Why Invest in a Courtyard Property: - Higher resale premiums vs generic buildings - Strong appeal for residents - Courtyard buildings are ideal for renovation strategies- Improve common space ? lifestyle repositioning - Limited housing supply - Strong long-term appreciation drivers - Scarcity + historical character = long-term appreciation This offering represents a compelling value-add acquisition with meaningful embedded upside through operational repositioning and revenue optimization. While in-place financial performance is currently below market benchmarks, the asset provides a clear pathway to stabilization and yield enhancement. The investment centers on capturing rent growth, improving operational efficiencies, and executing a disciplined capital improvement program. - In-place rents materially below market, supporting a significant mark-to-market opportunity - Operational inefficiencies creating immediate expense reduction opportunities - Ability to implement RUBS and ancillary income streams to enhance revenue - Clear path to NOI expansion through interior and exterior capital improvements - Favorable basis relative to comparable stabilized assets in the submarket - Located within a high-demand, supply-constrained rental corridor - Strong exit optionality upon stabilization with cap rate compression and NOI growth This opportunity is best suited for investors seeking to deploy capital into a structured value-add strategy with identifiable levers for performance improvement and long-term appreciation.