Kinect Real Estate Partners — Real Assets Investment Management

Track Record

Decades of Consistent Execution

Our principals and integrated platform have delivered strong risk-adjusted returns across market cycles through disciplined investing and operational excellence.

Year Track Record

$4B+

Assets Built & Acquired

23,000+

Units

86+

Communities

$1.2B+

Institutional Equity

The track record presented below reflects investments made through American Capital Group (ACG), Kinect Real Estate Partners' vertically integrated affiliate. Kinect Real Estate Partners' principals — including BJ Kuula as CEO of ACG and Mike Paulus as Strategic Partner — have been directly involved in the origination, execution, and management of these investments. Past performance is not indicative of future results. Returns are presented gross of fees unless otherwise noted.

$114M

OZ Equity Raised

785

OZ Units Completed / UC

3/3

Projects On Track

Institutional OZ Partners

OZ Fund I — DevelopmentOperating

Kinect @ Lynnwood

Lynnwood, WA — 239 Units

Basis

$76M

Cash-on-Cash

15.1%

Equity Returned

60%

Completed construction and lease-up in just 28 months during COVID-19

60% of investor equity returned via Fannie Mae cash-out refinance

Adjacent to newly opened Sound Transit Light Rail station

10-year Opportunity Zone hold generating strong ongoing cash flow

Kinect-branded OZ fund managed through American Capital Group with Kinect Real Estate Partners principals.

OZ Fund II — DevelopmentOperating

Kinect @ Burien

Burien, WA — 230 Units

Basis

$83M

Equity Returned

18%

Budget

$2M Under

On schedule and $2M under budget — demonstrating disciplined execution

18% of equity returned to investors via Fannie Mae refinance

Walkable to transit and downtown Burien

Institutional OZ partner: Canyon Partners

Kinect-branded OZ fund managed through American Capital Group with Kinect Real Estate Partners principals.

OZ Fund III — DevelopmentUnder Construction

Enso

Lynnwood, WA — 316 Units

Basis

$119M

Proj. Yield

6.4%

Schedule

4 Mo. Ahead

4 months ahead of schedule and under budget

Adjacent to Lynnwood Link Light Rail with strong transit-oriented demand

8-year property tax exemption enhancing projected returns

Institutional OZ partner: Clarion Partners

Kinect-branded OZ fund managed through American Capital Group with Kinect Real Estate Partners principals.

DevelopmentRealized

Uplund

Kirkland, WA — 409 Units

Cost

$107M

Sale Price

$242M

Deal IRR

68.3%

Multiple

2.2x

Purchased mid-construction at ~50% completion, leveraging vertical integration

In-house team completed construction and lease-up in under 24 months

Located in Kirkland's Innovation Triangle near Totem Lake Village

GP-level return of 303.3% IRR / 8.8x multiple

Investment made and managed by American Capital Group. Sold July 2022.

DevelopmentOperating

The Quarry

Hillsboro, OR — 352 Units

Cost

$75M

Est. Value

$130M

Deal IRR

19.8%

Multiple

1.9x

Located in Oregon's Silicon Forest near four Intel campuses with 22K+ employees

Purchased mid-construction and completed via in-house platform

Cash-out refinance returned 67% of equity to investors

Unrealized GP-level return of 35.1% IRR / 3.06x multiple

Investment made and managed by American Capital Group. Acquired October 2020.

Value-Add PortfolioRealized

Capitol Place, Monticello & Dakota

Lacey, WA & Sacramento, CA — 556 Units

Purchase

$102M

Sale Price

$176M

Deal IRR

39.2%

Multiple

3.1x

Targeted workforce housing where Class B was priced at significant discount to new product

Renovated ~25% of units achieving an average ROI of 22%

Captured rent premiums while maintaining compelling price point vs Class A

GP-level return of 80.6% IRR / 8.2x multiple

Investment made and managed by American Capital Group. Acquired August 2018, exited August 2022.

Value-Add PortfolioRealized

River Trail & Eaglewood

Puyallup, WA & Woodland, CA — 606 Units

Purchase

$95M

Sale Price

$123M

Deal IRR

29.2%

Multiple

1.9x

Combined two adjacent 225-unit assets to create operating efficiencies

Completed interior renovations in all units achieving 20% average ROI

Stabilized and sold to the world's largest real estate owner at a significant premium

GP-level return of 54.1% IRR / 2.7x multiple

Investment made and managed by American Capital Group. Acquired December 2016, exited June 2019.

Value-Add PortfolioRealized

Brooks Landing, Highlands, Sterling Pointe & Woodlands

CA, AZ & WA — 932 Units

Purchase

$145M

Crystal. Price

$265M

Deal IRR

25.0%

Multiple

3.4x

Targeted workforce housing across three states with significant value-add potential

Renovated most units across the portfolio achieving an average ROI of 24%

Crystallized carried interest at then-current market values, December 2024

GP-level return of 40.0% IRR / 7.9x multiple

Investment made and managed by American Capital Group. Multi-state portfolio crystallized December 2024.

Value-AddRealized

Columbia Trails

Gresham, OR — 264 Units

Purchase

$42M

Sale Price

$56M

Deal IRR

26.1%

Multiple

2.0x

Increased rents by over 24% through successful value-add renovation program

Significant valuation increase through strategic renovations and operational improvements

Competitive sales process delivered 53% GP-level IRR and 3.13x multiple

Investment made and managed by American Capital Group. Acquired May 2015, exited May 2018.

Identified Pipeline

Current Investment Pipeline

Projects identified and in various stages of development through our integrated platform with ACG. Pipeline projects are subject to change.

R22 Phase I

Redmond, WA

367 Units Development

R22 Phase II

Redmond, WA

364 Units Development

The Kelsey

Bellevue, WA

228 Units Development

Spring Vue

Bellevue, WA

401 Units Development

Brierwood

Bellevue, WA

419 Units Development

Bothell

Bothell, WA

321 Units Development

Bellevue Jeep

Bellevue, WA

447 Units Development

Tacoma 3 Pack

Tacoma, WA

557 Units Value-Add Acquisition

Pipeline reflects identified opportunities through American Capital Group. Projects are subject to change. No specific fund terms, projected returns, or financial details are presented.

Dispositions

Trusted by the World's Leading Investors

ACG's track record of successful exits to institutional buyers demonstrates the quality and marketability of our platform's assets.

2,463

units to BREIT (Blackstone)

556

units to Artemis Real Estate

409

units to GID

400

units to Exeter (EQT)

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