Roseridge Apartments operates at 93.3% physical occupancy and has maintained this performance for many years. Perhaps even more impressive than its occupancy is its location. The property is operating at a stabilized level of operations; however, it is operating below its true potential. Based on our meticulously conducted rent comparable study, it was determined that rents are below market when applying the current street rents. From an underwriting perspective, IPO has forecasted a year-one Pro Forma NOI of $61,991 based on street rents, a 5.0% vacancy, and bad debt. When accounting for additional increases up to market rents, the NOI rises to $76,685, creating a value-add potential without significant additional financial investment.