MARKETING DESCRIPTION: ReNew Bayshore Townhomes is a newer, 96-unit townhome community located in South Anchorage. The property features spacious two- and three-bedroom, two-story residences averaging 1,166 square feet. It differentiates itself within the Anchorage market through sought-after amenities, including in-home washers and dryers, radiant floor heating, private balconies with storage, and heated garage parking. The property also benefits from limited newer competing supply, with only 12% of Anchorage multifamily inventory built after 2000. Located minutes from Dimond Shopping Center, Costco, and just a 10-minute drive from the University of Alaska Anchorage—ReNew Bayshore gives residents an excellent lifestyle with convenient access to daily needs, employment, and education. Major demand drivers nearby include Joint Base Elmendorf-Richardson (JBER), Native corporations, Providence Alaska Medical Center, Alaska Regional Hospital, Alaska Native Medical Center, and the University of Alaska Anchorage (UAA). The university is a major source of apartment demand, as the projected fall 2026 enrollment is 20,370 students against only 700 on-campus beds, leaving most students to seek off-campus housing. Since 2021, ownership has invested more than $3 million in interior upgrades and deferred maintenance. These improvements create an opportunity to drive further revenue through targeted unit upgrades and focused operations. Modest enhancements can help move rents toward current market levels with limited additional capital. Recent lease trade-outs support this potential, with new leases averaging 14.4% growth and renewal leases averaging 9.7%. With much of the capital work already completed, ReNew Bayshore is well positioned for an immediate value-add program. The broader Anchorage market remains supply constrained. Only one project with more than 50 units has been delivered since 2022, while much of the existing inventory was built in the 1970s and 1980s. This limited supply has supported annual rent growth in nine of the past 10 years, and metro effective rents are forecast to grow 3.2% annually through 2029. With significant capital work already completed, additional rent-growth potential, and favorable market fundamentals, ReNew Bayshore offers investors a well-positioned value-add opportunity with the potential for near-term income growth and long-term value creation. INVESTMENT HIGHLIGHTS: Sprawling Townhome Community: Built in 2006 on 5.25 acres, ReNew Bayshore includes 48 two-bedroom and 48 three-bedroom townhomes. The property offers a differentiated, family-oriented rental option for military households, students, and local families. Significant Recent Capital Improvements: Over the past five years, ownership has invested more than $3 million in mechanical, electrical, plumbing, HVAC, fire and life-safety, structural, landscaping, and interior improvements. Boiler replacements in 38 of 96 units further reduce near-term maintenance needs. Light Upgrades Show Proven Upside: Recent unit-turn upgrades and strong lease trade-outs demonstrate continued rent-growth potential. Targeted interior renovations provide an additional opportunity to capture higher market rents. Rare Resident Amenities: Two-level homes feature in-home washers and dryers, radiant floor heating, private balconies with storage, oversized closets, and heated garage parking—valuable amenities during Anchorage's winter months. Minutes from South Anchorage Amenities: ReNew Bayshore offers convenient access to Dimond Shopping Center, Costco, Sam's Club, restaurants, grocery stores, H2Oasis, and Cinemark. Near-Zero Deferred Maintenance Remaining: Ownership has completed substantial capital work and is currently replacing roofs on eight of the property's 12 buildings, along with approximately $50,000 in sprinkler-head replacements. Both projects are expected to be completed by late October 2026. Stable Cash Flow with Organic Growth: The property generates durable in-place cash flow and has achieved strong lease trade-outs, including increases of up to $441 per month, or 19.6%, on three-bedroom floor plans. Two-bedroom renewal premiums have reached $383 per month, or 21.3%. Flexible Leasing and Favorable Operations: Alaska's landlord-friendly framework supports efficient operations, including seven-day pay-or-quit notices and typical 30- to 60-day timelines for the relatively infrequent eviction process. This flexibility can support occupancy and revenue management, particularly in Anchorage, where tourism contributes to seasonal and temporary housing demand.