News and Press

MEMPHIS, TN/MONTGOMERY, AL — Envolve LLC, one of the country’s largest multifamily property owners,
managers, and investors, has completed its acquisition of the Texas-based MacDonald Property Management
platform and related portfolio. Through this transaction, the Company purchased 16 properties (1525 units) and
assumed management services for nine properties (820 units). The additional 2,345 units will expand Envolve's
already substantial Texas presence to over 11,500 multifamily homes and its company-wide portfolio to over
32,000. The combined Texas platform now known as “MPM - A division of Envolve” will incorporate the Envolve
and MacDonald legacies and values.

“After three generations of my family being involved in property management, I’m excited to be able to pass the
torch on to Envolve as they acquire MacDonald Property Management,” said Justin MacDonald, President & CEO of
MacDonald Companies. “It sounds cliché, but I feel that both companies were destined to be together because we
have so many shared values and practices. I know that both our residents and our team members will be in great
hands going forward. It has been my pleasure to work with Envolve throughout this transition, and I look forward
to continuing to work with them in new ways to produce and preserve more housing within the state of Texas.”

Daniel Hughes, Chairman & CEO of Envolve LLC, expressed his enthusiasm for this addition to the Envolve family of
companies and the natural exploitation of synergies.

“We are honored to partner with the fantastic associates and team members at MacDonald. Our focus is to
continue scaling thoughtfully in markets that are attractive to both and have capabilities to serve our clients.”