Strategies for Multi-Family Real Estate Capital Allocation

AIR COMMUNITIES The most efficient and most effective way to allocate capital to multi-family real estate Strategy expected to drive significant NOI growth in AIR's initial Class of 2022 acquisitions • • The Reserve at Coconut Point Purchase price: $72M Newly developed 180 apartment community - Located in Estero, FL - Submarket between Naples and Fort Myers that is part of a 500-acre master planned community Short walk to Hertz' corporate HQ Projected 3.8% NOI yield in Year 1 with an underwritten long-term IRR of ~8% - Expected Year 1-3 NOI growth of 44% following platform onboarding Watermarc at Biscayne Bay Purchase price: $211M Newly developed 296 apartment community Located in Miami, FL Located in the Edgewater neighborhood of Miami with proximity to premier entertainment, cultural, and employment attractions of Miami-Dade County - Proximity to Bay Parc additionally benefits AIR Projected 4.1% NOI yield in Year 1 with an underwritten long-term IRR of ~8% - Expected Year 1-3 NOI growth of 34% from following platform onboarding 4

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