Page 4 - Preserve at Tech Investor Report Q3

Dear Investors,

The Preserve at Tech continues to posture itself post-construction
in the Ruston market. Below is a brief update on industry trends,
investment return and investment performance.

INDUSTRY TREND

Preserve is currently 32% preleased. Purpose built housing in the La Tech
market is currently 34% preleased for Fall 2022. University Crossings
continues to lead the market at 50% preleased as of mid-April. The
3-bedroom floorplan is moving at a slower pace and rate concessions will
begin on that floorplan starting in May if velocity has not increased in the
next two week. (see Forecasted: Fall 2022 Beds Left to Lease).

INVESTMENT RETURN

Recently, the Manager approved the cash distribution to the Members for
Q3 in the amount of $200,000. The distribution will be split pari passau,
according to the membership interest as outlined in the operating agreement.

INVESTMENT PERFORMANCE

Ads promoting early/summer move-ins are live. Year one showed interest in
June and July move-ins. We were able to pick up approximately 25 leases
last year with the promise of signing leases for move-in before the start of
rush week and or athletic orientations. For the year two lease-up, we are
adding the incentive of free summer rent with a 14-month lease as an extra
incentive to sign with The Preserve.

New marketing ventures have been initiated for the year two lease-up.
One highlight is the contract with La Tech Athletics. This venture is a cross
promotion with the university in which Preserve’s advertises the chance to
win on year of free rent. A contract was signed with the La Tech Orientation
team. The Preserve will be featured on the orientation app. Orientations will
begin with the Honors Session June 8th. Session 2 will be held June 23rd,
session 3 will be held July 13th and the final session is scheduled for July
27th.

Preserves average leasing pace for the previous year (from April – Sept)
was 17 leases per week. There are 21 weeks until classes begin. Closing
on 17 leases per week, The Preserve will reach 90% occupancy. We are
pushing to reach proforma occupancy of 95% with the new marketing
initiatives.

Thank you for your partnership.