

• Purchase Underperforming Apartment Communities
•Mom and Pop Characteristics
•Class B and C buildings
•20-50 units
•Deferred maintenance
•Value-Add opportunity

•Bring in professional management team
• Stabilize the property
• Fill vacancies
• Implement RUBS
• Change fee structure
•Raise remaining rents

• Hold long term – increasing cashflow, principle pay down and appreciation
• Refinance – roll proceeds into the next
• Sell – cash out or roll proceeds into next property
