PROPERTY DESCRIPTION

ACQUISITION PROCESS
Panther and ATCAP acquired Park 12 Hundred (aka Denver Industrial) on December 22, 2016. The property was a collection of bulk warehouses (32’ clear height), light and flex industrial, distribution, and office facilities located in the Westminster Industrial submarket of Denver. The portfolio was ideally situated along I-25 and West 120^th Avenue in north Denver. The buildings were constructed in the 1960’s and consist of 535,703 square feet in suite sizes ranging from 20,000 SF to 150,000 SF. We acquired the portfolio for $41,500,000, or $77.47 PSF. The original operating plan called for 5- to 7-year hold with a projected sale at $62,517,000 or $116.70 PSF, applying a 7.00% cap rate.

PROPERTY HISTORY
As a result of its strong performance leading up to, throughout, and subsequent to, the first COVID pandemic, the industrial category has become a very popular segment in which to invest, attracting both large institutions and local sponsors. After experiencing four consecutive quarters of negative employment growth due to COVID, the Denver Industrial Market rebounded strongly in the 2nd quarter of 2021 with a 31.8% increase in leasing volume Y/Y and an 84.3% increase in sales volume Q/Q according to Cushman & Wakefield. Panther and ATCAP agreed that in order to maximize investor returns, the property should be included as part of a larger industrial portfolio to be marketed to institutional investors, who have the ability to pay premium valuations given they possess the lowest cost of capital.

Denver Industrial was a great performing asset out of the gates, quickly reaching 100% occupancy and making >9% distributions beginning with the first full quarter of ownership. Then, in September 2019, Frictionless World, a tenant in a 150,000 SF suite, filed for bankruptcy. Even though Frictionless World continued paying rent until it ultimately vacated in July 2020, its bankruptcy triggered a cash sweep provision with our lender and distributions have been suspended ever since. During this period, cash flow had been accruing in an escrow account that was released and distributed to investors at the time of sale (the accrued, unpaid preferred balance as a percentage of original investment projected at closing is 23.3%).

Denver Industrial was packaged for sale with 3 other investment portfolios by East Dil in July 2021. Panther is a part owner of 2 of the 3 other properties, specifically DFW 35/75 (700,790 SF, Dallas, TX) and ATCAP Fund I (2,110,005 SF – Dallas, Houston and Oklahoma City). The 4th property in the portfolio is a 181,688 SF property based in Houston and Austin known as Market Street where Panther is not involved. The total square footage of the offering was 3,529,423 SF. Prior to marketing the property for sale, we received Broker Opinions of Value (BOV) from East Dil on each of the underlying properties. The midpoint of the BOV for Denver Industrial was $77,500,000 or $145 PSF.

EXECUTION AND SALE

Panther investorsachieved an average annual return of 24.9% and a multiple on invested capital (MOIC) of 2.21x over the 4.9-year holding period. These returns compare to our original underwriting of 13-15% average annual return over a 5-7 year holding period. At closing, Panther LP’s received a distribution equivalent to 1.96x of their original investment (previous distributions amount to .25x original investment – thus the total of 2.21x).

This sale exceeded our pro-forma projections providing a 2.21x multiple to Panther FW Investors and an annual average return on investment of 24.9% over the 4.9 year holding period.

PROPERTY DESCRIPTION

ACQUISITION PROCESS

Panther and ATCAP closed the acquisition of the underlying properties in ATCAP Fund I on November 15, 2017. The portfolio was a collection of 35 industrial warehouse buildings located in Dallas, TX (504,155 SF), Oklahoma City, OK (568,607 SF), and Houston, TX (1,038,243 SF) totaling 2,111,005 SF. We acquired the portfolio for $127,207,000, or $60.26 PSF and the original operating plan called for a 5-year hold with a projected sale at $169,357,000 or $80.23 PSF, applying a 6.60% cap rate. Projected LP returns at the time of acquisition were a 15-17% average annual return and a 1.80x multiple on invested capital (MOIC).

PROPERTY HISTORY

As a result of its strong performance leading up to, throughout, and subsequent to, the first COVID pandemic, the industrial category has become a very popular segment in which to invest, attracting both large institutions and local sponsors. Fund I’s presence in two leading industrial markets (DFW and Houston) along with a strong secondary market (Oklahoma City) positions it well for institutional capital looking to expend their presence in fast growing American Southwest. Panther and ATCAP agreed that in order to maximize investor returns, the property should be included as part of a larger industrial portfolio to be marketed to institutional investors, who have the ability to pay premium valuations given they possess the lowest cost of capital.

ATCAP Fund I Industrial was packaged for sale with 3 other investment portfolios by East Dil in July 2021. Panther is a part owner of 2 of the 3 other properties, specifically DFW 35/75 (700,790 SF, Dallas, TX) and Denver Industrial (535,703 SF). The 4th property in the portfolio is a 181,688 SF property based in Austin and Houston known as Market Street where Panther was not involved. The total square footage of the offering was 3,529,423 SF. Prior to marketing the property for sale, we received Broker Opinions of Value (BOV) from East Dil along with ATCAP’s internal valuations on each of the underlying properties. The midpoint of the BOV for ATCAP Fund I was $213,000,000 or $100.89 PSF.

ATCAP Fund was a strong performing asset since acquisition. It began paying an 8% annualized distribution in its first full quarter of ownership and had regularly maintained strong occupancy (90%+) throughout most of Panther’s holding period. It missed one distribution payment during COVID-19 (1Q 2020) but has otherwise been a very consistent payer. At the time of acquisition, the accrued, unpaid preferred return as a percent of original investment was expected to be only 7.3%.

EXECUTION AND SALE
Panther investors achieved an average annual return of 28.1% and a multiple on invested capital (MOIC) of 2.13x over the 4.0-year holding period. These returns compare to our original underwriting of 15-17% average annual return over a 5-year holding period. At closing, Panther LP’s received a distribution equivalent to 1.82x of their original investment (previous distributions amount to .31x original investment – thus the total of 2.13x).

This sale exceeded our pro-forma projections providing a 2.13x multiple to Panther FW Investors and an annual average return on investment of 28.1% over the 4-year holding period.

PROPERTY DESCRIPTION

ACQUISITION PROCESS

Panther and ATCAP closed the acquisition of the underlying properties in ATCAP Fund II in March (Rittiman) and August (Greens Road) of 2019, respectively. The portfolio is a collection of 27 industrial warehouse buildings totaling 1,517,835 SF located in San Antonio (Rittiman – 1,176,583 SF) and Houston, TX (Greens Road – 341,252 SF). We acquired the portfolio for $94,773,617, or $62.44 PSF, and the original operating plan called for a 5 to 7 – year hold with a projecte d sale at $116,062,000 or $76.47 PSF, applying a 6.70% cap rate. Projected returns to Panther Limited Partners at the time of acquisition were 12% average annual return and a 1.59x multiple on invested capital (MOIC)

PROPERTY HISTORY

ATCAP Fund II was a strong performer, averaging 92% occupancy over the 5.3 – year holding period with consistent increases in rental rates that have exceeded pro forma. Net operating income (NOI) from the combined portfolio increased from $6.1 million to $8.0 million (+31%) and the property paid distributions averaging 7% per year over the 5.3 – year holding period with only interruptions coming from Covid and the more recent cash sweep as we conduct the sales process. More recently, ATCAP renewed the two largest tenants in San Antonio (HEB and Sygma), essentially completing the business plan for the portfolio. With the business plan complete and the two loans on the portfolio both set to mature in mid – 2024, it was an ideal time to market the properties for sale, capital markets not with standing.

EXECUTION AND SALE

The majority of the portfolio was sold in August 2024 with a 50K SF building remaining in the Houston portion of the portfolio. This last building was ultimately sold in April 2025 and concluded the sale of all ATCAP Fund II assets. Panther investors achieved an average annual return of 15.2% and a multiple on invested capital (MOIC) of 1.93x over the 6.1 – year holding period. These returns compare to our original underwriting of 12% average annual return over a 5 – year holding period.

PROPERTY DESCRIPTION

ACQUISITION PROCESS
We acquired Arlington Industrial with Fort Capital in an off-market transaction on November 21, 2019, for $23,500,000 ($51.61 PSF), or an all-in acquisition price of $61.21 PSF. Our plan was to grow its below market rents and maintain occupancy (96% at takeover) with a planned disposition at the end of year 5 at $81.49 PSF (6.25% cap rate). This investment was underwritten to deliver a 16-20% average annual return and a 1.85x multiple on invested capital (MOIC).

PROPERTY HISTORY
Panther, with the sponsor, Fort Capital, acquiredthe 22.5-acre, 455,331 square-foot infill business park located within the core of Great Southwest submarket in DFW, TX. Within GSW, the property is located in the Lower GSW area (south of Interstate 30) where vacancy rates were 2.7% with only 155,000 SF of current construction. Lower GSW sits directly east acrossSH 360 from the Arlington Entertainment District which includes Six Flags Over Texas, Texas Live!, Globe Life Park (Texas Rangers) and AT&T Stadium (Dallas Cowboys). The Portfolio consisted of ten buildings with a total of 20 units ranging from 5,520 SF to 75,545 SF, and averaging 22,757 SF of core light industrial space situated on 20 contiguous acres of land (and 2.5 additional acres one block to the west). This submarket is one of the highest performing submarkets in DFW as evidenced by the historically low vacancy of 3.7%. Total square footage is 455,331.Then, in mid-2020, we were able to acquire a 35,000 SF neighboring property, Avenue E Industrial, for $53.57 PSF, using additional loan proceeds from our lender. This acquisition brought our total square footage up to 489,742 SF.

EXECUTION AND SALE
In early March of 2021 we received a BOV from Jones Lang LaSalle (JLL) which estimated that our Arlington Industrial Portfolio (which also included an additional Panther/Fort Capital property: 109th Street Industrial), was worth an estimated $84 PSF at the midpoint estimate of the BOV. The dramatic increase in price in such a condensed period was the result of a large amount of institutional capital looking to invest in the DFW industrial market combined with a limited amount of supply on the market and material absorption. The bid of $92.06 PSF after a 1.66-year holding period exceeded Panther’s original underwriting which called for a sale at the end of year 5 at $81.49 PSF.

This sale exceeded our pro-forma projections providing a 1.66 multiple to Panther FW Investors and an annual average return on investment of 40.14% over the 1.66 year holding period.

PROPERTY DESCRIPTION

ACQUISITION PROCESS
Panther and ComCapp acquired Enclave on May 1, 2014, for an all-in purchase price of $77,898 per unit. The Enclave was built in 2000 with 232 multifamily units located in Champions area of Houston, Texas. The plan for the property was to upgrade tohardwood-style flooring, new appliance packages, and upgraded common amenities. Original underwriting projected a 17.2% average annual return over a 5-year holding period.

PROPERTY HISTORY
The property performed well with average rents growing from $914 at acquisition to $1,108 by the end of 2021. The property was initially marketed for sale and under contract prior to COVID, but the buyer terminated the contract, lost significant earnest money which prompted ComCapp to refinance the loan and postpone a sale. At the time of the refi, Panther investors received the equivalent of 69% of their original investment which caught them up on their accrued, unpaid preferred return balances (30%) and reduced their capital account balances by 39% (30% + 39% = 69%).

The property continued to perform well, maintaining >95% occupancy and paying a 10% annualized coupon based on original investment (16% based on current capital balances).

EXECUTION AND SALE
We were previously under contract to sell Enclave in March 2020 for $24.3 million or $104,741 per door, but the Purchase and Sale Agreement was terminated by the buyer due to COVID. Panther ultimately received $318,000 in earnest money for the canceled traction and refinanced the loan on the property on November 1, 2020.

The property was ultimately remarketed at the end of the new loan lock out period and awarded to Lone Star Capital atthe agreed upon purchase price of $30.5 million which was equivalent to $131,466 per door and compared favorably to our original acquisition price of $77,898 per door on May 1, 2014, and the projected 5-year exit price of $104,897. In addition, there was an estimated $800,000 in cash on the balance sheet at closing that was part of the sale distribution.

Panther LP’s received a 18.5% average annual return or a 2.44x multiple on invested capital (MOIC) over the 7.8 year holding period. These returns compare to our original underwriting which projected a 17.2% average annual return over a 5 year holding period. Panther LP’s received an initial distribution equivalent to 1.13x of their original investment (having already received 1.31x, thus the total of 2.44X).

This sale exceeded our pro-forma projections providing a 2.44x multiple to Panther FW Investors and an annual average return on investment of 18.5% over the 7.5 year holding period.

PROPERTY DESCRIPTION

ACQUISITION PROCESS
Panther and ComCapp acquired Wilshire Place on February 16, 2016, for an all-in purchase price of $73,137 per unit. The property was built in 1982 and is located in northwest Houston along Highway 290. The plan for the property was to upgrade the common areas and a large percentage of the units in order to drive rent and NOI growth before ultimately selling the property in 5 years at a price of $92,551 per unit.

PROPERTY HISTORY
The property was able to pay distributions as planned, beginning in month 4 at a 6% couponin spite of a fire destroying one building shortly after takeover. That building was eventually replaced, enabling us to deliver newly upgraded units funded with insurance proceeds. Over the first 3.5 years of the hold period in-place rents grew from $764 to $917 (20%) while occupancy averaged 91-95%. Then, in late 2019, the property experienced significant tenant turnover and both the property manager and the regional manager overseeing the property were replaced. New management started in the spring of 2020 at the beginning of the COVID pandemic with occupancy at 83%. The new team worked diligently throughout the pandemic with a focus on collections, renewals, and new tenants. By the summer of 2020, occupancy began to improve, and rental rates began to slowly stabilize.

As a result of the disruption in late 2019, distributions at Wilshire Place were suspended since March 2020 and while operating results lag proforma, the momentum at the property improved in 2021.We witnessed significant investor interest for multifamily properties in the Houston area, where occupancy and rental growth across the MSA grew stronger than anticipated coming out of the pandemic.

EXECUTION AND SALE
Encouraged by the market strength and investor appetite in Houston, Panther and ComCapp marketed the property for sale on May 17, 2021, with a call for offers on June 23, 2021. The property received very strong interest and was ultimately awarded to El Ad Group, LTD for $104,478 per unit ($56,000,000). This price exceeded our original underwritten exit price of $92,251 per unit in year 5 but did not include a prepayment penalty (defeasance penalty) of $3.86 million ($7,207 per unit) for the early termination of the loan on the property, which offset some of the upside for this investment. At the time of sale, the property was 97% occupied and rental growth had resumed.

This sale exceeded our pro-forma projections providing a 2.0x multiple to Panther FW Investors and an annual average return on investment of 17.5% over the 5.7-year holding period.

Property Description

The Triden Portfolio was a Class “B+” value-add portfolio comprised of four garden-style communities located in some of Houston’s most desirable submarkets near major regional and nationally recognized employers including the world’s largest medical center, the Texas Medical Center (TMC). The Portfolio consisted of 1,067 units built between 1993 and 2001. Only 11.36% of Houston’s multifamily inventory is 90’s-built product offering a rare opportunity to purchase highly sought after value-add 90’s vintage assets. The four well-maintained assets offered tremendous potential for rental rate growth through an interior value-add program by upgrading the common areas and interiors to match their location and setting.

Acquisition Process

Panther and Knightvest purchased the Triden Portfolio (the “Portfolio”) in November of 2016 which consisted of 4propertiestwo of which were located in the Meyerland area of southwest Houston and two properties in west Houston on Hollister Street (Highland and Beckley).This was Panther’s and Knightvest’s first portfolio purchase; however, each asset carried an individualized capital improvement plan, separate debt, and equity allocation. The plan was to improve each asset significantly with extensive exterior capital improvements and interior renovations including two-tone paint, faux wood flooring in wet areas, replace cabinet fronts, paint cabinets, add nickel hardware, granite countertops in kitchen and baths, add decorative backsplash in kitchens, and upgrade to stainless steel appliances.

Property History

The year after acquisition, Lakeside and Meyer Forest were directly affected by Hurricane Harvey on August 25th, 2017. Harvey was the first Category 4 storm to strike the United States since 2004, and the first to hit the Texas coast since Hurricane Celia in 1970—marking the beginning of one of the most devastating natural disasters in U.S. history. Lakeside’s entire first floor of units ~95 were flooded, repaired, and renovated with Knightvest’s highest level Quartz upgrades.

After the renovation of Meyer Park and Lakeside were completed, consistent distributions occurred over the remainder of the holding period, including 2 large distributions from business interruption insurance. Knightvest negotiated a refinance of the Lakeside property in March of 2020, securing fixed rate debt at 3.48% for 10 years with 5 years of interest-only payments. At the time, a one-time distribution in the amount equivalent to 11.7% of original equity was processed.

Beckley’s loan was refinanced in October of 2020funding a one-time distribution to limited partners (LP’s) equivalent to ~4.75% of original capital and allowing distributions to increase to an 8% annual coupon rate.

In January of 2022, Meyer Forest was sold which returned ~67% of LP’s original capital, leaving a capital balance of ~15% of their original investment. Post sale, LP’s had received a 1.34x multiple on invested capital (MOIC) to date.

Highland and Beckley were sold in a single transaction in October of 2023. This sale payment caught up all accrued, unpaid preferred return to date, paid the balance of remaining original capital investment in full, and profit-sharing splits were triggered. This left one property remaining in the original portfolio, Lakeside. The property continued to perform well operationally, with in-place rents increasing from $1,115 at acquisition to $1,453 while averaging 93% occupancy during the 9.0-year hold period.

Execution and Sale

Panther concluded the 4-property portfolio exit with the sale of the final property in the Triden portfolio, Lakeside Apartments in Houston, TX. A Dallas based commercial real estate firm, purchased the property, assumed the loan, and closed the transaction on October 15, 2025. Panther investors received a distribution equivalent to 12.8% of original investment. Panther LP’s previously received a 1.71x multiple on original invested capital (MOIC), bringing the total MOIC for this investment to 1.83x (0.128x + 1.707x) after the sale of Lakeside.

Panther LP’s received a distribution at sale equivalent to 12.8% of their original investment. Following the sale of Lakeside, Panther investors received an average annual return of 9.3% or a 1.83x multiple on invested capital (MOIC) to date. This compares to our original underwriting of a 16% average annual return or a 1.79x MOIC over a 5-year holding period.

PROPERTY DESCRIPTION
Panther and Knightvest acquired the Park Hill apartments on June 1, 2017 which marked our 13^th acquisition with Knightvest. The property is located in San Antonio, TX, across the street from the headquarters of USAA. The Property was constructed in 1983 and had been under the same ownership, Resource Residential, since 2008. The property had been well maintained but had not received value-add capital for upgraded interiors. The common areas and exterior needed improvements including painting, carpentry work and replacement of cedar siding with hardi-plank. The property had excellent value-add potential through rebranding, new signage, upgrading the unit interiors and common areas, and implementing better management.

ACQUISITION PROCESS
The property was put under contract on April 6, 2017. Knightvest financed the property through Freddie Mac for 7 years, 36 months of interest only at a 4.13% fixed interest rate. We closed on June 1, 2017. Panther provided approximately 79% of the total equity and budgeted an additional $3.4M for capital improvements.

PROPERTY HISTORY
Park Hill was a steady performer out of the gate, with modest rent growth in year one and distributions that commenced on schedule in December 2017 at a 5% annualized coupon rate. The initial plan called for 25% of units to be upgraded to Knightvest’s highest level Granite upgrade package, but the local market was not receptive to this solution, and Knightvest pivoted to a more modest Full upgrade package, which was well received. Over the ensuing 2 years, the property experienced solid rental growth and distributed in the 5-7% range. Then, with the onset of Covid, rent growth stalled and distributions were suspended from March 2020 through December 2021.

The San Antonio market began to heat up in late-2021 with strong rental growth, which enabled the property to resume distributions at 5% coupon rate. A second attempt at Quartz upgrades was successful and property rent growth expanded materially. Despite solid rental growth performance over the past 2 years, distributions were again suspended in November 2022 to fund improvements ($250,000) to the foundation in one of the buildings on the property. Distributions remained suspended through the sale of the property.

Over the course of the 6.8-year holding period, the property has averaged 95% occupancy and rents have increased from $775 at acquisition to $1,023 (+32%) today. At the time of sale, 276 units had been upgraded, or 96% of total units.

EXECUTION AND SALE
The property was marketed for sale in September 2023 with 111 confidentiality agreements signed and 13 property tours. Ultimately, 10 bidders placed offers on the property and the deal was awarded to 29^th Street Management. Knightvest and the buyer, 29th Street Management, executed the Purchase and Sale Agreement (PSA) on November 16th for the sale of the property. The buyer utilized their extension and officially closed today, February 21st, as per the contract. During the process, the buyer negotiated a price reduction for further foundation repairs which were needed. The final sales was below our original underwriting which projected an exit at the end of year 5 (June 2022) at $105,502 per unit. While the agreed upon price did not ultimately meet initial projections, the property is now 40 years old (1983 construction) and needs further capital improvements. We felt the best course of action was to sell the property at a profit to a well-capitalized buyer that can execute a comprehensive capital improvement strategy.

Based on the agreed upon price, Panther investors should expect to have received a 5.8% average annual return and a 1.40x multiple on invested capital (MOIC) over the 6.8-year holding period. Panther LP’s received 1.18x MOIC at closing with an additional 0.06x to be paid after the escrow settlement and final wind up. Investors had previously received distributions of 0.16x, bringing the total MOIC to 1.40x.

PROPERTY DESCRIPTION

ACQUISITION PROCESS
Panther and Allen Harrison Company acquired The Stations at Mason Creek on September 13, 2017, for an all-in purchase price of $125,719 per unit. The property was built in 2001 and is located directly north of I-10 and east of Highway 99 in Katy.  The plan for the property was to upgrade a large percentage of the unit interiors to Allen Harrison’s Platinum upgrade package, improve the common areas, and drive additional income through addition of 75 new carports and expansion of patio areas on ground floor units.

PROPERTY HISTORY
The property commenced paying distributions after the first full quarter of ownership (3 months ahead of schedule) and has been a consistent payer over the hold period with the exception of one quarter (1st quarter 2020, due to COVID). Over the first 3.75 years of the hold period, Allen Harrison upgraded 139 units (48%). In-place rents have grown from $974 to $1,044 (7%) while occupancy averaged 91-97%. At the end of 2020, Allen Harrison and Panther decided to hire a new 3rd party property manager, ZRS (replacing Internacional), with a plan to more aggressively market the property online and to drive rent growth through emphasis on rent increases at renewal. Since taking over in January 2021, ZRS has improved the common areas, successfully increased renewal premiums by low to mid-teens rates, and significantly reduced outstanding delinquencies.

Beginning in early 2021, market fundamentals in the Katy submarket began improving, consistent with those of the greater Houston market. Since then, we have witnessed significant investor interest for multifamily properties in Houston. In July 2021, we received an unsolicited bid for the property in the amount of $41,000,000 or $151,000 per unit. This bid exceeded our planned underwritten 5-year exit price of $149,236 per unit. Encouraged by the unsolicited offer and the growing investor appetite in Houston, Panther and Allen Harrison marketed the property for sale on August 19, 2021, with a call for offers on September 21, 2021. The property received very strong interest and was ultimately awarded to Westmount Realty for $170,447 per unit ($49,600,000).

EXECUTION AND SALE
Panther LP’s received an 16.3% average annual return or a 1.67x multiple on invested capital (MOIC) over the 4.13-year holding period. These returns compare to our original underwriting which projected a +/-15% average annual return over a 5-year holding period. At closing, Panther LP’s received a distribution equivalent to 1.46x of their original investment (previous distributions amount to 0.21x original investment – thus the total of 1.67x).

This sale exceeded our pro-forma projections providing a 1.67x multiple to Panther FW Investors and an annual average return on investment of 16.3% over the 4.13-year holding period.

PROPERTY DESCRIPTION
Cottonwood Creek Apartments (renamed 301 Greenville) is a 200-unit, Class B value-add opportunity in an “A” location. It is a two-story, garden-style community originally built in 1984. It is adjacent to the Allen High School campus and across the street from the Allen Freshman Center. All unit interiors were essentially untouched over the seller’s ownership period. At acquisition, the property was 96% occupied and offered tremendous potential for rental rate growth through an extensive interior value-add program and raising current rents to current market rates.

ACQUISITION PROCESS
Panther and Knightvest purchased the Cottonwood Creek Apartments on July 25, 2018, for an all-in price of $116,000 per unit. The Property had been owned for about 20+ years by two individuals, one lawyer and one physician. There was tremendous upside in management and operations at Cottonwood Creek. The previous owners had operated with an occupancy driven mentality, meaning, keep occupancy high without raising rents. Water and other utilities were not billed back to residents offering an additional income source. The property required deferred maintenance to be addressed including wood replacement, paint, lighting, pool furniture and slight repairs to pool tile and fencing, landscaping, and signage. There were plans for the addition of a new Clubhouse/Leasing Office to be located at the front entrance of the property on Greenville Avenue which was completed in early 2021. The existing office was converted into a fitness center as planned.

PROPERTY HISTORY
The original strategy called for the largest per unit capital improvement plan ($23,573 per unit) in the history of the Panther portfolio. Over the course of the 2.66 year holding period, Knightvest upgraded 124 units, or 62% of total units to its highest-level Quartz upgrade program. During this period, the property consistently ranked number one within the Knightvest portfolio for upgrade premiums, regularly surpassing $300 per unit or 30%. On March 25, 2020, we refinanced the property and were able to catch up accrued, unpaid preferred return balances while also returning approximately 20% of original capital. With the proceeds from the new loan, we were able to build a new Leasing Office along Greenville Avenue which substantially enhanced the curb appeal (and leasing traffic) of the property.

EXECUTION AND SALE
301 Greenville was marketed for sale in March 2021 and received a pre-emptive offer.Due to the fact that the marketing process had not been concluded, Knightvest and Panther countered at $33M ($165,000 per door) with 2% required earnest monies, of which $330,000 was non-refundable, and the remaining $330,000 became non-refundable upon the expiration of the 30-day due diligence period.

This sale exceeded our pro-forma projections providing a 1.69 multiple to Panther FW Investors and an annual average return on investment of 25.00% over the 2.66 year holding period.