The Trust owns One on 4th, a Class A mid-rise student housing community of 198 units and 475 beds next to Oklahoma State University in Stillwater, Oklahoma, bought July 27, 2022 for $50.625 million. The property is master leased to a Sponsor-affiliated master tenant, which subleases to students and pays rent equal to debt service plus stated and bonus rent. The stated plan is to pay monthly distributions from net cash flow, preserve the property's value and sell it before the seven-year loan matures, with a possible 721 UPREIT exchange.