Identify Indirect Real Estate Investment

In the context of real estate investments, understanding the various types of operational and financial structures is crucial. Consider the following three types of real estate investment vehicles:

1. A publicly traded Real Estate Investment Trust (REIT) that primarily invests in shopping centers and income-generating properties.

2. A private equity real estate fund that focuses on acquiring and managing residential multifamily properties but limits its investor base to accredited investors.

3. A direct ownership model where an individual buys a single-family rental property and manages it independently.

Which of these investment vehicles represents a form of indirect real estate investment?