Value Add opportunity. Significant upside achievable by stabilizing the market rents that are already in place at the property Fully entitled additional development opportunity. The property has been fully approved for the addition of up to 60 additional units. Two existing pads at the property are able to house the additional units. Ownership has completed all unit renovations and spent considerably on capital improvements over the past three years. Little to no deferred maintenance or capital improvements necessary. Rent stabilization to market rates has begun. Ample opportunity exists to increase legacy leases to market rates and achieve significant top line rent growth. Expense stabilization. The property is currently operating at an inflated expense ratio. Stabilization to normalized expense ratio provides significant upside.