Wacker Street Real Estate Capital (WSRE) is a leading investment management firm exclusively focused alternative real assets. Headquartered in Chicago with offices in London, Toronto, San Francisco, and Washington DC, the firm has more than 200 employees and nearly $56 billion in assets under management. Client of the firm include a global institutional investor base domiciled in North America, Europe, Asia-Pacific, Middle East and Latin America.

Your accounting firm has won one of WSRE's new fund compliance work. There are approximate 64 entities under the fund and you are asked to be in charge of the Division Street Project. Division Street Project consists of a joint venture (JV) owned by WSRE Core Holding I, LP and a development company named Division Street, LLC (headquartered in Chicago). The JV name is WSRE-Division Street, LLC, which owns student housing properties in Irvine, CA and medical office buildings in Chicago, IL. The real estate project was developed by Division Street, LLC and funded initially by WSRE. Property construction was completed and put in services in 2021. WSRE owns 75% through its 100% owned subsidairy named WSRE Core Holding IA, LLC, and is the general partner responsible for rental management. Division Street, LLC owns 25% (both capital and profit). WSRE Core Holding IA, LLC is a SMLLC treated as a disregarded entity (DRE), which means IRS and states usually ignore for taxation purpose.

Statement of Work (SOW) Entity Name WSRE-Division Street, LLC WSRE Core Holding IA, LLC WSRE-Core Holding I, LP Federal N/A Income Tax Form California Illinois N/A Statement of Work (SOW) Entity Name WSRE-Division Street, LLC WSRE Core Holding IA, LLC WSRE-Core Holding I, LP Federal N/A Income Tax Form California Illinois N/A