKS FROM CTC. MASTER TENANT WILL HAVE A LICENSE TO USE CTC TRADEMARKS BUT SUCH LICENSE MAY EXPIRE OR TERMINATE AT ANY TIME, IN WHICH CASE THE CTC TRADEMARKS MAY NO LONGER BE USED OR ASSOCIATED WITH THE APPLICABLE CTC COMMUNITY. NONE OF CTC OR ITS AFFILIATES IS AN ISSUER OR UNDERWRITER OF THE INTERESTS BEING OFFERED IN THIS OFFERING, PLAYS (OR WILL PLAY) ANY ROLE IN THE OFFER OR SALE OF THE INTERESTS, OR HAS ANY RESPONSIBILITY FOR THE CREATION OR CONTENTS OF THIS OFFERING, AND CTC HAS NOT ENDORSED OR RATIFIED THIS MEMORANDUM OR THIS OFFERING. CTC MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THIS OFFERING. CTC DOES NOT OWN OR OPERATE ANY COMMUNITY REFERENCED IN THIS MEMORANDUM. IN ADDITION, CTC WILL NOT HAVE ANY LIABILITY OR RESPONSIBILITY WHATSOEVER ARISING OUT OF OR RELATED TO THE SALE OR OFFER OF THE INTERESTS BEING OFFERED IN THIS OFFERING, INCLUDING ANY LIABILITY OR RESPONSIBILITY FOR ANY FINANCIAL STATEMENTS, PROJECTIONS, FORECASTS OR OTHER FINANCIAL INFORMATION OR OTHER INFORMATION CONTAINED IN THIS OFFERING OR OTHERWISE DISSEMINATED IN CONNECTION WITH THE OFFER OR SALE OF THE INTERESTS OFFERED BY THIS OFFERING. The companies depicted in the photographs or graphics herein may have proprietary interests in their trade names and trademarks. Nothing herein shall be considered an endorsement, authorization or approval of IPC or the Parent Trust by such companies. Further, none of these companies are affiliated with IPC or the Parent Trust in any manner. Each prospective Investor should consult with his, her or its own tax advisor regarding an investment in the Interests and the qualification of his, her or its transaction under Internal Revenue Code Section 1031 for his, her or its specific circumstances. OFFERING HIGHLIGHTS BeneficialInterests: $80,895,627 Loan Proceeds: $83,928,000 Offering Price: $164,823,627 Loan-to-Offering Price Ratio: 50.92% Minimum Purchase (1031): $100,000 Minimum Purchase (cash): $25,000 Sun Belt Multifamily Portfolio III DST Portfolio of three multifamily properties located in growing metros in the Sun Belt Region of the United States Sun Belt Multifamily Portfolio III DST (the Parent Trust), is a newly formed Delaware statutory trust and an affiliate of Inland Private Capital Corporation (IPC). The Parent Trust indirectly owns, or will own, three multifamily properties located in Melbourne, Florida and the Phoenix, Arizona metropolitan area: • Country Place AZ Multifamily DST (Country Place Trust) owns Christopher Todd Communities at Country Place (the Country Place Property), located at 2500 South 99th Avenue, Tolleson, AZ 85353 • Marley Park AZ Multifamily DST (Marley Park Trust) will own Christopher Todd Communities at Marley Park (the Marley Park Property), located at 15025 West Old Oak Lane, Surprise, AZ 85379 • Space Coast Multifamily DST (Space Coast Trust) will own Centre Pointe Apartments (the Space Coast Property), located at 6705 Shadow Creek Trail, Melbourne, FL 32940 The Country Place, Marley Park, and Space Coast Properties are collectively referred to herein as the Properties, and each may be referred to as a Property. The Parent Trust is offering (the Offering) to sell to qualified, accredited investors pursuant to the Memorandum, 100 percent of the beneficial interests in the Parent Trust. The Offering is designed for accredited investors seeking to participate in a tax-deferred exchange as well as those seeking a quality, multiple-owner real estate investment. Only accredited investors may purchase interests in this Offering. For more information, see “Summary of the Offering” and “The Offering” in the Memorandum. You should read the Memorandum, including the anticipated results of operation set forth as an exhibit thereto, in its entirety before making an investment decision. Capitalized terms used in pages 1 through 16 but not defined herein shall have the meanings set forth in the Memorandum. View Sun Belt Multifamily Portfolio III DST Offering Materials Online* Inland-investments.com/sun-belt-multifamily-portfolio-iii-dst Passcode: SB3FAZ *When entering the passcode and accessing the digital kit, you will be asked to represent that: (1) you are an accredited investor; (2) you have not been directed

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