Fee Structure and Distribution Priority

 

Key Risks of Investing in Fund V

An investment in Fund V is speculative and involves substantial risk, including the possible loss of some or all invested capital. Fund interests are illiquid: investors generally do not have a right to withdraw, and transfers require the Manager’s prior written consent.

Fund investments are subject to real estate and multifamily-specific risks, including changes in rents, occupancy, operating expenses, property values, local economic conditions, regulation, competition and tenant demand. The Fund also expects to use property-level leverage, which can magnify losses, increase debt-service obligations and create additional risk if interest rates rise or operating income falls.

Fund V frequently invests alongside third-party operators and through joint ventures, which creates execution, governance and counterparty risk. Additional capital may also be required to support investments if property operations or debt service underperform expectations.

Management fees, Fund expenses, property-level expenses, carried interest and other fees reduce investor returns. There is no assurance that the Fund will achieve its targeted returns or avoid losses.