Located near the Grand Canyon University, Canyon 35 was WhiteHaven's first acquisition in the Phoenix MSA. This was also the first asset in our portfolio to complete a full cycle on a fully stabilized basis following the full implementation of our business plan and renovation scope. Our $1.4M renovation budget allowed us to increase rents by over $400 per unit. The revenue escalated steadily as the repositioning process evolved. Having started with $58,000 of collections, with nearly all of the units renovated we were able to increase income to $101,000, an increase of 74%. The resulting increase in value enabled WhiteHaven to double the partner investment in 36 months.