Carter Exchange Station at Clift Farm DST is a 315-unit apartment community located in Madison, Alabama – 15 minutes west of downtown Huntsville, AL. Newly constructed in 2021, Station at Clift Farm is in the final stages of the leasing stabilization period with current occupancy of 83.8%. Tenants have access to a resort-style saltwater pool, outdoor seating areas equipped with grilling stations and fire pit, a roof deck lounge and patio, 24-hour fitness center, a cybercafé, covered parking and electric vehicle charging stations. Additionally, the DST’s business plan is to maintain high occupancy levels through a multiplatform marketing program and enhance property performance using a revenue and lease expiration management system. The Station at Clift Farm community is located in the Huntsville MSA, the second largest MSA in Alabama. The MSA is one of the fastest-growing metros in the U.S., growing approximately 18% over the past decade. The region boasts an affordable cost of living, moderate climate, and desirable lifestyle amenities.

Cantor Fitzgerald Pearland Multifamily DST is a 234-unit multifamily property, structured under a 99-year ground lease, located in Pearland, TX – 15 minutes south of Houston. The property is 93.6% occupied and feature two swimming pools, barbecues, a fitness center and a resident clubhouse with covered outdoor seating, a business center and a media room with billiards. Pearland is the third-largest city in the Greater Houston area with population increasing over 25% since 2010. The city is primarily residential and home to numerous master-planned communities with residents enjoying access to highly rated public schools.

The Property is a Class-A apartment community with spacious interiors and attractive finishes. Community amenities include a clubhouse, fitness center, business center, resort- style swimming pool, spa, picnic and grilling area, and a dog park. • The Property is 91.7%1 occupied and 94.5% leased with an average monthly rent of $1,357 and has achieved strong rental growth with recent leases over the last 60 days ending August 23, 2022 averaging $1,453/month, which was 7.1% above in-place rents.1 • The Property has achieved strong historical operating performance averaging 93.3% occupancy since 2000.2 OPPORTUNITY TO ADD VALUE BY PERFORMING STRATEGIC PROPERTY IMPROVEMENTS• The Property was renovated in 2021 and contains a mix of fully and partially renovated units as well as classic units. • The Sponsor believes the Property would benefit from additional renovations including upgrades to the classic units, which are anticipated to generate rent premiums. Additionally, the value-add program involves various exterior enhancements including amenity and landscaping upgrades. WELL LOCATED WITHIN DESIRABLE MARKET• The Property is located approximately 24 miles southeast of downtown Houston within the master-planned Clear Lake City community in the southeastern part of Harris County. The community is adjacent to NASA’s Johnson Space Center, Ellington Field, and Baybrook Mall. • The Property has excellent access to two of Houston’s major arteries, Interstate 45 and Beltway 8, which connect residents to Houston’s major employment centers. Additionally, the Property is located near a retail corridor, including Kroger supermarkets, Walgreens, Walmart, and fast-casual dining restaurants. • The Property is within the Clear Lake Independent School District, which is one of the top ranked school districts in Houston.3 POSITIVE RENTAL MARKET FUNDAMENTALS• Occupancy in the Clear Lake multifamily submarket was 96.1% as of Q1 2022.4 Effective market rent in the submarket increased by 5.9% over the past 12 months and is forecasted to grow by an average of 3.4% annually through 2024.2 • The population within a three-mile radius of the Property is 79,214 and is projected to grow at an approximate 0.5% annual rate from 2022-2027, which is above the national average of 0.1% for 2021.4 • The average household income within a three-mile radius of the Property is $109,675.4 EXPERIENCE OPERATOR• Founded in 2010, CAF is a Dallas-Fort Worth-based real estate management firm which manages over 23,000 units across 75 multifamily communities, of which over 5,500 units are located in Houston.

The Station Multifamily DST is a 444-unit apartment community located in the affluent Las Colinas planned community just northwest of Dallas. The property was constructed in 1994 and recently underwent a complete renovation of 304 units. Unit improvements include granite countertops, stainless steel appliances, and wood plank flooring. The Las Colinas suburb is situated in the northwest corner of the Dallas MSA; within close proximity to the Dallas Fort Worth International Airport. Due to its location, the area has attracted several Fortune 500 companies such as Exxon Mobil, Verizon, and Kimberly-Clark.