The Company acquired Venture on Maryland, a 78-unit multifamily property, through a pre-foreclosure sale for $10,700,000 ($137,000 per unit).

In 2022, the previous owner acquired the property for $17.1 million ($219,000 per unit). Our purchase price reflects a discount of over 35% from the prior purchase and is $1.7 million below the previous remaining loan amount.

We plan to invest $2 million in targeted renovations to both the interior of units and exterior of the building, to enhance the property's value and appeal. In addition to physical improvements, we will drive operational efficiency through hands-on management and a phased approach to bringing rents up to market rates. Our strategy is to position the asset for a profitable exit within three years, targeting a sale price of $19 million ($243,000 per unit).