For Institutional Use Only. Not for distribution to the public. This is neither an offer to sell nor a solicitation of an offer to buy any security, which can be made only by the Amended and Restated PPM dated March 16, 2023, as supplemented or amended (the “PPM”) and sold only by broker dealers and registered investment advisors authorized to do so. An offering is made only by means of the PPM in order to understand fully all of the implications and risks of the offering of securities to which it relates.  A copy of the PPM must be made available to you in connection with any offering. Any capitalized terms used in this presentation but not defined herein shall have the meanings set forth in the Memorandum.

An investment in the Units involves significant risk and is suitable only for Investors who have adequate financial means, desire a relatively long-term investment and who will not need immediate liquidity from their investment, and can afford to lose their entire investment. The risks involved with an investment in the Units include, but are not limited to:

• Investors have limited control over IVP Milwaukee Multifamily, LLC (the Fund).
• The Fund Manager has limited duties to Investors.
• There are inherent risks with real estate investments.
• Initially, the Joint Venture’s principal activity with respect to the Property will be development, and as a result the Fund does not expect to generate any cash flow for distribution to Investors until the Project is completed and stabilization is achieved.
• The Joint Venture will depend on the Developer to obtain all permits and to develop and complete the Project in accordance with an approved budget and construction schedule.
• The ability of the Joint Venture to lease residential units at the Project will be subject to various factors, including economic and market conditions at the time such residential units are offered for lease.
• The Project has been, or will be, designed for its particular use, which could result in substantial re-leasing costs or a lower sale price.
• The costs of complying with environmental laws and other governmental laws and regulations may adversely affect the Joint Venture.
• The Loan will reduce the funds available for distribution and increase the risk of loss.
• If the Joint Venture is unable to refinance, sell or otherwise dispose of the Property before the maturity date of the Loan or of any subsequent mortgage loan, it may be unable to repay the Loan.
• The Loan Documents contain various restrictive covenants, and if the Joint Venture fails to satisfy or violates these covenants, the Lender may declare the Loan in default.
• There is no public market for the Units.
• The Units are not registered with the Securities and Exchange Commission (the “SEC”) or any state securities commissions.
• Investors may not realize a return on their investment for years, if at all.
• The Fund is not providing any prospective Investor with separate legal, tax, accounting or business advice or representation.
• Global, financial, economic and social conditions could deteriorate, including as a result of high inflation, high interest rates or public health emergencies, such as the spread of COVID-19.

Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the PPM. This material has been distributed by Inland Securities Corporation, member FINRA/SIPC.   For more information on Inland Securities Corporation, visit FINRA BrokerCheck.

CAUTIONARY NOTE: This document contains forward-looking statements about operating and financial plans and other projections or expectations. Forward-looking statements may be identified by the use of words such as “expects,” “anticipates,” “intends,” “plans,” “will,” “may,” and similar expressions. Forward-looking statements are based on various assumptions, for example, regarding the growth and expansion of the economy, the projected financing environment and real property market value trends, and these assumptions may prove to be incorrect. Such statements reflect our current view with respect to future events and are subject to risks and uncertainties related to certain factors summarized below and other factors detailed under Risk Factors in the PPM. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described in a forward-looking statement. Accordingly, forward-looking statements might not accurately predict future events or the actual performance of an investment in the shares of our common stock, and you should not place undue reliance on them.