Investment Description

On June 29, 2023, the Trust acquired a 224-unit multifamily apartment complex known as Springhouse Apartments (the “Project”) located on approximately 15.245 acres of land in Louisville, Kentucky. The Project was constructed in 2016 and consists of (i) 9 apartment buildings, (ii) 1 clubhouse building, (iii) 3 detached garage buildings, (iv) 1 maintenance building, and (v) 2 historic buildings. The Project offers a diverse mix of 1-bedroom, 2-bedroom, and 3- bedroom units with an average unit size of 1,039 square feet. The Project has a total of 367 parking spaces, including 8 handicap parking spaces. As of June 26, 2023, the Project was leased at an occupancy rate of approximately 97.32%. See “Description of the Project.”

Business Plan

The principal objectives of the Trust will be to (i) distribute to the Holders rent, after payment of debt service and expenses, at various levels of the purchase price paid by the Holders for the Interests during the first 10 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 10 years. There can be no assurance that any of these objectives will be achieved. See “Risk Factors.”