Major capital work completed. Seller has cured significant deferred maintenance, including HVAC; future capex expected to be minimal. Below-market rents. In-place studios avg $559 vs. Mesquite studio market of ~$900-$1,060. Conservative stabilization. $625 target studio rent is ~30% below market - achieved on normal turnover, no renovation premium required. Workforce housing the city wants. Mesquite has made attainable housing a stated priority as growth outpaces supply. Scarce asset type. Large complexes are ~7% of housing stock; 9-unit offerings rarely trade here.