• The Property is a 260-unit Class A apartment style complex consisting of 204,428 sf located in downtown San Antonio, steps from The Pearl, a local cultural destination.
• The 2021 property has been fitted with premium finishes and amenities and is in the process of leasing up.
• At time of purchase, San Antonio overall is still among the countries' top five fasted-growing metro areas and is ranked 7th in population growth in 2020.
• The property is ~6-miles from the San Antonio Airport and is in close proximity to major employers in the region.

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>