The Heritage Collection consists of 8 buildings with unit counts ranging from 6 40 units. The collection includes a mix of lofts, mid-rise apartments, as well as Heritage Hill apartments. Some of the amenities the tenants enjoy include on site parking, on-site laundry, security card access systems and cameras, hardwood floors, fireplaces, and exposed brick. The collection is within walking distance to Spectrum Health, St. Mary’s Healthcare, Kendall College, Michigan State University College of Human Medicine, Van Andel Institute, Grand Valley State University, Grand Rapids Community College, Cooley Law School, Western Michigan University, and Davenport University Based on our carefully conducted rent comparable study, it was determined rents on the studio, one-bedroom, and two-bedroom units are well below market when analyzed under Street Rent metrics. Our study found that studio units are $268 below average market rents, one-bedroom units are $402 below average market rents, and two-bedroom units are $664 below average market rents, and three-bedroom units are $464 below average market rents. Such a delta between existing and market rents provides a new owner with the unique opportunity to improve this asset’s cash-flow position without making any financial investment in the property. From an underwriting standpoint, our Pro Forma is based on actual current Operating Expenses, and includes a professional management fee, a Replacement for Reserve, and property taxes adjusted to the SEV. The vacancy and bad debt factor are consistent with current property trends. IPO has projected an NOI of $944,405 after Year 1 and increasing to an NOI of $1,391,335 over a 5-year hold. This increase in NOI over 5 years would represent an approximate $6M increase in value.