This document and its contents are provided for informational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only by means of a private placement memorandum and in accordance with the terms of all applicable securities and other laws.

The investment opportunities mentioned herein involve significant risks and are suitable only for investors who are capable of evaluating the merits and risks of the potential investment. The AARE Real Estate Funds are not registered as an investment company under the Investment Company Act of 1940 and are not offering their securities under the Securities Act of 1933 or any state securities laws. Therefore, the securities offered by AARE Real Estate Funds are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act of 1933 and applicable state securities laws, pursuant to registration or exemption therefrom. Investors should be aware that they will be required to bear the financial risks of this investment for an indefinite period of time.

The performance and returns discussed in this document are projected or hypothetical and are not guaranteed. Past performance is not indicative of future results. Investments in real estate are speculative and involve a high degree of risk, including the risk of losing the entire investment.

The statements made regarding tax efficiency and benefits are a general summary for informational purposes only and do not constitute tax advice. Investors should consult with their own tax advisor to determine the tax consequences of any investment, including the impact of federal, state, and local tax laws and potential changes to those laws.

No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied upon as, a promise or representation as to the future performance of AARE Real Estate Funds or any individual investment.

This document may contain forward-looking statements, which involve risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements.

Investing in AARE Real Estate Funds is only suitable for sophisticated investors with the financial ability to bear the loss of their entire investment. All potential investors should make their own investigation and evaluation of any specific business or investment opportunity, consulting their own financial, legal, and tax advisors before relying on any information provided herein.

Nothing herein shall be construed as legal, tax, or financial advice.