The week of July 2025 was an incredible week at ABrown Holdings! In a whirlwind of travel and meetings, we, along with our five amazing partners, have officially closed on an 8-unit apartment building in Grand Forks, North Dakota. This is more than a simple purchase; it's a vision coming to life. We have big plans to turn this 'ugly duckling' into a beautiful swan, and the numbers are just as exciting as the project itself.

ABrown Holdings LLC was instrumental in bringing this project to fruition. The team successfully underwrote and negotiated the deal, found the investors, and put together the new holding LLC that now owns the property. This comprehensive effort was key to securing a fantastic opportunity.

Our team is capitalizing on the explosive economic growth in Grand Forks. The region is experiencing unprecedented development with over $450M in major investments, including a new Agristo Potato Processing Plant and significant military expansion. This has created a critical housing shortage, with the city's vacancy rate at only 2.5%, well below the healthy range of 5-10%.

The property, located at 515 N 8th Street, is in a prime university area. Our value-add strategy is already underway with a budget for significant capital improvements. We will be executing a full transformation, including interior renovations with new kitchens and flooring, as well as exterior improvements like siding repair and landscaping. Our goal is to take this property and make it a highly desirable asset, optimizing rents to move toward current market rents.

The financial projections for this project are a testament to what a great team and a solid plan can achieve. The deal is projected to have strong returns:

• Return all invested capital through a refinance at the end of Year 2
• 43.5% Internal Rate of Return (IRR)
• 2.93x equity multiple over a 5-year hold period