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The Lodge

Core student housing recapitalization, five minutes from CU Boulder — with opportunistic value-add upside

2900 E Aurora Avenue · Boulder, Colorado · 220 Units / 371 Beds

Brickstone-owned for 11 years · value-add: new clubhouse & pool, in-unit upgrades, exterior refresh

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Brickstone Track Record · Since 200925.5% Avg Annual Investor IRR⁴8.1% Avg Annual Cash-on-Cash⁴

Net LP IRR¹

35.0% with tax benefit²

Net LP MOIC¹

2.27x with tax benefit²

Avg Cash-on-Cash¹

18.0% after-tax²

Distributed Since 2015³

$51,658,155 — this asset alone

Recap Valuation

All-in basis $103.5M

Recap Equity

$68.7M floating facility · rate-capped

Stabilized Yield (Y3)

Yield on cost, post value-add

1. Net to the LP after an 8% cumulative preferred return and a 20% GP promote; base case (2026/27 opens ~80% occupied and holds ~82% blended for the year, returning to 95% from Fall-2027 · achieved pre-lease rent of $1,548 holds Year 1, then +$175/bed August 2027 and +$176 August 2028, plus 3.9% organic growth from 2028/29 — a $1,973 scheduled Year-3 average · 6.00% exit cap · targeted sale month 40). Cash-on-cash reflects operating cash flow after debt service; Year 1 is cash-neutral by design — a pre-funded interest-carry reserve covers the leasing ramp — with distributions commencing in Year 2. Projections only, actual results will differ. 2. After-tax figures assume 100% bonus depreciation and current usability of passive losses; the 35.0% / 2.27x variant additionally assumes a 1031 exchange at sale (a fully-taxed sale models to 20.3% IRR / 1.61x); not tax advice. 3. Total cash distributed to Brickstone investors from this asset alone since the December 2015 acquisition; sponsor records, unaudited. 4. Average annual investor IRR and average annual cash-on-cash across all Brickstone investments since 2009; sponsor records, unaudited. Past performance is not indicative of future results.

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Executive Summary01

Opportunistic yields, a core asset recapitalized for its next decade.

A five-minute walk from the University of Colorado, The Lodge is a 220-unit, 371-bed student-housing community being recapitalized around a clear value-add plan: a $6.05M program executed entirely in Year 1 — a brand-new 5,000 SF clubhouse and amenity barn (online for Fall-2027 leasing), in-unit improvements (new flooring and countertops throughout), and exterior cosmetic upgrades — funding a $175/bed rent step in 2027/28 and a further $176 in 2028/29.

The opportunity is rare: a proven core asset at a post-reset basis and trough occupancy — the 2026/27 year opens ~80% leased, and the underwriting prices the deal off that trough — with achieved new-lease rents of $1,548, roughly $308 per bed below market, and a floating-rate structure that keeps every exit open. Brickstone has distributed $51.7 million to investors from this asset alone so far. The Lodge has been among Brickstone’s best-performing holdings since 2015 — the initial investment returned a 53.8% IRR and 3.8× equity multiple, and the asset has since been through two successful full-cycle recapitalizations (2019 and 2022) that returned strong profits to investors while Brickstone retained ownership. Brickstone acquired the full interest of the institutional partner that held ~70% since 2018 — whose drive for early lease-up kept rents below market — and now recapitalizes the asset with new capital and invests $3,480,000 alongside the LPs, retaining an ~10% interest in the deal.

The recapitalization also carries highly advantageous tax treatment: 100% bonus depreciation is currently expected to generate significant non-cash deductions — a hypothetical $1 million investment is currently modeled to be allocated roughly $1,090,000 of non-cash losses in Year 1; the actual timing and amount of any tax benefits will depend on final structuring and each investor’s particular tax situation.

The Thesis

Opportunistic yields from a core, pedestrian asset in one of the best markets in the country — achieved new-lease rents of $1,548 per bed sit well below a $1,856 newer-vintage comp average and a $1,973 scheduled Year-3 rent (+$175/bed in 2027/28, +$176 plus 3.9% organic growth in 2028/29), on rate-capped floating debt that keeps an early sale or refinance open if conditions improve. Embedded redevelopment optionality on the five-acre site allows for a new 544-bed community — a net +389 beds to the site — on roughly half of the existing land, unlocking a development site valued at more than $50 million, subject to the City of Boulder’s entitlement process. Brickstone brings significant Boulder experience, having completed more than $1 billion of total investment in the market since 2008.

Underwriting assumptions: Year-1 occupancy holds ~82% blended (80% opening · ~81% September · ~82% from October), returning to 95% from Fall-2027 · rent growth 3.9% per year from Year 3 · operating-expense growth 3.0% per year · 5.0% economic vacancy & loss from stabilization · exit cap rate 6.00% at a targeted month-40 sale. Returns are projections, net to LP after an 8% preferred return and 80/20 promote; actual results will differ.

Interactive Underwriting Model02

Test the underwriting yourself.

This is a live replica of Brickstone’s recapitalization model — the same engine that produces the OM’s published figures. Move any assumption and every return recomputes through the full waterfall: 8% cumulative preferred, pro-rata return of capital, then an 80/20 residual split. Projections only — actual results will differ.

Assumptions

Base case = OM underwriting (V10 · floating-rate structure).

Exit cap ratebase 6.00%

Sale monthbase 40

Year-1 occupancy (blended)base 82.1%

1-month SOFRbase 3.66% · capped 5.00%

Stabilized rent vs. planbase $0

Rent bump 1 · Aug 2027base $175

Rent growth from Yr 3base 3.9%

Vacancy & loss (Yr 2+)base 5.0%

OpEx growthbase 3.0%

Facility sizebase $68.68M

Base case ✓

—

Net LP IRR

pre-tax, after promote

—

Net LP MOIC

pre-tax

—

Avg Cash-on-Cash

pre-tax

—

After-Tax LP IRR

with 1031 at sale

—

After-Tax LP MOIC

100% bonus depreciation

—

Avg After-Tax Yield

incl. K-1 shelter

Year-1 NOI

—

Year-3 NOI

—

Yr-1 Yield (Trough)

—

Yr-3 Yield on Cost

—

Yr-1 DSCR

—

Yr-3 DSCR

—

All-in Coupon

—

Total Equity

—

Fwd NOI at Sale

—

Gross Sale Value

—

Exit Fee (0.25%)

—

Net Sale Proceeds

—

Net LP Profit

—

Project IRR / MOIC

—

Yr-1 K-1 Loss / $ Equity

—

Taxable-Sale LP IRR

—

Annual cash-flow detail

Waterfall: 8% cumulative, compounding preferred (pro-rata to LP ~90% / GP ~10% capital) → pro-rata return of capital → residual 80% LP / 20% GP. Debt: the facility floats at SOFR + 235 with the coupon computed at min(SOFR, 5.00% cap strike) + spread, floored at 3.00% SOFR; the facility future-funds $3.65M of the capex; the interest-carry reserve auto-sizes at 3× the Year-1 shortfall computed at the quoted S+285 and is released end of Year 2; cap renewals ($250K/$225K) and the 0.25% extension fee apply when the sale month requires them. Asset-management fee (30 bps, growing 3%/yr) is paid from a reserve funded at close — no fee from operations. After-tax figures assume 100% bonus depreciation on a 25/13/62 cost-segregation of the $86M depreciable acquisition basis plus Year-1 capex classes, 40.8% ordinary rate, and current usability of passive losses; not tax advice.

Investment Highlights03

A rare entry into a proven core asset.

After the commercial real estate reset of the last three years, The Lodge offers a rare entry into a proven core asset owned by the sponsor for more than a decade — recapitalized at $94 million today, down from a $130 million valuation in 2022 — a basis that prices in the correction, not the peak.

$94M

Entry Valuation

vs. $130M in 2022

~28%

Discount to 2022 Peak

Reset-driven basis

53.8%

2015 Partnership — Realized IRR

First-generation investors · 3.8× achieved

$308/bd

Rents Below Market

Immediate upside

01
Below-market rents, ready to captureThe previous institutional partner desired early lease-up in lieu of driving rents to market, rendering achieved new-lease rents roughly $308 per bed below market — and leaving the 2026/27 year opening at ~80% occupancy, vacancy concentrated in studios. That trough is the entry: the near-campus set leases from $1,644 (U Club on 28th) to $2,279 (CORE’s Hub) and $2,315 (Parker Off Pearl), well above The Lodge; occupancy recovery plus an organic mark-to-market are both available with a disciplined fall-2027 lease-up.
02
A proven, core performerBrickstone has owned The Lodge more than 11 years, completing two full-cycle recapitalizations (2019 and 2022) that delivered strong profits to investors while retaining the asset. The initial investment generated a 53.8% IRR and 3.8× equity multiple, with occupancy averaging >95% across the decade through 2025/26.
03
Floating-rate debt with a cap — flexibility by designThe new $68.68M senior facility floats at SOFR + 235 (6.01% at the current 3.66% SOFR), interest-only, with a 5.00% SOFR rate cap purchased at close and a 3.00% floor — a 24-month initial term plus three one-year extensions. Floating-rate debt is the flexibility play: no yield maintenance, a 0.25% exit fee only, so the partnership can sell or refinance early if rates fall or the market re-rates. The facility future-funds $3.65M of the $6.05M value-add program, and a pre-funded interest-carry reserve makes Year 1 cash-neutral through the leasing ramp.
04
Tested to a punitive 7.00% exit — investors still earn their preferenceThe punitive scenario: a 7.00% exit cap — a full 100 bps wider than the already-conservative 6.00% base, implying $293K/bed, below what unrenovated assets traded for in 2026 — a true dislocation case. Even there the deal models to an 8.4% net LP IRR / 1.29x pre-tax (24.5% / 1.77x with a 1031), clearing the full 8% preferred while the GP promote earns $0. The below-market reversion — not cap-rate compression or heroic growth — drives the outcome.
05
Scarcity and high barriers to entryBoulder is among the most development-constrained markets in the country — height and density limits, annual residential-permit caps and structural scarcity — and The Lodge sits a five-minute walk from CU Boulder.
06
Highly advantageous tax treatment100% bonus depreciation is projected to generate roughly $38M of non-cash K-1 losses in Year 1 — approximately 109% of invested equity. A hypothetical $1M investment receives ~$1.09M of non-cash losses in Year 1, lifting the modeled average after-tax cash yield to 18.0% (vs. 5.1% pre-tax). Investors must rely solely on their own tax advisers.
07
A $6.05M value-add program — all in Year 1Deployed at closing: a full unit refresh (new flooring and quartz countertops, ~$11K/unit; $2.42M), parking, landscaping and new boilers ($0.50M), a purpose-built 5,000 SF clubhouse and amenity barn ($2.30M) — online for Fall-2027 leasing — plus exterior cosmetics, contingency and all other ($0.83M), with the facility future-funding ~60% of the program. Together they support the +$175 and +$176 rent steps in 2027/28 and 2028/29. Limited construction risk: amenity-focused, not ground-up.

The Opportunity04

Legacy asset. Legacy location. Lasting value.

The Lodge endures for one reason: it is the address students choose first — fully furnished quality living a five-minute walk from CU Boulder, priced below everything around it.

Legacy Asset

Held since 2015.

Owned, operated and reinvested by Brickstone for over a decade — $17M+ of capital, two full-cycle recapitalizations (2019 and 2022), and occupancy that averaged 95%+ over the decade through 2025/26. Interiors nearly new, sprinklered throughout, fully furnished — a stewarded holding the sponsor knows building by building, not a trade.

Legacy Location

Five minutes to campus.

Irreplaceable land a short walk from the University of Colorado, in one of the most development-constrained markets in the country. They are not making more of this — and the City of Boulder makes certain of it.

The Value Leader

The more affordable option.

The Lodge leases first and stays full because it offers the best living just off campus at a rent the market cannot match — achieved new-lease rents sit roughly $308 per bed below the competitive set, leaving real pricing power to compound.

Asset Overview05

The Lodge at CU Boulder

Two three-story buildings around a central pool and clubhouse on a 5.1-acre site, 0.1 miles from campus. Concrete-and-steel construction delivers the durability and quiet that distinguish The Lodge from its wood-framed competitive set — at an in-place rent of $1,495 per bed and >95% historical occupancy.

220 / 371

Units / Beds

137,822

Net Rentable SF

5.1 ac

Site Area

0.1 mi

To Campus · 5-min walk

2015

Brickstone-owned since

Concrete

& Steel Construction

Business Plan & Value Creation06

Three layers of value creation.

1 · Mark-to-market
Achieved new-lease rents of $1,548/bed sit well below the near-campus comp set, where CORE’s Hub Boulder ($2,279), Parker Off Pearl ($2,315) and Union Baseline ($1,666) all clear The Lodge. Rents hold at $1,548 in 2026/27 through an 82% blended occupancy year, then step +$175/bed in 2027/28 and +$176 plus 3.9% organic growth in 2028/29 to a $1,973 scheduled Year-3 average — with the full value-add program complete in 12 months supporting the ask — the single highest-conviction component of the plan.
2 · Value-add program — all in Year 1
The full program deploys at closing: interiors are refreshed with new flooring and quartz countertops, parking, landscaping and boilers are upgraded, and a new purpose-built clubhouse and amenity barn — pool, sauna, pickleball, grills and FF&E — is delivered in Year 1, online for Fall-2027 leasing, reinforcing the rent reversion and premium pricing.
3 · Redevelopment optionality
Five acres in the heart of Boulder carry embedded density under the site’s existing RH-5 zoning, subject to the City of Boulder’s entitlement process — detailed in the Redevelopment section below.

Value-Add Capital Plan
Interior renovation — flooring & quartz ($11K/unit × 220)	$2.42M
Parking, landscape & new boilers	$0.50M
Clubhouse building & FF&E — online Fall 2027	$2.30M
Exterior cosmetics, contingency & all other	$0.83M
Total CapEx — all Year 1 (~60% facility-funded)	$6.05M

Rent plan under current underwriting assumptions: the achieved $1,548/bed pre-lease rent holds in 2026/27 through an 82% blended occupancy year, then steps +$175 in 2027/28 ($1,723) and +$176 plus 3.9% organic growth in 2028/29 to a $1,973 scheduled Year-3 average, continuing at 3.9% thereafter. Business-plan elements subject to change based on market, cost, regulatory and other conditions.

The Residences & Amenities07

Bright, furnished, move-in ready.

Renovated interiors with new flooring, quartz and stainless appliances — fully furnished and steps from campus, with Flatiron and mountain views from many homes. The new clubhouse, pool and amenity program comes online for Fall-2027 leasing.

Kitchen — stainless appliances and stone counters — Kitchen · Stainless & Stone

Furnished living room — Furnished Living

Furnished bedroom with mountain views — Bedroom · Mountain Views

Fitness center overlooking the new pool — rendering — Fitness Center — Rendering

Pool and courtyard rendering — Pool & Courtyard — Rendering

Rooftop amenity deck rendering — Rooftop Deck — Rendering

Resident lounge with fireplace and coffee bar — rendering — Resident Lounge — Rendering

Clubhouse and amenity barn at dusk — rendering — Clubhouse at Dusk — Rendering

Renderings shown; final design subject to entitlement. Actual design and scope may differ materially or may not be implemented. We plan to tear down the existing clubhouse and build the new version along with a new pool, FF&E and other exterior upgrades.

Sensitivity Analysis09

Resilient returns across the realistic range.

Returns were stress-tested on the variable that matters most — the exit capitalization rate — from a best case to a true dislocation. The base case is itself a stress posture: 82% Year-1 occupancy, a 6.00% exit cap and the full $6.05M program funded at close. The live matrix below is computed by the same engine as the model above.

Best — 5.00%

31.2% / 2.40x

$152.4M · $411K/bed · 46.9% / 2.96x with 1031

Base Case — 6.00%

19.1% / 1.75x

$127.0M · $342K/bed · 35.0% / 2.27x with 1031

Worst — 7.00%

8.4% / 1.29x

$108.9M · $293K/bed · 24.5% / 1.77x with 1031

Published exit-cap strip — best / base / worst

Net LP IRR / MOIC after pref and promote, at the targeted month-40 sale; the exit cap is applied to forward 12-month NOI at sale ($7.62M); base case 6.00%. Average cash-on-cash is exit-independent at 5.1% pre-tax (18.0% with the tax benefit).

The Takeaway

Even the 7.00% worst case clears the full 8% preferred — the GP promote earns $0 and LPs still receive their preference — at an implied $293K/bed, below unrenovated 2026 comps: a true dislocation case. The below-market rent reversion, not cap-rate compression, drives the outcome.

Live matrix — Net LP IRR · exit cap × stabilized rents

Computed live by the on-page engine at base assumptions otherwise; the outlined cell is the OM base case (6.00%, plan rents). Full sensitivity matrices are available upon request. For discussion purposes only; projections are not a guarantee of future results.

Highly Advantageous Tax Treatment10

~$38M of Year-1 K-1 losses.

The One Big Beautiful Bill currently provides for 100% bonus depreciation on large portions of the building. Through a cost-segregation study, the partnership expects to pass through roughly $38 million of non-cash losses in Year 1 — approximately 109% of invested equity, or about $1,090,000 per $1 million invested — distributed on your Schedule K-1.

$38.0M

Yr-1 Depreciation

$36M bonus + $2.0M SL

109%

Of Invested Equity

as Yr-1 K-1 loss

18.0%

Avg After-Tax Yield

vs. 5.1% pre-tax

35.0%

After-Tax LP IRR

with 1031 at sale

The availability and magnitude of any bonus depreciation or other tax benefits will depend on future tax law, IRS guidance, cost-segregation results, and each investor’s tax profile, including passive activity and at-risk limitations. Figures assume basis step-up structuring; a fully-taxed sale models to 20.3% IRR / 1.61x; Colorado state tax not modeled. Investors must rely solely on their own tax advisers. Not tax advice.

Per $1,000,000 invested — with vs. without the shelter

Returns & Waterfall11

Projected net LP returns.

Basis	Net LP IRR	Net LP Multiple	Avg Cash-on-Cash
Pre-Tax	19.1%	1.75x	5.1%
With Tax Benefit — 1031 at sale	35.0%	2.27x	18.0%
Variant — fully-taxed sale	20.3%	1.61x	—
Benchmark — same cash, no depreciation shelter	—	—	3.0%

Returns are net to the LP over the targeted ~40-month hold, after an 8% cumulative preferred return and a 20% GP promote. After-tax figures assume 100% bonus depreciation and current usability of passive losses; the 1031 variant additionally assumes a like-kind exchange at sale. Year 1 is cash-neutral by design: the facility future-funds $3.65M of the $6.05M program and a pre-funded interest-carry reserve covers the leasing ramp, with distributions commencing in Year 2 and the preferred return accruing from close. Cash-on-cash reflects operating cash flow after debt service, excluding Year-1 capex. Actual returns are likely to differ, potentially materially, and no assurance is given that such returns will be achieved.

Distribution waterfall

Tier 1

Preferred return — 8%

8% cumulative, compounding preferred return, paid pro-rata to LP and GP capital.

Tier 2

Return of capital

Pro-rata return of contributed capital to LP (~90%) and GP (~10%).

Tier 3

Residual — 80% LP / 20% GP

Remaining proceeds split 80% to LP / 20% to GP (Brickstone promote) after the preferred return and return of capital.

Recap-equity economics

Metric	Pre-Tax	With Tax Benefit (1031)
Recap equity invested	$34.8M ($31.3M LP / $3.5M GP)	—
Net LP IRR / MOIC	19.1% / 1.75x	35.0% / 2.27x
Project-level IRR / MOIC (pre-promote)	20.4% / 1.81x	—
Net LP profit ($)	$23.5M	—
Avg cash-on-cash	5.1%	18.0%

Net LP figures are after the 8% cumulative, compounding preferred return, pro-rata return of capital and 20% GP promote; project-level figures are levered, pre-promote. Tax-benefit figures assume a 1031 exchange at the targeted month-40 sale; a fully-taxed sale models to 20.3% / 1.61x. All figures from the recapitalization model (August 2026), base case; projections only.

Invest With Us

Opens an email to investor relations — or call Daniel H. Otis directly at 303.815.6705.

Itemized Fees & GP Costs
Asset-management fee (annual) — on the $94.0M recap valuation, growing 3%/yr · paid from a $974,350 reserve funded at close — no fee paid from operations	30 bps
GP promote (after 8% pref + return of capital)	20% of residual
Acquisition / disposition / financing fees	None

Debt & Capital Structure13

A capped floater — every exit open.

The new $68.68M senior facility floats at SOFR + 235 (6.01% at the current 3.66% SOFR), interest-only, with a 5.00% SOFR rate cap purchased at close and a 3.00% floor — a 24-month initial term plus three one-year extensions. No yield maintenance, a 0.25% exit fee only: the structure is built to sell or refinance early if conditions improve. A pre-funded interest-carry reserve sized at 3× the Year-1 shortfall makes the ramp year cash-neutral. No mezzanine or preferred equity.

$68.68M

Floating Facility

$65.03M initial + $3.65M future-funding

S + 235

Rate — Floating, I/O

6.01% coupon at 3.66% SOFR

7.35% / 5.85%

Cap / Floor Bounds

5.00% SOFR strike · 3.00% floor

1.04x

Year-1 DSCR

ramp year · carry-reserve covered

1.50x / 1.75x

Yr-2 / Yr-3 DSCR

stabilized, I/O

$0.17M

Exit Fee (0.25%)

no yield maintenance · $278,901/bed all-in

Sources & uses — at closing

Uses
Asset acquisition (imputed value)	$94.00M
Value-add CapEx — all Year 1	$6.05M
AM-fee reserve (through targeted sale)	$0.97M
Loan fee (1.0%)	$0.69M
Rate cap premium (24-mo, 5.00% SOFR strike)	$0.65M
Interest-carry reserve (3× Yr-1 shortfall)	$0.74M
Legal, title, reports & cost seg	$0.37M
Total Uses	$103.47M
Sources
Senior facility ($65.03M initial + $3.65M future-funding)	$68.68M · 66.4%
LP equity (~90%)	$31.31M · 30.3%
GP equity — Brickstone cash (~10%)	$3.48M · 3.4%
Total Sources	$103.47M

The facility future-funds $3.65M of the capex (~60%), drawn during Year 1; the borrower funds the remaining $2.40M in the equity commitment. Cash-flow sweep from payment 18 if debt yield <7.00% (base case passes at 9.0%); rate stress at 3.85% SOFR: 6.20% coupon, 18.7% net LP IRR. Legal $250K · title, escrow & recording $50K · third-party reports $55K · cost-segregation study $20K.

Debt-service coverage & yield on cost

DSCR on the full $68.68M facility at the capped coupon; yield on cost on the $100.05M basis ($94M + $6.05M capex). Underwriting years 1–5; targeted sale occurs in Year 4 (month 40), inside the second one-year extension.

Financial Performance & Projections14

The build: $4.27M to $7.22M of NOI.

Net operating income grows from $4.27M at the Year-1 occupancy trough to $6.19M in Year 2 and $7.22M by Year 3 — roughly +69% — driven first by the occupancy recovery, then by the rent reversion and the value-add program — a 7.22% Year-3 yield on cost.

Historical actuals (FY ending July)Underwriting (Years 1–5)Rent / bed / month

	FY2022A	FY2023A	FY2024A	FY2025A	FY2026F	UW Yr 1	UW Yr 2	UW Yr 3
Physical occupancy	100%	98.2%	99.4%	98.2%	95.6%	UW: 82% blended Yr 1 · 95% (5.0% econ loss) from Yr 2
Rent / bed / month	$1,138	$1,254	$1,353	$1,424	$1,500	$1,548	$1,723	$1,973
Total income / EGI	$5.75M	$6.40M	$6.83M	$7.00M	$7.26M	$6.30M	$8.28M	$9.38M
Operating expenses	$1.44M	$1.52M	$1.82M	$2.04M	$2.11M	$2.03M	$2.09M	$2.16M
Net operating income	$4.31M	$4.89M	$5.00M	$4.96M	$5.14M	$4.27M	$6.19M	$7.22M
NOI margin	74.9%	76.3%	73.3%	70.9%	70.9%	67.8%	74.7%	77.0%

Historicals from the asset-management model; FY26 = forecast with Q1-26 actuals. UW Year 1 prices the occupancy trough: 82% blended (294 of 371 beds pre-leased at 8/17, vacancy concentrated in studios) at the achieved $1,548 rate — and ties to the lender’s own as-is underwritten cash flow (~$4.1M). From Fall-2027 the underwriting returns to 95% occupancy with a 5.0% economic-loss allowance. Unaudited, sponsor-prepared.

Unit Mix15

In-place vs. Year-3 plan.

Unit Type	Units	Beds	In-Place / Unit	In-Place / Bed	Yr-3 / Unit	Yr-3 / Bed

Left columns: existing in-place leased rents (2025–26). Right columns: projected Year-3 rents after the +$175/bed (Fall 2027) and +$176 (Fall 2028) steps from the $1,548 achieved new-lease average, plus 3.9% organic growth in 2028/29, to a $1,973/bed scheduled Year-3 average (+$478/bed over in-place). Projected rents; actual achieved rents may be higher or lower. Source: Newmark Student Housing; Brickstone underwriting.

High-density expansion on underutilized land.

The property today is two three-story buildings — an “I”-shaped and a “U”-shaped building — separated by a surface parking lot, a rare opportunity to materially increase density. Ownership has outlined a plan to demolish the “I”-building and construct a new five-story community on ~2.5 acres, delivering 544 beds / 132 units, while the “U”-building stays operational throughout construction.

A 260-space subterranean garage — sited outside the 100-year floodplain — preserves parking ratios while freeing surface land for higher-density use; the U-building retains 116 surface spaces. Best-in-class amenities, including a clubhouse and rooftop pool overlooking the Flatirons, elevate the asset’s competitive position.

Boulder Entitlement Process

The contemplated density and uses are consistent with the site’s existing RH-5 zoning — no rezoning is being sought. The plan remains subject to the City of Boulder’s full entitlement process, including development review and permitting. Brickstone has completed a pre-application review with the City and received positive feedback, and intends to begin the formal process immediately upon closing. Newmark’s National Student Housing team has provided an indicative, non-binding estimate that a development site of this size could be valued at approximately $52 million; this is not an appraisal or a guarantee of value.

544

New Beds

132 units · 5 stories

760

Combined Beds

U-building + proposed

~$52M

Indicative Site Value

Newmark, non-binding

RH-5

Existing Zoning

entitlement pending · pre-app complete

Proposed five-story community — illustrative rendering

Rooftop pool and amenity deck — illustrative rendering

Proposed Building	Units	Beds	Unit SF
2 BR	24	48	700
3 BR	18	54	945
4 BR	18	72	1,185
5 BR	42	210	1,430
5 BR Corner	20	100	1,525
6 BR Corner	10	60	1,775
Proposed total	132	544	163,450 SF
Combined (U + proposed)	280	760	248,718 SF

Proposed five-story community — corner view, illustrative rendering — Proposed Community — Illustrative

Proposed five-story community — street elevation, illustrative rendering — Street Elevation — Illustrative

The redevelopment is upside, not underwritten in base-case returns; the asset performs as a stabilized hold without it. There can be no assurance that any redevelopment will be approved, commenced, or completed on the timeline or terms described herein, if at all. Renderings are illustrative only.

Market & Submarket18

One of the nation’s most supply-constrained student markets.

Per Newmark Student Housing, only one student-housing development is currently under construction in the CU Boulder market — The Standard at Boulder (Landmark), delivering Fall 2027. With roughly a quarter of students housed on campus, approximately 29,000 require off-campus housing. Boulder’s height and density limits, annual residential-permit caps and open-space greenbelt produce persistent scarcity across every asset class.

97.2%

Avg Market Occupancy

10-year average

+74.8%

Effective Rent Growth

over the past decade

936

Sole Pipeline Supply

beds · delivering 2027

~29K

Off-Campus Demand

students need housing

Approximately 2,000 additional beds sit in planning stages around CU Boulder — most facing the same entitlement and permit constraints. Landmark’s 900+ bed community (Fall 2027) appears priced well in excess of $2,000 per bed — above and outside The Lodge’s competitive set — a tailwind that lifts the market’s rent ceiling.

University of Colorado Boulder19

A premier public research university.

Established in 1876 against the foothills of the Rocky Mountains, CU Boulder is one of the premier public research universities in the United States — an R1 “very high research activity” institution spanning nine colleges and schools, more than 3,800 courses across 150 fields of study, and a student body drawn from all 50 states and over 100 countries.

Home to CIRES, the Laboratory for Atmospheric & Space Physics (LASP) and the BioFrontiers Institute. The Colorado Buffaloes compete in NCAA Division I as members of the Big 12 — anchoring school spirit, alumni engagement and sustained off-campus housing demand.

38,428

Total Enrollment

2024–25

9,534

On-Campus Beds

~22% of students

~74%

Undergrads Off-Campus

~23,600 students

R1 · Big 12

Classification

76% acceptance · 90% retention

Demand Engine

With roughly 9,534 on-campus beds against nearly 39,000 students, the overwhelming majority of upperclassmen live off campus — sustaining durable demand for well-located assets like The Lodge. Enrollment has grown roughly 25% over the past decade.

Total enrollment, 2015 → 2024

Risks & Mitigants21

Candid about the risks.

The following discussion is summary in nature and does not purport to describe all of the risks associated with the proposed investment.

Artificial intelligence & higher-education enrollment

The landscape is changing quickly, but we believe students will continue to invest in their education at “experiential” universities such as CU Boulder and other top-tier institutions.

Lease-up & occupancy recovery

The 2026/27 year opens ~80% pre-leased (294 of 371 beds; vacancy concentrated in studios), and underwriting assumes ~82% blended occupancy this year with a return to 95% from Fall-2027; a slower recovery or softer student demand would compress Year-1–2 cash flow, with the pre-funded carry reserve as the first buffer. Capturing the mark-to-market depends on the 2027 and 2028 leasing cycles. Mitigated by in-place rents already ~$361/bed below the newer-vintage comp average and 95%+ occupancy every year since 2015.

Entitlement & redevelopment

The plan is consistent with the site’s existing RH-5 zoning and has cleared a pre-application review with positive City feedback; however, it remains subject to the City of Boulder’s full entitlement process — development review, permitting and timing are uncertain. The redevelopment is upside, not underwritten in base-case returns; the asset performs as a stabilized hold without it. There can be no assurance that any redevelopment will be approved, commenced, or completed on the timeline or terms described herein, if at all.

Construction & value-add execution

The clubhouse, pool and exterior program carries cost and timing risk. Scope is limited and amenity-focused (no ground-up), interiors are recently renovated, and the budget reflects firm bids with no contingency reserve — overruns, if any, would be funded from operating cash flow.

Financing — floating rate

The $68.68M facility floats at SOFR + 235; a 5.00% SOFR cap (24-month term, renewals underwritten at $250K/$225K) bounds the coupon at 7.35% and a 3.00% floor sets a 5.85% minimum. The targeted month-40 sale sits inside the second one-year extension (0.25% fee, subject to customary tests: the Year-3 debt-yield and 1.20x DSCR tests both pass in base case). SOFR above the cap strike raises carry; conversely, no yield maintenance means falling rates open an early refinance or sale. A $6.52M minimum-interest provision is satisfied by the month-40 sale in base case.

New supply

Landmark’s 900+ bedroom community (delivering fall 2027) is the only new project currently under construction. Its pricing is unreleased but appears set well in excess of $2,000 per bed — above and outside our competitive set — a tailwind that lifts the market’s rent ceiling. Roughly 2,000 additional beds sit in various planning stages and may or may not be built, while Boulder’s height, density and permit limits continue to cap realized supply.

Regulatory & landlord legislation

Colorado has enacted increasingly tenant-favorable legislation over the past three years (eviction, fee and just-cause measures). Student housing leased by the bed with parental guaranties is comparatively insulated, and Brickstone’s long Colorado operating history positions it to adapt as rules evolve.

Boulder & Denver market reset

Both markets have absorbed a historic reset over the past three years, driven largely by elevated new supply. As of Q4 2025 Boulder vacancy appears to be tightening with positive absorption, and Denver is improving gradually as of Q1 2026.

Track Record22

Brickstone Boulder — a portfolio of conviction.

Project	Type	Avg. C/C	IRR	Multiple

Brickstone Partners historic performance and projected yields since 2009. Unaudited and sponsor-prepared. Individual investment names are withheld; deal-level detail is available to qualified investors upon request. Active-property projections assume a 7-year run period, 3.8% annual rent growth, 3.0% expense growth and a 5.5% exit cap. Certain early-vintage figures are estimates from older records and have not been independently verified. Past performance is not indicative of future results.

Portfolio — student repositioning, Boulder — Portfolio · Student Repositioning

Portfolio — historic acquisition — Portfolio · Historic Acquisition

Portfolio — ground-up development — Portfolio · Ground-Up Development

Portfolio — value-add acquisition — Portfolio · Value-Add Acquisition

Portfolio — student housing acquisition — Portfolio · Student Housing Acquisition

Portfolio — development, realized 2025 — Portfolio · Development — Realized 2025

Portfolio — commercial build-to-suit rendering — Portfolio · Build-to-Suit (Rendering)

The Lodge — clubhouse and pool — The Lodge · Clubhouse & Commons

Sponsorship & Leadership23

A founder-led firm with a disciplined thesis.

Founded in 2001, Brickstone Partners has directly completed more than $1 billion of multifamily, student housing, retail and office investment and development deals — pursuing opportunities with an asymmetry of risk and reward: opportunistic yield with less risk than normal. Brickstone has owned and operated The Lodge since 2015, through two full-cycle recapitalizations and more than $17 million of reinvestment.

Founder & Principal

Daniel H. Otis

Founded Brickstone at age 20 while in college. More than $1B of investment and development deals; opportunistic yields to investors; capital from some of the largest family offices and institutions in the world. USAF veteran · Division I pole vaulter · aviator (fixed-wing & helicopters) · piano 30+ years · past boards, Folds of Honor & AOPA. North Dakota State ’05; Harvard Real Estate ’10 & ’13.

303.815.6705 · danotis@brickstonepartners.com

Chief Financial Officer

Jon W. Hill, CPA

20+ years of senior finance leadership. Prior: CFO of Highland Ventures (family office, 33+ acquisitions across 16 states); HealthTrust — helped coordinate a subsidiary sale to Blackstone; Landmark Properties — fund management and investor reporting across a $7B+ student-housing platform, primary finance contact for sovereign-wealth equity partners. MBA & BBA, Mercer; licensed CPA (TN); Nashville.

Development Partner

Jeff J. Dawson

Founder & managing principal, STUDIO Development Services; licensed architect and founder of STUDIO Architecture. 25+ years · 1.5M+ SF delivered · 500+ residences; 300+ apartment units delivered with Brickstone in Boulder. M.Arch, CU Boulder — first in class; City of Boulder Design Advisory Board; ULI · AIA · NCARB.

Chairman, Board of Advisors

Jason Gaede

President of House of Wilson — the family office of the Wilson family, founders of lululemon — overseeing investments, tax, legal, governance and the Wilson 5 Foundation. Boards: Stonebridge, Low Tide Properties, SOLVE FSHD, Brickstone Properties. Formerly President & CIO, Copford Capital. YPO · Family Office Principals. MBA, UVA; BBA, TCU — magna cum laude.

Board of Advisors

James Gibson

CEO of The Castalian Company, a private holding company owning and building exceptional businesses with strategic investments across public and private markets. Founded Castalian Partners in 2016 — grown to $200M+ managed for high-net-worth and institutional investors, known for rigorous fundamental research — after a decade as a research analyst at Punch & Associates. Chairman, Willmar Stingers; Director, Bespoken Spirits. University of St. Thomas; Orono, Minnesota.

The Lodge

Opportunistic yields, a core asset recapitalized for its next decade.

Test the underwriting yourself.

Assumptions

A rare entry into a proven core asset.

Below-market rents, ready to capture

A proven, core performer

Floating-rate debt with a cap — flexibility by design

Tested to a punitive 7.00% exit — investors still earn their preference

Scarcity and high barriers to entry

Highly advantageous tax treatment

A $6.05M value-add program — all in Year 1

Legacy asset. Legacy location. Lasting value.

Held since 2015.

Five minutes to campus.

The more affordable option.

The Lodge at CU Boulder

Three layers of value creation.

Bright, furnished, move-in ready.

Below-market in a high-rent submarket.

Resilient returns across the realistic range.

Published exit-cap strip — best / base / worst

Live matrix — Net LP IRR · exit cap × stabilized rents

~$38M of Year-1 K-1 losses.

Per $1,000,000 invested — with vs. without the shelter

Projected net LP returns.

Distribution waterfall

Recap-equity economics

Transparent fees. Aligned economics.

A capped floater — every exit open.

Sources & uses — at closing

Debt-service coverage & yield on cost

The build: $4.27M to $7.22M of NOI.

In-place vs. Year-3 plan.

Redevelopment opportunity.

High-density expansion on underutilized land.

Five minutes to campus.

One of the nation’s most supply-constrained student markets.

A premier public research university.

Total enrollment, 2015 → 2024

Natural splendor meets an innovation economy.

Natural beauty & recreation

Innovation & technology

Candid about the risks.

Brickstone Boulder — a portfolio of conviction.

A founder-led firm with a disciplined thesis.

Daniel H. Otis

Jon W. Hill, CPA

Jeff J. Dawson

Jason Gaede

James Gibson

The Lodge — the offering is now open.