The Trust owns a 17.18-acre undeveloped parcel at 5 Island Gate Drive, Hardeeville, SC (Hilton Head Island-Bluffton-Port Royal MSA) and leases it under a 50-year absolute net ground lease to a newly formed Sponsor affiliate, which must design, finance, build and own a 216-unit multifamily community. The Trust receives fixed Base Rent ($1,323,000 in Year 1, stepping up over the term) and targets a sale of the Land in about five years, possibly through the Ground Lessee's purchase option (from May 2030 at appraised value, $25,200,000 floor). Income and exit value depend on an uncapitalized affiliate completing the Project, and the Trust must subordinate its fee interest to the construction lender.