• The property is a 200-unit garden-style apartment community located in South Atlanta just 15 minutes from Downtown Atlanta.
• The property benefits from a public golf course across the street and a community recreation center nearby.
• This asset presents as a compelling value-add investment with historic high occupancy, attractive price-per-door and in-place rents lagging meaningfully behind prevailing market rents.
• The property also benefits from a strong demographic base in one of the country's fastest growing regions with the largest demand drivers centering around the Hartfield Jackson International Airport.

* EXAMPLES OF PROPERTIES THROUGHOUT THIS PRESENTATION, INCLUDING THE ABOVE, ARE PROPERTIES IN WHICH ONLY A NON-CONTROLLING EQUITY INVESTMENT (TYPICALLY AS A LIMITED PARTNER) HAS BEEN MADE, AND ARE BEING PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY IN ORDER TO PROVIDE EXAM- PLES OF THE KINDS OF INVESTMENTS THAT HAVE RESULTED HISTORICALLY FORM THE INVESTING PROCESSES AND METHODOLOGY OF NPC. The properties selected in these examples do not represent all of the properties that have been or will be identified by NPC as likely investments of the Fund. No representation is made as to whether or if the examples represented above have been or will be profitable. There is no guarantee that the Fund will actually invest in any of these projects. It should not be assumed that NPC will seek, and that if it seeks it will be able, to identify similar investment opportunities for the Fund in the future or that any such future investment opportunities will be profitable. Past performance is not a guarantee of, and is not necessarily indicative of, future results. << /p>