The Adviser is a Delaware limited liability company that provides investment advisory services to certain Funds, which are generally structured as limited partnerships. The Adviser is an indirect wholly owned subsidiary of Fairfield Residential Company LLC (“Fairfield”). As a vertically integrated multifamily real estate company in the United States, Fairfield is a provider of acquisition, entitlement, development, construction, renovation, property and asset management and disposition services. Fairfield was founded in 1985 and the Adviser was founded in 2011. Fairfield along with its subsidiaries and affiliates is a privately held multifamily real estate owner, operator, developer and fund sponsor and is a fully integrated multifamily platform. Fairfield has a presence in the multifamily market through its three business entities, providing both services (via Fairfield Residential Company LLC) and sponsorship investment capital (via Fairfield Residential Holdings LLC (“FRH”) and Fairfield Investment Company LLC (“FIC”)). FRH is the successor entity to Fairfield Investment Company LLC (“FIC”) and provides sponsorship capital to Fairfield-sponsored investment vehicles. FIC provided sponsorship capital to investment vehicles formed by FIC prior to April 26, 2019. The California State Teachers’ Retirement System (“CalSTRS”) is the principal owner of Fairfield and, thus, indirectly of the Adviser. The Adviser provides investment advisory, sub-advisory, management, administrative and other services to Funds and other entities and ventures primarily with respect to direct and indirect investments in real estate properties that are structured as “securities”. The Adviser also leverages Fairfield’s vertically integrated operating property platform for sourcing, acquiring and managing investments for the Funds. Our investment advice is tailored to meet the investment objectives and restrictions of each Fund, as set out in each such Fund’s investment management agreements and

other Governing Documents and, as a general matter, are not tailored to the individualized needs of any particular Investor. The terms of the Governing Documents can differ from Fund to Fund and the General Partner, on behalf of a Fund, expects to from time to time enter into letter agreements or other similar arrangements (collectively, “Side Letters”) with one or more Investors in a Fund. Subject to the approval of the Adviser or the Fund’s General Partner, an Investor can impose restrictions on certain types of investments by a Fund for tax, regulatory, or other reasons through Side Letters. The Funds’ investment strategies are described in more detail in Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss, below. With respect to any Fund, the information in this Brochure is qualified in its entirety by the information set forth in the Fund’s Governing Documents, as modified by any Side Letters. Among other things, the Adviser identifies investment opportunities for Funds and participates in the acquisition, management, monitoring and disposition of such investments using an operations-oriented approach, as described in more detail in Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss, below. Investment advisory services are provided directly to the Funds and not individually to the Funds’ Investors (“Investors”). Since the Adviser does not provide individualized advice to Investors (and an investment in a Fund does not, in and of itself, create an advisory relationship between an Investor and the Adviser), prospective Investors must consider whether a particular Fund meets their investment objectives and risk tolerance prior to investing. Fairfield Realty Advisors LLC 6 The Adviser does not participate in any wrap fee programs. As of December 31, 2023, the Adviser had $2,341,514,651 of non-discretionary regulatory assets under management and $2,180,891,373 in discretionary assets under management.