Overview: • 90-bed student housing asset located less then a mile away from Troy University in Troy, AL • Unit mix consisting of 3-bedroom floor plans with bed/bath parity • Asset consisting of 15 buildings with 2 units/building, constructed in 2009 Troy University: • Public university in Alabama with more than 14,500 students enrolled • Founded in 1887, located in Troy, Alabama with a population of more than 18,000 Opportunity: • Physical value-add potential over time, operational value-add potential on day 1 via utility charges and capture of organic market rent growth • Rents grown more than 15% from AY 2024-2025 to AY 2025-2026 in current pre-leasing