Investment Property Advisors is pleased to announce the listing of the Guardian Apartments. The Guardian Apartments is an attractive six-story mid-rise community built in 1973 by a well known West Side builder, Al Liebel. This property was renovated in 2012 by the current owner, who markets primarily to senior residents at below market rents. This was a voluntary choice and is not tied to any LIHTC or HAP restrictions. As of January 2019, CMHA rental allowance guidelines were increased to $643 for one bedroom units and $843 for two bedroom units. The owner began rent increases in April. Of the current residents, 52 are CMHA voucher holders, or approximately 60%. We are projecting that 75% of residents will be at that rent level by closing. The proforma income assumes the new owner will take full advantage of the new CMHA rental rates and continue the process as the balance of the leases expire. Doing so results in a 30% increase to the Gross Potential over the next twelve months.