This investment program owns three residential properties located in Goodyear, Arizona; Laveen, Arizona and Williamsburg, Virginia. Collectively, the properties offer 698 units and feature several layout options which include one-, two- and three-bedroom selections. Each of the properties provides an extensive array of resident amenities, including a swimming pool, outdoor grilling areas, and common spaces for entertaining.

171-unit Class A apartment community located in Tempe, Arizona. • Built in 2021, Hudson on Farmer is a community located in what the Sponsor believes is the most dynamic market in the Phoenix metro. • 146,639 net rentable square feet located in a single, six-story mid-rise building on 1.38 acres. • Amenities include resort-inspired pool and heated spa, outdoor lounge with fire pits, state-of-the-art fitness center and yoga studio, electric vehicle charging stations, bike parking room, and contemporary resident lounge. • Mark-Taylor is a privately-held Arizona-based developer, owner, and investment manager of multifamily communities. • Established in 1985, Mark-Taylor has over 35 years of experience in the Phoenix market with over 18,500 Class A units under management.1 Hudson on Farmer is located adjacent to Whole Foods, within walking distance of ASU, and within biking distance of all major attractions and employers in the submarket. The Master Lease allows the Master Tenant to operate and lease the Property to tenants on behalf of the Trust in compliance with the 1031 Exchange rules for the Trust. • Mixed-use development currently finishing construction adjacent to the Property. • Expected to bring 25K+ new jobs, 4M square feet of Class A office space, and 300k square feet of retail amenities.2 As of April, 2021, the property has a rent-to-income ratio of nearly 5:1 and collections averaging nearly 100% despite the impacts of COVID-19.

HIGH-GROWTH, TECHNOLOGY-DRIVEN LOCATION • Abundance of new shopping, dining, and entertainment options. • Minutes away from downtown Phoenix. • Located a short drive away from USAA Regional Headquarters, the Deer Valley Airport, Farmers Insurance Regional Headquarters, Honeywell, Wells Fargo, and more. • Direct access to 101 Freeway and Interstate 17. MAJOR EMPLOYERS • Taiwan Semiconductor Manufacturing Company (TSMC) • USAA • Farmers Insurance • Honeywell • American Express COMPELLING DEMOGRAPHICS • Median household income in the submarket is expected to grow 17.3% by 2027.6 • Average age is 36 with the largest share of residents in the 25-35 range.7 • Strong, consistent in-migration of residents, employers, and jobs. TSMC PROXIMITY • TSMC plant is expected to add more than 80,000 indirect jobs over the next five years.8 • 40 direct supplier companies are relocating or expanding into the region to support TSMC’s operations. • Estimated to make an economic impact of $2.9 billion.9

Hines HREX Multifamily I DST is a 199-unit multi-family property located in Chicago, Illinois – 1 mile northwest of Chicago’s central business district. The property is in the Fulton Market District in the heart of downtown Chicago and less than a 5-minute walk away from the Ogilvie Transportation Center and multiple L train stations, residents remain in close proximity to work, family and friends. Individual units feature in-unit washers and dryers, stainless steel appliances, quartz countertops, and hardwood-style flooring. The property presents an expansive amenity set including a resort-style rooftop swimming pool with cabanas, and an outdoor terrace with a chef’s kitchen, pool table, outdoor barbeque grill stations and firepits. Additionally, the property offers residents access to a 24-hour fitness center, yoga studio, library, private work pods and co-working space, indoor/outdoor dog runs and EV charging stations.