Final Closing Announcement | March 2023 Founded in 1996, Carmel is one of the nation's leading specialists in real estate investment management, focusing on U.S. multifamily development, renovation and debt investments. Through its vertically integrated platform, Carmel seeks to achieve superior riskadjusted returns across varying market cycles by investing in relatively supply-constrained, high barrier-to-entry markets in the United States. Since its founding, Carmel has bought and renovated or developed, or is in the process of renovating or developing, more than 50,000 apartment units and has made 22 debt investments with a combined estimated Gross Value of more than $19.5 billion. SAN FRANCISCO | LOS ANGELES | NEW YORK SEATTLE | DENVER | WASHINGTON D.C. Lumen | Long Island City | Fund 8 | Rendering carmelpartners.comhttp://www.carmelpartners.com