3 Locations

PROVEN MARKET DEMAND — VACANCY DRIVEN BY CAPITAL CONSTRAINTS, NOT LEASING FUNDAMENTALS

Occupancy (64% / 58%) reflects limited turn capital, not demand. Leasing was paused or restricted, with turned units leasing fully. With funding, management projects 10+ leases per month, supporting a clear path to stabilization.

COMPELLING SCALE & ATTRACTIVE BASIS WELL BELOW PREVIOUS TRADE PRICING

Acquired in March 2022 for $26.2 million ($89,000/unit), the portfolio now offers a compelling basis reset. Its 296 units provide operational scale and efficiencies in a market with limited institutional competition.

WELL-LOCATED 1980s PRODUCT WITH FUNCTIONAL, MARKETABLE FLOORPLANS

Shadowood West (1985, 152 units) averages 982 SF across 1BR, 2BR, and 3BR floorplans with two-bathroom configurations in larger units.Hidden Lakes (1988, 144 units) averages 1,129 SF with a similar bedroom mix. Both properties feature all-electric utility configurations and desirable unit amenities. Existing improvements are primarily cosmetic in nature, including exterior enhancements and minor HVAC work,offering investors a clear path to value creation without the need for full-scale renovations.

SIGNIFICANT VALUE-ADD UPSIDE THROUGH INTERIOR RENOVATIONS

Shadowood West and Hidden Lakes rank among the top assets in their submarket. A comparable stabilized property is achieving rents of $950 (1BR), $1,200 (2BR), and $1,400 (3BR), while the portfolio’s renovated proforma remains below these levels. At stabilization, the portfolio is projected to generate NOI north of $1.8 million.

RECEIVERSHIP SALE STRUCTURE PROVIDES A CLEAN ACQUISITION

The properties are offered through a court-appointed receivership, providing a transparent acquisition process. Receivership sales typically result in properties being conveyed free and clear of prior liens, encumbrances, and management obligations, allowing a new owner to implement their own operational strategy from day one.

MACON’S ECONOMIC MOMENTUM AND LIMITED NEW SUPPLY

Macon has attracted nearly $2 billion in private investment since 2017, anchored by major employers including Robins Air Force Base (21,000+ jobs), GEICO (5,200+ employees), Navicent Health (4,600+ jobs), and Mercer University. The ongoing $43 million Macon Mall redevelopment — featuring a 12,000-seat amphitheater and the world’s largest indoor pickleball facility — is in close proximity to the properties. Higher education institutions in the region generate over $350 million annually in economic impact. Macon’s position at the junction of I-75 and I-16 makes it a natural logistics and distribution hub, with new investments from First Quality Baby Products ($418M), BrightFarms, YKK AP, and Coca-Cola Bottling further strengthening the employment base.

LEGISLATIVE AND LEGAL REFORM

Recent state legislation has created a more favorable environment for property owners in Georgia. Senate Bill 68 reforms the civil litigation process by limiting excessive lawsuits and damage awards, streamlining operations and enhancing legal protections for multifamily operators.

INDEPENDENT ACQUISITION OPPORTUNITY

Twin Pines can be acquired separately from the Shadowood West / Hidden Lakes portfolio, offering flexibility for

investors seeking a smaller entry point into the Macon market or a complementary addition to an existing Middle

Georgia portfolio.