Investment Description

On May 22, 2024, the Trust acquired a 256-unit multifamily apartment complex known as Chestnut Farm (the “Project”) located on approximately 28.27 acres of land in Matthews, North Carolina. The Project was constructed in 2021. The Project offers a mix of studio, 1-bedroom, 2-bedroom, and 3-bedroom units with an average unit size of 995 square feet. The Project has a total of 418 parking spaces, including 21 detached garage parking spaces and 17 handicap parking spaces. As of May 17, 2024, the Project was leased at an occupancy rate of approximately 95.29%. See “Description of the Project.”

Business Plan

The principal objectives of the Trust are to (i) distribute to the Holders rent, after payment of debt service and expenses, at varying levels of the purchase price paid by the Holders for the Interests during the first approximately 8 years of ownership, (ii) amortize debt during a portion of the ownership of the Project and (iii) prepare the Project to be sold in approximately 8 years. There can be no assurance that any of these objectives will be achieved. See “Risk Factors.”