Open-ended, perpetual private fund that acquires, renovates and operates value-add Class A and B multifamily properties, primarily in the Western U.S. It seeks to defer tax by reinvesting sale proceeds through Section 1031 exchanges while giving limited partners biennial redemption windows after a five-year lockout. The PPM targets a 15%-18% gross IRR; the Q3 2025 overview states a long-term 11%-13% IRR and 4%-6% cash-on-cash.