118 Units in Norman, OK, purchased for $7,500,000 on April 7, 2022. The average cash on cash on this deal is 8.26 %. We did a Freddie small balance loan at 3.59% with one year of interest only. The central strategy will be to improve our current operations and achieve our proforma rents within a few years. We will run the property with about 1/2 of the staff effectively, decreasing operating costs. Our manager manages many nearby properties in case the property ever needs additional assistance. We are proposing an $80 rent bump over two years. Most of this is bringing tenants to the market rates. We will also raise RUBS and any other fees where appropriate.

SOLD for $8,425,000 9/24