Exhibit 10.1

AMENDMENT NO. 1 TO

SEVENTH AMENDED AND RESTATED ADVISORY AGREEMENT

This Amendment No. 1 to the Seventh Amended and Restated Advisory Agreement is
dated June 21, 2018, between Sterling Real Estate Trust d/b/a Sterling
Multifamily Trust, an unincorporated North Dakota business Trust (the “Company”)
Sterling Properties, LLLP, d/b/a Sterling Multifamily Properties, LLLP, a North
Dakota limited liability limited partnership (“Operating Partnership”) and
Sterling Management, LLC, a North Dakota limited liability company (the
“Advisor”).

WHERAS, on March 29, 2018, the Board of Trustees adopted the Seventh Amended and
Restated Advisory Agreement (the “Advisory Agreement”) with an effective date of
January 1, 2018 and a term not to exceed one year.

WHEREAS, the Board of Trustees expressed their desire to have the Advisory
Agreement run for a one-year term beginning in March, when the Advisor
Performance Report is completed and reviewed, instead of dating the Advisory
Agreement retroactively to a prior date.

WHEREAS, the Board of Trustees recommended extending the term of the Seventh
Amended and Restated Advisory Agreement to run through March 31, 2019. Any
future Agreements will run for one year beginning April 1 of the then
current year.

NOW THEREFORE, the Seventh Amended and Restated Advisory Agreement is hereby
amended to extend the term of the Agreement to March 31, 2019.

Adopted by the Board of Trustees

June 21, 2018

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IN WITNESS WHEREOF, the parties hereto have executed this Advisory Agreement as
of the date and year first above written.

COMPANY:

 

 

 

STERLING REAL ESTATE TRUST

 

 

 

D/B/A STERLING MULTIFAMILY TRUST

 

 

 

 

By:

/s/ Bruce W. Furness

 

 

 

 

Name:

 

 

 

 

 

Title:

 

 

 

 

 

 

OPERATING PARTNERSHIP:

/

 

 

STERLING MULTIFAMILY PROPERTIES, LLLP

 

 

 

D/B/A STERLING PROPERTIES, LLLP

 

 

 

 

By:

/s/ Bruce W. Furness

 

 

 

 

Name:

 

 

 

 

 

Title:

 

 

 

 

 

 

ADVISOR:

/s/

 

 

STERLING MANAGEMENT, LLC

 

 

 

 

By:

/s/Ryan M. Downs

 

 

 

 

Name:

 

 

 

 

 

Title:

 

 

 

 

 

 

 

2

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