By Nate Kline, CIO – OneWall Partners

Discussion Points:

1- Founded in 2010, OneWall Partners is a vertically integrated owner operator of workforce housing in the northeast (Boston to D.C.). The firm has been invested solely in this niche since 2013 and focuses primarily on class B properties that are affordable to residents making 60-120% of area median income. Target assets are in proximity to diverse employment centers typically anchored by education, medicine and/or government jobs.

2- OneWall Partners currently owns more than 4,000 apartments in 39 communities worth $600mm. OneWall’s properties are located in NJ and PA and we are actively pursuing assets in D.C., Connecticut and upstate NY. The current pipeline of potential opportunities exceeds $500mm.

3 – OneWall Partners has generated net IRRs equal to or greater than 15%, since 2013. A detailed track record of realized returns is in presentation materials.

4 – OneWall Partners is currently in the market with a preferred equity fund, Nova Appian Preferred Income Fund I. This is OneWall Partner’s first fund offering. The fund’s target return is 11-13% net of fees and has a preferred return hurdle of 9-10%. The expected term of the fund is 5 years and fees are efficient at only 1% for management and 20% carried interested over the hurdle. The preferred fund is expected to be diversified across 8-15 assets and has already invested $8.2mm in a PA acquisition sponsored by OneWall.

5 – OneWall is focused on partnering with sophisticated investors that are interested in workforce housing in the northeast. OneWall is interested in providing investors with attractive investment opportunities and structures within our workforce housing strategy – i.e. preferred equity, JV opportunities, and common equity.

Nate Kline – Chief Investment Officer

Nate has more than 16 years of institutional finance and private equity investment experience with the past eight years focused on commercial real estate. As Chief Investment Officer at OneWall Partners® he primarily drives investment strategy; sources, underwrites and executes acquisitions; designs capital structures; monitors performance and compliance and provides day-to-day asset management oversight of our portfolio.

Prior to launching OneWall Partners®, Nate founded Genuity Partners where he provided financial and strategic advisory services to public and private companies, consulted on emerging market investment banking transactions and partnered with the New York School of Finance to deliver financial training worldwide. Before that, Nate was with Fortress Investment Group where he managed valuation, due diligence and financial analysis on more than $8 billion of transactions. Nate began his career in New York with Merrill Lynch where he received the top performance ranking in Global Investment Banking and executed five exclusive/lead advised deals worth $13.5 billion.

Nate graduated with Honors from the Smeal College of Business and the Schreyer Honors College at Pennsylvania State University where he obtained bachelor’s degrees in finance and economics. He is married and resides in Manhattan.

Nova Appian Preferred Income Fund I

Founded in 2010, OneWall Partners™ is a vertically integrated real estate firm that focuses on transit and lifestyle-oriented workforce housing in the northeast US. We leverage the favorable macro and micro environments for workforce housing investments and employ our MULTI-FAMILY ALPHA^® strategy to maximize value, mitigate risk and deliver superior results from effective acquisition, financial and operational value-add business plans. OneWall has completed more than $600mm of transactions with a current owned portfolio of more than 4,000 units, and 39 multifamily communities.

OneWall Partners is raising its $50mm Nova Appian Preferred Income Fund I to deploy in preferred equity investments across various deals in our acquisition and recapitalization pipeline.

FUND OVERVIEW

• Returns: Total IRR of 11-13% net of fees and expenses
• Short Duration: 6 month raise, fully invested by Q3 ’20 and target full return of capital by the end of year 5
• Efficient Fee Structure:1% management fee and a 20% carried interest. Over a hurdle of 9% -10% (higher available for larger investments)

INVESTMENT HIGHLIGHTS

• Track Record: Every Sponsor investment has met or exceeded underwritten return projection, every preferred equity return has been paid in full and investors have never experienced principal loss
• Recession-Resistant: Massive supply-demand imbalance and strong social and demographic tailwinds; all of which are particularly significant in the northeast US.
• Diversification: Geographic, asset, risk and resident diversification by targeting exposure to a portfolio of properties throughout the northeast
• Superior Risk-Adjusted Returns: Each investment in Fund has defined risk-adjusted pricing, a significant margin of safety for the 87.5% LTC last dollar cap and returns uncorrelated with the stock market
• Immediate Yield/Short Duration Cash on Cash: 100% of portfolio investments generate immediate cash yields of 6%+ with investment hold periods of 1-5 years that generate short duration return of capital and profits to potentially deliver 20%+ cash on cash returns in years 2 through 5 to Fund investors

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Nova Appian Preferred Income Fund I

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