The Trust owns Tapestry West, a 262-unit Class A multifamily community completed in 2022 at 2031 Maywill Street, Richmond, Virginia, bought 8/31/2022 for $91.7 million while in lease-up. The whole property is master leased for ten years to a Sponsor-owned Master Tenant that pays Base Rent equal to debt service, a fixed Annual Rent and 80% Bonus Rent above a revenue benchmark. The plan is to complete lease-up, capture rent growth and exit within about ten years by sale or a Section 721 contribution to the Sponsor-affiliated Capital Square Apartment REIT.