EXECUTIVE SUMMARY Chalet Gardens presents a clear opportunity for immediate revenue growth through a targeted interior renovation program. Current average rents of $1,486 per unit trail the pro forma market rents of $1,510+, and several nearby competitors are achieving significantly higher premiums for renovated units. By modernizing kitchens, bathrooms, and flooring, a new owner can bridge this gap and capture the embedded upside in the rent roll while benefiting from the operational efficiencies of a consolidated 26-unit footprint. STRATEGIC FRESNO LOCATION AND INSTITUTIONAL DEMAND DRIVERS The property is ideally situated within minutes of Fresno’s most prominent economic anchors, including California State University, Fresno (25,000+ students) and Fresno City College. Furthermore, the recently completed $150 million expansion of the Fresno Yosemite International Airport (FAT) serves as a major regional catalyst, enhancing connectivity and supporting long-term property value appreciation. ROBUST MULTIFAMILY MARKET GROWTH AND RESILIENCE The Fresno multifamily market continues to demonstrate remarkable resilience. While broader market growth has moderated, asking rents in the Central Valley are projected to continue their upward trajectory through 2026. With vacancy rates remaining tight—dipping as low as 2.5% in neighboring submarkets—Chalet Gardens is well-positioned to maintain high occupancy levels and consistent rental income growth. STRONG REGIONAL EMPLOYMENT AND ECONOMIC TAILWINDS Fresno remains the primary engine of economic growth in the Central Valley, recently recording the largest net employment gain in the region with over 7,600 new positions added annually. The local economy is bolstered by a diverse mix of healthcare, education, and a rapidly expanding logistics sector featuring major employers like Amazon, Target, and Walmart. This steady job creation drives consistent household formation and ensures a deep pool of qualified renters for the subject property. HIGH-DEMAND UNIT MIX AND OPERATIONAL EFFICIENCY The property features a highly functional unit mix consisting of 92% two-bedroom, one-bath floor plans. This specific layout is the most sought-after configuration for the Fresno renter demographic, offering the best balance of affordability and living space. The uniform unit mix simplifies ongoing maintenance and turnover costs, while the 1.04-acre site provides a low-density, garden-style environment that is increasingly difficult to replicate in the current development climate.