We are excited to announce the launch of a new multi-family development in Deltona, Florida – Magnolia Townhomes at Deltona. This project will feature 126 modern two- and three-bedroom townhomes, strategically located on Howland Blvd, one of the fastest-growing corridors in Volusia County. With major job drivers such as the new 1.4MM SF Amazon Distribution Center and Deltona Village nearby, the area benefits from robust population and employment growth.

Key Highlights:

• Target Raise: $9.73M (of which $1.2M is still available)
• Total Project Cost: $36M
• Projected Investor Returns: 20.11% IRR and 2.03x MOIC over 3 to 5 years
• Unit Mix: 2- and 3-bedroom townhomes, with and without garages
• Strong Market Fundamentals: Significant in-migration, healthcare and logistics growth, and rental demand outpacing Orlando

We believe this is an exceptional opportunity to participate in a high-growth market with strong fundamentals and attractive projected returns.

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Please find below historical building data for Deltona and the surrounding area pulled from the U.S. Census Bureau’s Building Permits Survey which tracks the number of building permits issued. The second table shows the total number of units in buildings with 5+ units (multifamily) that received building permits. It is worth noting that the number of multifamily units permitted in recent years has dropped drastically from the highs of 2022 and is now below pre-covid levels.

Additionally, a report that we received from JLL that covers the multifamily supply pipeline throughout Central Florida.

JULY 2026

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DECEMBER 2025

NOVEMBER – 2025

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JULY – 2025

Phase 1: construction is moving forward on schedule, site work and building pads are completed, and 85% of contracts are already secured. Equity deployment is nearly finalized, and coordination with the city on utilities and power is progressing well. Overall, the project remains solid in execution and financial management.

JUNE – 2025

This month was marked by steady progress in earthwork and the preparation of building pads. The majority of construction contracts have already been awarded (85%), and the installation of utilities is scheduled to begin in the coming weeks, keeping the project on track according to the established timeline.

MAY – 2025

Construction Overview

The project officially commenced following approval from the city after installation of SWPPP controls and tree protection.

Ranger Excavating was mobilized on May 8, 2025, to begin site clearing and excavation.

Key sitework progress includes:

Clearing and grubbing of the site.

Road and building pad cuts completed.

Moisture conditioning of building pads and roads underway.

Four rain days impacted site activity during the month.

Site Logistics

Temporary restrooms installed for subcontractor crews; will be scaled based on manpower.

Temporary fencing scheduled for installation on July 7 to secure the site and prevent equipment conflict.

A weatherproof trailer foundation and parking pad will be poured by Best Ground Works to avoid rework.

Delivery of the construction trailer is expected by mid-July, once earthwork reaches a stable phase.

Manpower Summary

A total of 688 labor hours recorded in May.

Ranger Excavating: majority of sitework hours.

Landmark Companies Inc.: site supervision and project coordination.

Schedule Highlights

Earthwork: Ongoing from May 8 – August 4, 2025.

Sebastion & Italia Roads: May 8 – June 27, 2025.

Building Pads (1, 2, 3 & Garages): June 2 – July 11, 2025.

Retaining Wall Excavation & Foundation: June 2 – June 27, 2025.

Construction trailer setup and full site fencing: targeted for July.

Progress Photos

Multiple aerial drone and daily log photos taken between May 31 and June 6 document current site conditions and activity.

Visual evidence confirms active site clearing, road shaping, and early pad work.

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We had a month of significant advances in both construction and infrastructure preparation:

• Construction – Significant Progress
– Phase 1 Duplexes completed and inspected
– Siding on two-story buildings 90% finished
– Interior finishes progressing well (painting, flooring, trim, MEP)
– Clubhouse painting completed and finishing work ongoing
– Pool with pavers and fencing completed
– Pickleball court ready (painting and fencing)
– Underground electrical infrastructure and site lighting completed
– Phase 2 MEP inspections underway

• Next Steps
– Energize remaining Phase 1 buildings
– Complete final grading and pave Phase 1 roads (two crews on site to expedite)
– Begin installation of lighting poles

The project continues to move forward consistently and on schedule.

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DECEMBER 2025

We are closing out the year with significant progress on the construction, particularly with the facade now 100% complete, which already gives the building exactly the architectural presence envisioned in the design. Internally, numerous apartments are in advanced stages, with some units already finished, and the pace of work remains consistent.

Key highlights include:
• Completed facade, reinforcing the project’s premium positioning
• Steady progress on apartments and common areas
• Start of final garage phases and preparation for elevator installation (January 2026)
• Selection and purchase of Technogym gym equipment and furniture, already in transit
• Revision of the final schedule, with completion now projected for May 2026, reflecting added attention to quality and finishes

SEPTEMBER 2025

The façade is now 90% complete, with a new perimeter wall that enhances the project’s visual appeal and market presence. Interior budgeting for the lobby and common areas is underway, and garage works are scheduled to begin soon. The project remains on track with the updated plan.

AUGUST 2025

JULY 2025

Despite some delays related to the façade and elevator installations, which required us to adjust the construction timeline, progress continues across multiple fronts. We now anticipate a realistic project completion and unit delivery by early 2026.

On a positive note, Apartment S was successfully sold during this period, and we are working on a refreshed and more luxurious visual identity for the fencing and façade, which will be shared in the next update.

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DECEMBER 2025

Loan Update:

While the debt market has continued to present challenges, we are delighted to announce that we signed a Term Sheet with One Florida Bank for a bridge loan to take out the existing construction loan.  Projected loan closing is in 4-6 weeks. Loan proceeds will pay off the existing loan in its entirety and have a robust interest reserve to cover the interest-only payments until the property reaches stabilization.  At this time, the proposed loan proceeds will not include any return of equity.  Once the property reaches stabilization, we will look to increase the loan proceeds with One Florida Bank or go out to market for permanent debt that would allow for return of equity.  The expectation in the capital markets is that interest rate will be lower by that time.

Please do not hesitate to reach out should you have any questions.

APRIL 2025

Since launch, we have been actively marketing the property and leasing units. In just six weeks, leasing activity has exceeded our initial projections, and we are on track to reach stabilized occupancy in less than one year.

As we move into the next phase of operations, we will begin providing our standard quarterly updates. These reports will include detailed information on operations, leasing activity, unit mix, occupancy levels, and financial performance. The first quarterly report will cover Q2 2025 (partial April, May, and June) and will be shared in July.

Attached, you’ll find a project update for the Extra Space Storage at Powell development.

Please feel free to reach out with any questions or if you’d like additional information. Thank you for your continued trust and support in this project — we appreciate your partnership.

CONSTRUCTION COMPLETION

On March 25, all final inspections were approved, and the project received its Certificate of Occupancy. Operations officially opened on March 26, marking a very important step for all of us.

Attached is a report with photos of the completed construction and information about the official opening ceremony. If you are in the Orlando area, it would be a pleasure to have you there.

Thank you once again for your support throughout the construction phase. Now that the project is operational, the focus shifts to leasing and operational performance, and we will move into the normal quarterly update cycle, with information on occupancy, leasing progress, unit mix, asset performance, and financial results.

DECEMBER 2025

NOVEMBER 2025

OCTOBER 2025

SEPTEMBER 2025

AUGUST 2025

Construction is advancing with significant milestones achieved, including the installation of EIFS finishes, third-floor roll-up doors, lighting systems, fire alarm wiring, and HVAC connections. The project continues to progress on schedule, and updated photos are available for your review in our investor portal.

JULY 2025

Highlights from this month include:

• Completion of the roof installation
• Exterior finish (EIFS) along the west and south elevations
• Hallway systems installation on the second floor
• Guardrails and handrails in stairwells
• Installation of HVAC drain pans, refrigerant lines, condensers, and ductwork
• Electrical trim and lift station installation

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