Spirit of St. Louis offers investors the ability to acquire institutional-quality new construction at a compelling basis relative to replacement cost, with no development risk and stabilized operations. The property is currently 100% occupied at discounted lease-up rents, with in-place rents approximately $200–$250 below comparable properties, providing a clearly identifiable and executable mark-to-market opportunity. As leases roll to market, ownership can capture organic NOI growth while maintaining strong occupancy in a high demand, supply constrained housing rental market. Springfield functions as the dominant economic and healthcare hub of Southwest Missouri, supported by a diversified employment base anchored by healthcare, higher education, and logistics. The market exhibits characteristics more typical of secondary markets - including economic depth, institutional quality employers, and durable renter demand - while continuing to trade at tertiary-level pricing. Elevated construction costs, constrained development capital, and elongated entitlement timelines have materially reduced forward supply, reinforcing long-term fundamentals for existing high-quality assets. The property is strategically located less than one-half mile from Missouri State University (approximately 23,000+ total enrollment), providing proximity to a significant academic and employment anchor while maintaining a boutique, non-student housing positioning attractive to young professionals, faculty, healthcare employees, and workforce renters. Offered below current replacement cost in a supply-constrained and economically resilient regional hub, Spirit of St. Louis represents a rare opportunity to acquire newly constructed Class A product with stabilized cash flow and embedded rent growth at an attractive risk-adjusted yield profile.