The Trust owns The Villages at Miami Gardens, a 50-home build-for-rent townhome community completed in 2021 in Miami Gardens, Florida, acquired 9/30/2025 for $18,500,000 and about 98% occupied. It serves as Section 1031 replacement property. The whole Property is master leased for ten years to a Sponsor-affiliated Master Tenant that subleases homes to residents and pays Base Rent (debt service plus replacement reserves) and a fixed, escalating Annual Rent of 4.51% to 7.15% of equity, distributed monthly. The plan is to hold about ten years, then sell or offer a Section 721 UPREIT exit into a Sponsor-affiliated REIT.