The Trust owns Madison Waterstar, a 320-unit Class A multifamily community completed in 2023 in Kissimmee, Florida, next to the Walt Disney World area of the Orlando MSA. The Property is 100% master leased to a newly formed, sponsor-owned Master Tenant that subleases units to residents and pays the Trust fixed Base Rent plus rent sharing tied to gross income from lease year 3. The stated objectives are to conserve and protect the Property, pay regular monthly distributions from master lease rent, and preserve value toward a return of capital on sale. The Trust carries no debt after the offering and is designed as Section 1031 replacement property.