The Commons on Ludlow at 4014 Ludlow Street (the “Property” or “Asset”). The Property is comprised of 55 new apartment units in the University City section of Philadelphia. The Asset boasts luxury finishes, including stone countertops, stainless steel appliances, shaker-style cabinetry, in-unit washers/dryers, attractive LVP flooring, farmhouse doors, and oversized windows. This is a unique opportunity to acquire a turnkey new construction community in a strong location with upside through natural turnover, shrinking new supply, and management efficiency. Any new ownership can expect strong rent growth in a market dominated by Drexel University, the University of Pennsylvania, Penn Medicine, and the Children’s Hospital of Philadelphia. The Commons on Ludlow caters to professionals, graduate students, medical students, and residents studying and working at some of the best institutions in the country. While The Commons on Ludlow was originally developed as a fully Short Term Rental asset, the need to pivot arose. The strong rental market in University City, coupled with the location, allowed current ownership to lease up nearly the entire building with long-term tenants (12-month leases) in short order, quickly restabilizing the property. The University City submarket is adjacent to Center City Philadelphia, one of the most desirable neighborhoods in the country, with award-winning restaurants, shopping, and nightlife. Current and future tenants choose University City to be immersed in a vibrant culture surrounding some of the top U.S. institutions for research, medicine, business, law, and engineering. The Property is located minutes from major transportation routes, including I-76, I-96, and I-676, providing unparalleled motor vehicle access throughout the Philadelphia MSA. The Property is public transit-oriented, positioned one-half of a block from 40th Street Station on SEPTA’s Market-Frankford Train Line. Commuters can use this train to access Center City Philadelphia, the surrounding suburbs, and NJ Transit in minutes.