SIGNIFICANT UPSIDE POTENTIAL • Current rents at Sierra Sunset Village sit materially below recently achieved and market-supported levels. • Two-bedroom units average $1,632, with recent leases reaching $1,895 • This represents roughly 16% / $263 per unit of rental upside and $210,000+ in incremental annual revenue. • Additional operational upside through utility reimbursements: current RUBS recovery at roughly 59%, while market peers achieve 90%+. Ownership recently upped utility charges on 2BD units from $85 to $125. 90% recovery would equate to $34,160 in potential NOI growth. SIGNIFICANT CAPITAL INVESTMENT • Ownership invested nearly $1,500,000 across major interior and exterior upgrades. • 70% (47 of 68) units have been renovated, featuring: • New kitchen and bath cabinetry • Hard-surface counters • Stainless steel appliance package including modern hood vent • Plank-style flooring • 5” baseboards • Upgraded lighting • New Interior Doors and hardware • Exterior improvements include: • Full exterior paint • Monument Sign • Updated leasing office • Landscaping Upgrades • The renovations at Sierra Sunset Village position the community competitively in the Ukiah market with limited near-term capex needs. RARE & DESIRABLE UNIT MIX • Highly attractive unit mix of 99% 2-bedroom units • Larger floor plans drive stronger demand, retention, and long-term rent growth. • Large patios in downstairs units STRONG RENTAL MARKET FUNDAMENTALS • Ukiah/Mendocino market demonstrates robust performance with 9.08%+ YoY rent growth and 97%+ occupancy (RealPage). • Rent comparable effective rent for 2-Bedroom units is $1,863. • Sierra Sunset Village trails the market at $1,632 average rent, highlighting a clear runway for continued rent growth. • Strong fundamentals paired with a renovated asset and family-oriented unit mix provide a compelling value-add story. Notes: • 1/2 OF PORTFOLIO • *SOLD INDIVIDUALLY OR AS A PORTFOLIO