• The property (2015) is a 240-unit, fully amenitized, Class A apartment complex in the Baytown submarket of Houston, which is notably supply constrained due to a zoning code.
• At closing, the property was 95% occupied with meaningful loss to lease in place but has already achieved proforma rents on many new leases.
• The Houston MSA is the nation's 5th most populous, with 7.2MM residents. In the first half of 2021 Houston experienced record-breaking demand for multifamily products.
• The property is in proximity to major petroleum, petrochemical, industrial, shipping and logistics employers that have commitments to further expand their footprints in the coming years.

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 EXAMPLES 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>