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Tahoe is emerging as one of the most competitive luxury real estate markets in the U.S., driven by an influx of high-net-worth and billionaire buyers seeking premier assets and long-term wealth preservation. Featured in recent coverage from Forbes is Realberry's Lake Tahoe Resort & Spa positioned within a market seeing record-setting transactions and heightened demand, particularly on the Nevada side. As capital continues to concentrate in top-tier destinations, institutional-quality hospitality assets like Lake Tahoe Resort & Spa are increasingly central to how investors gain exposure to enduring, supply-constrained markets. Read the full article in Forbes

Quick takeaways Mixed-use properties with service-oriented retail and highly amenitized office spaces are in greater demand following the pandemic. These asset types can reinforce demand and strengthen overall leasing, experience, and value in mixed-use developments. Housing in mixed-use developments can drive demand for other uses. Growing markets, including Denver and the Mountain West region, are attracting population and jobs that may support demand for mixed-use properties in the years ahead. Service-Driven Retail, Offices with Worker-Friendly Perks Lead the Recovery In the post COVID-19 environment, demand for properties with these features has been high on a national basis, with experiential retail and amenitized workplaces increasingly popular. Recently, pension funds and other institutional investors have shown renewed interest in retail real estate, signaling the sector as a standout and helping drive up investment property sale prices. Demand for mixed-use development with experiential retail and office spaces does not seem to be a short-term trend; rather, it's a reflection of how people want to live, work, and play. It also reflects shifts in zoning across the U.S., which has become more favorable to urban and suburban density, including multiple uses in the same developments. This is not to suggest that all mixed-use developments will succeed at the highest level, but that well-located, thoughtfully planned mixed-use communities can fulfill consumer and workplace preferences and provide a foundation for sustained growth in the years ahead. [Experiential Retail] Diving Deeper into Experiential Retail Experiential retail generally refers to service-oriented and experienced-driven uses rather than traditional goods-based retail. These uses typically provide a service or other experience, ranging from dining to entertainment to wellness to fitness. These might include a restaurant, golf driving range, hair-coloring salon, yoga studio, or gym, all of which require real estate space to deliver on their business models. Experiential and service-based tenants now lease more retail space than goods-based sellers - surpassing them for the first time in 2025 by square footage. As e-commerce grows and non-traditional tenants expand into retail, service-based leasing may continue to drive space absorption and consumer traffic. Notably, one category of traditional retail is as strong as ever: grocery-anchored neighborhood-serving retail centers, which have been performing well as an investment class. Specialty supermarkets have the potential to perform even better by drawing consumers from a larger regional radius to a shopping center or mixed-use development, and often with higher income shoppers. A complementary shift is also underway toward more experiential, service-rich workplace environments. In mixed-use settings, office users benefit from integrated offerings such as fitness, dining, and other on-site services that enhance convenience and day-to-day experience. As these environments attract talent, companies are increasingly drawn to locations that offer this level of accessibility and engagement. In well-planned mixed-use developments, experiential retail and highly amenitized office converge, reinforcing demand for each other, and strengthening overall leasing, experience, and value. [Housing Demand Driver] Housing as a Driver in Mixed-Use Developments Multifamily housing in mixed-use developments serves several roles. It helps meet housing demand - whether rental or for-sale - in supply-constrained markets, provides a built-in customer base that supports retail, dining, and services, and fosters opportunities for connection and community among residents. Many successful mixed-use developments feature outdoor spaces, such as parks and trails, or connections to them, along with walkable streetscapes, gathering areas, and indoor or outdoor entertainment venues. In some cases, they may also incorporate hotels to support visitation and extended stays. [Regional Growth Drivers] Denver and the Mountain West Stand Out Growing regions including the Denver/Boulder metropolitan area and the Mountain West more broadly are attracting population and jobs, often with higher incomes that may support demand for mixed-use properties in the years ahead. Key drivers of continued in-migration are economic opportunity and quality of life, combined with relative affordability compared to coastal markets. As single-family home prices have increased in Colorado and other states in the region, rental housing has become more attractive, driving demand for apartments and rental homes. The Mountain West includes eight states: Colorado, Wyoming, Montana, Idaho, Nevada, Arizona, Utah, and New Mexico. Many markets in the Mountain West often exhibit a favorable balance of demand drivers and supply constraints, creating conditions that may support stable occupancy, competitive rent levels, and long-term asset durability. [Placemaking & Community] Placemaking at Its Best The next generation of mixed-use development has the potential to represent placemaking at its best. The most compelling mixed-use developments do even more than provide a place to live, work, and play: they create opportunities for personal connection and community. Combining experiential retail, highly amenitized office spaces, and desirable housing options in mixed-use developments that are properly located and carefully planned satisfies heightened demand for live-work-play communities and could play a pivotal role in commercial real estate's future.

Quick Takeaways Commercial real estate property types differ in tenant mix, lease terms, and demand drivers. In Realberry's view, individual assets can be attractive no matter the asset class. For example, a property type may be in excess supply nationally but in limited supply in a particular market or submarket. As with stocks and bonds, prudent investors often seek diversification within their real estate portfolios by investing in multiple assets across different property types. Important Disclosure Except for certain information attributed to third-party sources, as set forth in the footnotes, the views and opinions expressed in this article are informed by the professional experience, ongoing market observations, and qualitative assessments developed by the Company over time. This commentary is not intended to be, and should not be construed as investment advice, a forecast, or a prediction of future performance. The observations shared do not rely on or present specific statistical analyses. Actual market conditions, outcomes, and performance may differ materially. Past experience is not indicative of future results. Commercial Real Estate Overview Commercial real estate (CRE) includes a wide range of property types, each with its own tenant mix, lease terms, and demand drivers. Understanding different asset types can help investors make informed comparisons, identify diversification opportunities, and better understand how CRE might fit within a broader portfolio strategy. Following are general statements based on our experience and understanding of real estate markets including different property types. However, at Realberry, we evaluate every potential investment on its own merits as part of our underwriting process. Multifamily (Apartments) Characteristics: Broad tenant bases may help limit reliance on any single renter segment. Short-term leases (1-2 years) allow for periodic rent adjustments based on market conditions. Demand drivers include for-sale housing supply and costs, and population and employment growth. Senior and student housing share multifamily's residential foundation but have distinct demand drivers and operations, so investors typically evaluate them as separate commercial real estate asset classes. They are listed separately below. Industrial (Logistics & Warehousing) Characteristics: Medium- to long-term leases (3-10 years) can provide relatively steady cash flow. Tenant credit quality and lease structures can vary widely across markets and asset sizes (as with office). Demand drivers include automation advancements, logistics services growth, manufacturing, e-commerce, and international trade flows. Retail (Shopping Centers and Individual Assets) Characteristics: Medium-term leases (commonly 5 years). Outcomes depend on location and demographic quality, consumer spending patterns, specific layout and visibility of a particular asset, tenant mix, and the ability to adapt assets to evolving consumer and omnichannel trends. Demand drivers include inflation/price levels, consumer confidence, and consumer debt levels. Office Characteristics: Long-term leases (5-10 years). Increasing performance divergence between newer, higher quality properties and older assets. Demand drivers include interest rates, corporate confidence, in-office attendance levels, and employment trends. Medical Office Characteristics: Long-term leases (5-10 years). Tenants may have even longer-term occupancy patterns, though turnover still occurs. Limited new supply near hospitals or medical campuses can support stable occupancy levels. Demand drivers include demographic trends and healthcare utilization. Self-Storage Characteristics: Month-to-month leases allow for continual rent resets. Typically features lower capital and operating costs and broad tenant diversification. Demand drivers include adoption of the product by Millennials, delayed homeownership, and small-business use cases as an alternative to office space and warehouses. Senior Housing Characteristics: Monthly leases typical, allowing rents to be reset with frequency. Encompasses independent living, assisted living, and memory care facilities, combining real estate operations with service delivery. Operationally complex to maintain. Demand drivers include aging demographics and the rise in net worth of older Americans. Student Housing Characteristics: Annual leases typically follow academic cycles. Seasonal occupancy patterns can affect cash flow, but consistent enrollment may support steady long-term demand. Demand drivers include higher education enrollment trends. Hospitality Characteristics: Daily lease terms create high revenue variability but allow rapid adjustment to market changes. Performance depends on occupancy rates, average daily rate (ADR), and operating efficiency. Demand drivers include consumer confidence and the volume of discretionary travel. Key Takeaway for Investors Commercial real estate sectors have different characteristics, with different demand drivers and, thus, sensitivity to market cycles. In Realberry's view, there is no single "best" asset class, and even within asset classes some investments may be more attractive than others based, for example, on demand for the property type in a given geographic market. That's why Realberry evaluates every opportunity individually. Diversifying across assets and/or property types may help spread exposure to specific economic trends and geographies, and create balance across changing market conditions. This overview is for educational purposes only and should not be interpreted as investment advice, a recommendation, or a forecast of future performance.

Quick Takeaways: Execution strategies in commercial real estate (CRE) generally fall along a risk-return spectrum ranging from incomefocused "core" strategies that typically involve relatively lower CRE risk to growthoriented "opportunistic" strategies that typically involve relatively higher CRE risk. These broad categories are widely used by private real estate investment managers to classify investments. For investors, recognizing and understanding their personal investment objectives and risk tolerance is important to determine which investments may be right for them. This overview is for educational purposes only and should not be interpreted as investment advice, a recommendation, or a forecast of future performance. The views and opinions expressed in this article are those of Realberry and reflect the company's professional experience, ongoing market observations, and qualitative assessments developed over time. This commentary is not intended to be, and should not be construed as, investment advice, a forecast, or a prediction of future performance. The opinions shared do not rely on or present specific statistical analyses. Actual market conditions, outcomes, and performance may differ materially.
For accredited investors, we believe real estate offers a tangible connection between capital and place, the opportunity to be connected by way of investment to the built environment, including local geographic areas with which investors may have a relationship or at least be familiar. But "real estate investing" isn't a single approach. At Realberry, we see these four primary strategies -- core, core-plus, value-add, and opportunistic -- not as rigid boxes, but as points along a continuum of relative opportunity and relative risk to be balanced in pursuit of our investment objectives as a firm. Following are general statements based on our experience and understanding of real estate markets including the execution strategies noted in the table, and examples of each. At Realberry, we evaluate every potential investment on its own merits and in the context of our overall investment portfolio as part of the underwriting process. Core Strategy Core assets are often the foundation of institutional portfolios. These are typically stabilized, quality properties in strong locations and markets with credit-worthy tenants.1 Core assets prioritize income consistency, capital preservation and modest appreciation potential.3 In our experience, core real estate investments typically have reduced volatility compared to the other CRE execution strategies discussed here. Core-Plus Strategy Core-plus assets start from a similar foundation as core, including strong locations and solid tenants, but include opportunities to enhance performance through targeted improvements or more active management. That might mean refreshing common areas, re-leasing space at higher rents, or modestly repositioning a property to attract new tenants of the same or other types.1 In our view, the incremental risk of core-plus versus core comes from the potential performance of these operational enhancements, including relative to their cost. The underlying asset quality may still provide increased stability compared to other CRE strategies. Value-Add Strategy Value-add investing is where real estate expertise often makes the biggest difference. Investment managers following a value-add strategy generally seek properties with untapped potential, perhaps due to outdated fixtures and finishes, significantly below-market rents, or inefficient operations. This strategy may involve hands-on improvements such as renovations, rebranding, or significant leasing to drive toward higher occupancy and cash flow objectives.1 This strategy generally carries more risk than core or core-plus; returns depend on factors such as a sponsor's ability to execute an improvement plan and on market conditions at exit, which could result in a loss. Conversely, in our view, it may offer significantly higher appreciation potential especially if an asset is initially acquired at a deep discount. Opportunistic Strategy At the other end of the risk/reward spectrum is opportunistic investing, such as ground-up development, major complex redevelopment, or the acquisition of distressed assets. In our view, opportunistic investing is often about creating something new or transforming something broken. Thus, its risk is elevated on a relative basis. But the potential is there for significant reward depending on execution precision and realizing demand projections. Why the Framework Matters In a diversified private CRE investment portfolio, these strategies can work together. Core and core-plus can provide relative stability and income potential compared to other strategies, while value-add and opportunistic investments may deliver growth and value appreciation but with more comparative risk. At Realberry, we approach investing intentionally. Regardless of the execution strategy for a particular investment, our goal is to inform investors about what drives CRE considerations at each stage -- from rent collections on stabilized assets to value creation through design, development, and community impact. By blending strategies across the spectrum, our portfolio and investors' portfolios can seek to capture the potential for both cash flow (income) and long-term growth (appreciation). When structured thoughtfully and managed with discipline, private CRE investments can offer real impact and the satisfaction of owning part of the built world.

LAKE TAHOE, Nev., April 3, 2026 - Realberry and Proper Hospitality today announced the closing of a $298 million financing package for the redevelopment of the historic Cal Neva Hotel into Lake Tahoe Proper Resort and Casino, slated to open in 2027. The financing marks a major milestone in repositioning one of the American West's most iconic resort properties, enabling a full-scale restoration that will transform the landmark into a design-driven destination blending hospitality, wellness and gaming along the shores of Lake Tahoe. Co-developed by Realberry, a Colorado-based real estate investment and development firm, in partnership with Kor Real Estate Partners, the project revives a property that has captivated the American imagination for a century. The restoration preserves Cal Neva's architectural character and cultural significance while building something genuinely new: a resort unlike anything else in the mountain west. Interiors are designed by Kelly Wearstler, whose work defines the visual language of contemporary luxury hospitality. "Lake Tahoe Proper is everything that defines this brand, brought together in one singular, iconic place," said Brad Korzen, Co-Founder and CEO of Proper Hospitality. "Innovative wellness, culture, energy and spaces that are genuinely unlike anything else. Through our partnership with Realberry, we have pushed wellness and culture to the forefront at our existing properties in Santa Monica and Austin. Lake Tahoe Proper is the opportunity to take all of that to an entirely new level." The recently closed financing includes $223 million in C-PACE financing, from Nuveen Green Capital (NGC), to capitalize key energy and water efficiency measures, as well as the building envelope. The transaction represents the largest C-PACE financing in Nevada's history and the first ever in Washoe County. Additional financing includes a $75 million senior secured construction loan from Banc of California. The project has attracted investment from notable private investors and family offices, including entrepreneur Hayes Barnard. "Cal Neva is one of the most storied hospitality properties in the West, and we feel a deep responsibility to get the execution right with Lake Tahoe Proper," said Chad McWhinney, CEO of Realberry. "This is exactly the kind of legacy asset Realberry believes in. Our focus has been on rigorous restoration, and this financing milestone allows us to continue to thoughtfully reestablish this asset as a premier hospitality destination in Lake Tahoe, balancing preservation and long-term stewardship." First opened in 1926, Cal Neva straddles the California-Nevada border on the northeast shore of Lake Tahoe. During its golden era in the 1960s, the resort became a magnet for Hollywood stars, drawing icons including Marilyn Monroe, Dean Martin and Sammy Davis Jr. to its shores, along with political figures such as John F. Kennedy. Its showroom - engineered so performers could see every face in the audience - was among the largest non-amplified theaters of its time, while a network of private tunnels allowed guests to move discreetly through the resort, cementing its aura of glamour and mystique. Nearly a century later, Lake Tahoe Proper reclaims that legacy, marking the end of a transitional chapter that preserved the site and sets the stage for its next era. The reimagined year-round property will include 197 guest rooms, suites and private villas; multiple restaurants and bars anchored by the iconic Circle Bar; two pool experiences, a spa and recreational facilities; and meeting and event spaces, including a restored 225-seat theater and a casino. ADDITIONAL PARTNER QUOTES "We are thrilled to partner with Realberry to capitalize this landmark project - the largest in the state of Nevada - which will transform this iconic property into a state-of-the-art resort and casino destination in North Lake Tahoe," said Jonathan Kloos, Senior Director of Lender Partnerships and New Products at NGC. "By using C-PACE, the Sponsor was able to restore the historic lodge to today's modern efficiency standards while delivering new energy-efficient villas and cabins. C-PACE gave the Sponsor flexibility during the capitalization and equity-raise process, with a financing structure that supported the needs of all parties. This deal is a great example of how C-PACE can be leveraged to optimize a capital stack and why it has steadily moved from a creative solution to a market staple." "Banc of California is proud to support Realberry on this landmark redevelopment, which will help drive tourism, investment and long-term economic growth in the Lake Tahoe region," said Chris Erickson, President, Colorado Region, Banc of California. "Projects like this play an important role in strengthening the region's economy, bringing new energy, creating jobs and preserving an iconic piece of its history. We're pleased to work alongside a team committed to delivering a world-class destination that will serve the community and visitors for years to come." "It's exciting to see the Lake Tahoe Proper team take advantage of C-PACE financing to improve the resort's energy efficiency," said Brian Beffort, Washoe County Sustainability Manager. "These investments will help reduce energy use and lower their energy bills. More importantly, these investments will reduce dangerous emissions, which in turn will keep air quality healthier and views more beautiful in the Tahoe basin. We appreciate the project team's leadership in protecting our region's public health and quality of life." ABOUT REALBERRY Realberry is a diversified real estate investment, development and management firm headquartered in Colorado. The company invests in, develops and operates real estate across the hospitality, multifamily, commercial, mixed-use and master-planned community sectors throughout the United States. Founded in 1991, Realberry applies a disciplined approach to portfolio management focused on long-term value creation, financial discipline and responsible development. The company partners with institutional and accredited individual investors through a sponsor-led investment platform designed to provide access to real estate opportunities nationwide. Realberry's integrated platform includes in-house capabilities spanning acquisition, development, asset management and operations. The company's strategy emphasizes transparency, rigorous oversight and alignment with investors and communities. For more information, visit realberry.com. ABOUT THE KOR GROUP The Kor Group is an international real estate investment and management company with extensive holdings and development experience in commercial real estate properties. Since its inception in 1999, Kor has acquired and developed hospitality, residential, and office assets valued in excess of $3 billion. Central to Kor's investment strategy is value creation through distinctive design and branding. By fusing creative design with an agile investment and development discipline, Kor has amassed a portfolio of high performing assets and has built a signature brand translatable across its properties. www.thekorgroup.com ABOUT PROPER HOSPITALITY Proper Hospitality creates and operates luxury lifestyle hospitality experiences, from flagship hotels to a portfolio of independent properties, each defined by elevated design, intentional locations, and world-class amenities that connect guests to a deeper sense of place. The company currently manages Proper-branded hotels in Santa Monica, Downtown Los Angeles, San Francisco, and Austin; The Shelborne By Proper in Miami; and The Collective. properhotel.com ABOUT NUVEEN GREEN CAPITAL With over $5 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+ asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation's first successful statewide C-PACE program, has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house. Nuveen.com/greencapital. ABOUT BANC OF CALIFORNIA Banc of California, Inc. is a bank holding company with over $34 billion in assets and the parent company of Banc of California. Banc of California is one of the nation's premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 79 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreetTM. The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. Member FDIC.www.bancofcal.com. ABOUT KELLY WEARSTLER Kelly Wearstler's Los Angeles-based studio spans interior design, architecture, industrial design, and creative direction. Founded in 1995, the practice has evolved into an interdisciplinary global brand whose influence extends across hospitality, retail, residential, and culture.kellywearstler.com MEDIA INQUIRIES: Autumn Communications 8183849295, 411649@email4pr.com

Important Disclosure: The views and opinions expressed in this article are those of Bill Grubbs, CIO, and reflect his personal perspective as of the date of publication, informed by professional experience, ongoing market observations, and qualitative assessments developed over time. This commentary is not intended to be, and should not be construed as, investment advice, a forecast, or a prediction of future performance. The observations shared do not rely on or present specific statistical analyses. Actual market conditions, outcomes, and performance may differ materially. Past experience is not indicative of future results. March 2026 Drawing on decades of experience across multiple real estate cycles, Bill observes that across the early 90s downturn, the dot-com era, the Global Financial Crisis, COVID, and today's reset, the market has consistently repriced around a few recurring forces. In this Q&A, Realberry CIO Bill Grubbs shares what he's learned across decades of investing through multiple cycles, including what, in his experience, generally drives real estate repricing, what may be different than previous cycles, and what signals the return of liquidity and the beginning of a new cycle. His key takeaway: Today's cycle is about fundamentals, not financial engineering. His assessment is the recently ended cycle, from roughly 2010 - 2022, was largely characterized by investors "riding the wave" of low and continuingly declining interest rates, rewarding most all owners regardless of real estate investment acumen. He asserts, however, that this new market cycle will separate the winners from losers based on the ability to select the right specific assets, as well as strong execution skills. In Bill's view, the next phase of the cycle may be more likely to reward investors who focus on: Disciplined basis: Yields go up and down, but your beginning investment basis remains. High-quality assets: Those that consistently garner strong tenant demand that best fits the market - both functionally and locationally. Strong sponsors: An "operating oriented" sponsor with strongly supported convictions. His perspective is that execution at the asset and market level is foundational to success in the new cycle and real estate is returning to what it has always been at its core: a local, operational business where performance is earned. Q: If you had to summarize each major real estate cycle from the past 30 years in one sentence - in your opinion, what broke, what reset, and what ultimately recovered first? Bill: I see a pretty consistent pattern: too much capital (debt and equity) and overly aggressive underwriting drive the market to a breaking point, often triggered by an economic shock. It's my experience that values truly reset only once transactions start happening again, and the sectors with the strongest fundamentals and resulting liquidity generally recover first. The is my interpretation of each major market reset over the course of my career: Early 90s: Too much supply (capital) and leverage broke the market, valuations took years to reset due to limited transparency, and recovery was slow (5+ years) but steady once the debt issues started being recognized, and pricing finally reflected reality. Dot-Com (early 2000s): The downturn was mostly isolated to tech-driven office markets, pricing corrected quickly where demand evaporated, and most other property types recovered fast because the broader market largely stayed intact. Global Financial Crisis (2008-2009) ("GFC"): Liquidity froze as a result of global economic shock almost overnight as liquidity immediately dried up, and values reset rapidly. Multifamily recovered early because financing sources like Fannie and Freddie continued lending for that asset class through most of the downturn. COVID (2020): The economy paused abruptly and uncertainty spiked, but capital markets reset quickly, rates dropped hard, and the capital market recovery came back fast driven by exceptionally low interest rates. It should be noted that with the exception of office properties, tenant fundamentals remained solid all the way through. Today's Reset (2022-present): The sudden and material increase in interest rates, dramatically increased the cost of capital and repriced the market after quickly ending the low-rate era. The recognition of the reset values has taken time as owners and lenders accept and work through valuation reality. The recovery from a performance perspective is showing up first in high-quality assets where NOI growth is achievable through execution and there is liquidity at the asset level based on investors' confidence. And, once again, to me the key difference today is that we're no longer all riding a wave - in my opinion, returns are going to be earned through basis discipline, asset selection, and real asset-level execution. Q: In your experience, what is the most consistent driver of real estate repricing across market cycles? Bill: In my experience, the most consistent driver of real estate repricing is too much capital and over-leverage - and the behavior (aggressive underwriting and overconfidence) that comes with it. Not really a positive, but real estate is a deal-driven business. In my experience, people love to transact, and when capital is readily available, underwriting discipline tends to loosen. That's when "animal spirits" show up - and investors generally start pushing deals they probably shouldn't. I've learned over time that sometimes the best deal is the one you don't do. There are moments in the cycle where it seems to makes sense to lean in and be more aggressive, but I believe that cycles often turn when the market collectively loses discipline. One reason I compare today's environment more to the early 90s than the GFC is because it's taking longer to work through. In the early 90s, it took years for the market to fully recognize and write down values. Back then, transparency was limited. Today, technology and data have made pricing more visible than ever before, but it can still take time for both private and institutional valuations to accept the reality of lower valuations - in the GFC, there was no choice. Q: Do you think today's commercial real estate environment similar to 2008? Bill: Not really, and I think a lot of people compare everything to 2008 simply because that's the only major cycle the majority of today's investors remember clearly. The GFC was a severe and sudden shock. It was driven primarily by residential housing, but it hit commercial real estate hard because lenders stopped lending and pricing uncertainty spiked. That was the only period in my career where I felt genuinely fearful, not just about real estate, but about the broader system. But what's different today is the duration and the setup. This cycle has been slower to unwind. In the early 90s, real estate issues dragged out for about five years. That environment also came after too much supply, too much leverage, and overly aggressive underwriting - which, in my view, feels more similar to the conditions that built up through the low-rate era and accelerated in 2021 and 2022. During the post-GFC cycle and especially the post-COVID boom, it felt to me like investors were essentially riding a wave of falling interest rates. Even if you weren't perfect at the asset level, declining cap rates could lift outcomes. I don't think that's the case today. Now I think returns will be much more driven by the fundamentals and execution of each asset. Q: From your perspective, how do you think interest rates, cap rates, and credit spreads interact during a reset? Bill: I think real estate is sensitive to interest rates because it's a leveraged business - and cap rates tend to be anchored to long-term interest rates, especially the 10-year U.S. Treasury. In my experience, while developers and operators often focus on floating-rate debt because it generally can help deals pencil in the short term, for the most part real estate is a long-duration investment. So, to me, long-term rates matter most in how cap rates are priced. I've seen that when the 10-year Treasury moves meaningfully higher, it tends to force repricing across the market. That's the primary reason values corrected in 2022, when rates suddenly moved off historic lows and the Fed began tightening to normalize inflation. One important point in today's market is that cap rate spreads relative to the 10-year are still fairly tight compared to historical norms. That doesn't necessarily mean real estate is "expensive," but to me that indicates that we should be careful about underwriting aggressive exit cap rates - our focus on basis is critical. In my opinion, in this environment, relying on cap rate compression to generate returns is not a prudent strategy. Q: What do you think are the early signs the market is moving from price discovery into a true transaction environment again? Bill: I think the biggest sign is simple: transactions providing tangible clarity of actual market values. Generally, price discovery becomes real when deals actually trade. Even then, I've seen many institutional owners still carrying assets at values based on appraisals or internal marks that may not reflect true market pricing. In my experience, a functioning transaction environment requires a few things: More stability in interest rate expectations More confidence in the economic outlook Sellers willing to recognize market reality Buyers willing to deploy capital at the new basis Once values are more clearly established, in my experience, capital should begin flowing again - and that momentum builds on itself. Of course, the context of the overall economic outlook is also foundational. From what I've seen, transaction activity has increased over the last six months. It varies by property type and market, but it appears that the market has begun to re-open. From a more subjective psychological perspective, if there is a sense that most investors have evolved to the fourth stage of grief - acceptance - it's a good indication that transactions will gain traction. For further current context, fundraising has slowed dramatically from the 21-22 peak, and many investors are still constrained by limited distributions from existing investments. So, I see that while capital is returning, it's selective and patient. Q: When capital markets dislocate, what do you think matters most: asset quality, sponsor execution, or basis? Bill: In reality, I think you need all three. But in today's cycle, I'm emphasizing execution more than ever for our assets. We're not in a market where everyone benefits from falling interest rates. In my opinion, returns are going to come from the ability to grow operating income at the property level. In my experience, asset quality matters as well - and in certain sectors, it matters dramatically more. Office is the best example. There has been a real secular shift in office demand, and only the top tier of buildings will truly thrive. Lower-quality assets may struggle for a long time, even if purchased at a steep discount. Hotels are another category where execution matters disproportionately because they're operating businesses. In sectors like multifamily, industrial, and certain retail formats, there may be a broader range of asset quality that can still perform - but even there, strong asset management and sponsor capability are key differentiators in my view. Basis is foundationally important, especially in sectors like office where capital expenditures and leasing risk can be enormous. A low entry price doesn't automatically mean a good investment if the asset requires significant reinvestment to remain competitive, or there just plain is not the needed demand (some things are cheap for a reason) - but there is inherent protection to be adequately below replacement cost. Q: In your experience, what do investors misunderstand most about real estate cycles, especially after the low-rate era? Bill: I think many investors underestimate how much real work, expertise, and capital it takes to create performance in this environment. From my perspective, the long low-rate era made it relatively easy to ride the wave, as cap rates compressed, interest rates declined, and asset values often increased even without exceptional execution. Today, that tailwind is gone. Now, I think outcomes will be driven by bottom-up decisions: selecting the right asset, in the right market, on the right street corner, at the right basis - and then executing the business plan at a high level.

Castle Rock, Colorado is a Mountain West residential market frequently referenced in discussions about population growth and housing demand. It is discussed here solely as general market context. Situated between Denver and Colorado Springs, Castle Rock combines population growth, high household incomes,1 nationally recognized livability,2 highly rated schools,2 and housing unaffordability1 that can influence long-term rental demand. Why Castle Rock Stands Out Population growth and in-migration: One of Colorado's faster-growing communities,3 supported by in-migration, incomes, and demographic momentum.1 Livability factors: Nationally recognized for livability, safety, schools, and access to outdoor amenities.2 Housing supply and affordability: High home prices and demographic growth,1 including demand for housing beyond traditional apartments, may influence rental demand, including for single-family-style rental options. A Growth Story Still in Motion Castle Rock is one of Colorado's faster-growing communities3 and its growth has not been fleeting. The town's population increased by approximately 51% between 2010 and 2020 and increased by approximately 13.7% since the 2020 Census (through the July 1, 2025 estimate),4 outpacing national growth rates.5 Equally important is who is moving to Castle Rock. Median household income is approximately $139,000, and more than half of adult residents hold a bachelor's degree or higher.1 Together, these demographic trends may influence housing demand over time. Connected to Opportunity Castle Rock benefits from proximity to two major employment hubs, Denver and Colorado Springs. Mean travel time to work is around 30 minutes. Regional connectivity has improved with the I-25 South Gap project, which added capacity and other corridor improvements.7 Local development initiatives have also been proposed. For example, The Brickyard project is a proposed redevelopment that includes plans for housing, retail, hospitality, and a 145,000-square-foot community sports complex.8 Developments like this may influence Castle Rock's evolution over time. A Place People Choose Livability is a defining characteristic frequently cited for Castle Rock. WalletHub has ranked Castle Rock among the top small cities nationally, including as the best small city in Colorado and among the top in the U.S. in a recent ranking.2 Livability.com also included the town in its 2024 list of the Top 100 Best Places to Live in the U.S.6 Outdoor recreation and open space are central to the community's identity, with 130 miles of trails, over 60 parks, and over 6,900 acres of open space.8 Philip S. Miller Park spans more than 300 acres and offers trails, recreation facilities, and year-round amenities.9 Combined with schools and other quality-of-life factors, these features may contribute to resident retention.3 Housing Fundamentals That Matter Castle Rock's housing market reflects a common theme in suburban markets: demand paired with limited supply. Approximately 79% of housing units are owner-occupied,4 which can result in a constrained rental inventory. The median value of owner-occupied housing units is approximately $652,900 (2020-2024).4 This contributes to affordability constraints and can influence renter demand. Rental housing, by contrast, may be more attainable for some households. Median gross rent is approximately $2,0004 and median selected monthly owner costs with a mortgage are approximately $2,787 (2020-2024).4 This rent-versus-buy gap may influence rental demand, particularly among households seeking suburban living without the financial commitment or obligations of homeownership. Overall, Castle Rock appears to offer a convergence of population growth, affluence, livability, and structural supply constraints, which are characteristics that may increase certain kinds of housing demand. These factors may also align with certain for-rent housing models which can provide residents with space and flexibility while responding to affordability considerations.

Quick takeaways Demand for rental housing remains historically strong as affordability challenges keep households renting longer.1 Build-to-Rent (BTR) combines the lifestyle benefits of single-family homes without the long-term financial commitment of homeownership.1 Multifamily fundamentals may strengthen as new supply slows and occupancies tighten.4 High-growth regions, including the Mountain West, continue to attract population, jobs, and rental demand.5 The Rise of Build-to-Rent Housing BTR communities are purpose-built neighborhoods planned specifically for renters and often designed as townhome or single-family-style communities.1 These communities typically offer more space, privacy, and neighborhood-style amenities than traditional apartments, without the financial and maintenance responsibilities associated with homeownership.1 Demand for BTR has grown rapidly in recent years as homeownership has become increasingly difficult for many households.1 Higher mortgage rates, elevated home prices, and limited for-sale inventory have pushed many households toward renting by necessity.3 At the same time, lifestyle-driven renters are prioritizing flexibility, leading younger families, professionals, and downsizing retirees to seek rental options that resemble for-sale housing in form and function.1 Occupancy across BTR communities has remained generally high and, in some data, slightly above multifamily overall, although results can vary by market.2 Institutional capital has followed, with investors increasingly viewing BTR as an extension of multifamily housing rather than a separate asset class.6 While the sector has expanded quickly, BTR still represents a relatively small share of total U.S. housing supply, leaving room for continued growth as demand persists.2 According to The Wall Street Journal, large single-family rental operators and private equity firms have already been shifting toward build-to-rent strategies, and future regulatory clarity may accelerate that trend. Policy Tailwinds Are Accelerating BTR Momentum Recent federal policy developments may further accelerate the growth of BTR housing. In January 2026, the White House issued an executive order directing federal agencies to issue guidance intended to limit certain institutional acquisitions of single-family homes and to include "narrowly tailored exceptions" for buildtorent properties that are planned, permitted, financed, and constructed as rental communities.6 We believe the distinction is significant. While the policy focus is on large investors acquiring existing homes, often framed as competing with individual homebuyers, BTR communities are developed from the ground up as rental neighborhoods, adding new housing supply rather than absorbing existing inventory.6 As a result, BTR has avoided the type of political scrutiny facing traditional single-family rental portfolios.6 While the outcome of these policies remains uncertain, some industry participants have suggested this exemption could influence capital allocation decisions.2 According to The Wall Street Journal, large single-family rental operators and private equity firms have already been shifting toward build-to-rent strategies, and future regulatory clarity may accelerate that trend.6 Since 2012, more than 321,000 BTR homes have been delivered nationally, with over three-quarters built in just the past five years, underscoring the sector's rapid expansion amid rising affordability pressures.6 Beyond regulatory considerations, the BTR model may offer operational efficiencies. Concentrated rental neighborhoods are generally less costly and more efficient to manage than scattered single-family homes, while still delivering the space and lifestyle features renters increasingly prefer.2 Certain economists also believe that demand for single-family rentals is driven by structural factors - including home prices, mortgage rates, and demographic shifts - that may be slow to reverse.3 Taken together, policy clarity, operational efficiency, and sustained renter demand may support BTR's continued role as a key component of the U.S. rental housing market.3 Markets in the Mountain West often exhibit a favorable balance of demand drivers and supply constraints, creating conditions that may support stable occupancy, competitive rent levels, and long-term asset durability. Why the Mountain West Stands Out While rental housing demand is national in scope, certain regions may be positioned for continued demand. The Mountain West has emerged as a standout due to strong population growth, job creation, and relative affordability compared to coastal markets.5 States such as Colorado, Utah, Idaho, Arizona, Montana, and Nevada continue to attract new residents seeking economic opportunity and quality of life, driving sustained demand for both apartments and rental homes.5 At the same time, land availability and development feasibility vary by market, supporting more disciplined growth patterns than in prior cycles.5 Markets in the Mountain West often exhibit a favorable balance of demand drivers and supply constraints, creating conditions that may support stable occupancy, competitive rent levels, and long-term asset durability.5 Current Market Context Higher interest rates have reduced transaction volumes and softened pricing in certain markets and in some cases acquisitions may be below estimated replacement cost.1 At the same time, rental fundamentals currently appear stable overall. Occupancies are high, demand is durable, and new supply is moderating across much of the U.S.1 Investors deploying capital in the current environment may benefit from current income while positioning for potential upside as financing conditions evolve.1 Importantly, we believe that housing affordability challenges may be structural rather than temporary. To us, the widening gap between renting and owning, combined with demographic and economic trends, suggests that a growing share of households expect to remain renters long-term,3 which could underpin sustained demand for both BTR and multifamily housing. A Long-Term Perspective We believe BTR investments are not about chasing short-term trends. They are about aligning capital with long-term shifts in how people live, work, and form households.3 Rental housing meets a fundamental human need and has repeatedly demonstrated resilience during periods of economic uncertainty.1 By focusing on well-located assets in growth markets, and emphasizing quality, discipline, and operational execution, we believe BTR and multifamily can support long-term investment objectives over time. That conviction - grounded in data and long-term fundamentals - is why we continue to invest in these strategies and continue to monitor current market conditions.

LOVELAND, Colorado (February 23, 2025) - Realberry, a Colorado-based real estate investor and developer in commercial, multifamily, hospitality, residential and mixed-use assets, today shared significant progress on its newest mixed-use district - the officially rebranded Avenue South - a 140-acre project in the award-winning Centerra community in Loveland, Colorado. Horizontal construction on Avenue South officially began in December, marking the start of site development for the district, which will expand the Centerra community with a walkable mix of retail, office, and housing at the intersection of Interstate 25 and U.S. Highway 34. Vertical construction on the retail core is currently expected to begin in May, and residential construction is anticipated to begin in 2027. "Breaking ground on such a significant and complex project is an exciting milestone. It tangibly demonstrates our ongoing commitment to the Loveland community and larger Northern Colorado region," said Kyle Harris, Senior Vice President of Master-Planned Communities at Centerra. "Avenue South continues Centerra's vision by creating a complete, connected district where people can gather, shop, dine and enjoy everyday conveniences close to home. From a much-needed grocery store to vibrant public spaces, this project is about delivering a new and unique experience for Northern Colorado families and businesses." The first phase of Avenue South is anticipated to include approximately 170,000 square feet of retail and restaurants, 150,000 square feet of office space and more than 800 residences with a mix of apartments, townhomes and single-family homes. The district will be anchored by a much-needed, 37,000-square-foot Whole Foods. A 3.2-acre linear park and event lawn - The Front Porch - is planned to provide space for concerts, events and community gatherings. The office component of the project will be anchored by a 120,000-square-foot, four-story headquarters for the general contracting firm, Hensel Phelps. "Building our new state-of-the-art corporate headquarters at Avenue South represents our commitment to our employees," said Mike Choutka, Chairman of the Board of Hensel Phelps. "This location allows us to strengthen our Northern Colorado roots and continue to serve our clients, partners and the community." Located in Loveland's primary growth corridor, Avenue South will serve as a gateway to Centerra while continuing the community's focus on walkability and connection to nature. Trails and sidewalks will link directly to Loveland Sports Park and the larger Centerra trail network. Realberry is also pursuing Fitwel certification to guide its sustainability and wellness goals on its new, Northern Colorado office location. "We're excited to see new activity at the Avenue South site," said Loveland Mayor Patrick McFall. "This project helps create new jobs, supports a vibrant and diverse business landscape and includes much-needed affordable housing. Working with our partners ensures growth that strengthens our workforce while staying true to our community values." Avenue South builds on Centerra's 25-year record as a hub for business and community in northern Colorado. The master-planned development is home to more than 150 businesses, 8,500 employees and 4,500 homes, alongside regional employers, dining, retail and recreation. With Avenue South, Realberry continues to invest in Northern Colorado's long-term economic growth while delivering new choices for residents and businesses seeking a connected, mixed-use environment. The project also follows the company's recent rebrand and launch of a sponsor-led investment platform, underscoring Realberry's continued evolution and strategic expansion nationwide. To learn more about Avenue South, visit Centerra.com/AvenueSouth. For more information about Avenue South and upcoming investment opportunities, visit www.Realberry.com. About Centerra Centerra, an awardwinning 3,000acre masterplanned community located in Loveland at the heart of Northern Colorado, is a Realberry development that was built on the belief that nature provides the perfect balance to urban planning. As a community designed to enhance all aspects of life, Centerra integrates neighborhoods with recreation, art, shopping and dining, business opportunities and medical services. Centerra and its businesses offer more than 8,500 part-time and full-time jobs. This unique community is home to Northern Colorado's first lifestyle center, The Promenade Shops at Centerra; UCHealth-Medical Center of The Rockies, a stateoftheart 187-bed LEED goldcertified regional hospital; and The Marketplace at Centerra, one of Northern Colorado's largest contiguous shopping centers. Centerra is also home to High Plains Environmental Center, which manages 483 acres of wetlands, open space and reservoirs within Centerra and Chapungu Sculpture Park, a 26-acre park with more than 80 stone sculptures throughout. In 2018, Centerra became the first certified National Wildlife Federation (NWF) Community Wildlife Habitat in Colorado. In 2022, Centerra was designated the state's first Sustainable Landscape Community by the Associated Landscape Contractors of Colorado, a designation recognizing the community's commitment to water conservation and sustainability. Named Development of the Year by the National Association of Industrial & Office Properties' (NAIOP) Colorado Chapter, Centerra embodies Realberry's purpose of creating great places and fabled experiences for people. For additional information, visit www.centerra.com. About Realberry Realberry is a diversified real estate investment, development and management firm headquartered in Colorado. The company invests in, develops and operates real estate across the hospitality, multifamily, commercial, mixed-use and master-planned community sectors throughout the United States. Founded in 1991, Realberry applies a disciplined approach to portfolio management focused on long-term value creation, financial discipline and responsible development. The company partners with institutional and accredited individual investors through a sponsor-led investment platform designed to provide access to real estate opportunities nationwide. Realberry's integrated platform includes in-house capabilities spanning acquisition, development, asset management and operations. The company's strategy emphasizes transparency, rigorous oversight and alignment with investors and communities. For more information, visit www.realberry.com. Nothing in this press release constitutes investment, legal, tax, or other advice, nor should it be relied upon as such. Realberry does not make recommendations regarding any particular security, strategy, or investment.

Important Disclosure The views and opinions expressed in this article are those of the author and reflect his personal perspective as of the date of publication, informed by professional experience, ongoing market observations, and qualitative assessments developed over time. This commentary is not intended to be, and should not be construed as, investment advice, a forecast, or a prediction of future performance. The observations shared do not rely on or present specific statistical analyses. Actual market conditions, outcomes, and performance may differ materially. Past experience is not indicative of future results. As we enter 2026, the commercial real estate market appears to have transitioned into a more measured and disciplined new cycle. The last several years (since the GFC) was a period of consistently declining interest rates - dramatically ending in 2022/2023 with the rapid rise and normalization of rates . This resulted in a sudden and painful shock to the real estate market, the effects of which continue to this day. It took a bit of time for reality to set in, however, the market has now clearly reset with appropriately lower valuations, and we are now at the beginning of new real estate cycle - one that feels to me more grounded in fundamentals rather than riding the wave of declining interest rates. From a personal experience standpoint, this has been the fourth downcycle of my career, and certainly both unique and challenging in its own way. The very historic upswing of investment, fundraising, and transactions 2021-22, was then dramatically disrupted by the rapid and sudden rise in interest rates in 2023. While there certainly are the key quantitative metrics that provide requisite milestones of if we have recognized reality (clarity of valuations and traction on new transactions, for example), my personal gauge is my own feel for where the market is in regard to the four stages of grief (denial, anger, depression, and acceptance). I believe by and large that we have mostly achieved the acceptance stage - so now forward into the new cycle. "This "K-shaped" dynamic, as I see it, has meaningful implications for real estate demand, especially across housing, retail, and service-oriented property types." From a macroeconomic standpoint, my read of the U.S. economy suggests continued resilience. Economic activity seems to have remained positive, supported by consumer spending and generally healthy corporate balance sheets. (Please note - the progression and impacts of the Iran war are material caveats). At the same time, job growth appears to have moderated relative to prior years, and the benefits of economic expansion have not been evenly distributed. Higher-income households, in particular, seem to remain on relatively solid footing, while affordability pressures persist across other segments of the population. This "K-shaped" dynamic, as I see it, has meaningful implications for real estate demand, especially across housing, retail, and service-oriented property types. Interest rates remain a dominant influence on real estate markets. Short-term rates have eased from prior highs, and longer-term benchmark rates (10-year UST) have remained relatively stable in the low to mid-fours. For real estate investors like us, these longer-term rates tend to matter more than short-term rates. They underpin valuation assumptions, capital structures, and underwriting discipline. Based on my conversations with lenders, investors, and deal counterparties, expectations around rates and pricing appear more grounded today than in prior periods which again relied on low and lower rates. From a valuation perspective, in my opinion it appears that the most acute phase of price correction is largely behind us. Broadly speaking and based on the deals we review and the markets we track, real estate values seem to have reached a low point in early 2024, with modest and uneven recovery since then across property types and geographies. While there is a broad and often dramatic range of price declines depending on property type and asset specifics, many assets we evaluate appear to be trading below, and often meaningfully below, replacement cost or what it would likely cost to develop comparable assets today. Construction costs generally remain materially higher than pre-Covid and are still up since the last start of the construction cycle (2021), reinforcing the relative appeal of existing, well-located properties. This backdrop has led us at Realberry to view the current environment as potentially one of the more compelling entry points in recent years for certain strategies and asset types. That said, I believe it is important to distinguish between opportunity and absolute value. On a relative basis, real estate does not necessarily appear "cheap" when measured against certain historical benchmarks. Instead, the opportunity I see today lies in clearer pricing, improved income visibility, and the ability to focus on assets where prospective returns are supported by operations and fundamentals rather than shifts in interest rates or valuation multiples. "I see the current environment placing greater emphasis on asset quality, market selection, operational execution, and patience." Looking ahead, I would expect returns in this cycle to be driven primarily by net operating income growth and durable cash flow. The prior cycle rewarded leverage, rapid appreciation, and declining interest rates. In contrast, I see the current environment placing greater emphasis on asset quality, market selection, operational execution, and patience. While this may result in a less dramatic return profile, it may also support more durable outcomes over time. Capital markets seem to reflect this transition. Based on my conversations with our banking partners, debt capital has largely returned for certain asset classes and sponsors, with lenders re-engaging and underwriting standards becoming more consistent. Equity capital remains available, but selective. Many investors continue to navigate liquidity constraints stemming from limited distributions from existing funds, often influenced by delayed valuation recognition. As pricing clarity improves and transaction activity continues to normalize, capital flows into real estate may strengthen gradually, though likely without the urgency seen in earlier cycles. In general, transaction volumes remain below prior peaks but are showing some signs of stabilization. In my experience, buyers and sellers are increasingly finding common ground as market values become more clearly established. This process of price discovery, while gradual, is an important step toward a healthier and more functional market. Within this framework, asset and market selection have taken on heightened importance. The dispersion of outcomes between property types, geographies, and even individual assets appears wider to us than in past cycles. Multifamily and industrial properties continue, in my view, to represent the deepest and most liquid segments of the institutional market. Within residential, for-rent housing formats, including build-to-rent, are attracting increased attention, which is due to demographic trends, affordability considerations, evolving lifestyle preferences, and other factors.1 Retail, after being out of favor for several years, seems to have re-emerged as a sector of strong interest following years of limited new supply and steady consumer demand, as well as retailers learning they clearly need physical stores - as well as online presence. In markets where fundamentals support it, well-located retail properties appear capable of attracting capital, inclusive of selective development.2 Office and hospitality remain more complex in our view. While each may have reached a valuation floor, recovery may be uneven. In office, a subset of high-quality, well-located assets appears positioned to perform, while the majority of assets still seem to face structural challenges in demand and functionality.3 To me, hospitality presents very interesting, but selective opportunities, particularly in the luxury and lifestyle segments and in assets acquired below replacement cost, though managing operating expenses remains a key consideration. Alternative property types, including medical office, student housing, manufactured housing, industrial outdoor storage, and data centers, continue to exhibit demand characteristics that we may find attractive, albeit with varying risk profiles and capital requirements. "In our view, the path forward is unlikely to be defined by rapid appreciation or broad-based tailwinds, but rather by disciplined investment, thoughtful underwriting, and a focus on assets supported by enduring demand." In summary, I would characterize the 2026 outlook for real estate as cautiously constructive. The market has absorbed a meaningful reset, pricing has adjusted, and capital markets appear to be stabilizing in certain segments. In our view, the path forward is unlikely to be defined by rapid appreciation, and most certainly not by continued declining interest rates, but rather by disciplined investment strategy, thoughtful underwriting, operating execution, and a focus on assets supported by secular tailwinds. At Realberry, we believe this kind of environment rewards experience, selectivity, and a long-term perspective. While uncertainty remains, both economic and geopolitical, the foundations for the next phase of the real estate cycle appear to be taking shape. For those willing to engage thoughtfully, the coming years may offer opportunities defined not by excess, but by fundamentals.

The Wall Street Journal analyzes how recent federal action targeting institutional buyers of existing homes could accelerate growth in the build-to-rent (BTR) segment. The article explains why newly constructed rental communities are exempt from the proposed restrictions, positioning BTR as a potential beneficiary as capital shifts away from purchasing existing housing stock. It also explores how this policy carve-out, combined with affordability pressures and operational efficiencies, may influence investor behavior, suburban development patterns, and the long-term evolution of the single-family rental market. Read the full article in The Wall Street Journal

Retro 102.5 highlights the entrepreneurial origins of Realberry's founders, tracing the McWhinney brothers' journey from a Southern California fruit stand to shaping some of Northern Colorado's most recognizable developments. The article explores the firm's early beginnings, decades-long impact across the Front Range, and the recent rebrand to Realberry as a clearer expression of who the company is today. While the name and platform have evolved to expand access and enhance the investor experience, the story emphasizes that Realberry's long-term vision, integrity, and alignment with investors remain unchanged. Read the full article on Retro 102.5