Document:

EX-10.8

 Exhibit 10.8 

FORM OF PROPERTY MANAGEMENT AGREEMENT 

THIS PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made and entered into as of September 1, 2020 (the
“Effective Date”), by and between STEADFAST ____________________, LLC, a Delaware limited liability company (“Owner”), and STAR REIT SERVICES, LLC, a Delaware limited liability company
(“Manager”). 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 Definitions. The following terms shall have the following meanings when used in this Agreement: 

“Agreement” has the meaning given in the introductory paragraph. 

“Annual Business Plan” has the meaning given in Section 3.11(a). 

“Capital Budget” has the meaning given in Section 3.11(a). 

“Depository” means the federally-insured bank or other financial institution as Owner shall designate in writing. 

“Effective Date” has the meaning given in the introductory paragraph. 

“Fiscal Year” means the calendar year beginning January 1 and ending December 31, or such other fiscal year as
determined by Owner and of which Manager is notified in writing; provided that the first Fiscal Year of this Agreement shall be the period beginning on the Effective Date and ending on December 31 of the calendar year in which the Effective
Date occurs. 
 “Governmental Requirements” has the meaning given in Section 3.14. 

“Gross Collections” means all amounts actually collected as rents or other charges for use and occupancy of apartment units
and from users of garage spaces (if any), leases of other non-dwelling facilities in the Property and concessionaires (if any) in respect of the Property, including furniture rental, parking fees, forfeited
security deposits, application fees, late charges, income from coin-operated machines, proceeds from rental interruption insurance, and other miscellaneous income collected at the Property; excluding, however,
all other receipts, including but not limited to, income derived from interest on investments or otherwise, proceeds of claims on account of insurance policies (other than rental interruptions insurance), abatement of taxes, franchise fees, and
awards arising out of eminent domain proceedings, discounts and dividends on insurance policies. 
 “Hazardous Materials”
means any material defined as a hazardous substance under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Resource Conservation and Recovery Act, or any state or local statute regulating the storage, release,
transportation or other disposition of hazardous material, as any of those laws may have been amended to the date hereof, and the administrative regulations promulgated thereunder prior to the date hereof, and, whether or not defined as hazardous
substances under the foregoing Governmental Requirements, petroleum products (other than petroleum products used in accordance with Governmental Requirements by Owner or its tenants in the usual and ordinary course of their activities), PCBs and
radon gas. 

 “Major Capital Improvements” has the meaning given in Section 3.6.

 “Management Fee” has the meaning given in Section 4.1. 

“Manager” has the meaning given in the introductory paragraph. 

“Operating Budget” has the meaning given in Section 3.11(a). 

“Owner” has the meaning given in the introductory paragraph. 

“Owner’s Representative” has the meaning given in Section 2.2. 

“Pass-Through Amounts” means fees and/or reimbursements for services provided to the Property but not covered by the
Management Fee, as described in Exhibit A attached hereto and made a part hereof. 
 “Property” means the
multifamily apartment project listed and described on Exhibit B attached hereto and made a part hereof. 
 “Security Deposit
Account” has the meaning given in Section 5.1. 
 “State” means the state in which the Property is located.

 ARTICLE 2 

APPOINTMENT OF AGENCY AND RENTAL RESPONSIBILITY 

Section 2.1 Appointment. Owner hereby appoints Manager and Manager hereby accepts appointment as the sole and
exclusive leasing agent and manager of the Property on the terms and conditions set forth herein. Owner warrants and represents to Manager that Owner owns fee simple title to the Property with all requisite authority to appoint Manager and to enter
into this Agreement. 
 Section 2.2 Owner’s Representative. Owner shall from time-to-time designate one or more persons to serve as Owner’s representative (“Owner’s Representative”) in all dealings with Manager
hereunder. Whenever the approval, consent or other action of Owner is called for hereunder, such approval, consent or action shall be binding on Owner if specified in writing and signed by Owner’s Representative. The initial Owner’s
Representative shall be Mark Closas, Director, Asset Management. Any Owner’s Representative may be changed at the discretion of Owner, at any time, and shall be effective upon Manager’s receipt of written notice identifying the new
Owner’s Representative. 

  
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 Section 2.3 Leasing. Manager shall perform all promotional,
leasing and management activities required to lease apartment units in the Property. Throughout the term of this Agreement, Manager shall use its diligent efforts to lease apartment units in the Property. Manager shall advertise the Property,
prepare and secure advertising signs, space plans, circulars, marketing brochures and other forms of advertising. Owner hereby authorizes Manager pursuant to the terms of this Agreement to advertise the Property in conjunction with institutional
advertising campaigns and allocate costs on a pro rata basis among the Properties being advertised (to the extent authorized by the Annual Business Plan). All inquiries for any leases or renewals or agreements for the rental of the Property or
portions thereof shall be referred to Manager and all negotiations connected therewith shall be conducted solely by or under the direction of Manager. Manager is hereby authorized to execute, deliver and renew residential tenant leases in its
capacity as manager pursuant to this Agreement. 
 Section 2.4 Manager’s Standard of Care. Manager shall
perform its duties under this Agreement in a manner consistent with professional property management services. In no event shall the scope or quality of services provided by Manager for the Property hereunder be less than those generally performed
by professional property managers of similar properties in the market area where the Property is located. Manager shall make available to Owner the full benefit of the judgment, experience, and advice of the members and employees of Manager’s
organization with respect to the policies to be pursued by Owner in operating the Property, and will perform the services set forth herein and such other services as may be requested by Owner in managing, operating, maintaining and servicing the
Property. 
 ARTICLE 3 

SERVICES TO BE PERFORMED BY MANAGER 

Section 3.1 Expense of Owner. All acts performed by Manager in the performance of its obligations under this
Agreement shall be performed as an independent contractor of Owner, and all obligations or expenses incurred thereby, shall be for the account of, on behalf of, and at the expense of Owner, except as otherwise specifically provided in this
Article 3, provided Owner shall be obligated to reimburse Manager only for the following: 
 (a) Costs and Expenses. All
costs and expenses incurred by Manager, in its capacity as Manager pursuant to this Agreement, in connection with the management and operation of the Property, including but not limited to all compensation, including the cost of (i) benefits,
payable to the employees at the Property and identified in the Operating Budget. and all taxes and assessments payable in connection therewith, (ii) reasonable training and travel and expenses associated therewith, (iii) all marketing,
(iv) all collection and lease enforcement, (v) all maintenance and repairs incurred in accordance with Section 3.5 hereof, (vi) all utilities and related services, (vii) all on-site
overhead costs, and (viii) all other costs reasonably incurred by Manager in the operation and management of the Property, excluding, however, all of Manager’s general overhead costs, including without limitation, all
expenses incurred at Manager’s corporate headquarters and other Manager office sites other than the property management office located at the Property (i.e., office expenses, long distance phone calls, postage, copying, supplies,
electronic data processing and accounting expenses), and general accounting and reporting expenses for services included among Manager’s duties under the Agreement; and 

  
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 (b) Other. All sums otherwise due and payable by Owner as expenses of the
Property authorized to be incurred by Manager under the terms of this Agreement and the Operating Budget, including compensation payable under Section 4.1 hereof to Manager for its services hereunder. 

Manager may use employees normally assigned to other work centers or part-time employees to properly staff the Property for reduced, increased
or emergency workloads and the like, including the property manager, business manager, assistant managers, leasing directors, or other administrative personnel, maintenance employees or maintenance supervisors whose wages and related expenses shall
be reimbursed on a pro rata basis for the time actually spent at the Property. A property manager or business manager at the Property and any other persons performing functions substantially similar to those of a business manager, including but not
limited to assistant managers, leasing directors, leasing agents, sales directors, sales agents, bookkeepers, and other administrative and/or maintenance personnel performing work at the site, and on-site
maintenance personnel, shall not be considered executive employees of Manager. All reimbursable payments made by Manager hereunder shall be reimbursed from funds deposited in an account established pursuant to Section 5.2 of this Agreement.
Manager shall not be obligated to make any advance to or for the account of Owner nor shall Manager be obligated to incur any liability or obligation for the account of Owner without assurance that the necessary funds for the discharge thereof will
be provided by Owner. In the performance of its duties as agent and manager of the Property, Manager shall act solely as an independent contractor of Owner. All debts and liabilities to third persons incurred by Manager in the course of its
operation and management of the Property shall be the debts and liabilities of Owner only, and Manager shall not be liable for any such debt or liabilities, except to the extent Manager has exceeded its authority hereunder. 

Section 3.2 Covenants Concerning Payment of Operating Expenses. Owner covenants to pay all sums for reasonable operating
expenses in excess of gross receipts required to operate the Property upon written notice and demand from Manager within five days after receipt of written notice for payment thereof. 

Section 3.3 Employment of Personnel. Manager shall use its diligent efforts to investigate, hire, pay, supervise and
discharge the personnel necessary to be employed by it to properly maintain, operate and lease the Property, including without limitation a property manager or business manager at the Property. Such personnel shall in every instance be deemed agents
or employees, as the case may be, of Manager. Owner has no right of supervision or direction of agents or employees of Manager whatsoever; however, Owner shall have the right to require the reassignment or termination of any employee. All Owner
directives shall be communicated to Manager’s senior level management employees. Manager and all personnel of Manager who handle or who are responsible for handling Owner’s monies shall be bonded in favor of Owner. Manager agrees to obtain
and keep in effect fidelity insurance in an amount not less than Five Hundred Thousand Dollars ($500,000). All reasonable salaries, wages and other compensation of personnel employed by Manager, including
so-called fringe benefits, worker’s compensation, medical and health insurance and the like, shall be deemed to be reimbursable expenses of Manager. Manager may allow its employees who work at the
Property and provide services to the Property after normal business hours, to reside at the Property for reduced rents in consideration of their benefit to Owner and the Property, provided such reduced rents are reflected in the Annual Business
Plan. 

  
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 Section 3.4 Utility and Service Contracts. Manager shall, in its
capacity as Manager pursuant to this Agreement, at Owner’s expense, enter into contracts for water, electricity, gas, fuel, oil, telephone, pest extermination, trash removal, cable television, security protection and other services deemed by
Manager to be necessary or advisable for the operation of the Property. Manager shall also, in its capacity as Manager under this Agreement, at Owner’s expense, place orders for such equipment, tools, appliances, materials, and supplies as are
reasonable and necessary to properly maintain the Property. Owner agrees to pay or reimburse Manager for all expenses and liabilities incurred by reason of this Section provided that such amounts are in accordance with the Operating Budget. 

Section 3.5 Maintenance and Repair of Property. Manager shall use diligent efforts to maintain, at Owner’s
expense, the buildings, appurtenances and grounds of the Property in good condition and repair, including interior and exterior cleaning, painting and decorating, plumbing, carpentry and such other normal maintenance and repair work as may be
necessary or reasonably desirable taking into consideration the amount allocated therefor in the Annual Business Plan. With respect to any expenditure not contemplated by the Annual Business Plan, Manager shall not incur any individual item of
repair or replacement in excess of Five Thousand Dollars ($5,000.00) unless authorized in writing by Owner’s Representative, except that emergency repairs immediately necessary for the preservation and safety of the Property or to avoid the
suspension of any service to the Property or danger of injury to persons or damage to property may be made by Manager without the prior approval of Owner’s Representative, but Owner shall be promptly notified of such expense. Owner shall not
establish standards of maintenance and repair that violate or may violate any laws, rules, restrictions or regulations applicable to Manager or the Property or that expose Manager to risk of liability to tenants or other persons. Manager shall not
be obligated by this Section to perform any Major Capital Improvements. 
 Section 3.6 Supervision of Major Capital Improvements
or Repairs. When requested by Owner in writing or as set forth in an Approved Business Plan, Manager or an affiliate thereof, in its capacity as Manager pursuant to this Agreement, shall supervise the installation and construction of
all Major Capital Improvements to the Property where such work constitutes other than normal maintenance and repair, for additional compensation as set forth in a separate agreement to be mutually agreed upon by the parties. In such event, Manager
may, in its capacity as Manager pursuant to this Agreement, negotiate contracts with all necessary contractors, subcontractors, materialmen, suppliers, architects, and engineers and may, in its capacity as Manager pursuant to this Agreement,
compromise and settle any dispute or claim arising therefrom; provided that Manager shall act in good faith and in the best interest of Owner at all times and Owner shall approve all contracts for such work. Manager will furnish or will cause to be
furnished all personnel necessary for proper supervision of the work and may assign personnel located at the Property where such work is being performed to such supervisory work (and such assignment shall not reduce or abate any other fees or
compensation owed to Manager under this Agreement). If Owner and Manager fail to reach an agreement for Manager’s additional compensation as provided in this Section 3.6, or owner otherwise decides to manage any Major Capital Improvement,
Owner may contract with a third party to supervise installation or construction of Major Capital Improvements. For the purposes of this Agreement, the term “Major Capital Improvements” shall mean work having an estimated cost
of $25,000 or more. 

  
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 Owner acknowledges that Manager, or an affiliate of Manager, may bid on any such work, and
that Manager, or an affiliate of Manager, may be selected to perform part or all of the work; provided that if Manager desires to select itself, or its affiliate to do any work, it shall first notify Owner of the terms upon which it, or its
affiliate, proposes to contract for the work, and terms upon which the independent contractors have offered to perform, and shall state the reasons for preferring itself, or its affiliate, over independent contractors and Owner shall have fifteen
(15) days to disapprove Manager, or its affiliate, and to request performance by an independent contractor. Only Owner shall have the power to compromise or settle any dispute or claim arising from work performed by Manager, or its affiliate;
and it is expressly understood that the selection of Manager, or its affiliate, will not affect any fee or other compensation payable to Manager hereunder. 

Section 3.7 Insurance. 

(a) Owner Requirements. Owner agrees to maintain all forms of insurance required by law or by any loan requirements for the
Property and as otherwise deemed by Owner to be reasonable and necessary to adequately protect Owner and Manager, including but not limited to public liability insurance, boiler insurance, fire and extended coverage insurance, and burglary and theft
insurance. All insurance coverage shall be placed with such companies, in such amounts and with such beneficial interest appearing therein as shall be reasonably acceptable to Owner. Public liability insurance shall be maintained in such amounts as
Owner determines as commercially reasonable or as otherwise required by its lenders or investors, but in no case in an amount less than $5,000,000. 

Owner agrees to timely provide evidence of required insurance to Manager, and acknowledges that if evidence of insurance coverage is not
timely furnished, Manager may, but shall not be obligated to, obtain such coverage in its capacity as Manager pursuant to this Agreement. Manager shall be named an additional insured on all Owner obtained insurance. 

(b) Manager Requirements. Manager agrees to maintain, at its own expense, public liability insurance in an amount not less than
Three Million Dollars ($3,000,000) and all other forms of insurance required by law and as otherwise deemed by Owner and Manager to be reasonable and necessary to adequately protect Owner and Manager, including but not limited to workers
compensation insurance, professional liability, employee practices liability, and fidelity insurance. Manager agrees to timely provide evidence of required insurance to Owner and to name Owner as an additional insured on appropriate policies. 

Manager shall use its diligent efforts to investigate and make a written report to the Owner and, if requested by Owner, to the insurance
company as to all accidents, claims for damage relating to the ownership, operation and maintenance of the Property and any damage or destruction to the Property, and the estimated cost of repair thereof, and shall prepare any and all reports for
any insurance company in connection therewith. All such reports shall be timely filed with the Owner and , upon request, the insurance company as required under the terms of the insurance policy involved. With the prior written approval of Owner,
Manager is authorized to 

  
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settle any and all claims against insurance companies arising out of any policies held by Manager, including the execution of proofs of loss, the adjustment of losses, signing of receipts and
collection of monies (no approval by Owner shall be required for the settlement of claims of $5,000 or less). Manager is further authorized to contract for the maintenance and repair of any damage or casualty but only in accordance with
Section 3.6 above. 
 (c) Loss or Liability Claims. Owner and Manager mutually agree for the benefit of each other to look
only to the appropriate insurance coverages in effect pursuant to this Agreement in the event any demand, claim, action, damage, loss, liability or expense occurs as a result of injury to person or damage to property, regardless whether any such
demand, claim, action, damage, loss, liability or expense is caused or contributed to, by or results from the negligence of Owner or Manager or their respective subsidiaries, affiliates, employees, directors, officers, agents or independent
contractors and regardless whether the injury to person or damage to property occurs in and about the Property or elsewhere as a result of the performance of this Agreement. Except for claims that are covered by the indemnity contained in
Section 3.7(d) below, Owner agrees that Owner’s insurance shall be primary without right of subrogation against Manager with respect to all claims, actions, damage, loss or liability in or about the Property. Nevertheless, in the event
such insurance proceeds are insufficient to satisfy (or such insurance does not cover) the demand, claim, action, loss, liability or expense, Owner agrees, at its expense, to indemnify and hold Manager and its subsidiaries, affiliates, officers,
directors, employees, agents or independent contractors harmless to the extent of excess liability. For purposes of this Section 3.7(c), any deductible amount under any policy of insurance shall not be deemed to be included as part of
collectible insurance proceeds. 
 (d) Indemnification. Notwithstanding anything contained in this Agreement to the contrary,
Owner shall defend, indemnify, and hold harmless Manager and its representative subsidiaries, affiliates, officers, directors, employees, agents or independent contractors from and against all claims, demands, or legal proceedings (including
expenses and reasonable attorney’s fees incurred in connection with the defense of any such matter) (each a “Claim”) that are brought against Manager arising out of the operation or management of the Project, except with
respect to claims arising out of Manager’s gross negligence or willful misconduct. Manager shall defend, indemnify, and hold harmless Owner and its representative subsidiaries, affiliates, officers, directors, employees, agents or independent
contractors from all Claims arising out of the gross negligence or willful misconduct of Manager. The indemnification obligations under this Section 3.7(d) shall survive termination of this Agreement. 

(e) Acts of Tenants and Third Parties. In no event shall Manager have any liability to Owner or others for any acts of vandalism,
trespass or criminal activity of any kind by tenants or third parties on or with respect to the Property, and Owner’s insurance shall be primary insurance without right of subrogation against Manager regarding claims arising out of or resulting
from acts of vandalism, trespass or criminal activity. 
 Section 3.8 Collection of Monies. Manager shall use its
diligent efforts to collect all rents and other charges due from tenants, users of garage spaces, carports, storage spaces (if any), commercial lessees (if any) and concessionaires (if any) in respect of the Property and otherwise due Owner with
respect to the Property in the ordinary course of business, provided that Manager does not guarantee the creditworthiness of any tenants, users, lessees or concessionaires or 

  
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collectability of accounts receivable from any of the foregoing. Owner authorizes Manager, in its capacity as Manager pursuant to this Agreement, to request, demand, collect, receive and receipt
for all such rent and other charges and to institute legal proceedings at Owner’s expense, for the collection thereof, and for the dispossession of tenants and other persons from the Property or to cancel or terminate any lease, license or
concession agreement for breach or default thereunder, and such expense may include the engaging of legal counsel for any such matter. All monies collected by Manager shall be deposited in the separate bank account referred to in Section 5.2
herein. 
 Section 3.9 Manager Disbursements. 

(a) Manager’s Compensation and Reimbursements. From Gross Collections, Manager is hereby authorized to pay
(1) Manager’s compensation set forth in Section 4.1 of this Agreement, together with all sales or other taxes (other than income) that Manager is obligated, presently or in the future, to collect and pay to the State or any other
governmental authority with respect to the Property or employees at the Property, (2) the amounts reimbursable to Manager under this Agreement, (3) the amount of all real estate taxes and other impositions levied by appropriate authorities
with respect to the Property, which (if not escrowed with any mortgagee) shall be paid upon specific written direction of Owner before interest begins to accrue thereon; and (4) amounts otherwise due and payable as operating expenses of the
Property authorized to be incurred under the terms of this Agreement. 
 (b) Debt Service. The provisions of this
Section 3.9 regarding disbursements shall include the payment of debt service related to any mortgages of the Property, unless otherwise instructed in writing by Owner. 

(c) Third Parties. All costs, expenses, debts and liabilities owed to third persons that are incurred by Manager pursuant to the
terms of this Agreement and in the course of managing, leasing and operating the Property shall be the responsibility of Owner and not Manager. Owner agrees to provide sufficient working capital funds to Manager so that all amounts due and owing may
be promptly paid by Manager. Manager is not obligated to advance any funds. If at any time there is not sufficient cash in the account available to Manager pursuant to Section 5.2 with which to promptly pay the bills due and owing, Manager will
request that the necessary additional funds be deposited by Owner in an amount sufficient to meet the shortfall. Owner will deposit the additional funds requested by Manager within five days. 

(d) Other Provisions. The provisions of this Section 3.9 regarding reimbursements to Manager shall not limit Manager’s
rights under any other provision of this Agreement. 
 Section 3.10 Use and Maintenance of Premises. Manager
agrees that it will not knowingly permit the use of the Property for any purpose that might void any insurance policy held by Owner or that might render any loss thereunder uncollectible, or that would be in violation of Governmental Requirements,
or any covenant or restriction of any lease of the Property. Manager shall use its good faith efforts to secure substantial compliance by the tenants with the terms and conditions of their respective leases. All costs of correcting or complying
with, and all fines payable in connection with, all orders or violations affecting the Property placed thereon by any governmental authority or Board of Fire Underwriters or other similar body shall be at the cost and expense of Owner. 

  
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 Section 3.11 Annual Business Plan. 

(a) Submission. No later than 60 days prior to the end of each Fiscal Year during the term of this Agreement, or such earlier
date as reasonably requested by Owner, its lenders or investors, Manager shall prepare and submit to Owner for Owner’s approval, an Annual Business Plan for the promotion, leasing, operations, repair and maintenance of the Property for the
succeeding Fiscal Year during which this Agreement is to remain in effect (the “Annual Business Plan”). The Annual Business Plan shall include a detailed budget of projected income and expenses for the Property for such
Fiscal Year (the “Operating Budget”) and a detailed budget of projected capital improvements for the Property for such Fiscal Year (the “Capital Budget”). 

(b) Approval. Manager shall meet with Owner to discuss the proposed Annual Business Plan and Owner shall approve the proposed
Annual Business Plan within 30 days of its submission to Owner, or as soon thereafter as commercially practicable. To be effective, any notice that disapproves a proposed Annual Business Plan must contain specific objections in reasonable detail to
individual line items. If Owner fails to provide an effective notice disapproving a proposed Annual Business Plan within such 30-day period, the proposed Annual Business Plan shall be deemed to be approved. Owner acknowledges that the Operating
Budget is intended only to be a reasonable estimate of the income and expenses of the Property for the ensuing Fiscal Year. Manager shall not be deemed to have made any guarantee, warranty or representation whatsoever in connection with the
Operating Budget. 
 (c) Revision. Manager may revise the Operating Budget from time to time, as necessary, to reflect any
unpredicted significant changes, variables or events or to include significant additional, unanticipated items of revenue and expense. Any such revision shall be submitted to Owner for approval, which approval shall not be unreasonably withheld,
delayed or conditioned. 
 (d) Implementation. Manager agrees to use diligence and to employ all reasonable efforts to ensure
that the actual costs of maintaining and operating the Property shall not exceed the Operating Budget either in total or in any one accounting category. Any expense causing or likely to cause a variance of greater than ten percent (10%) or $25,000,
whichever is greater, in any one accounting category for the current month cumulative year-to-date total shall be promptly explained to Owner by Manager in the next
operating statement submitted by Manager to Owner. 
 Section 3.12 Records, Reporting. Manager shall maintain at
the regular business office of Manager or at such other address as Manager shall advise Owner in writing, separate books and journals and orderly files, containing rental records, insurance policies, leases, correspondence, receipts, bills and
vouchers, and all other documents and papers pertaining directly to the Property and the operation thereof. All corporate statements, receipts, invoices, checks, leases, contracts, worksheets, financial statements, books and records, and all other
instruments and documents relating to or arising from the operation or management of the Property shall be and remain the 

  
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property of Owner and the Owner shall have the right to inspect such records at any reasonable time upon prior notice; Manager shall have the right to request and maintain copies of all such
matters, at Manager’s cost and expense, at all reasonable times during the term of this Agreement, and for a reasonable time thereafter not to exceed three years. All on-site records, including leases,
rent rolls, and other related documents shall remain at the respective Property for which such records are maintained as the property of Owner. 

Section 3.13 Financial Reports. 

(a) Monthly Reports. On or before the 15th day of each month during the term
of this Agreement, Owner will provide or cause to be provided to Manager a statement of cash flow for the Property (on a cash and not an accrual basis) for the preceding calendar month. The Manager agrees to review such statement for confirmation of
income and expenses and to explain any variances. All received by Manager claiming any default in any mortgage or other obligation on the Property, and any other notice not of a routine nature, shall be promptly delivered by Manager to Owner’s
Representative. 
 (b) [Intentionally Omitted.] 

(c) Employee Files. Manager shall execute and file punctually when due all forms, reports and returns required by law relating to
the employment of personnel. 
 Section 3.14 Compliance with Governmental Requirements. Manager shall comply with
all laws, ordinances and regulations relating to the management, leasing and occupancy of the Property, including any regulatory or use agreements. Owner acknowledges that Manager does not hold itself out to be an expert or consultant with respect
to, or represent that, the Property currently complies with applicable ordinances, regulations, rules, statutes, or laws of governmental entities having jurisdiction over the Properties or the requirements of the Board of Fire Underwriters or other
similar bodies (collectively, “Governmental Requirements”). Manager shall take such action as may be reasonably necessary to comply with any Governmental Requirements applicable to Manager, including the collection and
payment of all sales and other taxes (other than income taxes) which may be assessed or charged by the State or any governmental entities in connection with Manager’s compensation. If Manager discovers that the Property does not comply with any
Governmental Requirements, Manager shall take such action as may be reasonably necessary to bring the Property into compliance with such Governmental Requirements, subject to the limitation contained in Section 3.5 of this Agreement regarding
the making of alterations and repairs. Manager, however, shall not take any such action as long as Owner is contesting or has affirmed its intention to contest and promptly institute proceedings contesting any such order or requirement. If, however,
failure to comply promptly with any such order or requirement would or might expose Manager to civil or criminal liability, Manager shall have the right, but not the obligation, to cause the same to be complied with and Owner agrees to indemnify and
hold Manager harmless for taking such actions and to promptly reimburse Manager for expenses incurred thereby. Manager shall promptly, and in no event later than 72 hours from the time of receipt, notify Owner’s Representative in writing of all
such orders or notices. Manager shall not be liable for any effort or judgment or for any mistake of fact or of law, or for anything that it may do or refrain from doing, except in cases of willful misconduct or gross negligence of Manager. 

  
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 ARTICLE 4 

MANAGER’S COMPENSATION, TERM 

Section 4.1 Fees Paid to Manager. Commencing on the date hereof, Owner shall pay to Manager a fee (the
“Management Fee”), payable monthly in arrears, in an amount equal to Two Percent (2.0%) of Gross Collections for such month. The Management Fee shall not be subject to off-sets and
charges unless agreed upon by the parties. Pass-Through Amounts shall be collected monthly by Manager, as applicable. 
 Section 4.2
Term. This Agreement shall commence on the Effective Date, and shall thereafter continue for a period of one (1) year from the Effective Date, unless otherwise terminated as provided herein. Thereafter, if neither party
gives written notice to the other that this Agreement is to terminate, then this Agreement shall be automatically renewed on a month-to-month basis. 

Section 4.3 Termination Rights. Notwithstanding anything that may be contained herein to the contrary, Owner may
terminate this Agreement (1) after expiration of the initial one-year term, at any time by giving Manager 60 days’ written notice thereof or (2) upon a determination of gross negligence, willful
misconduct or bad acts of Manager or any of its employees, by giving Manager 30 days’ written notice thereof. If Owner or Manager shall materially breach its obligations hereunder, and such breach remains uncured for a period of 30 days after
written notification of such breach, the party not in breach hereunder may terminate this Agreement by giving written notice to the other. Any notice given pursuant to this Article 4, shall be sent by both electronic and certified mail. 

Section 4.4 Duties on Termination. Upon any termination of this Agreement as contemplated in Section 4.3,
Manager shall be entitled to receive all compensation and reimbursements, if any, due to Manager through the date of termination. Within 30 days after any termination, Manager shall cooperate with Owner’s Representative to complete any
financial report required by Section 3.13(a) for any period not covered by such a report at time of termination. In addition, upon termination of this Agreement for any reason, Manager will submit to Owner within 30 days after termination
any reports required hereunder, all of the cash and bank accounts of the Property, including, without limitation, the Security Deposit Account, investments and records. Manager will, within 30 days after termination, turn over to Owner all copies of
all books and records kept for the Property. If Manager desires to retain records of the Property, Manager must reproduce them at its own expense. 

ARTICLE 5 

PROCEDURES FOR HANDLING RECEIPTS AND OPERATING CAPITAL 

Section 5.1 Security Deposits. Manager shall collect, deposit, hold, disburse and pay security deposits as required
by applicable State law and all other applicable laws, and in accordance with the terms of each tenant’s lease. The amount of each security deposit will be specified in the tenant’s lease. Security deposits shall be deposited into a
separate non-interest-bearing account unless otherwise required by law (the “Security Deposit Account”) at a 

  
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Depository selected by Manager and approved by Owner. The Security Deposit Account shall be established in the name of Manager and held separate from all other of Manager’s funds and
accounts, unless Owner informs Manager, in writing that it intends to hold the Security Deposit Account. If such account is held by Manager, only representatives of Manager will be signatories to this account. To the extent possible, the Security
Deposit Account shall be fully insured by the Federal Deposit Insurance Corporation (FDIC). Owner agrees to indemnify and hold harmless Manager, and Manager’s representatives, officers, directors and employees for any loss or liability with
respect to any use by Owner of the tenant security deposits that is inconsistent with the terms of tenant leases and applicable laws. 

Section 5.2 Separation of Owner’s Monies. Manager shall deliver all collected
rents, charges and other amounts received in connection with the management and operation of the Property (except for tenants’ security deposits, which will be handled as specified in this Agreement) to a Depository selected by Manager and
approved by Owner. 
 Section 5.3 Depository Accounts. Except to the extent that Manager has not complied with its
obligations under Sections 2.4 and 5.2, Owner and Manager agree that Manager shall have no liability for loss of funds of Owner contained in the bank accounts for the Property maintained by Owner or Manager pursuant to this Agreement due to
insolvency of the bank or financial institution in which its accounts are kept, whether or not the amounts in such accounts exceed the maximum amount of federal or other deposit insurance applicable with respect to the financial institution in
question. 
 Section 5.4 Working Capital. In addition to the funds derived from the operation of the Property,
Owner shall furnish and maintain in the operating accounts of the Property such other funds as may be necessary to discharge financial commitments required to efficiently operate the Property and to meet all payrolls and satisfy, before delinquency,
and to discharge all accounts payable. Manager shall have no responsibility or obligation with respect to the furnishing of any such funds. Nevertheless, Manager shall, in its capacity as Manager pursuant to this Agreement, have the right, but not
the obligation, to advance funds or contribute property to satisfy obligations of Owner in connection with this Agreement and the Property. Manager shall keep appropriate records to document all reimbursable expenses paid by Manager, which records
shall be made available for inspection by Owner or its agents on request. Owner agrees to reimburse Manager upon demand for money paid or property contributed in connection with the Property and this Agreement. 

Section 5.5 Authorized Signatures. Any persons from time to time designated by Manager shall be authorized
signatories on all bank accounts established by Manager pursuant to this Agreement and shall have authority to make disbursements pursuant to the terms of this Agreement from such accounts. Funds may be withdrawn from all bank accounts established
by Manager, in accordance with this Article 5, only upon the signature of an individual who has been granted that authority by Manager and funds may not be withdrawn from such accounts by Owner unless Manager is in default hereunder. 

  
 12 

 ARTICLE 6 

MISCELLANEOUS 

Section 6.1 Assignment. Upon 30 days written notification, Owner may assign its rights and obligations to any
successor in title to the Property and upon such assignment shall be relieved of all liability accruing after the effective date of such assignment. This Agreement may not be assigned or delegated by Manager without the prior written consent of
Owner, which Owner may withhold in its sole discretion. Any unauthorized assignment shall be null and void ab initio, and shall not in any event release Manager from any liabilities hereunder. 

Section 6.2 Notices. All notices required or permitted by this Agreement shall be in writing and shall be sent by
electronic mail (receipt confirmed), personal, overnight delivery, or certified mail, addressed in the case of Owner to Steadfast _______________ LLC, 18100 Von Karman Avenue, Suite 500, Irvine, CA 92612, Attention: Mark Closas; and in the case of
Manager to STAR REIT Services, LLC, 18100 Von Karman Avenue, Suite 200, Irvine, CA 92612, Attention: Tiffany Stanley, or to such other address as shall, from time to time, have been designated by written notice by either party given to the other
party as herein provided. 
 Section 6.3 Entire Agreement. This Agreement shall constitute the entire agreement
between the parties hereto and no modification thereof shall be effective unless in writing executed by the parties hereto. 

Section 6.4 No Partnership. Nothing contained in this Agreement shall constitute or be construed to be or create a
partnership or joint venture between Owner, its successors or assigns, on the one part, and Manager, its successors and assigns, on the other part. 

Section 6.5 No Third Party Beneficiary. Neither this Agreement nor any part hereof nor any service relationship
shall inure to the benefit of any third party, to any trustee in bankruptcy, to any assignee for the benefit of creditors, to any receiver by reason of insolvency, to any other fiduciary or officer representing a bankrupt or insolvent estate of
either party, or to the creditors or claimants of such an estate. Without limiting the generality of the foregoing sentence, it is specifically understood and agreed that such insolvency or bankruptcy of either party hereto shall, at the option of
the other party, void all rights of such insolvent or bankrupt party hereunder (or so many of such rights as the other party shall elect to void). 

Section 6.6 Severability. If any one or more of the provisions of this Agreement, or the applicability of any such
provision to a specific situation, shall be held invalid or unenforceable, such provision should be modified to the minimum extent necessary to make it or its application valid and enforceable, and the validity and enforceability of all other
provisions of this Agreement and all other applications of such provisions shall not be affected thereby. 
 Section 6.7
Captions, Plural Terms. Unless the context clearly requires otherwise, the singular number herein shall include the plural, the plural number shall include the singular and any gender shall include all genders. Titles and
captions herein shall not affect the construction of this Agreement. 

  
 13 

 Section 6.8 Attorneys’ Fees. Should either party employ an
attorney to enforce any of the provisions of this Agreement, or to recover damages for breach of this Agreement, the non-prevailing party in any action agrees to pay to the prevailing party all reasonable
costs, damages and expenses, including reasonable attorneys’ fees, expended or incurred by the prevailing party in connection therewith. 

Section 6.9 Signs. Manager shall have the right to place signs on the Property in accordance with applicable
Governmental Requirements stating that Manager is the manager and leasing agent for the Property. 
 Section 6.10 Survival of
Indemnities. The indemnification obligations of the parties to this Agreement shall survive the termination of this Agreement to the extent of any claim or cause of action based on an event occurring prior to the date of termination.

 Section 6.11 Governing Law. This Agreement shall be construed under and in accordance with the laws of the
State and is fully performable with respect to the Property in the county in which the Property is located. 
 Section 6.12
Competitive Properties. Manager may, individually or with others, engage or possess an interest in any other project or venture of every nature and description, including but not limited to, the ownership, financing, leasing,
operation, management, brokerage and sale of real estate projects including apartment projects other than the Property, whether or not such other venture or projects are competitive with the Property and Owner shall not have any claim as to such
project or venture or to the income or profits derived therefrom. 
 Section 6.13 Set Off. Without prejudice to
Manager’s right to terminate this Agreement in accordance with the terms of this Agreement, Manager may at any time and without notice to Owner, set off or transfer any sums held by Manager for or on behalf of Owner in the accounts (other than
the Security Deposit Account) maintained pursuant to this Agreement in or towards satisfaction of any of Owner’s liabilities to Manager in respect of any sums due to Manager under this Agreement. 

Section 6.14 Notice of Default. Manager shall not be deemed in default under this Agreement, and Owner’s right
to terminate Manager as a result of such default shall not accrue, until Owner has delivered written notice of default to Manager and Manager has failed to cure same within 30 days from the date of receipt of such notice. 

Section 6.15 Counterparts; Electronic Signatures. This Agreement may be executed electronically or by manual
signature, in two or more counterparts, each of which shall be deemed to be an original. 
 [Signatures appear on following page.] 

  
 14 

 This Property Management Agreement is hereby executed by duly authorized representatives of
the parties hereto as of the Effective Date. 
  

							
	OWNER:	 		 	Steadfast ________________, LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	  	            
				
		 		 		  	By:_________________________________
		 		 		  	Name:______________________________
		 		 		  	Its:_________________________________
			
	MANAGER:	 		 	STAR REIT SERVICES, LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	  	            
		 		 	Name:____________________________________
		 		 	Its:_______________________________________

  
 15 

 EXHIBIT A 

ESTIMATED PASS-THROUGH AMOUNTS 

Marketing 
 Training and Continuing Education: 

IT infrastructure, licenses and support: 
  

			
	 IT licenses including such things as software, hardware and usage fees
	  	 Billed at cost

		
	 IT support expenses
	  	 Billed at cost

		
	 Any unusual, non-recurring projects or IT support needed for a
property
	  	 Billed at cost, including but not limited to travel costs.

		
	Benefits Administration Fee:	  	 3.0% of total employee costs

		
	Revenue Management Fee:	  	 $1.00 per unit per month

 EXHIBIT B 

THE PROPERTY 
 The Property is
located in the City of _____________, County of __________, State of ______________ and described as follows: 
 The Property is comprised of
___________________________________________________.EX-10.9

 Exhibit 10.9 

[STAR REIT Services, LLC] 
 September 1,
2020 
 Rodney Emery 
 18100 Von Karman Ave 

Suite 200 
 Irvine, CA 92612 

Dear Rod: 
 In connection with and contingent on the Closing (as
defined in that certain Contribution and Purchase Agreement (the “Contribution Agreement”) by and among the Steadfast Apartment REIT, Inc. (the “REIT”), Steadfast Apartment REIT Operating Partnership, L.P. (the “Operating
Company “) and Steadfast REIT Investments, LLC, dated as of August 31, 2020) (the “Closing”), STAR REIT Services, LLC (the “Company”) is pleased to offer you employment on the below terms and conditions. If the Closing
does not occur, this offer letter will automatically terminate and be of no force or effect. 
  

	 	•	 	 Title/Reporting Relationship: Your title will be Chief Executive Officer, reporting to the Board of
Directors (the “Board”). 

  

	 	•	 	 Annual Base Salary: You annual base salary will be $55,000 per annum which will be subject to applicable
deductions and withholdings and paid in accordance with the Company’s regular payroll practices. This is an exempt position that is not eligible for overtime. 

 

	 	•	 	 Benefits: You will be eligible for the same benefit programs as the Company offers to similarly situated
employees from time to time, subject to eligibility requirements and the terms of those programs. The Company reserves the right to change or discontinue any benefit programs at any time. 

Your employment with the Company will be at-will, meaning that you or the Company may terminate your employment
relationship with the Company at any time, with or without cause, and with or without advance notice. The “at will” nature of your employment may only be changed in an express agreement signed by you and the Lead Independent Director of
the Company’s Board of Directors. You will be subject to all applicable employment and other policies of the Company. 
 This offer is contingent on
(i) you being legally authorized to work in the United States when your employment begins; and (ii) your execution and compliance with Exhibit A attached hereto, which outlines the confidentiality and
non-disclosure obligations you will have as an employee of the Company. If you accept this offer, your start date will be the date of the Closing. 

 The Company requests that you kindly confirm your acceptance of this offer by signing and returning a copy
of this letter to the attention of the undersigned prior to August 31, 2020. 
 On behalf of the Company, we look forward to your acceptance of this
offer and feel confident that our relationship will be a mutually rewarding one. 
  

	
	Sincerely,
	
	/s/ Ella Neyland
	
	Ella Neyland
	Chief Financial Officer
	STAR REIT Services, LLC

 EMPLOYEE’S ACCEPTANCE 

I have read, understood and agree with the foregoing. I have had a reasonable opportunity to consider this conditional offer of employment from STAR REIT
Services, LLC. By signing this letter, I hereby accept employment with STAR REIT Services, LLC subject to and as of the Closing, upon the terms and conditions set forth in this letter. 

 

					
	 /s/ Rodney E. Emery
	 		 	  

	RODNEY EMERY	 		 	Date

  
 - 2 - 

 EXHIBIT A 

CONFIDENTIALITY/NON-DISCLOSURE AGREEMENT 

This Confidentiality/Non-Disclosure Agreement (the “Confidentiality Agreement”) is made by
and between Rodney Emery (“you”) and STAR REIT Services, LLC (the “Company”) in connection with that certain offer letter dated as of September 1, 2020 (the “Offer Letter”). Capitalized terms not defined herein
have the meaning assigned in the Offer Letter. 
 1. You acknowledge that, in the course of your employment with the Company, you have become
and/or will become acquainted and trusted with (a) certain confidential information and trade secrets, which confidential information includes, but is not limited to, proprietary software, customer lists and information, information concerning
the Company’s finances, business practices, long-term and strategic plans and similar matters, information concerning the Company’s formulas, designs, methods of business, trade secrets, technology, business operations, business records
and files, and any other information that is not generally known to the public or within the industry or trade in which the Company competes and was not known to you prior to your employment with the Company, and (b) information of third
parties that the Company is under a duty to maintain as confidential (collectively, “Confidential Information”). Except in furtherance of your duties hereunder, you agree that you will not cause any Confidential Information to be disclosed
to third parties without the prior written consent of the Company and that you will not, without the prior written consent of the Company, divulge or make any use of such Confidential Information, except as may be required by law and/or to fulfill
your obligations hereunder. Upon the termination of your employment for whatever reason, or at any time the Company may request, you shall immediately deliver to the Company all of the Company’s property in your possession or under your
control, including but not limited to all originals and copies of memoranda, notes, plans, records, reports, computer files, disks and tapes, thumb drives, printouts, worksheets, source code, software, programming work, and all documents, forms,
records or other information, in whatever form it may exist, regarding the Company’s business, clients, products or services. Confidential Information does not include information that: (i) becomes generally known to the public subsequent
to disclosure to you through no wrongful act of you or any of your representatives; (ii) was known to the public prior to its disclosure to you; or (iii) you are required to disclose by applicable law, regulation or legal process.
Additionally, the parties acknowledge and agree that the obligations of this Confidentiality Agreement shall be in addition to and shall not diminish any obligations that you may have to Company or any customer of Company under any separate Non-Disclosure and Confidentiality Agreement that you may execute during your employment with the Company. 

2. You further acknowledge that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, designs,
analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any Confidential Information) and all registrations or applications related thereto, all other proprietary information and all similar or
related information (whether or not patentable) which relate to the Company’s actual or anticipated business, research and development or existing or future products or services and which were or are conceived,

  
 - 3 - 

 
developed, contributed to or made or reduced to practice by you (whether alone or jointly with others) while employed by the Company, whether before or after the date of this Agreement
(“Work Product”), belong to the Company. You shall promptly disclose such Work Product to the Board and, at the Company’s expense, perform all actions reasonably requested by the Board (whether during or after your employment)
to establish and confirm such ownership (including assignments, consents, powers of attorney and other instruments). You acknowledge that all copyrightable Work Product shall be deemed to constitute “works made for hire” under the U.S.
Copyright Act of 1976, as amended, and that the Company shall own all rights therein. To the extent that any such copyrightable work is not a “work made for hire,” you hereby assign and agree to assign to the Company all right, title and
interest, including a copyright, in and to such copyrightable work. The foregoing provisions of this Confidentiality Agreement shall not apply to any invention that you developed entirely on your own time without using the Company’s equipment,
supplies, facilities or trade secret information, except for those inventions that (i) relate to the Company’s business or actual or demonstrably anticipated research or development, or (ii) result from any work performed by you for
the Company. In addition, this Confidentiality Agreement does not apply to any Invention which qualifies fully for protection from assignment to Company under any specifically applicable state law, regulation, rule or public policy. THIS
CONFIDENTIALITY AGREEMENT DOES NOT APPLY TO ANY INVENTION WHICH QUALIFIES FULLY UNDER THE PROVISIONS OF SECTION 2870 OF THE LABOR CODE OF THE STATE OF CALIFORNIA, A COPY OF WHICH IS ATTACHED TO THIS AGREEMENT AS ANNEX 1. I understand that nothing in
this Agreement is intended to expand the scope of protection provided me by Sections 2870 through 2872 of the California Labor Code. 
 3.
The rights and obligations of the parties under this Confidentiality Agreement shall survive as provided herein or if necessary or desirable to accomplish the purposes of other surviving provisions following the termination of your employment with
the Company, regardless of the manner of or reasons for such termination. 
 4. Whenever possible, each provision of this Confidentiality
Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Confidentiality Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule
in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Confidentiality Agreement or any action in any other jurisdiction, but this Confidentiality Agreement shall be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 5. All issues and
questions concerning the construction, validity, enforcement and interpretation of this Confidentiality Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of California,
without giving effect to any choice-of-law or conflict-of-law rules or provisions
(whether of the State of California or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of California. 

  
 - 4 - 

 I have read this Confidentiality Agreement fully, understand its terms and agree to be bound by those terms.

  

					
	 /s/ Rodney E. Emery
	 		 	  

	RODNEY EMERY	 		 	Date

  
 - 5 - 

 ANNEX 1 

CALIFORNIA LABOR CODE 

SECTIONS 2870-2872 
 2870. (a) Any
provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her
own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: 

1. Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably
anticipated research or development of the employer; or 
 2. Result from any work performed by the employee for the employer. 

(b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be
assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable. 
 2871. No employer shall require a
provision made void and unenforceable by Section 2870 as a condition of employment or continued employment. Nothing in this article shall be construed to forbid or restrict the right of an employer to provide in contracts of employment for
disclosure, provided that any such disclosures be received in confidence, of all of the employee’s inventions made solely or jointly with others during the term of his or her employment, a review process by the employer to determine such issues
as may arise, and for full title to certain patents and inventions to be in the United States, as required by contracts between the employer and the United States or any of its agencies. 

2872. If an employment agreement entered into after January 1, 1980, contains a provision requiring the employee to assign or offer to assign any of his
or her rights in any invention to his or her employer, the employer must also, at the time the agreement is made provide a written notification to the employee that the agreement does not apply to an invention which qualifies fully under the
provisions of Section 2870. In any suit or action arising thereunder, the burden of proof shall be on the employee claiming the benefits of its provisions. 

  
 - 6 -

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