FLOOR PLAN SAMPLES

THE PROPERTY• 360-unit Class A apartment community completed in 2016 and situated on 32.54 acres, offering studio, 1, 2 and 3-bedroom

units.

• Unitamenitiesincludegranitecountertops,fauxwoodflooring,kitchenislands,9-footceilings,washer/dryerunitsandwalk-in closets.

• Communityamenitiesincludearesort-stylesaltwaterswimmingpool,24-hourfitnesscenter,well-appointedresidentclubhousewithsociallounge,coffeebarandcateringkitchen,poolsidekitchenwithgrillsandfirepit,twoleash-freedogparks,petspa,carcarecenter,outdoorfirepitwithseating,gatedentry,sceniclakeandattachedanddetachedgarages.

THE INVESTMENT OPPORTUNITY• Sarasota,FLisprojectedtooutpacetheU.S.inGDP/GMP,employmentgrowth,andpersonalincomegrowthoverthenext

fiveyears.

• TheunemploymentrateforSarasotahasbeenbelowthenationalrateforthelast6yearsandisprojectedtostaybelowtheU.S.rateforthenextfiveyears;itisalsocurrentlythelowestinthestateofFlorida.

• Recentlyrankedinthe100BestPlacesToLivebyUSNewsandWorldReport,theareaofferssuperiorschools,significantmedicalresearchandeducationfacilities,higheducationalattainmentandaregionalworkforceofmorethan350,000.

• RentsintheSarasotamarkethaveaveraged4.3%growthperyearforthelast5years;REISprojects3.6%peryearaverageaskingrentgrowthforthenext5years.

• IdeallylocatedinoneofthemostcovetedareasinSouthwestFlorida,Longitude82hasdirectfrontagealongInterstate75whichisthemajorarterythatlinksSarasotatotheTampa/St.PetersburgMSAandSouthwestFlorida.

LONGITUDE82SARASOTA|5900WILKINSONRD|SARASOTA,FL34233

2050MAINSTREET,SUITE650|IRVINE,CA92614

949-442-1000TEL|877-4-PASSCOTOLLFREE|WWW.PASSCO.COM

IRVINE,CA|DENVER,CO|AUSTIN,TX|DALLAS,TX|LITTLEROCK,AR|ATLANTA,GA

BELDENBROWN(949)263-7905

Executive Vice President & National Sales Manager

THOMASJAHNCKE(949)263-7904

Senior Vice President

ADRIANAOLSEN(949)263-7933

Senior Vice President

ANDYWANG(949)263-7934

Senior Vice President

BRADMCCORD(949)263-7935

Registered MarketingRepresentative

MARKETINGCONTACTS:MARCO VITULLI

(949)263-7936Registered Marketing

Representative

TheMemorandumcontainsmorecompleteinformationregardingtheinvestmentincludingthefollowingriskfactors:

• TherewillbenopublicmarketfortheInterests.

• Thereisnospecifiedtimethattheinvestmentwillbeliquidated.

• DelawareStatutoryTrustsarearelativelynewvehicleforrealestateinvestmentandareinflexiblevehiclestoownrealproperty.

• InvestorswillhavenovotingrightsandwillhavenocontrolovermanagementoftheTrustortheProperty.

• Thereisnoguaranteethatinvestorswillreceiveanyreturn.

• Distributionsmaybederivedfromsourcesotherthanearnings.

• ThePropertywillbesubjecttoaMasterLeasewithanAffiliateoftheSponsor.

• ThePropertywillbesubjecttotherisksgenerallyassociatedwiththeacquisition,ownershipandoperationofrealestateincluding,withoutlimitation,environmentalconcerns,competition,occupancy,easementsandrestrictionsandotherrealestaterelatedrisks.

• ThePropertywillbeleveraged.

• TheManager,theMasterTenantandtheirAffiliateswillreceivesubstantialcompensationinconnectionwiththeOfferingandinconnectionwiththeongoingmanagementandoperationoftheProperty.

• TheManager,theTrust,theMasterTenantandtheirAffiliateswillbesubjecttocertainconflictsofinterest.

• AninvestmentintheInterestsinvolvescertaintaxrisks.

AMENITIESCOMMUNITYAMENITIESINCLUDE:

• Clubhouse/leasingoffice• Social Lounge• Swimmingpoolwithcoveredcabanas• Outdoorfirepitwithseating• Outdoor grilling area• Dogpark• Fitness center• Coffee bar• Car care center• Gatedentry

UNITAMENITIES:• Coiltopstove/range• Microwavewithfanhood• Doublebasinsinkwithgarbagedisposal• Granitecountertops• Refrigerator• Dishwasher• Fauxwoodfloors• Kitchenisland• Ceilingfansinliving/bedrooms• 9-footceilings• Brushednickelhardware• 2-inchhorizontalblinds• Washer/dryerunits• Paneldoorsandwalk-inclosets• Eachbathroomfeaturessinglevanitieswith granitecountertopsandtuband/orshowers withceramictilewainscot.

OneBedroom|OneBath ThreeBedroom|TwoBathTwoBedroom|TwoBath

Sarasota MSA 1-Mile 3-Mile 5-Mile

2010–2018PopulationGrowth 15.07% 6.93% 8.17% 7.24%

2018–2023PopulationGrowth 7.54% 5.24% 5.58% 5.14%

2018EstimatedPopulation 808,091 7,380 56,042 136,153

AverageAge 48.3 49.8 47.8 48.7

%ofAge25+w/CollegeDeg. 39.31% 42.40% 43.29% 43.17%

PrimeRentalAge18-34 15.96% 15.82% 16.67% 15.87%

AverageHouseholdIncome $82,848 $95,617 $94,158 $87,134

%ofHouseholds>$100KIncome 25.98% 32.94% 31.66% 28.38%

MedianHomeValue $225,708 $228,856 $243,830 $234,652Source: Pop-Facts Demographics Snapshot by Claritas

DEMOGRAPHICSSITE PLAN

UNITMIX UNITTYPE UNITS %/UNITS SFPERUNIT TOTALSF

1Studio 20 5.6% 525 10,500Studio 32 8.9% 623 19,9361BR/1BA 32 8.9% 760 24,3201BR/1BA 32 8.9% 816 26,1121BR/1BA 32 8.9% 857 27,4241BR/1BA 32 8.9% 909 29,0882BR/2BA 16 4.5% 1,062 16,9922BR/2BA 52 14.4% 1,088 56,5762BR/2BA 16 4.4% 1,152 18,4322BR/2BA 64 17.7% 1,185 75,8403BR/2BA 16 4.5% 1,334 21,3443BR/2BA 16 4.4% 1,430 22,880Total / Average 360 100.0% 971 349,444*Total square footage divided by total number of units.

EXECUTIVE SUMMARYLONGITUDE 82 SARASOTAEXECUTIVE SUMMARY

Thismaterialdoesnotconstituteanofferandisauthorizedforuseonlywhenaccompaniedorprecededbyadefinitiveconfidentialprivateplacementmemorandum.Reference ismadetothememorandumforastatementofrisksandtermsoftheoffering.Theinformationsetforthhereinisqualifiedinitsentiretybythememorandum.Allpotentialinvestorsmustreadthememorandumandnopersonmayinvestwithoutacknowledgingreceiptandcompletereviewofthememorandum. v051818

THEMARKETTheNorthPort-Sarasota-BradentonMSAissituatedonFlorida’ssouthwesterncoast,roughly60milessouthofTampaBaywithapopulationofapproximately869,000.ThegreaterSarasotaareawonnumerousaccoladesduring2017,includingBestPlaceforSmallBusiness,BestPlacestoLiveandFlorida’sBestKeptSecret.Theareaofferssuperiorschools,significantmedicalresearchandeducationfacilities,higheducationalattainmentandaregionalworkforceofmorethan350,000.TheMSAincludesseveralhighereducationalinstitutionssuchasUniversityofSouthFloridaSarasota-Manatee,NewCollegeof Florida, State College of Florida, Manatee-Sarasota, and RinglingCollegeofArtandDesign.Morethanhalftheadultsintheworkforce25andolderhavecontinuedtheireducationatthecollegelevel.TheSarasotaCountySchoolDistrictisdesignatedasan“A”districtbytheFloridaDepartmentofEducation.ItisrankedthirdhighestinscoresonFlorida’sstandardizedtestsamongthestate’s67schooldistricts.Sixty-fivepercentofthecounty’spublicschoolteachersholdamaster’sdegreeorhigher,comparedtoa41percentstateaverage.

Healthcareandtourism/recreationarethemajoremploymentsectorsinSarasota,whilegrowthinmanufacturing,technology,lifesciencesandfinancialservicejobscontinuetostrengthenthelocaleconomy.AccordingtoMoody’s,NorthPort-Sarasota-Bradentonisonanuptrend;payrollemploymentisontherisewiththeyear-over-yeargrowthmorethantwicethatintherestofFlorida.JobgrowthoverthepastyearexceedsthestatewideandU.S.averages.Withjobcreationrobust,theunemploymentratehasdescendedto3.2%,itslowestinmorethanadecade.TheSarasotaMSAunemploymentratehasbeenbelowthenationalunemploymentrateforthelast6years,andhasbeenbelowthestateofFlorida’sunemploymentrateforthelast7years.Moody’sisprojectingtheSarasotaMSAGrossMetroProduct(“GMP”)growthwillmorethandoublethenationalGrossDomesticProductgrowthduringthecourseofthenext5years.Thelocalemploymentgrowthhasbeenabovethenationalemploymentgrowthfor4ofthelast5years.Moody’salsoprojectstheSarasotaMSAemploymentgrowthratewilloutpacethenationalemploymentgrowthforthenext5yearsandthelocalunemploymentratetobebelowthenationalunemploymentrateeachofthenext5years.

BUSINESSSTRATEGYThestrategywillincorporatemaintaininghighaverageoccupancy,increasingrentalratesbasedonmarketdynamics,andmonitoring/controllingexpensesandreservestomaximizeperformance.Additionally,theProjectwilldevelopamarketingcampaigntargetingyoungprofessionalsandhighlightingthelocation’s upscale retail and lifestyle amenities.

PROMOTE LOCATION

TheProjectisintheSarasotasubmarketwhichhousesover130,000residentswithina5-mileradiusoftheproject.Thesubmarketattractsstudentsandyoungprofessionalsseekingconvenientaccesstolocalamenities,colleges,andemployment.Keyhighlightsareasfollows:

• ConvenientAccesstotopFloridabeaches,golfandcountryclubcommunities,retailandrestaurants,andI-75(lessthan1mileaway).

• ConvenientaccesstoseveralhighereducationinstitutionsUniversityofSouthFloridaSarasota-Manatee,NewCollegeof Florida, State College of Florida and Ringling College of ArtandDesign1.

• Proximitytoemployment,includingtheSarasotaMemorialHealthCareSystem(4,000employees,approximately8milesfromtheProject),BeallsInc.(1,750employees,approximately8milesfromtheProject),andthedowntownbusinessdistrict(approximately9milesfromtheProject)2.

• SchooldistrictincludeAshtonElementaryandSarasotaMiddle,bothare10-ratedschoolsfocusingonScience,Technology,Engineering,andMath3.

1CoStar: Underwriting Report2Moody’s Analytics: North Port – Sarasota- Bradenton FL, IUSA_MNPT3https://www.zillow.com/homes/5900-Wilkinson-Road,-Sarasota,-FL-34233_rb/

OPERATING&MARKETINGSTRATEGY

Themarketingwillalsofocusontheabundanceofcommunityamenitiesofferingluxuryapartmentlivingwithuniquelydesignedhigh-endfinishesthroughout.

TheCommunityintendstoaddthefollowingamenities,withthegoalofprovidingadditionalfeatureswhichwillhelpattractprospectiveresidentsand/orprovidetheProjectwithadditionalincomeproducingorcostsavingopportunities:

• Thepropertycurrentlyhastwodogparkswhichwillneedtobeenhancedtobemoreattractivetodogownerswhichisscheduledtoresultinadditionalincomeopportunitieswithincreasedpetdepositsandrentfees;

-Installshadesailsinbothdogparks -Installagilityequipmentinoneofthedogparks -Installdogspainoneofthedogparks

• Enhancedlandscapingtoimprovecurbappeal,reduceongoinglandscapingcostsandeliminateerosion;

• RefreshtheClubhousefurnitureandaccessoriestokeepupwithcontemporarydesign

• Newpoolfurnituretoenhanceoutdoorkitchenarea

MAXIMIZEPERFORMANCE

• Implementaggressivemarketingcampaignstoreachouttolocalcorporations,businessesandvendorstoobtainreferrals,activitysponsorshipsandreciprocalbusinessopportunities.

• EnhancetheProject’swebsiteandinternetmarketingbyengaginganinternetfirmspecializinginwebsitedesignandsearchengineoptimization.TheutilizationofasearchengineoptimizationfirmwillimprovetheProject’sonlinepresenceresultinginmorecostefficientandcost-effectivemarketing.Thefirmwilldesignanddevelopanewwebsite

andprovidecommunity-tailoredpaidinternetsearchadvertisingcampaigns.

• Installastate-of-the-artcomputerizedrevenuemanagementprogramthatcollatesmarketandsubmarketdataandestablishesdailypricingforallunitsbasedonanumberofprimaryfactorsincludinginventory,daysonmarket,move-indateandlocation.Thistypeofcomputerizedrevenueenhancementsystemisgainingwideacceptanceinthemultifamilymanagementindustryasbeingacost-effectivesoftwareprogramthatwillmanagepricinginanefforttoincreasethefinancialperformanceoftheProject.

• Introduceandmonitormoreaggressiveincreasesinotherincomeitemstomaximizerecoveryofutilitycosts,trashremovalfeesandpestcontrolfees.

• Introduceandmonitormoreaggressiveincreasesinotherincomefeessuchasadministrativefees,applicationfees,transfer fees, pet deposits and pet rent.

IMPROVENEWLEASECLOSINGRATIOSANDRESIDENTRETENTION

• Hireanationallyrecognizedthird-partypropertymanagementcompanytooverseeanon-sitemanagementteamofexperiencedandenthusiasticprofessionals.

• Installaleasemanagementsystemthattargetsthenumberofmonthlyleaseexpirationstoapproximately10%oftheunits.

• Installareputationmanagementsystemthatenhancestheproperty’sonlineratingscoresonindustryratingsitesaswellasmultiplesearchengineratingsites.Intoday’stechnologydrivenmarket,aproperty’sonlineratingscoresarecriticalsearchcomponentsforprospectiveresidents.

• ConductregularmeetingsbetweentheMasterTenant’sassetmanager(s)andtheregionalthird-partystaffreviewingperformancereportsincluding,butnotlimitedto,newleasingactivity,retentionactivity,pricingmatrix,marketingprogramsandcapitalprojects.

• Hold regular resident functions to foster a sense of communitytherebyincreasingtenantretention.

IMPLEMENTASSETMANAGEMENTPROGRAMS

• Maximizeoccupancythroughimplementationofamulti-platformmarketingprogramincludingafocusonwebsiteandinternetadvertising,utilizationofprintmediaifapplicableanddevelopmentofnewmarketingbrochures,signage, banners, leasing materials and website.

• Leverage“economyofscale”costeffectivepricingstructureoncontractorandvendorservices,insuranceandmaintenancesupplyinventory.

• Performannualcompetitivebiddingofcontractsandservices.

• Implementanannualpropertytaxreviewandappealprogramutilizingrecognizednationaland/orlocalareataxconsultants.

• Implementanannualpropertyinsurancereviewutilizingrecognizednationalinsuranceagencies.

RISKS

Allrealestateinvestmentshaverisks.Thereisnoassurancethatsomeoralloftheseobjectiveswillbemet.TherearesubstantialrisksinanyInvestmentProgram.See“RiskFactors”intheaccompanyingPrivatePlacementMemorandumforadiscussionoftheriskrelevanttothisoffering.

Sarasota’stopemployerisSarasotaMemorialHealthCareSystem,located7milesfromLongitude82.SarasotaMemorialHealthcareSystemisaregionalreferralcenterofferingSouthwestFlorida’sgreatestbreadthanddepthofinpatient,outpatientandrehabilitativehealthcareservices,withmorethan800,000patientvisitsayear.Oneofthe10largestpublichospitalsinAmerica,SarasotaMemorial’s806-bedacutecarehospitalhasbeenrecognizedrepeatedlyasoneofthenation’slargest, safest and best.

SarasotaisthehomeofSiestaKeyBeach,whichwasrankedtheNo.1beachintheU.S.in2017byDr.StephenP.Leatherman,directorofFloridaInternationalUniversity’sLaboratoryforCoastalResearch,andrankedNo.5intheworldinTripAdvisor’s2017Travelers’ChoiceAwards.Thefreepublicbeachrecentlyfinisheda$21millionrenovationaddingmoreparking,concessions,picnicshelters,aplaygroundandmanymore amenities.

THESUB-MARKETLongitude82iswithinasuburbanareaofunincorporatedSarasotaCounty,sixmilessoutheastoftheSarasotaCentralBusinessDistrict.TheimmediateareasurroundingLongitude82isover95%developedandconsistsofamixtureofestablishedcommercialandresidentialdevelopment.Approximately1milefromthepropertyarevariousrestaurantsandretailerssuchasMadfishGrill,Starbucks,McDonalds,WalmartSupercenter,PublixSuperMarketandWalgreenstonameafew.AlsowithinamileofLongitude82istheDoctorsHospitalofSarasota,whichhasbeenawardedvariousaccoladesandawards.Thehospitalisa155-bedfacilityalsoincludesanemergencyroom,astrokeandcardiaccareunit,outpatientanddiagnosticservices.

Populationgrowthwithinthe1-5mileareahasbeensteadilyincreasingoverthepastseveralyearsandisprojectedtocontinuetogrowsteadilyoverthenext5years.Theareasinthe1,3and5-radiisurroundingLongitude82aremoreaffluentthantheSarasotaMSA.Theaveragehouseholdincomeoftheresidentsisover$103,000,exceedingtheSarasotaMSAbynearly20%.GradeschoolchildrenwholiveatLongitude82willattendLakeviewElementary,whichhasa10outof10ratingbyGreatSchools.org.

SARASOTA MSA TOP 15 EMPLOYERS

Rank Employer Employees

1 SarasotaMemorialHealthCareSystems 3,9542 BeallsInc. 1,7323 PGTIndustries 1,4404 BonSecoursVeniceHospital 1,4285 Was-MartStoresInc. 1,3326 Venice Regional Medical Center 1,2007 ManateeMemorialHospital 1,2008 TropicanaNorthAmerica 1,0009 PublixSupermarkets 99410CharterOneHotels 95011SarasotaFamilyYMCA 91012Winn-DixieStoresInc. 87513BlakeMedicalCenter 84914SunTrustBank 81915FCCIInsurance 720Source:Moody’sAnalyticsPrécisU.S.MetroReport–December2017

EXECUTIVE SUMMARYLONGITUDE 82 SARASOTAEXECUTIVE SUMMARY

THEMARKETTheNorthPort-Sarasota-BradentonMSAissituatedonFlorida’ssouthwesterncoast,roughly60milessouthofTampaBaywithapopulationofapproximately869,000.ThegreaterSarasotaareawonnumerousaccoladesduring2017,includingBestPlaceforSmallBusiness,BestPlacestoLiveandFlorida’sBestKeptSecret.Theareaofferssuperiorschools,significantmedicalresearchandeducationfacilities,higheducationalattainmentandaregionalworkforceofmorethan350,000.TheMSAincludesseveralhighereducationalinstitutionssuchasUniversityofSouthFloridaSarasota-Manatee,NewCollegeof Florida, State College of Florida, Manatee-Sarasota, and RinglingCollegeofArtandDesign.Morethanhalftheadultsintheworkforce25andolderhavecontinuedtheireducationatthecollegelevel.TheSarasotaCountySchoolDistrictisdesignatedasan“A”districtbytheFloridaDepartmentofEducation.ItisrankedthirdhighestinscoresonFlorida’sstandardizedtestsamongthestate’s67schooldistricts.Sixty-fivepercentofthecounty’spublicschoolteachersholdamaster’sdegreeorhigher,comparedtoa41percentstateaverage.

Healthcareandtourism/recreationarethemajoremploymentsectorsinSarasota,whilegrowthinmanufacturing,technology,lifesciencesandfinancialservicejobscontinuetostrengthenthelocaleconomy.AccordingtoMoody’s,NorthPort-Sarasota-Bradentonisonanuptrend;payrollemploymentisontherisewiththeyear-over-yeargrowthmorethantwicethatintherestofFlorida.JobgrowthoverthepastyearexceedsthestatewideandU.S.averages.Withjobcreationrobust,theunemploymentratehasdescendedto3.2%,itslowestinmorethanadecade.TheSarasotaMSAunemploymentratehasbeenbelowthenationalunemploymentrateforthelast6years,andhasbeenbelowthestateofFlorida’sunemploymentrateforthelast7years.Moody’sisprojectingtheSarasotaMSAGrossMetroProduct(“GMP”)growthwillmorethandoublethenationalGrossDomesticProductgrowthduringthecourseofthenext5years.Thelocalemploymentgrowthhasbeenabovethenationalemploymentgrowthfor4ofthelast5years.Moody’salsoprojectstheSarasotaMSAemploymentgrowthratewilloutpacethenationalemploymentgrowthforthenext5yearsandthelocalunemploymentratetobebelowthenationalunemploymentrateeachofthenext5years.

BUSINESSSTRATEGYThestrategywillincorporatemaintaininghighaverageoccupancy,increasingrentalratesbasedonmarketdynamics,andmonitoring/controllingexpensesandreservestomaximizeperformance.Additionally,theProjectwilldevelopamarketingcampaigntargetingyoungprofessionalsandhighlightingthelocation’s upscale retail and lifestyle amenities.

PROMOTE LOCATION

TheProjectisintheSarasotasubmarketwhichhousesover130,000residentswithina5-mileradiusoftheproject.Thesubmarketattractsstudentsandyoungprofessionalsseekingconvenientaccesstolocalamenities,colleges,andemployment.Keyhighlightsareasfollows:

• ConvenientAccesstotopFloridabeaches,golfandcountryclubcommunities,retailandrestaurants,andI-75(lessthan1mileaway).

• ConvenientaccesstoseveralhighereducationinstitutionsUniversityofSouthFloridaSarasota-Manatee,NewCollegeof Florida, State College of Florida and Ringling College of ArtandDesign1.

• Proximitytoemployment,includingtheSarasotaMemorialHealthCareSystem(4,000employees,approximately8milesfromtheProject),BeallsInc.(1,750employees,approximately8milesfromtheProject),andthedowntownbusinessdistrict(approximately9milesfromtheProject)2.

• SchooldistrictincludeAshtonElementaryandSarasotaMiddle,bothare10-ratedschoolsfocusingonScience,Technology,Engineering,andMath3.

1CoStar: Underwriting Report2Moody’s Analytics: North Port – Sarasota- Bradenton FL, IUSA_MNPT3https://www.zillow.com/homes/5900-Wilkinson-Road,-Sarasota,-FL-34233_rb/

OPERATING&MARKETINGSTRATEGY

Themarketingwillalsofocusontheabundanceofcommunityamenitiesofferingluxuryapartmentlivingwithuniquelydesignedhigh-endfinishesthroughout.

TheCommunityintendstoaddthefollowingamenities,withthegoalofprovidingadditionalfeatureswhichwillhelpattractprospectiveresidentsand/orprovidetheProjectwithadditionalincomeproducingorcostsavingopportunities:

• Thepropertycurrentlyhastwodogparkswhichwillneedtobeenhancedtobemoreattractivetodogownerswhichisscheduledtoresultinadditionalincomeopportunitieswithincreasedpetdepositsandrentfees;

-Installshadesailsinbothdogparks -Installagilityequipmentinoneofthedogparks -Installdogspainoneofthedogparks

• Enhancedlandscapingtoimprovecurbappeal,reduceongoinglandscapingcostsandeliminateerosion;

• RefreshtheClubhousefurnitureandaccessoriestokeepupwithcontemporarydesign

• Newpoolfurnituretoenhanceoutdoorkitchenarea

MAXIMIZEPERFORMANCE

• Implementaggressivemarketingcampaignstoreachouttolocalcorporations,businessesandvendorstoobtainreferrals,activitysponsorshipsandreciprocalbusinessopportunities.

• EnhancetheProject’swebsiteandinternetmarketingbyengaginganinternetfirmspecializinginwebsitedesignandsearchengineoptimization.TheutilizationofasearchengineoptimizationfirmwillimprovetheProject’sonlinepresenceresultinginmorecostefficientandcost-effectivemarketing.Thefirmwilldesignanddevelopanewwebsite

andprovidecommunity-tailoredpaidinternetsearchadvertisingcampaigns.

• Installastate-of-the-artcomputerizedrevenuemanagementprogramthatcollatesmarketandsubmarketdataandestablishesdailypricingforallunitsbasedonanumberofprimaryfactorsincludinginventory,daysonmarket,move-indateandlocation.Thistypeofcomputerizedrevenueenhancementsystemisgainingwideacceptanceinthemultifamilymanagementindustryasbeingacost-effectivesoftwareprogramthatwillmanagepricinginanefforttoincreasethefinancialperformanceoftheProject.

• Introduceandmonitormoreaggressiveincreasesinotherincomeitemstomaximizerecoveryofutilitycosts,trashremovalfeesandpestcontrolfees.

• Introduceandmonitormoreaggressiveincreasesinotherincomefeessuchasadministrativefees,applicationfees,transfer fees, pet deposits and pet rent.

IMPROVENEWLEASECLOSINGRATIOSANDRESIDENTRETENTION

• Hireanationallyrecognizedthird-partypropertymanagementcompanytooverseeanon-sitemanagementteamofexperiencedandenthusiasticprofessionals.

• Installaleasemanagementsystemthattargetsthenumberofmonthlyleaseexpirationstoapproximately10%oftheunits.

• Installareputationmanagementsystemthatenhancestheproperty’sonlineratingscoresonindustryratingsitesaswellasmultiplesearchengineratingsites.Intoday’stechnologydrivenmarket,aproperty’sonlineratingscoresarecriticalsearchcomponentsforprospectiveresidents.

• ConductregularmeetingsbetweentheMasterTenant’sassetmanager(s)andtheregionalthird-partystaffreviewingperformancereportsincluding,butnotlimitedto,newleasingactivity,retentionactivity,pricingmatrix,marketingprogramsandcapitalprojects.

• Hold regular resident functions to foster a sense of communitytherebyincreasingtenantretention.

IMPLEMENTASSETMANAGEMENTPROGRAMS

• Maximizeoccupancythroughimplementationofamulti-platformmarketingprogramincludingafocusonwebsiteandinternetadvertising,utilizationofprintmediaifapplicableanddevelopmentofnewmarketingbrochures,signage, banners, leasing materials and website.

• Leverage“economyofscale”costeffectivepricingstructureoncontractorandvendorservices,insuranceandmaintenancesupplyinventory.

• Performannualcompetitivebiddingofcontractsandservices.

• Implementanannualpropertytaxreviewandappealprogramutilizingrecognizednationaland/orlocalareataxconsultants.

• Implementanannualpropertyinsurancereviewutilizingrecognizednationalinsuranceagencies.

RISKS

Allrealestateinvestmentshaverisks.Thereisnoassurancethatsomeoralloftheseobjectiveswillbemet.TherearesubstantialrisksinanyInvestmentProgram.See“RiskFactors”intheaccompanyingPrivatePlacementMemorandumforadiscussionoftheriskrelevanttothisoffering.

Sarasota’stopemployerisSarasotaMemorialHealthCareSystem,located7milesfromLongitude82.SarasotaMemorialHealthcareSystemisaregionalreferralcenterofferingSouthwestFlorida’sgreatestbreadthanddepthofinpatient,outpatientandrehabilitativehealthcareservices,withmorethan800,000patientvisitsayear.Oneofthe10largestpublichospitalsinAmerica,SarasotaMemorial’s806-bedacutecarehospitalhasbeenrecognizedrepeatedlyasoneofthenation’slargest, safest and best.

SarasotaisthehomeofSiestaKeyBeach,whichwasrankedtheNo.1beachintheU.S.in2017byDr.StephenP.Leatherman,directorofFloridaInternationalUniversity’sLaboratoryforCoastalResearch,andrankedNo.5intheworldinTripAdvisor’s2017Travelers’ChoiceAwards.Thefreepublicbeachrecentlyfinisheda$21millionrenovationaddingmoreparking,concessions,picnicshelters,aplaygroundandmanymore amenities.

THESUB-MARKETLongitude82iswithinasuburbanareaofunincorporatedSarasotaCounty,sixmilessoutheastoftheSarasotaCentralBusinessDistrict.TheimmediateareasurroundingLongitude82isover95%developedandconsistsofamixtureofestablishedcommercialandresidentialdevelopment.Approximately1milefromthepropertyarevariousrestaurantsandretailerssuchasMadfishGrill,Starbucks,McDonalds,WalmartSupercenter,PublixSuperMarketandWalgreenstonameafew.AlsowithinamileofLongitude82istheDoctorsHospitalofSarasota,whichhasbeenawardedvariousaccoladesandawards.Thehospitalisa155-bedfacilityalsoincludesanemergencyroom,astrokeandcardiaccareunit,outpatientanddiagnosticservices.

Populationgrowthwithinthe1-5mileareahasbeensteadilyincreasingoverthepastseveralyearsandisprojectedtocontinuetogrowsteadilyoverthenext5years.Theareasinthe1,3and5-radiisurroundingLongitude82aremoreaffluentthantheSarasotaMSA.Theaveragehouseholdincomeoftheresidentsisover$103,000,exceedingtheSarasotaMSAbynearly20%.GradeschoolchildrenwholiveatLongitude82willattendLakeviewElementary,whichhasa10outof10ratingbyGreatSchools.org.

SARASOTA MSA TOP 15 EMPLOYERS

Rank Employer Employees

1 SarasotaMemorialHealthCareSystems 3,9542 BeallsInc. 1,7323 PGTIndustries 1,4404 BonSecoursVeniceHospital 1,4285 Was-MartStoresInc. 1,3326 Venice Regional Medical Center 1,2007 ManateeMemorialHospital 1,2008 TropicanaNorthAmerica 1,0009 PublixSupermarkets 99410CharterOneHotels 95011SarasotaFamilyYMCA 91012Winn-DixieStoresInc. 87513BlakeMedicalCenter 84914SunTrustBank 81915FCCIInsurance 720Source:Moody’sAnalyticsPrécisU.S.MetroReport–December2017

EXECUTIVE SUMMARYLONGITUDE 82 SARASOTAEXECUTIVE SUMMARY

THEMARKETTheNorthPort-Sarasota-BradentonMSAissituatedonFlorida’ssouthwesterncoast,roughly60milessouthofTampaBaywithapopulationofapproximately869,000.ThegreaterSarasotaareawonnumerousaccoladesduring2017,includingBestPlaceforSmallBusiness,BestPlacestoLiveandFlorida’sBestKeptSecret.Theareaofferssuperiorschools,significantmedicalresearchandeducationfacilities,higheducationalattainmentandaregionalworkforceofmorethan350,000.TheMSAincludesseveralhighereducationalinstitutionssuchasUniversityofSouthFloridaSarasota-Manatee,NewCollegeof Florida, State College of Florida, Manatee-Sarasota, and RinglingCollegeofArtandDesign.Morethanhalftheadultsintheworkforce25andolderhavecontinuedtheireducationatthecollegelevel.TheSarasotaCountySchoolDistrictisdesignatedasan“A”districtbytheFloridaDepartmentofEducation.ItisrankedthirdhighestinscoresonFlorida’sstandardizedtestsamongthestate’s67schooldistricts.Sixty-fivepercentofthecounty’spublicschoolteachersholdamaster’sdegreeorhigher,comparedtoa41percentstateaverage.

Healthcareandtourism/recreationarethemajoremploymentsectorsinSarasota,whilegrowthinmanufacturing,technology,lifesciencesandfinancialservicejobscontinuetostrengthenthelocaleconomy.AccordingtoMoody’s,NorthPort-Sarasota-Bradentonisonanuptrend;payrollemploymentisontherisewiththeyear-over-yeargrowthmorethantwicethatintherestofFlorida.JobgrowthoverthepastyearexceedsthestatewideandU.S.averages.Withjobcreationrobust,theunemploymentratehasdescendedto3.2%,itslowestinmorethanadecade.TheSarasotaMSAunemploymentratehasbeenbelowthenationalunemploymentrateforthelast6years,andhasbeenbelowthestateofFlorida’sunemploymentrateforthelast7years.Moody’sisprojectingtheSarasotaMSAGrossMetroProduct(“GMP”)growthwillmorethandoublethenationalGrossDomesticProductgrowthduringthecourseofthenext5years.Thelocalemploymentgrowthhasbeenabovethenationalemploymentgrowthfor4ofthelast5years.Moody’salsoprojectstheSarasotaMSAemploymentgrowthratewilloutpacethenationalemploymentgrowthforthenext5yearsandthelocalunemploymentratetobebelowthenationalunemploymentrateeachofthenext5years.

BUSINESSSTRATEGYThestrategywillincorporatemaintaininghighaverageoccupancy,increasingrentalratesbasedonmarketdynamics,andmonitoring/controllingexpensesandreservestomaximizeperformance.Additionally,theProjectwilldevelopamarketingcampaigntargetingyoungprofessionalsandhighlightingthelocation’s upscale retail and lifestyle amenities.

PROMOTE LOCATION

TheProjectisintheSarasotasubmarketwhichhousesover130,000residentswithina5-mileradiusoftheproject.Thesubmarketattractsstudentsandyoungprofessionalsseekingconvenientaccesstolocalamenities,colleges,andemployment.Keyhighlightsareasfollows:

• ConvenientAccesstotopFloridabeaches,golfandcountryclubcommunities,retailandrestaurants,andI-75(lessthan1mileaway).

• ConvenientaccesstoseveralhighereducationinstitutionsUniversityofSouthFloridaSarasota-Manatee,NewCollegeof Florida, State College of Florida and Ringling College of ArtandDesign1.

• Proximitytoemployment,includingtheSarasotaMemorialHealthCareSystem(4,000employees,approximately8milesfromtheProject),BeallsInc.(1,750employees,approximately8milesfromtheProject),andthedowntownbusinessdistrict(approximately9milesfromtheProject)2.

• SchooldistrictincludeAshtonElementaryandSarasotaMiddle,bothare10-ratedschoolsfocusingonScience,Technology,Engineering,andMath3.

1CoStar: Underwriting Report2Moody’s Analytics: North Port – Sarasota- Bradenton FL, IUSA_MNPT3https://www.zillow.com/homes/5900-Wilkinson-Road,-Sarasota,-FL-34233_rb/

OPERATING&MARKETINGSTRATEGY

Themarketingwillalsofocusontheabundanceofcommunityamenitiesofferingluxuryapartmentlivingwithuniquelydesignedhigh-endfinishesthroughout.

TheCommunityintendstoaddthefollowingamenities,withthegoalofprovidingadditionalfeatureswhichwillhelpattractprospectiveresidentsand/orprovidetheProjectwithadditionalincomeproducingorcostsavingopportunities:

• Thepropertycurrentlyhastwodogparkswhichwillneedtobeenhancedtobemoreattractivetodogownerswhichisscheduledtoresultinadditionalincomeopportunitieswithincreasedpetdepositsandrentfees;

-Installshadesailsinbothdogparks -Installagilityequipmentinoneofthedogparks -Installdogspainoneofthedogparks

• Enhancedlandscapingtoimprovecurbappeal,reduceongoinglandscapingcostsandeliminateerosion;

• RefreshtheClubhousefurnitureandaccessoriestokeepupwithcontemporarydesign

• Newpoolfurnituretoenhanceoutdoorkitchenarea

MAXIMIZEPERFORMANCE

• Implementaggressivemarketingcampaignstoreachouttolocalcorporations,businessesandvendorstoobtainreferrals,activitysponsorshipsandreciprocalbusinessopportunities.

• EnhancetheProject’swebsiteandinternetmarketingbyengaginganinternetfirmspecializinginwebsitedesignandsearchengineoptimization.TheutilizationofasearchengineoptimizationfirmwillimprovetheProject’sonlinepresenceresultinginmorecostefficientandcost-effectivemarketing.Thefirmwilldesignanddevelopanewwebsite

andprovidecommunity-tailoredpaidinternetsearchadvertisingcampaigns.

• Installastate-of-the-artcomputerizedrevenuemanagementprogramthatcollatesmarketandsubmarketdataandestablishesdailypricingforallunitsbasedonanumberofprimaryfactorsincludinginventory,daysonmarket,move-indateandlocation.Thistypeofcomputerizedrevenueenhancementsystemisgainingwideacceptanceinthemultifamilymanagementindustryasbeingacost-effectivesoftwareprogramthatwillmanagepricinginanefforttoincreasethefinancialperformanceoftheProject.

• Introduceandmonitormoreaggressiveincreasesinotherincomeitemstomaximizerecoveryofutilitycosts,trashremovalfeesandpestcontrolfees.

• Introduceandmonitormoreaggressiveincreasesinotherincomefeessuchasadministrativefees,applicationfees,transfer fees, pet deposits and pet rent.

IMPROVENEWLEASECLOSINGRATIOSANDRESIDENTRETENTION

• Hireanationallyrecognizedthird-partypropertymanagementcompanytooverseeanon-sitemanagementteamofexperiencedandenthusiasticprofessionals.

• Installaleasemanagementsystemthattargetsthenumberofmonthlyleaseexpirationstoapproximately10%oftheunits.

• Installareputationmanagementsystemthatenhancestheproperty’sonlineratingscoresonindustryratingsitesaswellasmultiplesearchengineratingsites.Intoday’stechnologydrivenmarket,aproperty’sonlineratingscoresarecriticalsearchcomponentsforprospectiveresidents.

• ConductregularmeetingsbetweentheMasterTenant’sassetmanager(s)andtheregionalthird-partystaffreviewingperformancereportsincluding,butnotlimitedto,newleasingactivity,retentionactivity,pricingmatrix,marketingprogramsandcapitalprojects.

• Hold regular resident functions to foster a sense of communitytherebyincreasingtenantretention.

IMPLEMENTASSETMANAGEMENTPROGRAMS

• Maximizeoccupancythroughimplementationofamulti-platformmarketingprogramincludingafocusonwebsiteandinternetadvertising,utilizationofprintmediaifapplicableanddevelopmentofnewmarketingbrochures,signage, banners, leasing materials and website.

• Leverage“economyofscale”costeffectivepricingstructureoncontractorandvendorservices,insuranceandmaintenancesupplyinventory.

• Performannualcompetitivebiddingofcontractsandservices.

• Implementanannualpropertytaxreviewandappealprogramutilizingrecognizednationaland/orlocalareataxconsultants.

• Implementanannualpropertyinsurancereviewutilizingrecognizednationalinsuranceagencies.

RISKS

Allrealestateinvestmentshaverisks.Thereisnoassurancethatsomeoralloftheseobjectiveswillbemet.TherearesubstantialrisksinanyInvestmentProgram.See“RiskFactors”intheaccompanyingPrivatePlacementMemorandumforadiscussionoftheriskrelevanttothisoffering.

Sarasota’stopemployerisSarasotaMemorialHealthCareSystem,located7milesfromLongitude82.SarasotaMemorialHealthcareSystemisaregionalreferralcenterofferingSouthwestFlorida’sgreatestbreadthanddepthofinpatient,outpatientandrehabilitativehealthcareservices,withmorethan800,000patientvisitsayear.Oneofthe10largestpublichospitalsinAmerica,SarasotaMemorial’s806-bedacutecarehospitalhasbeenrecognizedrepeatedlyasoneofthenation’slargest, safest and best.

SarasotaisthehomeofSiestaKeyBeach,whichwasrankedtheNo.1beachintheU.S.in2017byDr.StephenP.Leatherman,directorofFloridaInternationalUniversity’sLaboratoryforCoastalResearch,andrankedNo.5intheworldinTripAdvisor’s2017Travelers’ChoiceAwards.Thefreepublicbeachrecentlyfinisheda$21millionrenovationaddingmoreparking,concessions,picnicshelters,aplaygroundandmanymore amenities.

THESUB-MARKETLongitude82iswithinasuburbanareaofunincorporatedSarasotaCounty,sixmilessoutheastoftheSarasotaCentralBusinessDistrict.TheimmediateareasurroundingLongitude82isover95%developedandconsistsofamixtureofestablishedcommercialandresidentialdevelopment.Approximately1milefromthepropertyarevariousrestaurantsandretailerssuchasMadfishGrill,Starbucks,McDonalds,WalmartSupercenter,PublixSuperMarketandWalgreenstonameafew.AlsowithinamileofLongitude82istheDoctorsHospitalofSarasota,whichhasbeenawardedvariousaccoladesandawards.Thehospitalisa155-bedfacilityalsoincludesanemergencyroom,astrokeandcardiaccareunit,outpatientanddiagnosticservices.

Populationgrowthwithinthe1-5mileareahasbeensteadilyincreasingoverthepastseveralyearsandisprojectedtocontinuetogrowsteadilyoverthenext5years.Theareasinthe1,3and5-radiisurroundingLongitude82aremoreaffluentthantheSarasotaMSA.Theaveragehouseholdincomeoftheresidentsisover$103,000,exceedingtheSarasotaMSAbynearly20%.GradeschoolchildrenwholiveatLongitude82willattendLakeviewElementary,whichhasa10outof10ratingbyGreatSchools.org.

SARASOTA MSA TOP 15 EMPLOYERS

Rank Employer Employees

1 SarasotaMemorialHealthCareSystems 3,9542 BeallsInc. 1,7323 PGTIndustries 1,4404 BonSecoursVeniceHospital 1,4285 Was-MartStoresInc. 1,3326 Venice Regional Medical Center 1,2007 ManateeMemorialHospital 1,2008 TropicanaNorthAmerica 1,0009 PublixSupermarkets 99410CharterOneHotels 95011SarasotaFamilyYMCA 91012Winn-DixieStoresInc. 87513BlakeMedicalCenter 84914SunTrustBank 81915FCCIInsurance 720Source:Moody’sAnalyticsPrécisU.S.MetroReport–December2017

EXECUTIVE SUMMARYLONGITUDE 82 SARASOTAEXECUTIVE SUMMARY

FLOOR PLAN SAMPLES

THE PROPERTY• 360-unit Class A apartment community completed in 2016 and situated on 32.54 acres, offering studio, 1, 2 and 3-bedroom

units.

• Unitamenitiesincludegranitecountertops,fauxwoodflooring,kitchenislands,9-footceilings,washer/dryerunitsandwalk-in closets.

• Communityamenitiesincludearesort-stylesaltwaterswimmingpool,24-hourfitnesscenter,well-appointedresidentclubhousewithsociallounge,coffeebarandcateringkitchen,poolsidekitchenwithgrillsandfirepit,twoleash-freedogparks,petspa,carcarecenter,outdoorfirepitwithseating,gatedentry,sceniclakeandattachedanddetachedgarages.

THE INVESTMENT OPPORTUNITY• Sarasota,FLisprojectedtooutpacetheU.S.inGDP/GMP,employmentgrowth,andpersonalincomegrowthoverthenext

fiveyears.

• TheunemploymentrateforSarasotahasbeenbelowthenationalrateforthelast6yearsandisprojectedtostaybelowtheU.S.rateforthenextfiveyears;itisalsocurrentlythelowestinthestateofFlorida.

• Recentlyrankedinthe100BestPlacesToLivebyUSNewsandWorldReport,theareaofferssuperiorschools,significantmedicalresearchandeducationfacilities,higheducationalattainmentandaregionalworkforceofmorethan350,000.

• RentsintheSarasotamarkethaveaveraged4.3%growthperyearforthelast5years;REISprojects3.6%peryearaverageaskingrentgrowthforthenext5years.

• IdeallylocatedinoneofthemostcovetedareasinSouthwestFlorida,Longitude82hasdirectfrontagealongInterstate75whichisthemajorarterythatlinksSarasotatotheTampa/St.PetersburgMSAandSouthwestFlorida.

LONGITUDE82SARASOTA|5900WILKINSONRD|SARASOTA,FL34233

2050MAINSTREET,SUITE650|IRVINE,CA92614

949-442-1000TEL|877-4-PASSCOTOLLFREE|WWW.PASSCO.COM

IRVINE,CA|DENVER,CO|AUSTIN,TX|DALLAS,TX|LITTLEROCK,AR|ATLANTA,GA

BELDENBROWN(949)263-7905

Executive Vice President & National Sales Manager

THOMASJAHNCKE(949)263-7904

Senior Vice President

ADRIANAOLSEN(949)263-7933

Senior Vice President

ANDYWANG(949)263-7934

Senior Vice President

BRADMCCORD(949)263-7935

Registered MarketingRepresentative

MARKETINGCONTACTS:MARCO VITULLI

(949)263-7936Registered Marketing

Representative

TheMemorandumcontainsmorecompleteinformationregardingtheinvestmentincludingthefollowingriskfactors:

• TherewillbenopublicmarketfortheInterests.

• Thereisnospecifiedtimethattheinvestmentwillbeliquidated.

• DelawareStatutoryTrustsarearelativelynewvehicleforrealestateinvestmentandareinflexiblevehiclestoownrealproperty.

• InvestorswillhavenovotingrightsandwillhavenocontrolovermanagementoftheTrustortheProperty.

• Thereisnoguaranteethatinvestorswillreceiveanyreturn.

• Distributionsmaybederivedfromsourcesotherthanearnings.

• ThePropertywillbesubjecttoaMasterLeasewithanAffiliateoftheSponsor.

• ThePropertywillbesubjecttotherisksgenerallyassociatedwiththeacquisition,ownershipandoperationofrealestateincluding,withoutlimitation,environmentalconcerns,competition,occupancy,easementsandrestrictionsandotherrealestaterelatedrisks.

• ThePropertywillbeleveraged.

• TheManager,theMasterTenantandtheirAffiliateswillreceivesubstantialcompensationinconnectionwiththeOfferingandinconnectionwiththeongoingmanagementandoperationoftheProperty.

• TheManager,theTrust,theMasterTenantandtheirAffiliateswillbesubjecttocertainconflictsofinterest.

• AninvestmentintheInterestsinvolvescertaintaxrisks.

AMENITIESCOMMUNITYAMENITIESINCLUDE:

• Clubhouse/leasingoffice• Social Lounge• Swimmingpoolwithcoveredcabanas• Outdoorfirepitwithseating• Outdoor grilling area• Dogpark• Fitness center• Coffee bar• Car care center• Gatedentry

UNITAMENITIES:• Coiltopstove/range• Microwavewithfanhood• Doublebasinsinkwithgarbagedisposal• Granitecountertops• Refrigerator• Dishwasher• Fauxwoodfloors• Kitchenisland• Ceilingfansinliving/bedrooms• 9-footceilings• Brushednickelhardware• 2-inchhorizontalblinds• Washer/dryerunits• Paneldoorsandwalk-inclosets• Eachbathroomfeaturessinglevanitieswith granitecountertopsandtuband/orshowers withceramictilewainscot.

OneBedroom|OneBath ThreeBedroom|TwoBathTwoBedroom|TwoBath

Sarasota MSA 1-Mile 3-Mile 5-Mile

2010–2018PopulationGrowth 15.07% 6.93% 8.17% 7.24%

2018–2023PopulationGrowth 7.54% 5.24% 5.58% 5.14%

2018EstimatedPopulation 808,091 7,380 56,042 136,153

AverageAge 48.3 49.8 47.8 48.7

%ofAge25+w/CollegeDeg. 39.31% 42.40% 43.29% 43.17%

PrimeRentalAge18-34 15.96% 15.82% 16.67% 15.87%

AverageHouseholdIncome $82,848 $95,617 $94,158 $87,134

%ofHouseholds>$100KIncome 25.98% 32.94% 31.66% 28.38%

MedianHomeValue $225,708 $228,856 $243,830 $234,652Source: Pop-Facts Demographics Snapshot by Claritas

DEMOGRAPHICSSITE PLAN

UNITMIX UNITTYPE UNITS %/UNITS SFPERUNIT TOTALSF

1Studio 20 5.6% 525 10,500Studio 32 8.9% 623 19,9361BR/1BA 32 8.9% 760 24,3201BR/1BA 32 8.9% 816 26,1121BR/1BA 32 8.9% 857 27,4241BR/1BA 32 8.9% 909 29,0882BR/2BA 16 4.5% 1,062 16,9922BR/2BA 52 14.4% 1,088 56,5762BR/2BA 16 4.4% 1,152 18,4322BR/2BA 64 17.7% 1,185 75,8403BR/2BA 16 4.5% 1,334 21,3443BR/2BA 16 4.4% 1,430 22,880Total / Average 360 100.0% 971 349,444*Total square footage divided by total number of units.

EXECUTIVE SUMMARYLONGITUDE 82 SARASOTAEXECUTIVE SUMMARY

Thismaterialdoesnotconstituteanofferandisauthorizedforuseonlywhenaccompaniedorprecededbyadefinitiveconfidentialprivateplacementmemorandum.Reference ismadetothememorandumforastatementofrisksandtermsoftheoffering.Theinformationsetforthhereinisqualifiedinitsentiretybythememorandum.Allpotentialinvestorsmustreadthememorandumandnopersonmayinvestwithoutacknowledgingreceiptandcompletereviewofthememorandum. v051818

FLOOR PLAN SAMPLES

THE PROPERTY• 360-unit Class A apartment community completed in 2016 and situated on 32.54 acres, offering studio, 1, 2 and 3-bedroom

units.

• Unitamenitiesincludegranitecountertops,fauxwoodflooring,kitchenislands,9-footceilings,washer/dryerunitsandwalk-in closets.

• Communityamenitiesincludearesort-stylesaltwaterswimmingpool,24-hourfitnesscenter,well-appointedresidentclubhousewithsociallounge,coffeebarandcateringkitchen,poolsidekitchenwithgrillsandfirepit,twoleash-freedogparks,petspa,carcarecenter,outdoorfirepitwithseating,gatedentry,sceniclakeandattachedanddetachedgarages.

THE INVESTMENT OPPORTUNITY• Sarasota,FLisprojectedtooutpacetheU.S.inGDP/GMP,employmentgrowth,andpersonalincomegrowthoverthenext

fiveyears.

• TheunemploymentrateforSarasotahasbeenbelowthenationalrateforthelast6yearsandisprojectedtostaybelowtheU.S.rateforthenextfiveyears;itisalsocurrentlythelowestinthestateofFlorida.

• Recentlyrankedinthe100BestPlacesToLivebyUSNewsandWorldReport,theareaofferssuperiorschools,significantmedicalresearchandeducationfacilities,higheducationalattainmentandaregionalworkforceofmorethan350,000.

• RentsintheSarasotamarkethaveaveraged4.3%growthperyearforthelast5years;REISprojects3.6%peryearaverageaskingrentgrowthforthenext5years.

• IdeallylocatedinoneofthemostcovetedareasinSouthwestFlorida,Longitude82hasdirectfrontagealongInterstate75whichisthemajorarterythatlinksSarasotatotheTampa/St.PetersburgMSAandSouthwestFlorida.

LONGITUDE82SARASOTA|5900WILKINSONRD|SARASOTA,FL34233

2050MAINSTREET,SUITE650|IRVINE,CA92614

949-442-1000TEL|877-4-PASSCOTOLLFREE|WWW.PASSCO.COM

IRVINE,CA|DENVER,CO|AUSTIN,TX|DALLAS,TX|LITTLEROCK,AR|ATLANTA,GA

BELDENBROWN(949)263-7905

Executive Vice President & National Sales Manager

THOMASJAHNCKE(949)263-7904

Senior Vice President

ADRIANAOLSEN(949)263-7933

Senior Vice President

ANDYWANG(949)263-7934

Senior Vice President

BRADMCCORD(949)263-7935

Registered MarketingRepresentative

MARKETINGCONTACTS:MARCO VITULLI

(949)263-7936Registered Marketing

Representative

TheMemorandumcontainsmorecompleteinformationregardingtheinvestmentincludingthefollowingriskfactors:

• TherewillbenopublicmarketfortheInterests.

• Thereisnospecifiedtimethattheinvestmentwillbeliquidated.

• DelawareStatutoryTrustsarearelativelynewvehicleforrealestateinvestmentandareinflexiblevehiclestoownrealproperty.

• InvestorswillhavenovotingrightsandwillhavenocontrolovermanagementoftheTrustortheProperty.

• Thereisnoguaranteethatinvestorswillreceiveanyreturn.

• Distributionsmaybederivedfromsourcesotherthanearnings.

• ThePropertywillbesubjecttoaMasterLeasewithanAffiliateoftheSponsor.

• ThePropertywillbesubjecttotherisksgenerallyassociatedwiththeacquisition,ownershipandoperationofrealestateincluding,withoutlimitation,environmentalconcerns,competition,occupancy,easementsandrestrictionsandotherrealestaterelatedrisks.

• ThePropertywillbeleveraged.

• TheManager,theMasterTenantandtheirAffiliateswillreceivesubstantialcompensationinconnectionwiththeOfferingandinconnectionwiththeongoingmanagementandoperationoftheProperty.

• TheManager,theTrust,theMasterTenantandtheirAffiliateswillbesubjecttocertainconflictsofinterest.

• AninvestmentintheInterestsinvolvescertaintaxrisks.

AMENITIESCOMMUNITYAMENITIESINCLUDE:

• Clubhouse/leasingoffice• Social Lounge• Swimmingpoolwithcoveredcabanas• Outdoorfirepitwithseating• Outdoor grilling area• Dogpark• Fitness center• Coffee bar• Car care center• Gatedentry

UNITAMENITIES:• Coiltopstove/range• Microwavewithfanhood• Doublebasinsinkwithgarbagedisposal• Granitecountertops• Refrigerator• Dishwasher• Fauxwoodfloors• Kitchenisland• Ceilingfansinliving/bedrooms• 9-footceilings• Brushednickelhardware• 2-inchhorizontalblinds• Washer/dryerunits• Paneldoorsandwalk-inclosets• Eachbathroomfeaturessinglevanitieswith granitecountertopsandtuband/orshowers withceramictilewainscot.

OneBedroom|OneBath ThreeBedroom|TwoBathTwoBedroom|TwoBath

Sarasota MSA 1-Mile 3-Mile 5-Mile

2010–2018PopulationGrowth 15.07% 6.93% 8.17% 7.24%

2018–2023PopulationGrowth 7.54% 5.24% 5.58% 5.14%

2018EstimatedPopulation 808,091 7,380 56,042 136,153

AverageAge 48.3 49.8 47.8 48.7

%ofAge25+w/CollegeDeg. 39.31% 42.40% 43.29% 43.17%

PrimeRentalAge18-34 15.96% 15.82% 16.67% 15.87%

AverageHouseholdIncome $82,848 $95,617 $94,158 $87,134

%ofHouseholds>$100KIncome 25.98% 32.94% 31.66% 28.38%

MedianHomeValue $225,708 $228,856 $243,830 $234,652Source: Pop-Facts Demographics Snapshot by Claritas

DEMOGRAPHICSSITE PLAN

UNITMIX UNITTYPE UNITS %/UNITS SFPERUNIT TOTALSF

1Studio 20 5.6% 525 10,500Studio 32 8.9% 623 19,9361BR/1BA 32 8.9% 760 24,3201BR/1BA 32 8.9% 816 26,1121BR/1BA 32 8.9% 857 27,4241BR/1BA 32 8.9% 909 29,0882BR/2BA 16 4.5% 1,062 16,9922BR/2BA 52 14.4% 1,088 56,5762BR/2BA 16 4.4% 1,152 18,4322BR/2BA 64 17.7% 1,185 75,8403BR/2BA 16 4.5% 1,334 21,3443BR/2BA 16 4.4% 1,430 22,880Total / Average 360 100.0% 971 349,444*Total square footage divided by total number of units.

EXECUTIVE SUMMARYLONGITUDE 82 SARASOTAEXECUTIVE SUMMARY

Thismaterialdoesnotconstituteanofferandisauthorizedforuseonlywhenaccompaniedorprecededbyadefinitiveconfidentialprivateplacementmemorandum.Reference ismadetothememorandumforastatementofrisksandtermsoftheoffering.Theinformationsetforthhereinisqualifiedinitsentiretybythememorandum.Allpotentialinvestorsmustreadthememorandumandnopersonmayinvestwithoutacknowledgingreceiptandcompletereviewofthememorandum. v051818