JV value add acquisition of a $62M 199 unit class A transit-oriented multi-family tower built in 2018. Property is located in an irreplaceable growth area of Chicago's South Loop with unexplored opportunity to target stable, educated, high-income tenants.

Asset represents a discount to replacement cost and recent trades. Current rents are 21% below market competitors, leaving an attractive rental rate upside. Day one value creation from seller mismanagement, presenting an opportunity to increase operational efficiencies and push NOI.