MULTIFAMILY OPPORTUNITY FUND

The Fund partners with Cottonwood Residential, O.P., LP (“Cottonwood”). 3800 Main, shown here, is owned jointly by Cottonwoodand a JV partner and is representative of the type of asset the Fund intends to develop

Cottonwood Multifamily Opportunity Fund, Inc. Redefining Development Opportunities

* Cottonwood Multifamily Opportunity Fund, Inc. (the “Fund”) will not actually own an interest in any real estate, but its operating partnership will own a joint venture interest in an entity that owns the real estate. Securities offered through Orchard Securities, LLC, a member of FINRA and SiPC. CW Markets Group is a Branch Office of Orchard Securities, LLC. This is not an offer to sell securities. An offer to sell shares of common stock in Cottonwood Opportunity Fund (the “Shares”) may be made only pursuant to the Cottonwood Multifamily Opportunity Fund Offering Circular dated November 27, 2017, as supplemented or amended (the “Offering Circular”). The information contained herein is qualified in its entirety by the Offering Circular. All potential investors must read the Offering Circular in its entirety before investing. The Offering is being made by means of the Offering Circular only to qualified investors who meet minimum requirements, as well as suitability standards as determined by a qualified broker-dealer. Please read the Offering Circular in its entirety before considering an investment.

A copy of the Offering Circular can be obtained at www.cottonwoodmultifamily.com

THE MULTIFAMILY OPPORTUNITY

Why We Like Multifamily Development

Strategy

The Fund aims to invest directly or indirectly in multifamily construction and development-related projects, located throughout the United States.

The Fund may partner with a broad network of best-in-class operators, joint venture partners and property and construction management teams, including affiliated developers, who can provide:

The Fund may also make mezzanine loans to, or preferred equity investments in, entities that have been formed for the purpose of developing multifamily construction and development projects. Upon completion, it’s expected that an affiliate of Cottonwood Residential, Inc. will manage the apartment communities.

1) PwC and the Urban Land Institute, “Emerging Trends in Real Estate” 2017. 2) Bloomberg.com “Homeownership Rate in the U.S. Drops to Lowest Since 1965”.

Deal SourcingEfficient

ManagementLocal Market Knowledge

The next wave in residential growth is expected over the next ten years as millennials enter into adulthood. During this time, it’s expected that there will be an 86 percent increase in new household formations, totaling roughly 12.5 million households. From this group, 58 percent are expected to be renters1.

Millennials are noted to have less of an interest in homeownership, increasing rental property demand, with over 7 million new ‘household’ renters projected. Factors influencing millennials include1:

• Significant student loan debt • Delaying marriage and children • General consumer preference for a flexible lifestyle

Census Bureau figures show that in the second quarter of 2016, the overall home ownership rate dropped to 62.9 percent—a record low in more than 50 years2. Furthermore, PwC’s “Emerging Trends in Real Estate 2017,” anticipates a continued drop in homeownership rates by 2025 to 60.8 percent – the lowest level since the 1950’s1.

With 92 million people, the Millennial generation is the biggest in U.S. history - even bigger than the Baby Boomers.

— Source: www.goldmansachs.com/our-thinking/pages/millenials

The Fund partners with Cottonwood Residential, O.P., LP (“Cottonwood”). The Stetson, shown here, is a Cottonwood owned asset and is representative of the type of asset the Fund intends to develop

OFFERING OVERVIEW

Investment Objectives*

• Preserve, protect and return invested capital • Pay attractive cash distributions to stockholders from our investments or upon stabilization of our properties • Realize capital appreciation upon the sale of our investments over the long-term

*There is no guarantee that the company’s investment objectives will be met.

The Cottonwood Difference

100% of the proceeds will be available for investment from day one

The sponsor pays all selling commissions and offering expenses. This means 100% of the proceeds will be available for investment from the start. In addition, there are no acquisition, disposition or refinancing fees.

Significant co-investment from Cottonwood

To ensure alignment of interest, and to show you how much we believe in our abilities as owner, developer, investor and operator, Cottonwood Residential O.P., LP (“Cottonwood”) will co-invest at least 10% of the total investments of each joint venture.

Substantial expertise in structured investments

Cottonwood has substantial experience in multifamily acquisitions, ownership and structured investments. We believe its expertise as an owner and operator provides enhanced risk-adjusted return prospects.

3) There are additional suitability standards set forth in the Offering Circular which investors must meet in order to invest.

Accredited & Non-accredited InvestorsInvestor Suitability3

Class A Multifamily DevelopmentProperty Focus

1099Year-End Statement

Ernst & YoungAudited Financials

Offering Highlights

$50,000,000Offering Size

$10.00Share Price

$10,000Minimum Investment

Risk Factors• We depend on our board of directors and officers to select our investments and conduct our operations and this offering. Our board of directors and officers are also directors and officers of Cottonwood Residential, Inc., the general partner of Cottonwood Residential O.P., LP. Our directors and officers will be subject to conflicts of interest.• No public market exists for our shares, and we are not required to effectuate a liquidity event until June 30, 2025 (unless sooner under certain circumstances). If you are able to sell your shares through secondary market purchases or otherwise, you would likely have to sell them at a substantial discount from their offering price.• We have no operating history and our only assets consist of Cottonwood Residential O.P., LP’s initial investment of $10,000, which was contributed in exchange for all of the outstanding shares of common stock. There is no assurance that we will achieve our investment objectives.• We are a blind pool because we have not identified any investments to make with the proceeds from this offering.• Our board of directors and officers may sponsor other companies that compete with us, and our board does not have an exclusive management arrangement with us.• If we raise substantially less than the maximum offering amount, we may not be able to invest in a diverse portfolio of multifamily construction and development projects and multifamily development-related assets, and the value of your investment may vary more widely with the performance of certain assets.• We have not established the offering price on an independent basis and it bears no relationship to the value of our assets.• We will use leverage to invest directly or indirectly in multifamily construction and development projects and multifamily development-related assets which will increase your investment risk.• Our investments in multifamily development-related assets will be subject to the risks typically associated with real estate.• The mezzanine loans in which we intend to invest would involve greater risks of loss than loans secured by a first deed of trust or mortgage on property.• We may invest in the preferred equity of other entities, the management of which may adversely affect our business.• Our charter permits us to pay distributions from any source, including offering proceeds or borrowings (which may constitute a return of capital), and our charter does not limit the amount of funds we may use from any source to pay such distributions. If we pay distributions from sources other than our cash flow from operations, we will have less funds available for investment in multifamily construction and development projects and multifamily development-related assets.• We may or may not elect to be taxed as a REIT, with differing tax consequences to us and our shareholders.• If we fail to qualify as a REIT it could have economic consequences.

CONTACT US TO LEARN MORE 855.816.9112michelle@cwmarketsgrp.comwww.cottonwoodmultifamily.com

A copy of the most recent version of the Cottonwood Multifamily Opportunity Fund, Inc.Offering Circular may be obtained at:

TARGET MARKETSMULTIFAMILY OPPORTUNITY FUND

4) As of November 2017 and subject to change.

CMOF-1003-F1/18

Major U.S. Metropolitan Markets

We will primarily target projects that are located in major metropolitan areas in the western, southwestern and southeastern regions of the U.S. with a focus on key multifamily demand drivers including significant population growth, flourishing employment centers and strong renter demographics. The primary markets we will target include:

Orlando, FLAtlanta, GADallas, TXHouston, TXAustin, TXPhoenix, AZDenver, COSalt Lake City, UT

Miami, FLTampa, FLPortland, ORCharlotte, NCNashville, TNRaleigh, NCDurham, NCSan Antonio, TX

Janean BaxterOrchard Securities, LLC401 S. 850 E., Suite C1Lehi, UT 84043801.316.4235 | ppm@orchardsecurities.com

Cottonwood Target Markets4

*The Board of Directors may choose at their sole discretion to invest opportunistically in secondary markets.