TRAMF21

• 10 projects
• 8 different sponsors
• 9 LP positions, 1 co-GP position
• $450k avg investment
• 68% avg LTC debt
• 6 ground-up, 4 value-add (67% of capital in ground-up deals)
• Target holding periods range from 3-5 years
• Avg target IRR (fund level) 20%
• Avg projected cost basis of $295k per unit ($292 / sqft)