The more I explore this sector, the more I think the term mREIT is misleading. ARR is an investment in security derivatives, and really has nothing to do with actual "real estate".
You could have non-traded anything, say a chain of retail stores that would be sold off after say 10 years, and proceeds then distributed to the investors.
That a pretty good way of describing it.
What I'm looking at is a true commercial property REIT. The lack of liquidity and fees are clearly a serious issue. And when I want out I'm going to have to give something up to do it. On the other hand volatility is minimal, the fees are known upfront and the dividend is around a 6% yield.