Institutional Real Estate Investing, Backed by a Proven Operating Platform

OZ Fund I — DevelopmentOperating

Lynnwood, WA239 Units

Kinect @ Lynnwood

$76MBasis

15.1%Cash-on-Cash

60%Equity Returned

• Completed construction and lease-up in just 28 months during COVID-19
• 60% of investor equity returned via Fannie Mae cash-out refinance
• Adjacent to newly opened Sound Transit Light Rail station
• 10-year Opportunity Zone hold generating strong ongoing cash flow

Kinect-branded OZ fund managed through American Capital Group with Kinect Real Estate Partners principals.

OZ Fund II — DevelopmentOperating

Burien, WA230 Units

Kinect @ Burien

$83MBasis

$2M UnderBudget

18%Equity Returned

• On schedule and $2M under budget — demonstrating disciplined execution
• 18% of equity returned to investors via Fannie Mae refinance
• Walkable to transit and downtown Burien
• Institutional OZ partner: Canyon Partners

Kinect-branded OZ fund managed through American Capital Group with Kinect Real Estate Partners principals.

OZ Fund III — DevelopmentUnder Construction

Lynnwood, WA316 Units

Enso

$119MBasis

6.4%Proj. Yield

4 Mo. AheadSchedule

• 4 months ahead of schedule and under budget
• Adjacent to Lynnwood Link Light Rail with strong transit-oriented demand
• 8-year property tax exemption enhancing projected returns
• Institutional OZ partner: Clarion Partners

Kinect-branded OZ fund managed through American Capital Group with Kinect Real Estate Partners principals.

DevelopmentRealized

Kirkland, WA409 Units

Uplund

$107MCost

$242MSale Price

68.3%Deal IRR

2.2xMultiple

• Purchased mid-construction at ~50% completion, leveraging vertical integration
• In-house team completed construction and lease-up in under 24 months
• Located in Kirkland's Innovation Triangle near Totem Lake Village

Investment made and managed by American Capital Group. Sold July 2022.

DevelopmentOperating

Hillsboro, OR352 Units

The Quarry

$75MCost

$130MEst. Value

19.8%Deal IRR

1.9xMultiple

• Located in Oregon's Silicon Forest near four Intel campuses with 22K+ employees
• Purchased mid-construction and completed via in-house platform
• Cash-out refinance returned 67% of equity to investors

Investment made and managed by American Capital Group. Acquired October 2020.

Value-Add PortfolioRealized

Lacey, WA & Sacramento, CA556 Units

Capitol Place, Monticello & Dakota

$102MPurchase

$176MSale Price

39.2%Deal IRR

3.1xMultiple

• Targeted workforce housing where Class B was priced at significant discount to new product
• Renovated ~25% of units achieving an average ROI of 22%
• Captured rent premiums while maintaining compelling price point vs Class A

Investment made and managed by American Capital Group. Acquired August 2018, exited August 2022.

Value-Add PortfolioRealized

Puyallup, WA & Woodland, CA606 Units

River Trail & Eaglewood

$95MPurchase

$123MSale Price

29.2%Deal IRR

1.9xMultiple

• Combined two adjacent 225-unit assets to create operating efficiencies
• Completed interior renovations in all units achieving 20% average ROI
• Stabilized and sold to the world's largest real estate owner at a significant premium

Investment made and managed by American Capital Group. Acquired December 2016, exited June 2019.

Value-AddRealized

Gresham, OR264 Units

Columbia Trails

$42MPurchase

$56MSale Price

26.1%Deal IRR

2.0xMultiple

• Increased rents by over 24% through successful value-add renovation program
• Significant valuation increase through strategic renovations and operational improvements
• Competitive sales process delivered a strong, successful exit

Investment made and managed by American Capital Group. Acquired May 2015, exited May 2018.

Value-Add PortfolioRealized

CA, AZ & WA932 Units

Brooks Landing, Highlands, Sterling Pointe & Woodlands

$145MPurchase

$265MCrystal. Price

25.0%Deal IRR

3.4xMultiple

• Targeted workforce housing across three states with significant value-add potential
• Renovated most units across the portfolio achieving an average ROI of 24%
• Crystallized carried interest at then-current market values, December 2024

Investment made and managed by American Capital Group. Multi-state portfolio crystallized December 2024.

The track record presented above reflects investments made through American Capital Group (ACG), Kinect Real Estate Partners' vertically integrated affiliate. Kinect Real Estate Partners' principals — including BJ Kuula as CEO of ACG and Mike Paulus as Strategic Partner — have been directly involved in the origination, execution, and management of these investments. Past performance is not indicative of future results. Returns are presented gross of fees unless otherwise noted.