Yes, the fact that the REIT is not publicly traded doesn't change how you report the 1099-B on your return. If you enter your transaction as a Stock, Bond or Mutual Fund, you will be able to properly report the income as the 1099-B appears to you. Selecting Other will give you different choices, and you can enter it there if you choose, but you would wind up selecting Mutual Fund, etc., as the type of investment anyway. Entering it in the Stock, Bond or Mutual Fund section will give you the boxes and selections that you see on your 1099-B. Reporting the sale as land or second home would be incorrect.
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