Investor Presentaiton

Fund VI - Summary of Key Terms¹ Investment Objective: Investment Profile: Target Fund Size: General Partner Commitment: Target Returns: Leverage: Preferred Return: Management Fee: Performance Fees: Fund Structure: Investment Limitations: Generate current income and appreciation by investing in quality Class B multifamily properties in strong infill locations in select markets in the U.S. where we can add value by renovating and upgrading the property and adding hands on management by partnering with local real estate operating companies² Value Add Multifamily (100%) in the United States $350 million of Limited Partner Capital (Cap of $450 million, though not including the GP commitment) The GP has already committed $20 million to the Fund, exceeding the GP requirement to invest 2% of the limited partner capital up to $9 million based on a $450 million target fundraise 12% to 15% net IRR to investors; 1.5x to 1.7x net equity multiple; Quarterly cash distributions averaging 5-7% per annum³ Not to exceed 70% loan-to-total cost in aggregate across the portfolio; no Fund-level debt other than subscription line 8% per annum, compounded annually4 1.50% for commitments up to $25 million; 1.40% for commitments of $25 million up to $50 million; 1.25% for commitments of $50 million up to $75 million; 1.125% for commitments of $75 million up to $100 million; 1% for $100 million or greater; calculated on commitments during investment period and remaining invested capital thereafter 50% to the GP after payment of all preferred return and return of all capital until the GP has received 20% of cumulative profits; 20% to the GP thereafter. LP's with commitments of $100 million or more benefit from a modified waterfall schedule per the offering memorandum Closed-end, commingled vehicle structured as Delaware limited partnership with option for one or more parallel funds; Fund may hold investments indirectly through one or more REITS 100% of investments in multifamily properties Maximum single investment: 10% (subject to certain exceptions) At least 75% of investments in states along the east and west coasts, the northeast corridor and the greater metropolitan areas of Dallas, Houston, Austin, San Antonio, Nashville, Chicago, Minneapolis, Phoenix and Denver Investment Structures: Commitment Period: Fund Term: Joint ventures with operating partners utilizing various equity structures 3 years from final closing 1 one-year extension with approval of the advisory board or a majority in interest of the limited partners 8 years from final closing 2 one-year extensions with approval of the advisory board or a majority in interest of the limited partners 27 1 Please reference the Fund's Private Placement Memorandum ("PPM") for a full description of the Fund's terms and conditions. 2 There can be no assurance that the Fund will be able to implement its investment strategy or achieve its investment objective. 3 Actual returns for the Fund and individual limited partners participating directly or indirectly in the Fund may vary significantly from the targeted returns. 4 Actual preferred returns may vary significantly from the targeted preferred return. L.E.M CAPITAL

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