WELL-RENOVATED ASSET WITH STRONG BASIS AND LIMITED NEAR-TERM CAPEX Laurel Heights is a 72-unit garden-style apartment community that has undergone a comprehensive interior and exterior renovation under current ownership, with 31 of 72 units (43%) fully renovated to a premium standard. Interior upgrades include new luxury vinyl plank (LVP) flooring throughout, all-new fixtures and hardware, and fully renovated kitchens and bathrooms, with select units offering interior fireplaces. Exterior improvements have also been completed on the property such as fresh exterior paint, upgraded landscaping, enhanced exterior lighting, a renovated leasing office, and the addition of a pet park. The scope of work reflects a disciplined, execution-driven repositioning, materially reducing near-term Capex requirements while providing incoming ownership with a clear, repeatable path for remaining unit upgrades. FAVORABLE UNIT MIX WITH A MAJORITY OF TWO-BEDROOM FLOOR PLANS 24 one-bedroom units 48 two-bedroom units This unit mix skews toward larger, functional floor plans, appealing to long-term renters, couples, and small families — a key differentiator in the New Braunfels market where newer developments tend to favor smaller layouts. The predominance of two-bedroom units supports lower turnover, broader renter demand, and stronger rent durability across market cycle.