C O M M U N I T I E S

Portfolio Snapshot(Information as of July 31, 2020 unless otherwise noted)

PORTFOLIO OVERVIEW*

Gross Investment Value: $205,423,500Equity Committed: $117,827,327*# of Investments: 5

Annualized Distribution Rate: 5.00%1

Distributions are not guaranteed and are subject to change atthe discretion of the Board.

OPERATING PROPERTIESTotal Multifamily Units: 507Average Effective Rents: $2,058Portfolio Secured Leverage: 51.5%*Weighted Avg. Property Age: 3 Years

* Includes equity committed for Cottonwood One Upland, which is financed under a secured revolving line of credit with JP Morgan assuming 50% loan-to-value on average. The value is based on original purchase price. Current fair market value may differ.** There is no guarantee that these investment objectives will be met. Investing in our common stock involves a high degree of risk and uncertainties including the possibility of losing a portion or all of your investment.*** Photo is for illustrative purposes only and represents an investment to finance the development of the property. The to-be developed property pictured will not be owned by the REIT.

INVESTMENT OBJECTIVES**

✓ preserve, protect and return invested capital;✓ pay stable cash distributions to stockholders;✓ realize capital appreciation in the value of our investments over the long term; and✓ provide a real estate investment alternative with lower expected volatility relative to public real estate companies whose securities trade daily on a stock exchange

SUMMARY OF INVESTMENTS

It should be noted that the information/metrics provided herein speak only as of the date indicated and may be subject to change.

This is neither an offer to sell nor a solicitation of an offer to buy the securities described in the Cottonwood Communities prospectus, as amended and supplemented (the “Prospectus”). The offering is made only by the Prospectus and this material must be preceded or accompanied by the Prospectus. Neither the Securities and Exchange Commission nor any other state securities regulator has approved or disapproved of the securities or determined if the Prospectus is truthful or complete. In addition, the Attorney General of the State of New York has not passed on or endorsed the merits of the offering. Any representation to the contrary is unlawful. Securities offered through Orchard Securities, LLC, a member of FINRA and SiPC. CW Markets Group is a Branch Office of Orchard Securities, LLC.

The Astoria Investment Preferred Equity, Queens, NY*** Cottonwood One Upland, Boston Metro Lector85 Preferred Equity, Ybor City, FL***

1

2

3

4

5

CLOSINGDATE

7/23/20

3/19/20

8/14/19

7/31/19

5/31/19

YEAR BUILT /EXP. DELIVERY

2022

2016

2021

2021

2018

UNITCOUNT

N/A

262

N/A

N/A

245

PROPERTY/INVESTMENT NAME

The Astoria Investment

Cottonwood One Upland

Lector85

Dolce Twin Creeks Phase II

Cottonwood West Palm

LOCATION(METRO)

Queens, NY

Boston Metro

Ybor City, FL (Tampa)

Allen, TX (Dallas)

West Palm Beach, FL

INVESTMENTTYPE

Preferred Equity

Operating Property

Preferred Equity

B-Note

Operating Property

30%Real Estate-Related

Investments2

70%OperatingProperties2

CurrentAllocation*

(by equity committed)

*** Photo is for illustrative purposes only and represents an investment to finance the development of the property. The to-be developed property pictured will not be owned by the REIT.

FOOTNOTES1) The current rate shown reflects the current month’s cumulative distribution rate when annualized. Cottonwood Communities (a) has been paying and may continue to pay distributions from sources other than cash flow from operations, such as offering proceeds, borrowings and cash resulting from a waiver or deferral of fees, which reduces the funds available for acquisitions and may reduce overall returns, (b) may use unlimited amounts of sources other than cash flow from operations to pay distribution payments and (c) has paid distributions in excess of earnings. During the three months ended March 31, 2020, we funded our total distributions paid (which includes net cash distributions and distributions reinvested by shareholders) with $571,878 cash provided by operating activities and $554,253 of offering proceeds, which equates to 50.78% paid through cash flow and 49.22% paid through offering proceeds. Our net loss for the three months ended March 31, 2020 was $790,050. 2) The REIT seeks to invest at least 65% of Its assets in operating multifamily apartment communities and up to 35% in mortgage loans, preferred equity investments, mezzanine loans or equity investments in a property or land which will be developed into a multifamily apartment community (including, by way of example, an existing multifamily apartment community that may require redevelopment capital for strategic repositioning within its market). There is no guarantee these allocations will be met.

RISK FACTORSAn investment in our shares is speculative, illiquid and involves a high degree of risk and there is no guarantee that investors will receive any return or that they will not lose their entire investment. No public market exists for our shares; our board of directors is not required to provide shareholders with a liquidity event by a specified date or at all; the offering price is arbitrarily set and is unrelated to the value of our assets or our operating income; we have no operating history; the impact of the COVID-19 outbreak on our operations and value; you will not have the opportunity to evaluate our investments before we make them; we may not achieve our investment objectives; we depend on our advisor and its affiliates to select investments and conduct our operations; we pay substantial fees to our advisor and its affiliates, which increases the risk that you will not earn a profit; our officers and certain of our directors are also officers and directors of our sponsor and its affiliates and thus will be subject to conflicts of interest; we will use leverage to acquire multifamily apartment communities, which increases your investment risk; there are restrictions on the ownership and transferability of our shares; our charter permits us to pay distributions from any source, including offering proceeds or borrowings, without limitation; if we pay distributions from sources other than our cash flow from operations, we will have less funds to invest; it is likely that we will use sources of funds which may constitute a return of capital to fund distributions; we may not be able to acquire a diverse portfolio of multifamily apartment communities and as a result the value of your investment may vary more widely; if we fail to qualify as a REIT, our operations and our ability to make distributions to our shareholders would be adversely effected; and we will be subject to development and operating risks of our real estate including economic risks, legislative risks, tax risks, environmental risks, financing risks, liquidity risks and lack of diversification.

CONTACT US TO LEARN MORE

855.816.9112info@cwmarketsgrp.com

A copy of the most recent version of the Cottonwood Communities, Inc. Prospectus may be obtained at:

www.cottonwoodcommunities.comor by requesting a copy from:Janean BaxterOrchard Securities, LLC, MemberFINRA and SiPC365 Garden Grove Lane, Suite 100Pleasant Grove, Utah 84062801.316.4235 / ppm@orchardsecurities.com

8/20 CC-1058-D-web

C O M M U N I T I E S

LOCAL INDUSTRY PROFILE

Certain employment sectors are better positioned for high earnings potential

INFILL LOCATIONS

Generally exhibit high barriers to entry and may be undergoing favorable

redevelopment

FAVORABLE DEMOGRAPHICS

High concentration of skilled labor and

above average income

ACCESSIBILITY

Close proximity to transportation, dining, entertainment, retail venues and schools

KEYOPPORTUNITIES

Utilizing our ability to identify market

dislocation or mispriced assets

Cottonwood West Palm, West Palm Beach, FL

KEY FACTORS CONSIDERED UNDER OUR INVESTMENT STRATEGY

Dolce Twin Creeks Phase II B-Note, Allen, TX***