Greystar Investment Group LLC

Item 5:       Fees and Compensation

DESCRIPTION OF COMPENSATION AND FEE SCHEDULE
We and our affiliates generally receive management or asset-based fees and carried interest or similar profit
allocations or fees from the Funds. In general, the applicable governing and offering documents of each Fund, the
investment management agreement between us and such Fund or the agreements in respect of the real estate
properties or investments (including property management, development management, construction
management, renovation management, and general contractor agreements) describe the basic fee structure
relevant to the investors in such Fund (including, where applicable, any fee offset arrangements). These
arrangements also present significant conflicts of interest that we seek to address in the aforementioned
governing and offering documents of each Fund. See “Other Fees” below for other fees we receive in connection
with other services we provide to our clients and/or their investments.
We, our affiliates and our respective personnel can be expected to receive certain intangible and/or other benefits
and/or perquisites arising or resulting from activities undertaken on behalf of the Funds that will neither be subject
to an offset against any management fees payable nor will otherwise be shared with the Funds, their investors
and/or portfolio investments. For example, in the course of the Funds’ operations, including marketing, research,
due diligence, investment monitoring, operational improvements and investment activities, Greystar and its
personnel expect to receive and benefit from information, experience, analysis and data relating to Fund or
portfolio investment operations, terms, trends, market demands, customers, vendors and other metrics
(collectively, “Greystar Information”). In many cases, Greystar Information will include tools, procedures and
resources developed by Greystar to organize or systematize Greystar Information for ongoing or future use. The
Funds are generally expected to benefit from Greystar Information; however, such benefits are expected to be
shared with future Funds (or by Greystar and its personnel). Greystar Information will be the sole intellectual
property of Greystar and solely for the use of Greystar. Greystar reserves the right to use, share, license, sell or
monetize Greystar Information, without offset against any management fees, and the relevant Fund will not
receive any financial or other benefit of such use, sharing, licensure, sale or monetization. In addition, employees
and service providers may receive additional intangible and other benefits. For example, airline travel or hotel
stays incurred as Fund or account expenses typically result in cash rebates, “miles,” “points” or credit in
loyalty/status programs, and such benefits and/or amounts will, whether or not de minimis or difficult to value,
inure exclusively to us and/or such personnel (and not the Funds, their investors and/or portfolio investments)
even though the cost of the underlying service is borne by the Funds and their investors and/or underlying
investments. In addition, Greystar has in the past made available, and expects to continue to make available,
certain discount programs to its employees as a result of Greystar’s relationship with an investment (e.g., “friends
and family” discounts). The size of these discounts on products and services provided by investments (and,
potentially, customers or suppliers of such investments) could be significant. The potential to receive such
discounts could provide an incentive for Greystar to cause the Funds and/or their investments to enter into
transactions that may or may not have otherwise been entered into in the absence of these arrangements and
benefits. Financial benefits that Greystar and its personnel derive from such transactions will generally not be
shared with the Funds, their investors and/or investments. Such discounts include, among others, the ability to
lease units in multifamily buildings or other properties owned by the Funds at discounted rates.
In certain cases, Greystar will be engaged by the purchaser of an investment to provide various services, including
property management services, to that investment following the Fund’s disposition of such investment. Any such
services will be provided on rates agreed with the purchaser (which may be different from (and potentially higher
than) the rates charged to the Fund for services to that investment) and such compensation will not be shared
with the Funds, including the Fund that sold the investment, or reduce management or other fees owed by the
Funds.
Clients also typically bear certain out-of-pocket (and in some cases in-house) expenses incurred by us in
connection with the services provided to such clients, as more fully described in Item 5 – Costs and Expenses. An
overview of the typical fees and expenses applicable to our clients is set forth below.

TYPES OF MANAGEMENT FEES AND ASSET-BASED FEES
With respect to certain of our closed-end Funds, the annual management fee is typically 1.5% of the third-party
investors’ committed capital during the relevant investment period. After such investment period, the fee
percentage is typically applied only to the contributed or invested capital of each third-party investor. Certain
closed-end Funds may instead charge management fees based on other criteria such as a percentage of total
project costs, invested capital and/or gross asset value for certain periods during the Fund’s life or for the entire
term of the Fund. With respect to our open-end Funds, the annual management fee is typically, with respect to
each third-party investor, (x) the product of (1) the rate applicable to such investor (typically ranging from 0.80%
to 1.10% per annum, generally based on the size of the investor’s commitment) and (2) the net asset value of such
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Item 7:       Types of Clients

DESCRIPTION
We currently provide investment advisory services to pooled investment vehicles, certain joint ventures and other
entities including, without limitation, the Funds and certain separately managed accounts. We may, in our sole
discretion, elect to provide investment advisory and other services to one or more additional private pooled
investment vehicles and/or other types of clients in the future.
ACCOUNT REQUIREMENTS
The minimum initial capital commitment or subscription amount required with respect to each Fund, if any, is set
forth in the applicable offering and/or governing documents.
Interests in the Funds are privately offered only to eligible investors pursuant to exemptions under the Securities
Act of 1933, as amended (the “Securities Act”), and the regulations promulgated thereunder (including Rule 506
of Regulation D (“Regulation D”) and Regulation S). Such Funds are not registered with the SEC as investment
companies based on one or more specific exclusions from the definition of an “investment company” under the
Company Act or exemptions thereunder.
Investors in the Private Funds generally are required to certify that they are, among other things: (i) “accredited
investors,” as such term is defined in Rule 501(a) of Regulation D, (ii) “qualified clients,” as such term is defined in
Rule 205-3 promulgated under the Advisers Act and/or (iii) “qualified purchasers,” as such term is defined in
Section 2(a)(51) of the Company Act.