Property Type: The Fund will target investments in multifamily, industrial, and groceryanchored retail centers. The Fund will also consider asset types including but not limited to: student housing, senior living, and medical office.

Geographic Focus: The Fund will prioritize secondary and tertiary markets, while also taking primary markets into account. The Fund is confident that secondary and tertiary markets continue to benefit from the ongoing demographic shifts and migration trends across the country.

Property Level Risk: The Fund will accept property level risk consistent with the Fund’s mission of seeking its target return metrics. As such, the Fund will invest in core-plus and value-add, and existing assets. While investments will focus on a core-plus and value add risk profile, the Fund will consider opportunistic investments in markets with strong demographics. The Fund will avoid development opportunities with excessive entitlement risk.

Investment Amounts: LP investments of $25,000 to $600,000 per deal.

JV Partnership Terms: The Fund will reject JVs that require recourse, environmental guarantees, or guarantees to cover capital calls. The waterfall structure and fees paid to the sponsor shall be commensurate with the risk profile of the investment opportunity along with the sponsor’s experience and financial wherewithal.

Sponsor Quality: The Fund recognizes the importance of sponsor quality in every investment. The Fund will consider every sponsor’s ability to operate a property, financial wherewithal, reputation, track record, and current real estate investment schedule. Additionally, a detailed analysis will be performed of a sponsor’s cash investment in an opportunity relative to the fees taken by the sponsor during the hold period. Sponsors are expected to provide quarterly reports, annual budgets, and K-1 tax reports in a timely manner.