JWCM Vivian DST

Investment Overview

Completed in 2023, The Vivian (the "Property") is a 325-unit Class-A apartment community with high-quality amenities and finishes, thoughtfully situated on the highly desirable Atlanta Beltline. The Property is not only a short walk to over 400K SF of local restaurants, shops, breweries, co-working and recreational spaces, but it is also embedded within the high-demand neighborhood of Capitol View. The Property is designed to attract Atlanta's young professionals, achieving an $89K average household income and an approximately 4.4x Income-to-Rent ratio, benefiting from the proximity to Atlanta's best universities, hospitals, and largest job nodes. Additionally, the Property benefits from multiple state and local tax incentive programs.

Investment Highlights

• This 325-unit Class-A apartment community in Atlanta, Georgia, was built in 2023 as a luxury property ideal for young professionals, offering direct access to the Southwest trail of Atlanta's Beltline and close proximity to the city's major employment and entertainment hubs. The property comprises 264,136 SF of residential net rentable area across three mid-rise buildings (three to five stories) with adjacent surface parking. Community amenities include a coffee shop, swimming pool, clubhouse, meeting space, lounge, fitness center, outdoor community event space, dog park, pocket park, gardening space, bike storage, and direct Beltline access. High-quality unit interiors feature walk-in closets, chef's kitchens, and private balconies, along with stainless steel appliances, granite countertops, custom cabinetry, and designer tile backsplashes.

• The acquisition basis of $250,769 per unit compares favorably to area home values, with average values in Adair Park exceeding $400,000 and median values within a 5-mile radius exceeding $333,000.

• The Trust acquired the Property with defensive debt from Fannie Mae at a loan total value of 50.55%. Additionally, the interest rate of 5.30% is attractive in the current turbulent rate environment.

• The Property benefits from a layered tax incentive structure that materially enhances cash flow: Georgia Statute 48-5-299(c) freezes the assessed value for 2025–2026, the Georgia Brownfield Program contributes approximately $3.0 million in remaining abatement value, and the Development Authority's bonds-for-title program provides a 10-year declining abatement starting at 50% in 2024 and tapering to 5% by 2033. Combined, these programs are projected to reduce property taxes to approximately $12,000 annually through 2028—versus pro forma taxes of nearly $900,000—yielding over $5 million in total savings.

• The Master Tenant will target mid-90% occupancy while organically maximizing rents based on submarket strength, supported by an institutional-quality property manager with a proven track record of cost control and revenue growth. Key strategic objectives include maintaining strong retention, narrowing Loss-to-Lease by pricing units to market as they roll, sustaining current rent collection levels, upholding the Property's luxury standards, and reducing operating expenses in line with long-term ownership objectives. The Trust intends to sell the Property in approximately five to ten years, at which point it will distribute all assets to beneficial interest holders and dissolve.

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