CLOSED INVESTMENT

135 Indiana

Lubbock, Texas

UNITS204

PURCHASE PRICE$29M

PROPERTY PROFILEClass A multifamily · Built 2023

THE INVESTMENT THESIS

The reasoning behind the acquisition.

A 204-unit Class A community acquired off market in November 2025. The investment brought together acquisition and underwriting leadership, capital formation, and asset management alongside Penn Capital.

Our work in the investment

Our responsibilities span the investment lifecycle: evaluating the acquisition, forming the capital, overseeing the asset, and maintaining the investor relationship after closing.

AREAS FOR INVESTOR DILIGENCE

Purchase basis and the cost to replace a newer community
Local leasing demand, competitive supply, and income durability
Financing, reserves, and accountability for the operating plan

This profile describes acquisition rationale and responsibilities based on the July 10, 2026 sponsor overview. It does not represent a current performance report or a forecast of returns. Request current reporting from investor relations.

OPERATING EVIDENCE / 135 INDIANA

See the work
behind the numbers.

Q2 / June 2026 reporting

A dated snapshot from one investment. The operating results, the distribution update, and an issue the team was addressing.

98.03%Reported occupancyJune 2026

$466,987Property net operating incomeQ2 2026

Distributions madeTo Class B membersQ2 2026 · Per the investor report

COST SEGREGATION133%Paper tax losses
relative to invested capital

A separate dimension of the investment.

135 Indiana investors who participated in the cost segregation allocation received paper tax losses equal to 133% of their invested capital.

This is a tax-loss allocation, not a cash distribution or investment return. Deductibility and timing depend on each investor’s circumstances and applicable limitations.

Discuss the cost segregation allocation Sponsor-reported allocation. Review the investment-specific tax documents with your tax adviser.

THE OPERATING RESPONSE

Property taxes came in above the estimate.

The report identified a $415,000 property-tax estimate against $385,000 projected. A firm was engaged to appeal the taxes. Investor reporting should make that variance and the response visible.

OUR INVOLVEMENT

GP, underwriting, and asset management.

Evervine participated in acquisition and underwriting leadership, asset management, capital formation, and investor relations alongside Penn Capital.

How to read this example

Occupancy is a reported June measure. NOI is the property’s reported net operating income for Q2, not a distribution or a return to investors. The distribution statement confirms payment to Class B members; it does not establish a return rate or a full-cycle result. This is one property and one reporting period, not a portfolio-wide performance representation.

Operating data source: 135 Indiana, July / Q2 2026 investor report; reporting period June 2026. Sponsor-reported historical data, not independently audited here. Results are property-specific and do not guarantee future performance.

Discuss the operating record

Another view of 135 Indiana — 135 Indiana · Lubbock, TX

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