The Trust owns Waterford Place, a 240-unit garden-style apartment community built in 1997 in Greensboro, North Carolina, acquired on January 16, 2026 for $49.5 million and 90.0% leased as of March 9, 2026. The Property is master leased to a newly formed Sponsor affiliate that subleases units to residents. The stated plan is to pay monthly distributions from master lease rent, grow net operating income through rent growth and expense control, make selective non-structural interior and common area upgrades funded from reserves, and sell the Property within approximately five to 10 years.