The DST owns two Class A apartment communities near downtown Asheville, North Carolina: River Mill Lofts (253 units, built 2017 and 2020) and Skylofts (52 units, built 2013), bought 8/31/2022 for $98.4 million. Each property is master leased to a Sponsor-owned master tenant that runs it and pays fixed rent plus bonus rent tied to revenue growth. The sponsor plans a light unit-turn renovation program to lift rents, holding about ten years before a sale or an optional exchange into a sponsor-affiliated REIT.