Description of Advisory Business Established in 2004, TMREG is a real estate investment management firm. TMREG also conducts its advisory business through its affiliate and relying advisor, TMG Partners II, LP. References in this Brochure to TMREG shall refer collectively to TMREG and TMG Partners II, LP insofar as it refers to the investment advisory business. Affiliates of TMREG act as the general partners (the “General Partners”) of limited partnerships that are pooled investment vehicles, and managers of limited liability companies (collectively, the “Funds”). Each General Partner is subject to the Advisers Act pursuant to TMREG’s registration in accordance with SEC guidance and operate as a single advisory business together with TMREG. The purpose of the Funds is to invest in, manage and operate multifamily real estate properties and assets in the United States. TMREG and its affiliates provide discretionary investment advisory services to the Funds and certain co- investment vehicles. Principal Owners TMREG is owned by Jeffrey L. Goldberg, an entity controlled by Robert P. Landin and The Milestone Group, LLC, a Texas limited liability company (“Milestone”). Milestone is a real estate investment and management firm owned by its Managing Partners, Jeffrey L. Goldberg and an entity controlled by Robert P. Landin. Types of Advisory Services TMREG provides investment management services to the Funds regarding the Funds’ investments in multifamily real estate assets. TMREG has broad discretion in making investments

for the Funds. All investors should refer to the relevant Fund private placement memorandum or other offering documents and limited partnership or other operating agreements of the Funds (collectively, the “Governing Documents”) in conjunction with this brochure for complete information on investment objectives, fees, strategies and restrictions. There is no assurance that the Funds will meet their performance objectives. TMREG does not tailor its advisory services to the individual needs of Fund investors, and such investors cannot impose restrictions on TMREG’s ability to invest in certain types of investments, except as may be set forth in the Governing Documents of the Funds. The Funds offer interests only to certain qualified investors and admission to the Funds is only via a “private offering” (i.e. is not open to the general public). Fund interests are sold only to qualified investors who are “accredited investors” under Rule 501 of Regulation D of the Securities Act of 1933, as amended, “qualified purchasers” as such term is defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended (“Investment Company Act”), and “qualified clients” as such term is defined in the Advisers Act. Each Fund is exempt from registration as an investment company under the Investment Company Act pursuant to Section 3(c)(7). Assets Under Management As of December 31, 2023, TMREG managed $2,074,726,188 of regulatory assets on a discretionary basis and $0 of regulatory assets on a non-discretionary basis.