Page 4 - Preserve at Tech Investor Quarterly Report Academic Year 2021-2022 Quarter 2

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

The Preserve at Tech completed construction September 2021. Market
average occupancy at the close of the 2021-22 lease-up was 66%. The
Preserve is currently 72% occupied and is forecasted to reach 91%
for the 2022-23 year based on retention expectations as well as market
information from the 2021 lease-up. For 2021, La Tech enrollment remained
steady, increasing marginally with over 10,280 enrolled. La Tech welcomed
approximately 2,000 freshmen on-campus and is undergoing improvements
to on-campus housing. New beds were brought online for August 2021. On-
Campus occupancy was 94% at the close of the Fall quarter. Another 200
beds will be released for the 2022-23 academic year.

INVESTMENT RETURN

Recently, the Manager approved the cash distribution to the Members for
Q1 in the amount of $170,000. The distribution will be split pari passau,
according to the membership interest as outlined in the operating agreement.
Additionally, the less than projected occupancy prohibits the original plan to
refinance this Academic Year. Instead, the Manager will look to refinance
the asset next year upon a successful lease-up.

INVESTMENT PERFORMANCE

The Preserve is currently beating Fall projections, hovering at 19% preleased
for 2022-23. The management team will be occupying the L Booth on the
Tech campus at least once a week through the semester. Furthermore, the
team has implemented a referral program to incentivize residents to renew
and invite friends to lease at the Preserve. Our marketing team is preparing
a second eBlast to the student list of Sophomores, Juniors, and Seniors
acquired last year.

Thank you for your partnership.