2 Locations

AUSTIN GROWTH FUNDAMENTALS UNDERSCORE LONG-TERM STRENGTH | Austin remains one of the fastest-growing and most resilient major metros in the U.S., with metro population growth exceeding 11% since 2020 and more than 28,000 new jobs added in 2024 alone (+2.1%). The region ranks among the top five nationally for STEM employment and recent college graduates, fueling long-term economic expansion. With a low unemployment rate of 3.3% and continued in-migration of educated workers, Austin’s growth trajectory provides a strong foundation for long-term stability and value.

PREMIER LOCATION WITHIN AUSTIN’S MOST TRANSFORMATIVE MASTER PLAN | Strategically positioned within Mueller —a 700-acre, award-winning urban redevelopment featuring 737,000 SF of retail, 5.39 million SF of office and medical space, 144 acres of green space, approximately 16,500 employees, and approximately 17,300 residents at full buildout.

INSTITUTIONAL-GRADE GROUND LEASES BENEATH DELIVERED CLASS A MULTIFAMILY | Exceptional opportunity to acquire two unsubordinated single-tenant ground leases beneath a combined 671-unit Class A multifamily offering, consisting of the delivered 326-unit AMLI North Park operated by AMLI Residential and the delivered 345-unit Rivette Tower operated by Ryan Companies, two nationally recognized multifamily developers and operators, located in the heart of Austin’s most dynamic growth corridor.

RAPID LEASE-UP AND STABILIZATION | The multifamily components were in active lease-up throughout 2025, with AMLI North Park increasing occupancy from 7.8 percent in January to more than 90 percent by December. Rivette Tower continued its absorption during the same period, reaching more than 91 percent occupancy by year-end. Achieving stabilized occupancy within the first full year of operations for AMLI North Park and continued absorption at Rivette underscores the depth of demand within Mueller. December 2025 results reflect stabilized operating performance entering 2026.

CPI-BASED GROUND RENT INCREASES PROVIDE INFLATION-PROTECTED GROWTH | Each lease features rental escalations tied to CPI, subject to a minimum of 1.00 percent and a maximum of 3.00 percent. This structure preserves real-dollar income over the long-term while providing consistent, compounding growth across the 99-year lease horizon, a rarity among long-duration ground leases in institutional markets.

LONG-TERM VALUE SUPPORTED BY HIGH-QUALITY MULTIFAMILY IMPROVEMENTS | The Properties are surrounded by newly delivered, institutional-quality multifamily developments that reinforce the long-term desirability and intrinsic value of the underlying land. Immediately adjacent to the Properties, Mueller has recently supported the delivery of a 648-unit, Class-A mixed-use multifamily community with ground-floor retail, further evidencing the scale, quality, and depth of residential demand within the district. As Mueller continues to mature into one of Austin’s most established urban neighborhoods, the concentration of Class A multifamily density, walkable amenities, and integrated mixed-use development supports durable land value and long-term reversion potential for the Properties.

CROSS-SECTOR APPEAL WITH INSTITUTIONAL AND NNN CAPITAL | The structure combines the scale and appreciation potential of a core multifamily development with the passive, inflation-protected income of a corporate-backed NNN lease. This rare hybrid profile is expected to appeal to both institutional multifamily buyers and net lease investors, broadening the buyer pool and driving competitive pricing.