Environs Lofts

Opportunity & Strategy

• Special Situation – Fractured sale process led to ability to acquire asset significantly below guidance pricing
• Motivated Seller – Broken seller partnership dynamic (capital partner winding down operations) created operational inefficiencies resulting in slower-than-anticipated lease up to stabilization
• Differentiated Asset – Best-in-class asset located in extremely high barrier / anti-growth market
• Fortress Location – Centrally located with easy access to regional arterials, public transportation and walkable retail amenities
• Favorable Competitive Dynamic – Complexity of owners association narrowed buyer pool significantly