Property Overview & Investment Thesis 2802 Whitis Ave is a fully renovated, turnkey apartment asset located steps from the University of Texas at Austin. The property is currently operating as a stabilized, cash-flowing studio apartment complex with no deferred maintenance and meaningful upside potential. Major capital improvements were completed in August 2025 following a full vacancy, positioning the asset for low ongoing operating risk and predictable performance. With strong in-place occupancy, modern finishes, and proximity to UT, the property is well suited for continued operation as a high-demand student and young professional rental. Capital Improvements & Unit Upgrades In August 2025, the property underwent a comprehensive renovation encompassing both exterior and interior improvements. Exterior upgrades included a new pitched roof, new siding, fresh exterior paint, and removal of the awning, resulting in a clean, modern curb appeal. Interior renovations were completed in every unit and included updated plumbing and electrical systems, new vinyl flooring and trim, updated windows, fresh interior paint, and new drywall where needed. Kitchens were fully upgraded with new cabinetry, butcher block countertops, and stainless steel appliances including refrigerator, electric range, and microwave. Bathrooms were fully remodeled with new tile, bathtub, vanity, mirror, and toilet. Additional upgrades include updated lighting throughout each unit, ceiling fans, bathroom vent fans, and modern fixtures. All ten studio units are delivered fully furnished with a washer/dryer laundry, full or queen-size Murphy bed, sofa, desk, and chair, allowing for immediate, turnkey leasing. Operations, Stability & Upside As of September 1, 2025, the property is fully stabilized at 100% occupancy. Comparable studio units in nearby high-rise developments with additional amenities are currently achieving rents of approximately $2,000 per month—roughly $600 per month higher than in-place rents at 2802 Whitis Ave—indicating potential upside through improved marketing and future rent growth. Additionally, the property currently does not monetize its six on-site parking spaces. Market data suggests parking can conservatively achieve at least $50 per space per month, with nearby properties charging up to $200 per month for off-street parking. Actual maintenance expenses are currently running at approximately half of the modeled expenses, with underwriting based on reserve study projections that include future capital savings, providing a conservative expense profile. Location Overview 2802 Whitis Ave benefits from an exceptional location in the heart of West Campus. The property is a six-minute walk to the University of Texas at Austin campus and is located just 1.5 blocks from Guadalupe Street, the primary retail, dining, and shopping corridor serving UT students. Despite its proximity to campus activity, Whitis Avenue is known for being a quieter residential street, offering tenants a more peaceful living environment while remaining immediately adjacent to campus amenities. This combination of walkability, convenience, and relative quiet makes the location highly desirable and supports consistent rental demand. Unit Mix & Risk Mitigation All ten units at 2802 Whitis Ave are studios, each approximately 257 square feet. The studio-only layout naturally limits large gatherings and parties, which helps reduce wear and tear on the units and mitigates tenant-related damage risk. This unit mix, combined with durable finishes and full renovations, supports lower long-term maintenance costs and stable operations.