Blind-pool fund that buys underperforming purpose-built student housing near large public research universities with Division 1 athletics (Power 4 and Group of 5), renovates and repositions the properties, operates them through unaffiliated property managers, and sells them over a roughly five-to-seven-year term. Value comes from unit and amenity upgrades, operational turnarounds and rebranding, using 60% to 70% loan-to-value leverage capped at 70%. Targets assets of 150+ beds near campus with rents at or below 80% of top-of-market, across multiple universities. No properties have been identified.