Page 4 - Eagle Landing Academic Year 2021-22 Quarter 2

Dear Investors,

Eagle Landing Apartments continues to maintain strong performance
in Q2. Below is a brief update on industry trends, investment return
and investment performance.

INDUSTRY TREND

Eagle Landing remains 100% occupied in the hot Daytona market. Onshore
reached 100% preleased for Fall 2021 in their second leasing season.
In Fall 2021, ERAU opened a new Residential Hall that consists of four-
bedroom suites with 452 beds. ERAU on-campus housing has historically
maintained 100% occupied over the years, however, only reached 86%
occupied last year due to COVID, online classes, and a significant drop
in international student enrollment. ERAU reached 100% for Fall 2021.
There is a significant amount of multi-family development occurring within
the Daytona market which also appeals to some of Daytona’s student
base. These developments include The Atlantic, Icon (120 additional units),
The Napier, 500 East, Madison Point and more. Daytona State College
just announced they will be building their first ever Residential Hall that is
projected to open Fall 2022. With the first phase now six years old, Eagle
Landing remains a top property in the Daytona market, mostly due to an
experienced management team and a robust maintenance plan that keeps
the facility in pristine condition.

INVESTMENT RETURN

Recently, the General Partner approved the cash distribution to the JV for
Q2 in the amount of $555,000. The distribution will be split 70/30 according
to the membership interest as outlined in the operating agreement.
Additionally, the budgeted cash flow is slightly behind projections by
$690,000. This is due in part to the increase of property insurance premiums,
capital repairs scheduled this year, and increases to staffing, marketing
and utilities. Staffing and marketing has been augmented to ensure Eagle
Landing remains a premiere product as newer properties are constructed in
the market. For utilities, we incurred higher rates from our third-party vendor
that facilitates electricity bills to the residents.

INVESTMENT PERFORMANCE

The property has begun Fall 2022 preleasing efforts. Eagle Landing is 62%
preleased so far with 474 leases signed. The team has begun an aggressive
campaign and expects to increase leasing velocity in the coming weeks. We
will continue to monitor progress through the remainder of the year.

Thank you for your partnership.