Investment was a joint venture between SBT Property and Sun Equity Partners. Presenting an excellent value-add opportunity, with in-place rents at 25% below market. The business plan featured upgrades the property’s landscaping, common areas, increase rents towards market as leases expire, and to renovate vacated units to command a higher rent. Investment plan provided an eight-percent preferred return with a 60% promote. and a projected refi in Year 4, returning 112.6% of investor equity, and selling the properties in Year 6 at a 6.0% exit cap rate (30.2MM), yielding a 24% IRR and a 2.61x multiple, post-promote.