The Fund invests through wholly owned Project Owner subsidiaries in Phoenix-area multifamily build-to-rent townhome communities, mainly ground-up development with land development and entitlement by Manager affiliates. Capital is recycled through a projected five cycles of about 2 to 2.5 years. Cycle 1 names three West Valley projects (Litchfield Park, Surprise, Legacy; 336 townhomes) at about 75% debt. The deck targets at least 2.0x equity per deal. Later cycles are unidentified.