• The property is a 195-unit garden-style apartment community located in East Madison, within 15 minutes drive from Downtown Madison.
• The property performance has been underwhelming from an operational perspective and was sourced off-market. The asset presents a compelling value-add investment, especially with an attractive going-in price per door
• Madison is placed among the top markets in the country for employment outlook and boasts an exceptionally high recent population growth rate of 5% per year.
• The property is ~10min from the airport and ~15min from the University of Wisconsin-Madison

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>