What is an SPV?
In short
The legal entity that sits between a building and its investors.
A special-purpose vehicle is a legal entity formed to hold a single asset or a single transaction. It exists so that the asset's liabilities, obligations and economics are ring-fenced from everything else the sponsor does.
Investors typically do not hold title to the building directly. They hold an interest in the entity that holds title. That interest is what defines their economic rights, their voting rights if any, and how proceeds reach them on exit.
Because the entity's governing documents define those rights, the operating agreement and subscription agreement matter more than any marketing page. RealTIRR publishes those documents per offering and will not describe rights that the finalized documents do not grant.