This property was acquired in September of 2024 for $10.5 million as a value-add heavy lift project. Upon acquisition it was sitting at 58% occupancy with over 100 units needing to be renovated. Along with the renovation of the existing units, the exterior needed a refresh and painting, new signage, removal of playgrounds and addition of 2 dog parks and repair of the 2 existing pools on site. All renovations were completed in a 6 month timeline with the property at 80% occupancy by the end of February 2025.

The goal is to stabilize at 94-96% at about 85-90% of market average rents and then manage the property for 3 additional years. Target disposition sales price is $21-23 million and returning a 2.4x equity multiple.