The Partnership will make opportunistic and value-add multifamily investments in the United States, primarily in supply-constrained Western U.S. markets, in equity or debt positions. It targets Class A and B properties valued at $30-150 million, bought from distressed or motivated sellers, and seeks to add value through renovation, operational enhancement and repositioning, with a target Net IRR of 14%-16%. It intends to co-invest alongside Virtu Evergreen Fund, L.P., generally 50/50. No asset is identified in the Memorandum (blind pool).