A no-brainer deal!

Here, this 26-unit— this is actually the first deal that I ever paid $0 for but purchased with bank debt. We actually found an equity partner who is willing to partner with us on this, provide all the money. We bought this 26 units for $1.6 million. This one's built in 2004. Units are really clean, as you can tell. It's not super fancy, but this is a nice, clean, simple campus. We got an excellent price on it, uh, therefore when we refinance, we'll be able to give them all their money back. So that partner will just be in this deal with us. All of us will have $0 in the deal at refi. They're willing to spot the capital in the meantime. This project is going way under budget. Rents have been increased modestly. They were like rented like $450. We're bringing them to closer to $750. New units are leasing at $985 though, basically a doubling of what the original rent was, which is still way under market rate. So providing affordable housing, great pricing, keeping the campus going. Way ahead of schedule. This is the best deal I've ever done.