Dear Investors,

We’re pleased to share a positive milestone as we close out the year.

264 Ridge Rd, Watchung, New Jersey, is now fully completed. The property will be officially listed on the market next week, with open houses to follow shortly thereafter. We are targeting a Q1 closing, with an anticipated sale price of approximately $2.8 million.

Our total basis in the project is approximately $1.75 million, and the expected outcome will meaningfully strengthen the fund’s overall position. This transaction provides additional equity and stability as we continue pushing forward with the stabilization of our multifamily portfolio.

We are also actively progressing on several other New Jersey projects, with anticipated completions in mid-Q2, which will further support our broader stabilization strategy.