Well-located (next to a school and I-20) and well-maintained 418 Unit Class B Community with Median Household Income of $72K within One-Mile Radius and Situated Near Schools, Retail and Employment

Previous ownership had $3.5MM in Capital Improvements since 2015, including new roofs

75% 2BR/3BR units; Average Unit Size of 1,024 sqft–targeting families as tenants with lower turnover

All Individual HVAC Units and Individual Hot Water Heaters

No Immediate Rental Competition-Nearest Competing Property is Roughly 2 Miles Away

Purchase price of $54.6M at $130k per door (comps were selling at $170k per door)

96% bonus depreciation

8% preferred investor return

92% projected total returns in 5 years

Skin in the game: GP team invested over $2.6 Million into the deal

Outstanding Property Management team: Rockwood/Richmark

We are NOT overleveraged: 76% total loan, including rehab, with NO exit fees and 5 years interest only

212-units, C Class asset in the B Class Lewisville submarket, 30 minutes from Downtown Dallas, with Median Household Income of $63K within One-Mile Radius.  Basswood Manor is in front of an elementary school, close to services (dining, shopping, hospital, lakes, nature preserve, DFW airport) and has easy access to major thoroughfares (I35E).

The property, built in 1970 on 15 acres, is in high demand during COVID, with mostly 2-3 bedrooms and large sized floor plans– ideal for families who tend to stay put. It has 96% occupancy and 99% collection rate.

The asset has minimal deferred maintenance: roofs were replaced in 2017; mechanicals (HVAC and boilers) were replaced in 2019.

Resilient Market & Great Location: Dallas-Fort Worth is the top market in the US for population growth and job growth. Rents are higher than pre-COVID levels and still lower than expected mortgage payment.

Purchase price of $27.75M

65% bonus depreciation

8-9% preferred investor return

82% projected total returns in 5 years

No disposition fee unlike other deals

Skin in the game: we invested over $500k in the deal

co-Sponsor-owned property management, Mars Residential, resulting to better cost control

71% LTV, Freddie Mac fixed-rate date 2.9% interest rate, with 5 years of interest-only payments