Currently, Roseridge Apartments is operating at 93.3% physical occupancy and for many years has maintained this level of performance. Perhaps even more impressive than this asset’s occupancy is the location of this asset. The property is operating at a stabilized level of operations; however, we are of the opinion it is operating below its true potential. Based on our meticulouslyco nducted 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 and 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.