Page 4 - Oxford West Investor Report Q3

INDUSTRY TREND

Traffic at Oxford West has increased since the beginning of the month. However, we will need to be
very strategic through this lease-up. It will be a fight to the end to push for our highest occupancy
possible. The team has been closing an average of 19/week for the past few weeks, up from an
average leasing week of 10/week for March. We have implemented pricing adjustments on 3 and
4- bedroom floorplans to increase velocity on our earlier leasers in the market, those price sensitive
prospects look for the biggest bang for the buck. The strategy has proven itself and all 4-bedroom
units are sold-out for fall.

Oxford West is currently 41% preleased; 10% above previous year at this same time. We are seeing
a similar prelease trend in the market. Purpose built housing is currently 61% preleased compared
to previous year 53% as of mid-April. New leasing rate reduction incentives are being rolled out
to promote our floorplans that have not had the strong demand (see Forecasted: Fall 2022 Beds
Left to Lease). The newest incentive is on the 1-bedroom floorplan. The rate strategy is to position
Oxford West as a budget friendly option, close to campus, with great service. To date, this strategy
has proven to be successful and will be continued throughout the season as needed as a tool to
close on all the traffic.

Currently, we are seeing an increase in the international market, but are not confident that it has
fully returned. Miami is enforcing freshmen and sophomore live-on campus. Oxford West’s average
leasing pace for the previous year (from April – Sept) was 13 leases per week. There are 19 weeks
until classes begin. Closing on 14 leases per week to reach an 85% lease-up, 93% occupancy is
ultimately where we find Oxford West at its best value, 16 leases per week for the remainder of the
lease- up will get us there. Our team will continue pushing new ventures to get us to our average
leasing pace to cross that finish line.

INVESTMENT RETURN

The General Partner will continue to suspend cash distributions to the partnership until occupancy
returns to an acceptable level. We are currently finalizing the 2022-2023 budget and will have a
projection for next year in the Q4 update.

INVESTMENT PERFORMANCE

We are continuing to see a lot of requests for immediate move-in. The team is promoting the current
availability to capture summer/fall leases. The team closed on 37 leases over the past two weeks.
Weekly leasing average has doubled in recent weeks. The team has been closing an average of 18
leases per week since the start of the month and surpass the leasing projection goals.

New marketing ventures have been initiated in tandem with the pricing strategy. One highlight is
the contract with apartments.com. This venture will attract some more of the conventional market.
The partnership with apts.com is two-fold, as it also strengthens our organic searches for prospects
searching for housing near campus. Coupling with this venture, the team has been pushing for
resident reviews. They brought in over 40 new reviews in past months to bring their average online
rating to 4.0 and continue to solicit additional reviews.

Other recent marketing ventures include:
• Direct mailers to competitors
• Promoting early move-ins for summer (on vacant beds)
• Partnership with Miami Athletics
• Increased spend with GRO (geo-targeted, social, google adwords)
• On-Campus events, on-campus flyers and partnering with local vendors for cross-promotions