• The property is a 1,326-unit garden-style apartment community located in Houston, within 20 minutes drive from Downtown Houston.
• The property performance has been underwhelming from an operational perspective. The asset presents a compelling value-add investment, especially with an attractive going-in price per door.
• Houston's 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 6 miles away from many large employment drivers, including the large Texas Medical Center, large universities nearby and zoned within highly rated public school district.

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>