Bainbridge Multifamily Acquisition Fund I, LP $250M

Strategic Multifamily Investments Backed by Operational Expertise

Backed by a major institutional anchor investor, Bainbridge Multifamily Acquisition Fund (BMAF) I is targeting a minimum 15% net IRR to LPs through disciplined acquisitions of recent-vintage institutional multifamily assets across major East Coast markets, leveraging Bainbridge’s vertically integrated platform to drive long-term NOI growth and operational outperformance.

REQUEST INVESTMENT INFORMATION (Available to Accredited Investors Only)

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The 15% target net internal rate of return ("Target Net IRR") for Bainbridge Multifamily Acquisition Fund I, LP (the "Fund") is a hypothetical projection and not a guarantee, forecast, or prediction of actual returns. The Target Net IRR is presented to verified accredited investors evaluating an investment in a closed-end private real estate fund and is not relevant to other audiences.

Calculation and basis. The Target Net IRR represents the projected internal rate of return to limited partners, calculated on the basis of projected cash distributions and residual value over the Fund's anticipated hold period, net of management fees, fund-level expenses, and carried interest payable to the general partner, but before any taxes payable by an investor. The Target Net IRR is not based on actual trading or operating results of the Fund.

Material assumptions. The Target Net IRR is based on assumptions that Bainbridge believes to be reasonable, including assumptions regarding: (i) acquisition pricing relative to replacement cost and stabilized market value; (ii) availability and terms of acquisition and permanent financing, including initial positive leverage; (iii) hold periods of approximately 5 years; (iv) market rent growth, occupancy, and NOI growth across target submarkets; (v) operating expense and capital expenditure levels; (vi) exit cap rates and exit market conditions; and (vii) the absence of materially adverse macroeconomic, capital markets, or regulatory developments. A change in any of these assumptions could cause actual returns to differ materially from the Target Net IRR.

Risks and limitations. Hypothetical performance has inherent limitations. Among other things, it does not reflect actual investment decisions or trading, is prepared with the benefit of hindsight as to certain market conditions, and cannot account for all of the financial risk that may affect actual performance. There can be no assurance that the Fund will achieve the Target Net IRR, generate any return, or avoid loss of some or all of an investor's capital. Investors should not place undue reliance on the Target Net IRR. Past performance — including the historical performance of Bainbridge affiliates referenced elsewhere herein — is not indicative of future results. Additional information regarding the assumptions and risks underlying the Target Net IRR is set forth in the Fund's Private Placement Memorandum, which prospective investors should review in its entirety before investing.

Investment Strategy

BMAF I is focused on acquiring institutional-quality multifamily communities in high-growth markets with opportunities to enhance operational performance and drive long-term value.

Value creation driven by NOI growth through operational performance enhancement — not reliant on cap rate compression for exit returns
100% Focus on existing, stabilized multifamily assets — no ground-up development
Exit strategy anchored in income fundamentals, with intended initial positive leverage providing cash flow support.
Well located and high-quality multifamily properties across Bainbridge’s footprint (Mid-Atlantic and Southeast)
Focus on high-growth markets and submarkets with meaningful supply constraints or short-term supply dislocations, where long-term household formations exceed housing stock additions
Priced at deep discounts to replacement cost
Priced at a discount to true, stabilized market value
Initial positive leverage or clear path to positive leverage
Sourced primarily off-market
Targeting high demand markets that are experiencing significant drops in new supply

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Value Creation Strategy

Investment approach focused on operational improvements, disciplined underwriting, detailed cross-department due diligence, and organic NOI growth as the primary drivers of return.

TARGETED CAPEX

Identify opportunities to generate additional NOI through light, but high impact, capex improvements

OPERATIONAL IMPROVEMENTS

Identify opportunities to generate additional NOI through improvements to leasing, marketing, operations

MARKET SELECTION

Identify submarkets with supply burn off and / or limited additional supply, allowing additional NOI through market rent growth

ACQUISITION BASIS

Acquire newer-vintage assets and portfolios at deep discounts to replacement cost and market value from distressed and motivated sellers

Why Bainbridge

Founded in 1997, The Bainbridge Companies is a vertically integrated real estate platform with expertise spanning acquisitions, development, construction, operations, and marketing. Our integrated structure allows us to execute with an ownership mindset at every stage of the investment lifecycle.

Team members across a fully integrated platform

In transactions across the East Coast

Apartment homes acquired and developed

In apartment acquisitions since inception

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Institutional reporting and operational oversight

IRR

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EQM since the GFC

Bainbridge Affiliate Track Record — Gross, Since the GFC (as of December 31, 2025)

The performance information shown above reflects the historical investment activity of affiliates of The Bainbridge Companies LLC and does not represent the performance of Bainbridge Multifamily Acquisition Fund I, LP (the "Fund"). The Fund has a limited operating history, and its performance will differ, potentially materially, from the historical results shown.

Aggregated gross IRR calculations combine all cumulative cash flows for each project. All returns are presented on a gross basis before carried interest distributions and do not reflect the deduction of management fees, fund-level expenses, or taxes that would reduce returns to investors. Net returns would be materially lower than the gross returns presented. Individual deal returns are not indicative of fund-level or portfolio-level returns.

Unrealized returns reflect forward-looking projections as determined by Bainbridge in good faith. Such projections are inherently uncertain, and actual results may differ materially. Exit dates for unrealized investments represent the hypothetical exit date used for calculating projected IRR and equity multiple; there are no assurances such timing or results will be achieved.

Certain realized returns are based on implied or hypothetical values at the time Bainbridge exited a transaction, including instances where Bainbridge assigned or exchanged its interest in a deal, where an equity partner wrote off its position, or where a deed in lieu of foreclosure was executed. In such cases, returns are calculated based on the implied value of Bainbridge's equity at the time of resolution rather than an arm's-length sale to a third party. These assumptions are identified in the footnotes to the track record.

Certain transactions involve portfolios of multiple properties that were acquired, managed, or disposed of as a single transaction; returns for such portfolios are calculated on an aggregate basis. Additionally, certain properties appear more than once in the track record where Bainbridge recapitalized or re-acquired an asset following an initial disposition, and each such transaction is treated as a separate investment for purposes of return calculation.

The track record presented herein has not been audited or independently verified by any third party. Bainbridge has prepared these materials in good faith based on its internal records, but no representation or warranty is made as to their accuracy or completeness. Past performance is not indicative of future results.

Proven Track Record

BMFA I has successfully closed on two seed assets, both aligning with the Fund’s investment thesis, reinforcing the team’s execution capabilities and demonstrating strong access to compelling opportunities in high-growth, strategically positioned markets.

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Target Markets

The Fund focuses on acquiring assets across high-growth markets throughout the Mid-Atlantic and Southeast regions while maintaining geographic diversification.

Diversified market concentration strategy

Focus on long-term market fundamentals and NOI growth

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Mid-Atlantic

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Southeast

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Fund History

First Close

$160M

December 2024

Closed long term anchor commitment with a major institutional investor

Substantial GP commitment ($10M)

2 Seed assets (Tampa MSA & DC MSA) already acquired under fund ownership

Remaining Fundraise

2026

Final Close Target

Unique Buying Opportunity

Peak stress and distress occurring in 2026–27 creating motivated sellers and attractive buying opportunities (Costar)

Transitory valuation declines leading to significant discounts to replacement cost (CBRE Research)

Multifamily deliveries rapidly declining through 2028 (Costar)

Temporary apartment supply shocks causing short term dislocations in otherwise strong and growing markets (Costar)

Strong multifamily demand remains, and market dynamics favor apartments for years to come (Costar)

Rapid rise in interest rates creating motivated and distressed sellers with looming loan maturities, financial covenant tests, and expiring rate caps (Chatham Financial)

Depressed values based on a rapid increase in multifamily cap rates, deepening seller distress and creating opportunities to purchase at deep discounts to replacement cost (CBRE Research)

Short-term supply dislocations in otherwise strong markets (Costar)

Deliveries dropping 50%+ by 2026, creating attractive long term supply/demand dynamic (Costar)

Partner With Bainbridge

Connect with our team to learn more about BMAF I and our disciplined approach to multifamily investment.

CONTACT OUR TEAM

This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any offer or solicitation will be made solely to verified accredited investors (as defined in Rule 501(a) of Regulation D under the Securities Act of 1933) pursuant to a confidential Private Placement Memorandum (the "PPM") and definitive subscription documents. In the event of any inconsistency between this communication and the PPM, the PPM controls. Bainbridge Multifamily Acquisition Fund I, LP (the "Fund") is being offered under Rule 506(c) of Regulation D; investors must be verified as accredited prior to admission.

The Fund's securities have not been registered under the Securities Act of 1933 or any state securities laws and are being offered in reliance on exemptions from such registration requirements. The Fund is not registered as an investment company under the Investment Company Act of 1940. The Fund's investment adviser is an Exempt Reporting Adviser and is not registered as an investment adviser under the Investment Advisers Act of 1940. Interests in the Fund are illiquid, are subject to significant restrictions on transfer, and involve a high degree of risk, including the risk of loss of the entire investment. Prospective investors should review the PPM in its entirety, including the risk factors and conflicts of interest disclosures, before making any investment decision.

Targeted returns (including target net IRR) reflect Bainbridge's current assumptions regarding market conditions, deal pipeline, leverage, hold periods, and operating performance. They are hypothetical, are not a forecast or guarantee, and actual returns may differ materially. There can be no assurance that the Fund will achieve its investment objectives, generate any return, or avoid loss. Any prior performance information referenced — including platform-level, prior-fund, or deal-level performance — is described more fully in the PPM and supporting materials available to verified accredited investors upon request, is not necessarily comparable to the Fund's strategy, and is not indicative of future results. Past performance is not indicative of future results.

Certain statements herein, including statements regarding market conditions, supply-demand dynamics, distress timing, and the Fund's investment strategy, constitute forward-looking statements. Forward-looking statements are inherently uncertain and are based on assumptions that may prove incorrect. Actual results and events may differ materially. Bainbridge undertakes no obligation to update any forward-looking statement.

Photographs of properties are representative of Bainbridge's portfolio and do not necessarily depict assets owned by the Fund. Seed asset performance information referenced herein is preliminary, reflects a limited hold period, and is not indicative of ultimate realized returns. Information regarding the Fund's anchor investor is provided with consent and is not intended to identify any particular investor or imply endorsement.