The Trust owns three stabilized off-campus student housing properties serving Minnesota State University, Mankato: the Quarters Project (496 beds) and the Town Project (College Town, 481 beds, and Carson Townhomes, 45 beds), acquired 11/1/2022 for $74,735,000. Both Projects are master leased to an affiliate of the sponsor that pays base rent plus 80% of gross revenue above a baseline. The Trust distributes rent monthly after debt service and Trust expenses, projected at 4.51% rising toward 6% of equity, and intends to sell the Projects in about 10 years. The Trust cannot raise capital, refinance or re-lease.