Atrio Apartments consists of an attractive mix of one- and two-bedroom units ranging from 600 to 800 ft². Built in 1956 and now catering primarily to graduate student renters, the property operates on a per-unit leasing model and has consistently demonstrated strong performance. Its doorstep proximity to the University of Michigan has supported durable demand and stable operations since delivery. From an improvements standpoint, 22 of the 28 units have been renovated to include updated kitchens, baths, flooring, and fixtures. In addition to these interior upgrades, ownership has completed numerous capital improvements totaling over $700,000 in recent years, further enhancing the property’s overall condition and long-term durability. Heating is provided through individual gas-fired boilers in each building, with one system replaced within the past few years. Cooling is provided by individual electric sleeve units, with residents responsible for this expense. In addition to electricity, residents are charged a $50 monthly utility fee for one-bedroom units and $100 for two-bedroom units. Both buildings offer off-street parking, which also generates additional income through a lease with the neighboring property. Operationally, Atrio continues to perform well, achieving 100% physical occupancy for the 2025–26 academic year, with pre-leasing for 2026–27 already exceeding 50%. However, we believe the asset is operating below its full potential, with meaningful rental upside remaining. Based on a comprehensive review of the Ann Arbor rental market, current market rents for 2026–27 are approximately $50 below the market average. IPO projects a conservative Year 1 NOI of $271,127 based on 2026–27 academic-year market rents, historical and pro forma expenses, and a reassessment of property taxes. Notably, the property recently appraised at $5.2M, providing a strong third-party valuation benchmark. With demonstrated performance and identifiable rental upside, Atrio offers investors the opportunity to capitalize on continued demand within one of Michigan’s fastest appreciating multifamily markets.