A Delaware LLC formed to acquire two vacant land parcels near Phoenix, Arizona (the Borgata Property in Pinal County and the Sonoran Vista Property in Phoenix), entitle and develop each into a gated, single-family build-to-rent community (approx. 287 and 240 units respectively), lease and stabilize the completed communities, and then sell the projects (or the raw land, if development is not pursued) within approximately five years of the Final Admission Date.