Sterling Multifamily Trust was formed to invest in a portfolio of multifamily (apartment) properties. The Trust elected to be taxed as a Real Estate Investment Trust (“REIT”) under Sections 856-860 of the Internal Revenue Code. Sterling Multifamily Trust financial services include the acquisition, disposition, investment, financing, ownership and management of multifamily properties. Other financial services also include arranging for and managing real estate brokerage, rental, leasing, and property management. From 2002 to 2010, the Trust operated as a private non-listed REIT. However, in 2011, the Trust registered with the SEC and became a public non-listed REIT. Sterling Multifamily Trust is an Umbrella Partnership Real Estate Investment Trust, and holds all of its properties in a separate partnership, Sterling Multifamily Properties, LLLP (“Sterling Multifamily Properties”). The Trust controls Sterling Multifamily Properties and acts as its general partner. The Trust uses Sterling Multifamily Properties to acquire properties, including through the exchange of limited partnership units for properties. Sterling Multifamily Trust operates under the direction of the Board of Trustees, the members of which are accountable to the Trust and its shareholders as fiduciaries. However, the Trust has no paid employees and therefore retains a management company to manage the Trust's, and Sterling Multifamily Properties’ day-to-day affairs. For the period 2003 – the present, the Trust has relied upon Sterling Management, LLC as its external management company. Sterling Management’s CEO, President and CAO serve concurrently as the Trust’s executive officers.