The Reserve at Owasso
Class A Build-to-Rent Community - Owasso, OK
A professionally managed, Class-A duplex community designed to capture Owasso's "missing-middle" renters seeking single-family space without the commitment of a mortgage.
This exclusive opportunity offers investors a projected 31.7% IRR with a 3.5× equity multiple over an estimated five (5) years.

DISCLAIMER & TERMS OF USE
Confidential and Proprietary Information. This presentation (the "Presentation") contains confidential and proprietary information of [Fund Manager Name] (the "Manager") and is being furnished solely for the limited purpose of providing the recipient with preliminary information regarding a potential investment opportunity in one or more private investment vehicles (collectively, the "Fund") to be managed by the Manager. By accepting this Presentation, the recipient agrees to (i) maintain the confidentiality of all information contained herein and not disclose such information to any third party without the Manager's prior written consent, (ii) use such information solely to evaluate a potential investment in the Fund, (iii) not reproduce or distribute this Presentation, in whole or in part, and (iv) promptly return or destroy all copies of this Presentation upon the Manager's request. The recipient further acknowledges that the information contained herein constitutes trade secrets and confidential business information, the unauthorized disclosure of which would cause irreparable harm to the Manager.
Qualified Investors Only; No Offer or Solicitation. This Presentation is intended exclusively for sophisticated investors who qualify as both "accredited investors" within the meaning of Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the "Securities Act"), and "qualified purchasers" within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction. Any offering of interests in the Fund will be made solely through definitive offering documents, including a confidential private placement memorandum and subscription documents (collectively, the "Offering Documents"). The interests described herein have not been and will not be registered under the Securities Act or the securities laws of any state and may not be offered or sold except pursuant to an applicable exemption from registration.
Forward-Looking Statements. Certain statements contained in this Presentation constitute "forward-looking statements" that involve substantial risks and uncertainties. Such statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue," "target," "believe," or comparable terminology. All projections, market outlooks, estimates and return expectations are inherently uncertain, based upon assumptions that may not materialize, and should not be construed as predictions of actual events or guarantees of future performance. Actual results may vary materially from those projected due to changes in economic conditions, market volatility, regulatory environment, and other factors beyond the Manager's control.
No Representation or Warranty; As-Is Basis. The information contained herein is preliminary, summary in nature, and provided on an "as-is" basis. While believed to be reliable as of the date hereof, the Manager makes no representation or warranty, express or implied, as to the accuracy, completeness or fairness of such information. The Manager expressly disclaims any and all liability relating to or resulting from the use of this Presentation. This Presentation is qualified in its entirety by reference to the Offering Documents, which will contain material information not included herein, including detailed risk factors and investment terms.
No Duty to Update; Manager Discretion. The Manager assumes no obligation to update, revise, or supplement the information contained in this Presentation, whether as a result of new information, future events, changed circumstances, or otherwise. The Manager reserves the right, in its sole and absolute discretion and without prior notice, to modify, amend, or terminate the proposed offering, to reject any investor's subscription in whole or in part, and to modify any of the terms, conditions, or procedures related to the Fund.
No Professional Advice; Risk of Loss. Recipients should not construe the contents of this Presentation as legal, tax, investment, accounting or other professional advice. Each recipient should consult its own advisors as to such matters and must rely upon its own independent analysis and judgment. An investment in the Fund involves substantial investment risk, including the potential for complete loss of capital, and is suitable only for sophisticated investors who have no need for liquidity in their investment.
By accepting and reading this Presentation, the recipient acknowledges its agreement to be bound by the foregoing terms and conditions.

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Executive Summary
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Investment Thesis
Deliver a professionally managed, Class-A duplex community that captures Owasso's "missing-middle" renter—households earning $80-95k that want single-family space without a mortgage.
2
Target Returns
5- to 6-year hold with 44.3% IRR and 5.5x equity multiple at the project level; 31.7% IRR and 3.5x multiple to investors.
3
Key Differentiators
All 3-bed/2-bath homes with attached garage, private yard, resident-only dog park, and walkability to Owasso High School athletic complex—no direct substitute product in market.

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Project Location
The project is strategically located in Owasso, offering exceptional connectivity and convenience situated close to major transportation corridors, providing easy access to downtown Tulsa, Tulsa International Airport (TUL), and other key regional destinations. The prime location ensures residents benefit from both quiet suburban living and immediate access to urban amenities and employment centers.

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Site Overview

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Project Overview
The Opportunity
  • 51 duplexes (102 total units) on 13.5 acres
  • Prime location fronting E 106th St N & US-169
  • Shovel-ready with all entitlements and utilities in place
  • Adjacent to Owasso High School and Bailey Medical Center
  • Only 3 miles from "Project Clydesdale" data-center corridor
Value Creation
Brownfield acquisition at $4.3M ($3.90 psf) vs. recent comps at $5.50 psf creates immediate $1.7M basis advantage

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Strategy & Timeline
Development
Two-phase approach with early construction pricing lock and pre-leasing.
Management
Professional management to maximize rent growth and property value.
Exit
Sale or refinance in Year 5 at 6.00% cap rate after NOI stabilizes above $2.9M.
1
Apr 2026
Construction begins
2
Sep 2027
Construction complete
3
Dec 2028
Lease-up complete
4
Jan 2031
Target exit date

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Project Details
Unit Specifications
  • 1,107 square feet
  • 3 bedroom / 2 bathroom layout
  • Attached 1-car garage
  • 10-foot ceilings
  • Private fenced yards
Site Plan
  • Phase 1: 7.22 acres (Lots 1-40) with 56 units
  • Phase 2: 6.28 acres (Lots 41-51) with 46 units
  • 0.4 acre resident-only dog park
  • Regional detention pond
Zoning & Approvals
  • RS-3 with PUD overlay allowing duplex density
  • Horizontal construction plans approved
  • Permit set dated 5-7-2025

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Market Overview
Tulsa MSA Dynamics
1.06M
Population
4.4% growth since 2020
3.0%
Unemployment
Below national average
Employment Shift
Increasing tech/health services share
Supply & Demand Outlook
  • 2025 metro deliveries falling from 2,400 to ~1,000 units (–60% YoY)
  • Absorption rebounding 30%, pushing occupancy to 92.5%
  • Owasso BTR inventory limited to Twill (waitlisted)

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Location Advantages
Regional Connectivity
14 minutes to Downtown Tulsa via US-169/I-244; 10 minutes to Tulsa International Airport
Major Demand Drivers
American Airlines Tech Ops-Tulsa, Whirlpool, Verizon, Ascension St. John, and projected 300+ permanent jobs at Project Clydesdale
Owasso Demographics
Population 43,007, growing at 2.19% CAGR; median household income $79,386; low unemployment at 2.5%

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Market Position
Premium "Rent-by-Choice" Product
  • Projected average rent: $2,100 - $2,250 / month
  • ~10% discount to Twill at Bailey Creek on a PSF basis
  • $700 premium to top Class-A apartments
  • 12-month standard lease terms

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Competitive Landscape
Twill at Bailey Creek
  • Rents: $1.76-$2.56 psf
  • Rating: 8.7/10
  • Waitlists on 1- & 3-bed units
Class-A Apartments
  • Park 107, Cypress Crossing
  • Rents: $1.40-$1.60 psf
  • Offering concessions
Market Barriers
  • Land scarcity east of US-169
  • PUD approval process (6-12 months)

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Rent & Valuation Trends
Owasso average rent: $1,650 across all product types, with BTR commanding significant rent premiums.
Cap Rate & Valuation Trends
  • Suburban Tulsa Class-A: 6.0-6.5%
  • BTR duplex expected: ≤6.0% on exit

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Market Outlook
Rent Growth
Projected 3.0% annual rent growth through 2030, supported by limited new supply and strong economic fundamentals
Vacancy
Expected to remain under 5% through 2030, bolstered by structural demand from Project Clydesdale data center development

Project Clydesdale Impact: The new 500-acre data center corridor will create 300+ permanent high-paying jobs, further tightening the rental market for quality housing in Owasso.

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Risk Analysis
Sensitivity Analysis: Project maintains a 20% levered IRR even if rents are 10% below pro-forma or exit cap rate increases by 50 basis points.

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Mitigation Strategy
Developer Experience
Proven track record with GMP contracts and vertically integrated platform.
Financial Safeguards
85% LTC construction loan with 1.20× DSCR minimum; 10% cost contingency; fully funded interest reserves.
Conservative Underwriting
Project underwritten with third-party analyst firm using in-depth market analytics and conservative assumptions.

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Financial Projections
5-Year Projection
$2.9M
Stabilized NOI
Year 4
9.7%
Yield-on-Cost
At stabilization
$40.5M
Exit Value
At 6.0% cap rate
$16.3M
Total Net Profit
From initial investment
Return Metrics
Waterfall Structure
  • 7.0% Preferred Return to Investors
  • 30% Promote to GP after Preferred Return, up to 15.0% IRR
  • 50% Promote to GP after 15.0% Return to Investors

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Investment Terms
Minimum Investment
$250,000 (may accept lower from strategic LPs)
Fee Structure
  • 2.0% Asset Management Fee
  • 5.0% Development Fee
  • 1.0% Disposition Fee
Capital Call Schedule
  • 30% at close
  • Remaining pro rata over 18-month build
  • Target close: Q4 2025
Construction loan signing expected Q4 2025, with capital calls timed to project milestones.

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About The Norris Group
The Norris Group is a premier real estate development company based in Arkansas, specializing in multi-family projects that blend urban and suburban living. As a privately owned, vertically integrated firm, we are dedicated to delivering high-quality, service-focused, and value-driven properties for our clients and investors. Our team oversees every phase of development—from site selection to construction management—with exceptional attention to detail and efficiency. Our in-house capabilities ensure unmatched control, transparency, and accountability, providing our capital partners with confidence and clarity throughout the process.

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Leadership Team
Brooks Norris, President/CEO
Brooks was introduced to the construction world during his early years, influenced by his father who owned Norris Masonry. Starting his construction journey at 14, Brooks went on to create Norris Group in 2007. Norris Group now oversees 10 vertically integrated companies and has built or managed dozens of multifamily, industrial, residential and commercial projects in multiple states throughout the US.
Kelly Clark, Chief of Operations
Kelly Clark, with a 43‑year corporate tenure at Walmart that began at age 15, collaborated with retail legends like Sam and Bud Walton and played a pivotal role in Walmart’s international expansions in Mexico and England. Instrumental in launching the Walmart Academy in the U.S., he’s now the Chief Operating Officer for the Norris Group, continuing his legacy of leadership, innovation, and education.
David Harper Jr, Chief Legal Officer
David is from Fort Smith, AR and received his law degree from the University of Arkansas in Fayetteville. He began his career at Hanna Oil and Gas Company in Fort Smith before taking a role as land manager and in‑house counsel for Southwestern Energy. In 2016 David founded an oil company, Rockland Exploration. As of 2022, David has served as full‑time in‑house counsel for Norris Group.
Dustin Norris, Sr. Director of Operational Support
Dustin served in the U.S. Army from 2005 to 2015, including deployment with the 82nd Airborne during Operation Iraqi Freedom (2006‑2008). He is a graduate of the Army Non‑Commissioned Officer School and The Army Maintenance Management System, earning multiple honors, including the Army Commendation Medal and Operation Iraqi Freedom Medal. A lifetime member and Post Officer of Veterans of Foreign Wars Post 8845 (Fort Smith, AR), he is also a lifetime member of Disabled American Veterans (DAV). Transitioning to civilian leadership, he held roles as Fleet Manager at USA Truck (2015‑2016) and Operations Manager at Oklahoma Plastic (2016‑2020). Since 2020, he has excelled within the Norris Group, serving as Vice President of Norris Material & Supply and currently as Senior Director of Operations. Married to Chelsea since 2009, they have two children, Easton and Ella.
Justin Fuchs, Civil & Architectural Officer
Justin Fuchs is an accomplished professional with a diverse background in architecture, construction, and development. He earned his Architectural Computer Aided Drafting and Design degree from UA Fort Smith in 2010 and subsequently owned and operated Fuchs Construction & Remodeling for 12 years. During this time, he collaborated closely with the Norris Group, eventually joining them in 2022. Starting as the Civil & Architectural Officer, Justin has grown within the company and now oversees Development. His fusion of creativity, practicality, and business acumen makes him a true asset to the Norris Group.
Brian Smith, Director of Construction
Brian brings over 30 years of construction expertise and leadership to his role as Director of Construction for the Norris Group. His career spans from early foundations in single‑family homebuilding to overseeing complex, large‑scale multifamily developments. Highly skilled in all construction building trades and project management, Brian commands a deep, hands‑on knowledge of every stage of construction. As the Norris Group’s most senior team member, with over a decade of service, he plays a pivotal role in driving project success, mentoring teams, and upholding the company’s reputation for excellence, innovation, and craftsmanship.
Contact Information
Norris Group | 479-353-2253 | investments@norrisgrp.com | www.norrisgroup.com

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