Sec Form 3 Filing - Lake Street Landlords, LLC @ Appreciate Holdings, Inc. - 2022-11-29

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Lake Street Landlords, LLC 2. Issuer Name and Ticker or Trading Symbol Appreciate Holdings, Inc. [ SFR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O APPRECIATE HOLDINGS, INC., 6101 BAKER ROAD, SUITE 200 3. Date of Earliest Transaction (MM/DD/YY) 11/29/2022 (Street) MINNETONKA,, MN55345 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class B Common Stock 20,132,807( 3 )( 1 ) D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Class A Units ( 1 ) ( 2 ) ( 2 ) Class A Common Stock 20,132,807( 3 )( 1 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Lake Street Landlords, LLC C/O APPRECIATE HOLDINGS, INC. 6101 BAKER ROAD, SUITE 200 MINNETONKA,, MN55345 X Signatures /s/ Luisa M. Surmak, Attorney-in-Fact 12/09/2022 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Holds 20,132,807 units in Appreciate Intermediate Holdings, LLC. Each unit in Appreciate Intermediate Holdings, LLC may be exchanged together with one share of Class B Common Stock in Appreciate Holdings, Inc. (the "Company") for one share of Class A Common Stock in the Company pursuant to the Appreciate Intermediate Holdings, LLC Amended and Restated Limited Liability Company Agreement (the "A&R LLC Agreement"), dated November 29, 2022. ( 2 )Pursuant to the A&R LLC Agreement, the Company's common units held by the reporting person are not exchangeable for the Company's Class A Common stock until the expiration or waiver of certain lock-up periods and other restrictions mentioned therein. ( 3 )The following directors own units in Lake Street Landlords, LLC: (i) Marcy Haymaker indirectly owns 38,799 units in Lake Street Landlords, LLC, which equates to 23,682 shares in Class B Common Stock in the Company ("Class B Common Stock"); (ii) Scott Honour indirectly owns 620,784 units in Lake Street Landlords, LLC, which equates to 378,912 shares in Class B Common Stock; and (iii) Douglas Bergeron directly holds and beneficially owns 3,577,770 units in Lake Street Landlords, LLC, which equates to 2,039,288 shares in Class B Common Stock through his investment vehicle, DGB Investment where Mr. Bergeron is the sole shareholder. These persons disclaim beneficial ownership of these shares.

Remarks: Exhibit 24.1 - Power of Attorney

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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