Non-listed, perpetual-life NAV REIT investing exclusively in U.S. multifamily. Targets at least 65% in stabilized apartment communities and up to 35% in mezzanine loans, preferred equity, development and land. Earns rental income plus property-management fees from third-party owners, and has grown mainly through unit-funded mergers of private multifamily portfolios. As of June 30, 2026: 38 operating communities, 11,141 units in 13 states.