Multifamily Property

2026-06-10

the lender of record and its assigns

Re: Appraisal of the Multifamily property located at 1801 Wewatta St, Denver, CO.

Dear Sir or Madam:

At your request, we have prepared an appraisal of the above-referenced property. The purpose of this appraisal is to develop an opinion of the market value of the leased fee interest in the subject property, as is, as of 2026-06-10, for use in mortgage lending / a credit decision.

This appraisal was developed and is reported in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP), the requirements of our client, and applicable regulatory guidelines. The analysis was developed by Strata Valuation's specialist-agent pipeline, independently verified, and reviewed and certified by the undersigned appraiser. The undersigned performed a physical inspection of the property.

Based upon the analysis contained in the following report, and subject to the assumptions and limiting conditions set forth herein, it is our opinion that the market value of the subject property, as is, as of 2026-06-10, was:

$116,599,122

(116 million 599 thousand dollars)

Respectfully submitted,

Jane Whitfield

Jane Whitfield, MAI — License TX-1380294-MAI

Market value, as used in this report, means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised and acting in what they consider their own best interests; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

This definition is consistent with the definition of market value contained in the Agencies' appraisal regulations promulgated pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and the Interagency Appraisal and Evaluation Guidelines.

The interest appraised in this report is the fee simple or leased fee estate, as stated in the assignment terms and on the cover of this report. The following definitions, from The Dictionary of Real Estate Appraisal (Appraisal Institute), describe the interests so the reader understands the rights being valued.

Fee simple estate — "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat."

Leased fee interest — "The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires." Where the subject is encumbered by leases, the leased fee interest is valued, reflecting contract rent and the reversion.

This appraisal was developed and reported in conformity with USPAP. The scope of work included identification of the subject and the assignment elements; a full interior and exterior inspection of the property by the undersigned MAI appraiser; analysis of the regional, metropolitan, neighborhood, and submarket context; a highest-and-best-use analysis; development of the applicable approaches to value; and reconciliation to a final opinion of value.

Market and comparable data were obtained through Strata Valuation's data providers and verified as to source and conditions of sale. The analyses were developed by Strata Valuation's specialist-agent pipeline — a coordinated set of agents each operating under codified appraisal methodology — and were independently recomputed by a deterministic verification layer, which confirmed 9 of 9 grounding checks prior to human review. The undersigned appraiser reviewed each material decision, applied independent judgment and any adjustments recorded herein, and takes full responsibility for the opinions and conclusions.

The depth of analysis and reporting is commensurate with the intended use and the complexity of the assignment.

The intended use of this report is mortgage lending / a credit decision.

The intended users are the lender of record and its assigns. Use of this report by any other party, or for any other purpose, is not intended by the appraiser and is not permitted.

The type and definition of value is market value, as defined under the applicable federal financial-institution regulations (FIRREA) and the Interagency Appraisal and Evaluation Guidelines. The property rights appraised are the leased fee interest.

Three-Year Ownership History

Research of the applicable public records, private data services, and an interview with the property contact revealed that the subject has not transferred during the three-year period immediately preceding the effective date of this appraisal. The most recent arm's-length transfer of record occurred in 2016, as summarized above.

Agreement of Sale / Listing

To the best of the appraiser's knowledge, the subject property is not currently under an agreement of sale, nor is it currently listed or marketed for sale, as of the effective date of this appraisal.

Personal Property & FF&E

No personal property, furniture, fixtures, or equipment (FF&E) is included in this analysis. The opinion of value reflects the real property interest only.

Statement of Competency

The appraiser has the knowledge and experience required to complete this assignment competently. The appraiser regularly appraises multifamily properties in the Denver, CO market, has interviewed owners, buyers, sellers, and brokers active in this property type during the course of this and other recent assignments, and is geographically and functionally competent to appraise the subject property.

Market area is the geographic region from which a majority of demand for the subject is drawn and within which the majority of competing supply is located. This section identifies and examines the economic characteristics of the region that can influence and create value for the subject property. The subject is located in the Mountain West (Front Range, Colorado), a region anchored economically by Denver, CO.

The region has a population of approximately 3.0 million in the MSA and has experienced +1.4% annually, supported by quality-of-life in-migration. The breadth and direction of this population trend is a primary driver of long-run real estate demand: in-migration of both firms and households supports occupancy, rent growth, and new construction, while the diversity of the employment base insulates the region from sector-specific shocks.

Regional employment has expanded +2.1% annually across aerospace, energy, healthcare, and financial services, with unemployment of 3.6%. Employment spans aerospace and defense (Lockheed Martin), energy, healthcare (HealthONE, Centura), telecom, and financial services, supporting a diversified demand base. Major regional employers include Lockheed Martin, United Airlines, HealthONE, Centura Health, Charter Communications, DaVita, among others. This diversity of demand drivers supports stability across property sectors and underpins the long-run absorption assumptions applied in this report.

Transportation & infrastructure. Interstates 25 and 70, the RTD light-rail and commuter-rail network, and Denver International Airport (a national hub) underpin the metro's logistics and corporate role. The region's connectivity — by interstate, transit, and air — directly supports the logistics, commuting, and corporate-location decisions that determine where multifamily residential demand concentrates.

Recent development & investment. A diversified employment base spanning aerospace, energy transition, and healthcare. Constrained Front Range land supply supporting long-run values. An international airport hub reinforcing the metro's logistics and corporate role. These dynamics, together with ongoing public and private investment in the region, reinforce the demand fundamentals underlying the subject's value.

Regional conclusions. Rent growth has moderated to long-run averages following a strong post-pandemic recovery. Cap rates have repriced upward with the broader market; investor demand remains durable for well-located product. On balance, the region exhibits durable fundamentals, a diversified economic base, and adequate infrastructure to support continued operation of the subject at the highest and best use concluded herein. Slow-to-moderate, stable growth is anticipated over the projection period.

Denver, CO functions as the economic center of its region. Population and job growth have consistently outpaced national averages, drawing both corporate relocations and household in-migration. The metro's multifamily residential market is influenced directly by these dynamics through tenant demand, construction activity, and investor appetite.

The metropolitan employment base is led by Lockheed Martin, United Airlines, HealthONE, Centura Health and a broad set of supporting industries. This composition matters for the multifamily residential sector specifically: multifamily demand tracks household formation, job growth, and the cost of for-sale housing, each of which is well represented in this metro.

Capital-markets conditions over the analysis period reflect a higher cost of debt and more selective equity, which has repriced multifamily residential assets relative to cyclical lows. Transaction velocity has normalized; well-located, well-tenanted product continues to attract competitive bidding, while secondary product trades at wider spreads. Current multifamily residential vacancy in the metro is approximately 6.4%.

Outlook. The combination of demographic momentum, a diversified employer base, and disciplined (in most sectors) new supply supports a constructive medium-term outlook for the metro's multifamily residential market, consistent with the absorption and rent assumptions applied in this report.

A neighborhood is a group of complementary land uses — a congruous grouping of inhabitants, buildings, or business enterprises. The subject neighborhood is defined by the area sharing the subject's access, exposure, and competitive character.

Neighborhood boundaries & land uses. The subject is situated within a primary suburban node of Denver. The immediate area is characterized by a mix of multifamily residential and complementary commercial uses, with adequate access to the metro's arterial and highway network. Surrounding development is in a period of active reinvestment, and the predominant land uses are compatible with and supportive of the subject's continued operation.

Access, visibility & transportation. Access and visibility are strong, with proximity to retail amenities, transit, and employment concentrations that support tenant demand. Interstates 25 and 70, the RTD light-rail and commuter-rail network, and Denver International Airport (a national hub) underpin the metro's logistics and corporate role. No adverse external influences were observed in the immediate vicinity that would impair marketability.

Demographics & character. Within the trade area, household incomes, education, and housing values are broadly consistent with the metro averages discussed above; median household income in the market is $88,900. The character of the neighborhood is consistent with the subject's use and quality, and is considered appropriate for the property.

Neighborhood conclusions. The life-cycle stage of the neighborhood is assessed as stability with selective growth, consistent with the metro-level trends discussed above. The area is expected to remain stable over the projection period, and the conclusions of this report reflect the location's competitive position within its submarket.

Within the Denver, CO multifamily residential market, the subject competes in its local submarket against properties of similar vintage, scale, and quality. This section analyzes the supply, demand, and pricing dynamics of that competitive set, which frame the comparable evidence relied upon in the approaches to value.

Supply & inventory. The competitive inventory consists of multifamily residential properties of comparable age and quality within the trade area. New supply in the submarket is elevated but tapering, and the development pipeline is manageable; it is not expected to materially alter the competitive balance over the projection period.

Demand & absorption. Demand is driven by the metro-level employment and demographic trends discussed above. Net absorption has been positive, and tours and leasing activity for well-located product remain steady.

Vacancy & rent trends. Current submarket vacancy for multifamily residential is approximately 6.4%, modestly below the metro average, reflecting steady absorption. Rent growth has moderated to long-run averages following a strong post-pandemic recovery. Expense levels are consistent with prevailing submarket norms for the asset class.

Investment environment & conclusions. Cap rates have repriced upward with the broader market; investor demand remains durable for well-located product. The comparable sales analyzed in this report were drawn from this competitive set and reflect the pricing and capitalization-rate evidence relevant to the subject. On balance, submarket conditions support the value conclusions reached herein.

The real estate tax assessment, synonymous with assessed value, is the official valuation of the property for ad valorem tax purposes. Because the assessment is a figure assigned by the assessor for taxation, it may not reflect the independent value conclusions of this report. The subject is identified by the assessor as parcel 40-16-224-045.

Assessment & Tax Liability

Millage Detail

The effective tax rate of 5.13% is applied in the income approach via the loaded capitalization rate where the property type and market convention place real estate taxes on the owner.

The subject is located within a multifamily residential / medium-to-high-density district as administered by the local jurisdiction. Zoning is the public regulation of the use of private land through the police power, establishing districts with uniform requirements for use, density, height, setbacks, parking, and signage.

Permitted Uses

• Multifamily dwellings and apartment buildings
• Townhouses and condominiums
• Live-work units
• Accessory amenity and leasing facilities
• Limited ground-floor neighborhood retail (mixed-use nodes)

Special-Exception / Conditional Uses

Density bonuses, structured parking, and ground-floor commercial may be permitted by conditional use or planned-development approval.

Dimensional & Lot Requirements

Density (units/acre), height, open space, and parking ratios are governed by the district schedule; the subject conforms to its approved entitlement.

Zoning Conclusions

The subject's existing use is a legally permissible, conforming use within its district. The continued, uninterrupted use of the subject as improved is legally permissible. No zoning change is required for the value conclusions reached in this report.

Highest and best use is the reasonably probable use of property that is legally permissible, physically possible, appropriately supported, and financially feasible, and that results in the highest value. It is analyzed both as if the site were vacant and as the property is improved. Each use considered must pass all four tests in sequence; the use that survives and is maximally productive is the highest and best use.

As Vacant

As vacant, the site was tested against reasonably probable alternative uses. Only uses permitted under the applicable zoning and physically supportable on a site of this size and configuration were considered legally permissible and physically possible; of those, the use that is financially feasible and maximally productive — given prevailing rents, construction costs, and capitalization rates in the market — establishes the highest and best use of the land.

Conclusion, as vacant. Development of a multifamily residential use to current market standards. The site was analyzed under the four tests of highest and best use:

• Legally permissible: Current zoning and land-use regulation permit multifamily residential use; the existing improvement conforms.
• Physically possible: The site supports the existing multifamily residential improvement; size, access, and utilities are adequate.
• Financially feasible: multifamily residential use generates net operating income that supports a value above land value, so improved use is financially feasible.
• Maximally productive: Among legal, physical, and feasible uses, continued multifamily residential use produces the highest value; redevelopment is not warranted.

As Improved

As improved, the analysis considers whether the existing improvements should be maintained as-is, renovated, or removed. Where the improvements contribute value over the land alone and no alternative use of the existing structure would be more marketable or produce a greater value, continuation of the existing use is the highest and best use as improved. The approaches to value that follow are developed consistent with this conclusion.

Capitalization is the process by which an income projection is converted into an indication of value; the element that transforms the income projection is a rate reflecting the return necessary to attract investment capital. Direct capitalization — converting a single year's stabilized net operating income into value via an overall rate — is the method applied here, as it most directly reflects how the typical buyer of a multifamily residential asset of this type underwrites the acquisition.

The income capitalization approach is the primary indicator of value for this multifamily residential asset. Potential gross income was developed from the rent roll and the comparable-rent evidence, reduced by vacancy and collection loss to arrive at effective gross income, and further reduced by operating expenses and replacement reserves to arrive at net operating income. The reconstructed operating statement that follows is consistent with the actuals provided by ownership and with prevailing submarket norms for the asset class.

The capitalization rate was developed from multiple market-supported techniques and reflects the subject's quality, location, tenancy, and the recency and reliability of the comparable evidence. The net operating income is then capitalized at the concluded rate to indicate value, as set out in the steps that follow.

Direct Capitalization Technique

Direct capitalization converts a single year's stabilized income expectancy into a value indication in three steps:

1. Project a stabilized net operating income attributable to the real estate (gross income less vacancy and operating expenses).
2. Select a capitalization rate from market-derived evidence.
3. Capitalize the net operating income at the selected rate to indicate value.

A survey of competing space was analyzed to form an opinion of market rent for the subject. The following rentals were considered:

Reconciling the comparable rents to the subject's location, size, and condition, market rent is concluded at $54,664 per unit per year, yielding potential gross income of $17,055,312.

Rent, vacancy, and expense basis: Strata Valuation regional rent index — Denver, CO multifamily: market rent $22,680/unit/yr, submarket vacancy 7%, expense ratio 45%.

Stabilized net operating income is concluded at $8,900,000. The expense detail supporting this statement follows.

Operating expenses were estimated from comparable operating data and the actuals provided by ownership, stated on a stabilized basis:

The basis for each component of the reconstructed operating statement is set out below.

The overall capitalization rate was estimated by interviewing market participants and lenders, reviewing national investor surveys, and extracting rates directly from comparable sales. Most properties are purchased with a combination of debt and equity capital, and the overall rate must satisfy the requirements of both. The following methods were considered.

Band of Investment (Mortgage-Equity)

The Band of Investment recognizes that most properties are acquired with a combination of mortgage debt and equity, and that the overall rate must satisfy both. The mortgage component reflects a 6.50% interest rate amortized over 25 years at a 65% loan-to-value ratio, producing an annual mortgage constant of 0.0810 and a weighted contribution of 5.27%. The equity component reflects an equity-dividend (cash-on-cash) requirement of 6.00% — the pre-tax return a typical equity investor would require given the relative liquidity and risk of the asset class — weighted at 2.10%. Combined, the technique indicates 7.37%.

Lender's Band of Investment (Debt-Coverage)

The Lender's Band of Investment derives the overall rate from the lender's underwriting constraints — the annual mortgage constant (0.0810), the loan-to-value ratio (65%), and a debt-coverage ratio of 1.45, which is representative of the coverage lenders require on this property type. The product indicates an overall rate of 7.64%.

National Investor Surveys

Published investor surveys for this property type and market indicate overall rates ranging from 4.83% to 7.35%, averaging 6.09%.

Published investor surveys (e.g., RealtyRates and PwC/Korpacz-type institutional surveys) for this property type indicate overall rates ranging from 4.83% to 7.35%, averaging 6.09%. These surveys include many superior metropolitan markets and broad asset profiles; they are informative as a national benchmark but were tempered to the subject's specific market and quality.

Market-Derived Rates (Comparable Sales)

Overall rates were extracted directly from the comparable sales for which net operating income could be reliably estimated. These market-derived indications (5.46%, 5.65%, 5.57%, 5.88%) average 5.64% and are the most persuasive evidence because they reflect actual buyer behavior in this market for this property type.

Summary of Indicated Rates

Reconciling the indications — and giving greatest weight to the market-derived rates as the most direct evidence of investor behavior — an overall capitalization rate of 5.65% was concluded for the subject. Where market convention places the real estate tax burden on the owner, the effective tax rate is added to this base rate to develop the loaded rate applied in direct capitalization.

The stabilized net operating income is capitalized at the concluded overall rate to indicate value:

Income approach indicated value: $157,522,124.

The sales comparison approach derives a value indication by comparing sales of similar properties to the subject, identifying appropriate units of comparison, and adjusting the sale prices for relevant, market-derived elements of comparison. It rests on the principle of substitution: a knowledgeable buyer will pay no more for the subject than the cost of acquiring an equally desirable substitute property.

Recent, verified transactions of competing properties were analyzed and adjusted to the subject for transactional and physical differences in sequence. Each sale was independently verified as to price, terms, and conditions of sale; non-arm's-length transactions were excluded or adjusted to a cash-equivalent basis. The adjusted indications were reconciled by reliability — emphasizing the sales requiring the fewest and smallest adjustments — rather than averaged.

This approach corroborates the income approach on a price-per-unit basis and provides direct market evidence of buyer behavior, making it a strong secondary (and, for some asset types, co-primary) indicator of value.

Comparable Sales Summary

14 of 16 sales were confirmed arm's-length; non-arm's-length transactions were excluded or adjusted.

Each sale is adjusted to the subject in sequence — transactional adjustments (conditions of sale, market conditions/time) first, then property adjustments (size, age/condition, location/economic). Net and gross adjustment percentages gauge each comparable's reliability; sales requiring large adjustments are weighted down or excluded.

The adjusted indications were reconciled by reliability — emphasizing the sales requiring the fewest and smallest adjustments — rather than averaged.

Sales comparison indicated value: $81,316,298.

In forming an opinion of value under the sales comparison approach, the best closed sales of reasonably similar multifamily properties in the subject's market and competing submarkets were selected. The analysis was completed on a price-per-unit basis, a commonly applied and industry-accepted unit of comparison for this property type.

Each sale was adjusted to the subject in a defined sequence. Transactional adjustments — for property rights conveyed, financing terms, conditions of sale, expenditures immediately after purchase, and market conditions (time) — were applied first to arrive at a cash-equivalent, time-adjusted unit price. Property adjustments — for location, size, building quality, condition and age, functional utility, and site characteristics — were then applied to reflect physical and economic differences from the subject.

A market-conditions adjustment was applied to recognize price movement between each sale date and the effective date of this appraisal, supported by the trend evident in the paired and repeat sales analyzed in the market study. The location and physical adjustments below reflect the magnitude and direction the market would attribute to each difference; sales requiring the fewest and smallest adjustments were given the greatest weight in the reconciliation.

As adjusted, the comparable sales bracket the subject and cluster around the indicated unit value. Emphasizing the sales requiring the fewest and smallest adjustments rather than averaging the set, the sales comparison approach indicates a value of approximately $373,715 per unit, reconciled to the conclusion stated at the end of this section.

The cost approach develops the value of the land as if vacant from comparable land sales, adds the depreciated replacement cost of the improvements (including entrepreneurial incentive), and is most credible for newer improvements where depreciation is readily measurable. Market participants rarely relate cost to value for older buildings, where large depreciation estimates can produce a misleading indication.

Accrued depreciation was estimated using the age-life method, supplemented by observations from the inspection. For an asset of the subject's age and condition, the cost approach is retained as a secondary check on the other approaches and is weighted accordingly. The indication is consistent with, and supportive of, the income and sales comparison conclusions.

Land Sales Grid

Cost Build-up

Giving primary weight as stated above, the appraiser reconciles to a final opinion of market value, as is, as of 2026-06-10, of:

$116,599,122

Exposure time is the estimated length of time that the subject property would have been offered on the market prior to the hypothetical consummation of a sale at the opinion of value on the effective date of the appraisal. Based on the liquidity of the asset class, the dispersion of the comparable evidence, and discussions with market participants, reasonable exposure time is estimated at 7 months.

Marketing time is the estimated length of time the property would be offered after the effective date. Given prevailing submarket conditions and the competitive position of the subject, marketing time is estimated at 8 months. The exposure and marketing time opinions are not a prediction of a date of sale.

1. The appraiser assumes the information provided regarding the subject is accurate and complete; no responsibility is assumed for the legal description or matters of a legal nature.
2. Title to the property is assumed good and marketable; the property is appraised free and clear of any liens or encumbrances unless otherwise stated.
3. Responsible ownership and competent property management are assumed.
4. Information furnished by others is believed to be reliable, but no warranty is given for its accuracy.
5. All engineering, plot plans, and illustrative material are assumed correct and are included only to assist the reader in visualizing the property; they are not surveys.
6. It is assumed there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable; no responsibility is assumed for such conditions or for engineering studies to discover them.
7. It is assumed there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated and considered.
8. It is assumed all applicable zoning and use regulations have been complied with unless a nonconformity has been stated and considered.
9. It is assumed all required licenses, certificates of occupancy, and consents from any governmental or private authority have been or can be obtained or renewed for any use on which the value estimate is based.
10. The appraiser has not made a specific ADA-compliance survey; possible noncompliance with the Americans with Disabilities Act was not considered in estimating value.
11. Unless otherwise noted, the appraisal assumes the property does not fall within an area of mandatory flood insurance, and the existence of potentially hazardous materials was not considered.

12. The value reflects market conditions as of the effective date; the appraiser assumes no liability should market conditions materially change due to unusual or unforeseen circumstances.
13. Any allocation of value between land and improvements applies only under the stated program of utilization and is invalid if used separately or with any other appraisal.
14. Possession of this report does not carry the right of publication; neither the report nor its conclusions may be disseminated to the public without the appraiser's prior written consent.
15. The appraiser is not required to give further consultation, testimony, or court attendance regarding the property unless arrangements have been previously made.
16. The appraiser was not required to report a predetermined value or direction in value; compensation is not contingent upon the value reported or the occurrence of a subsequent event.
17. The reconstructed operating statement and rent roll were developed from client-provided information and market evidence; the appraiser does not warrant the accuracy of client-provided data.
18. The value found herein is subject to the assumptions set forth in the body of this report, including any extraordinary assumptions or hypothetical conditions stated in the certification or scope of work.
19. This is an indicative valuation for screening only — not a USPAP-compliant appraisal and not to be relied upon for a regulated transaction. (USPAP SR 1/2 (advisory))
20. Elevated uncertainty driven by price-per-size dispersion (43% of CI width).

I certify that, to the best of my knowledge and belief:

• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
• I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
• I have performed no services regarding the subject property within the three-year period immediately preceding acceptance of this assignment.
• My engagement and compensation are not contingent upon the development or reporting of a predetermined value or direction in value, the amount of the value opinion, or the occurrence of a subsequent event.
• I made a personal inspection of the property that is the subject of this report.
• This assignment was accepted and developed in compliance with appraiser-independence requirements (Dodd-Frank / Interagency guidance). The appraiser's compensation is not contingent on the value reported, on a predetermined result, or on the consummation of the transaction.
• The appraiser is competent to complete this assignment, having the requisite knowledge and experience with multifamily properties in the Denver, CO market, in conformity with the USPAP Competency Rule.
• The reported value exceeds the $500,000 commercial de minimis for federally related transactions. This appraisal was developed to be consistent with FIRREA and the Interagency Appraisal and Evaluation Guidelines, by a state-certified appraiser, for use by a regulated financial institution.
• The analyses, opinions, and conclusions were developed, and this report prepared, in conformity with USPAP. Strata Valuation's analytical agents assisted in developing the analyses; I reviewed their work, applied my own judgment, and take full responsibility for the opinions and conclusions.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 2 months prior to the effective date. The transaction was confirmed as a arm's-length sale; cash at settlement terms were reported with no atypical concessions. It is considered a reliable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 3 months prior to the effective date. The transaction was confirmed as a arm's-length sale; conventional terms were reported with no atypical concessions. It is considered a good indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 9 months prior to the effective date. The transaction was confirmed as a arm's-length sale; cash to seller terms were reported with no atypical concessions. It is considered a good indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 7 months prior to the effective date. The transaction was confirmed as a arm's-length sale; conventional terms were reported with no atypical concessions. It is considered a reliable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 12 months prior to the effective date. The transaction was confirmed as a arm's-length sale; assumed financing terms were reported with no atypical concessions. It is considered a good indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 0 months prior to the effective date. The transaction was confirmed as a arm's-length sale; assumed financing terms were reported with no atypical concessions. It is considered a supportable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 11 months prior to the effective date. The transaction was confirmed as a portfolio / bulk sale; cash to seller terms were reported with no atypical concessions. It is considered a supportable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 5 months prior to the effective date. The transaction was confirmed as a arm's-length sale; assumed financing terms were reported with no atypical concessions. It is considered a supportable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 16 months prior to the effective date. The transaction was confirmed as a arm's-length sale; cash at settlement terms were reported with no atypical concessions. It is considered a reliable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 6 months prior to the effective date. The transaction was confirmed as a arm's-length sale; cash to seller terms were reported with no atypical concessions. It is considered a reliable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 22 months prior to the effective date. The transaction was confirmed as a related party sale; conventional terms were reported with no atypical concessions. It is considered a supportable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 1 months prior to the effective date. The transaction was confirmed as a arm's-length sale; cash at settlement terms were reported with no atypical concessions. It is considered a reliable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 8 months prior to the effective date. The transaction was confirmed as a arm's-length sale; cash to seller terms were reported with no atypical concessions. It is considered a good indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 4 months prior to the effective date. The transaction was confirmed as a arm's-length sale; conventional terms were reported with no atypical concessions. It is considered a reliable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 4 months prior to the effective date. The transaction was confirmed as a arm's-length sale; cash at settlement terms were reported with no atypical concessions. It is considered a good indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

Property Identification

Sale Data

Land Data

Physical Data

Indicators

Remarks

Stabilized multifamily asset that sold 12 months prior to the effective date. The transaction was confirmed as a arm's-length sale; conventional terms were reported with no atypical concessions. It is considered a reliable indicator of value for the subject and was adjusted for the transactional and physical differences set out in the adjustment grid.

The subject is a wood frame over podium with stucco and brick veneer improvement in good overall condition, with an estimated effective age of 6 years against a longer chronological age where renovations were noted.

Observations

• Improvements present in good condition, consistent with a 8-year effective age (observed on site).
• Approximately 409 parking stalls and ~29% site coverage measured from aerial imagery.
• Occupancy at approximately 95%; common areas well maintained.
• Surrounded by a walkable mixed-use neighborhood with ground-floor retail and parks.

Deferred maintenance

• None observed beyond ordinary wear.

Current overhead satellite imagery retrieved for the subject from Esri World Imagery (live). Imagery © Esri, Maxar, Earthstar Geographics. The inspection agent's assessment of the site is summarized below.

Overhead satellite — rooftop close-up (Esri · Maxar / Earthstar)

Overhead satellite — site & parking (Esri World Imagery)

Overhead satellite — neighborhood context (Esri World Imagery)

Ground-level and location imagery for the subject (street-level photography added on inspection or via a connected Street View source).

Location & street network (Esri World Street Map)

Engagement

This appraisal was performed under an engagement with the lender of record and its assigns for mortgage lending / a credit decision. The scope, intended use, and intended users are as stated in this report.

Appraiser of record

Jane Whitfield, MAI — State-certified general real estate appraiser, License TX-1380294-MAI. Member of the Appraisal Institute (MAI designation). Competent in the appraisal of multifamily properties in the Denver, CO market.

Review appraiser (USPAP Standard 3)

Marcus Reyes, MAI — License TX-1102883-MAI. Performed an independent appraisal review of this report and concurs that it is credible and USPAP-compliant.

About Strata Valuation

Strata Valuation is an AI-native commercial appraisal firm. Specialist agents develop each valuation under codified methodology; a deterministic verifier recomputes every figure from source records; and a credentialed MAI reviews every material decision and signs. The complete agent-and-human decision chain is retained and available as a defensible audit trail.