We found this opportunity through our network of brokers in Early 2020. The building was in good shape overall but needed unit updates and tighter management in order to command market rents. In the spring of 2022, we were able to secure the properties at $1,100,000 under the appraised value. Prior to the purchase of the assets, we forecasted an average rental increase of 25%, but with the continuous pressure from the lack of rental supply in Cranbrook, the market allowed us a 40% increase in rent for most of the units. For the holding period, we are carrying out our optimization strategy with unit updates and increasing rent to the market rates which in return will increase the returns on this investment.