4706 Yellowstone Apartments presents an opportunity to acquire a substantially renovated 25-unit multifamily asset in Houston, Texas, offered at $2,900,000. A third-party appraisal prepared by Mitchell Valuation concluded a market value of $3.25 million as of December 6, 2022. The property is currently in lease-up following an approximately $1.41 million capital improvement and repositioning program. Renovation capital has already been deployed, positioning the asset for continued lease-up and operational stabilization with limited anticipated near-term capital requirements. The current unit mix consists of 17 one-bedroom/one-bath units, six two-bedroom/one-bath units and two efficiencies. Current housing-program-supported rent potential is up to $1,135 per month for the one-bedroom units and up to $1,374 per month for the two-bedroom units, all bills paid. Efficiencies are currently underwritten at $800 per month. Stabilized gross potential rent is approximately $349,668 annually. Current pro forma underwriting reflects approximately $174,897 in stabilized NOI, representing a 6.03% pro forma capitalization rate at the $2.9 million asking price. At $116,000 per unit, the offering provides an opportunity to acquire the property during lease-up after substantial renovation capital has already been deployed, with remaining upside driven primarily by occupancy growth, concession burn-off and lease maturation. Current leasing has demonstrated rent acceptance above the assumptions used in the 2022 appraisal. Temporary concessions on select leases are structured to burn off while contractual rents remain in place, providing additional potential for effective income growth as the property stabilizes. Seller may selectively consider short-term purchase-money financing for qualified purchasers with a defined exit strategy. Seller financing, if offered, will be structured strictly as debt in connection with a true purchase and sale. No equity participation, joint ventures, partnerships or profit-sharing structures will be considered. Offering Memorandum available for review. Third-party appraisal and additional due-diligence materials available to qualified prospective purchasers upon request.