The Shockoe Collection represents a rare opportunity to acquire a two-building, mixed-use portfolio located in the heart of Shockoe Slip—one of Richmond’s most historically significant and supply-constrained submarkets. Originally constructed in the late 19th century and thoughtfully repositioned over time, the assets feature classic architectural elements including exposed brick, heavy timber beams, and high ceilings—attributes that continue to command strong renter demand. Positioned within immediate proximity to Richmond’s central business district, the James River waterfront, and a dense concentration of restaurants, entertainment, and employment centers, The Shockoe Collection benefits from a highly walkable, live-work-play environment that continues to attract a favorable renter demographic. Current ownership has maintained stable operations, providing investors an opportunity to reposition the asset upmarket and optimize revenue through targeted interior upgrades and a mark-to-market leasing strategy. The combination of iconic historic character, high-barrier infill location, and multiple avenues for value creation positions The Shockoe Collection as a compelling investment opportunity for investors looking for a long-term trophy asset. 1. Durable Downside Protection on Basis: This is an irreplaceable Shockoe Slip address anchored by institutional-grade demand drivers and insulated from new supply by steep replacement costs. 2. Embedded Residential Mark-to-Market: In place apartment rents sit meaningfully below market across the rent roll, with the largest loss concentrated in specific floorplans. Accelerate loss-to-lease burn off through targeted renovations (see page 10 of the OM) and compound with long-term incremental growth. 3. Commercial Re-tenanting: The commercial component is leased well below prevailing rates. Rolling these leases to market at renewals and turnover can generate a meaningful 40% step-change in NOI from a very manageable tenant base. 4. Operational Normalization: Operating expenses currently consume 60% of effective gross income, well above peer assets. Bringing expenses in line with market through professional management and scale offers a clear, controllable path to margin expansion independent of revenue growth. 5. Near-term Stabilization: Recapture up to $70,000 in annual economic loss through proactive management and leasing.