Consider the Risks

An investment in shares of our common stock (“Shares”) involves significant risks and is only suitable for persons who have adequate financial means, desire a relatively long-term investment and will not need immediate liquidity from their investment. The most significant risks include the following:

An investment in our Shares is speculative, illiquid and involves a high degree of risk, including the loss of the entire investment.
No public market currently exists for our Shares, and we have no current plans to list our Shares on a national securities exchange.
This is a “best efforts” offering and some or all of our shares may not be sold.
We are a “blind pool” because we have not identified any specific properties to acquire in the future with the net proceeds from this offering. As a result, you will not be able to evaluate the economic merits of our future investments prior to their purchase. We may be unable to invest the net proceeds from this offering on acceptable terms to investors, or at all.
We have paid distributions from sources other than our cash flows from operations, including from the net proceeds of this offering. We are not prohibited from undertaking such activities by our charter, bylaws or investment policies, and we may use an unlimited amount from any source to pay our distributions.
If we raise substantially less than the maximum offering, we may not be able to invest in a diversified portfolio of properties and your investment will be more susceptible to fluctuations in the values of specific properties.
We have no employees and are dependent upon our Advisor, Property Manager and their affiliates.
Our officers, directors, and the officers and employees of our Advisor and its affiliates may have substantial conflicts of interest because they also serve similar programs sponsored by our Sponsor.
We will pay substantial fees and expenses to our Advisor and its affiliates, our Dealer Manager, and our Participating Dealers, which may increase the risk that you will not earn a profit on your investment.
The income from any of our properties will be dependent on the ability of our Property Manager and CS Living to successfully manage such properties.
Our rental revenues will be significantly influenced by the conditions of the markets in which we operate and by demand for multifamily housing properties generally.
If we do not qualify as a REIT, we will be treated as a corporation for federal income tax purposes.
Our Advisor may face conflicts of interest relating to the purchase of properties, and such conflicts may not be resolved in our favor, which could adversely affect our investment opportunities.
We may incur substantial debt, which could hinder our ability to pay distributions to our stockholders or could decrease the value of your investment.
There are limits on the ownership, transferability and redemption of Shares.

See “Risk Factors” in our private placement memorandum to read about the risks you should consider before buying our Shares. An investment in our Shares is not suitable for all investors.