THE PORTFOLIO Two apartment communities in Old East Dallas — 1221 Abrams (12 units) and 4600 Gaston (8 units), totaling 20 units located within a half mile of one another. Unit mix: ten one-bedroom units averaging 642 SF and ten two-bedroom units averaging 894 SF, among the larger floor plans in their class and submarket. Interior finishes range from classic to refreshed and premium. Each unit includes in-unit washer/ dryers, individual water heaters, and individual HVAC systems. Going in cap rate exceeding 8% on a tax-adjusted basis. With Old East Dallas fundamentals trending positively, declining new deliveries and increasing absorption, these assets are well positioned for strong long-term performance under new ownership. THE OPPORTUNITY Stabilized, cash-flowing assets with the ability to step into positive leverage from day one. Additional upside through pushing rents to market: across each unit mix, there's a noticeable delta between average in-place rent and the highest executed lease achieved in the last 12 months. The business plan should focus on bridging that loss-to-lease and achieving rents ownership has already proven attainable, through professional management, aggressive marketing, targeted upgrades, and capitalizing on Old East Dallas's improving absorption trends. Comparing the market rents by floor plan against the average in-place rents reflects a difference of approximately $82 per unit.