Fees and Compensation — Form ADV Part 2A (3/31/2017)
[Brochure]
Item 5 – Fees and Compensation
For both the Fund and separately managed accounts, we are compensated through a quarterly asset
management fee, payable at the beginning of each quarter, and profit participation upon the
achievement of a certain return threshold as defined in the respective partnership agreement. At AVP's
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election asset management fees are paid from the proceeds derived by the real estate ventures or
through capital contributions from the investors.
The Fund and separately managed accounts will bear certain expenses that arise due to operating
activities, including but not limited to evaluation, acquisition, holding and disposition of each investment
as well as audit and tax fees, interest on indebtedness and insurance premiums.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2017)
[Brochure]
Item 7 – Types of Clients
AVP serves as the investment adviser to private real estate funds and separately managed institutional
accounts that are organized as single‐investor funds. Investors in the Fund and separately managed
accounts will be required to make a minimum capital commitment of $25 million, which we may be
waived at AVP's discretion. Investors in the Fund and separate accounts must be (i) "accredited
investors," as defined in Regulation D of the Securities Act of 1933, as amended, and "qualified
purchasers" under section 2(a)(51) of the Investment Company Act of 1940.