With over $19M+ invested in capital since 2015, Shenandoah Crossing has experienced significant growth. The Property achieved a 6.6% increase in combined new leases and renewals in 2025, 6.5% renewal tradeouts in the last 30 days, and over a 7% increase on renewals across the most recent 50 leases, supported by strong historical performance with average occupancy of 97.6% and resident retention of 67.8% since 2017.

Robust Historical Property Performance:

• 70% retention in 2025
• 97.6% average occupancy
• 67.8% retention since 2017

The Property offers a compelling value-add opportunity across 100% of the units. Current ownership has partially renovated a majority of the units and is achieving premiums of $200+ over the remaining 35 classic units. Shenandoah Crossing is well positioned to capture additional rent upside through the proposed next-generation renovation program, in conjunction with continued organic rent growth in the submarket.

Shenandoah Crossing benefits from a supply‑constrained submarket, with no market‑rate deliveries within a 2‑mile radius during the past decade and no additional supply projected within that radius through 2030.

Burke Shire Commons rents introduce the possibility for advantageous financing initiatives with 100% of units at 80% or less AMI rents and 68% of units at 60% or less AMI Rents.

• Continued compression in debt spreads.
• Agency lending caps increased $35B in 2026.
• Abundance of debt fund capital available at increasingly attractive terms.

The Property is located in one of Northern Virginia’s most robust submarkets, featuring an average household income of $173,000, with 65% of residents holding a bachelor’s degree or higher, and a median age of 40 within a 3-mile radius (Costar, 2026).

The Property is located in a top-tier school district, with Fairfax County Public Schools ranking in the top 5% statewide. Residents benefit from access to highly rated public schools, as the assigned elementary, middle, and high schools all hold an “A” rating on Niche. Additionally, the Property is highly walkable to Niche “A”-rated Chantilly High School, located just a 5-minute walk away.

Shenandoah Crossing’s submarket is projected to average 4.12% annual rent growth and 97% occupancy through 2030 (Axiometrics).

The Property is only a 10‑Minute drive from numerous major employment centers, including Dulles International Airport, which has over 20,000 employees. Shenandoah Crossing’s prime location also allows residents to easily access additional employment opportunities throughout the D.C. Metro area via nearby highways and the VRE system.