Haven on Peoria was WhiteHaven's third acquisition in Phoenix MSA. The community is located in Glendale, a city-suburb of Phoenix. The renovation budget on this project was $2.7M and resulted in an average rent increase of $300. However, we took this opportunity to renovate as many units as was possible quickly. After a few months, the revenue stabilized, and as renovated units began to saturate the rent roll and reposition the property the revenues continued to steadily increase. Throughout WhiteHaven's ownership, 49% of the unit interiors were renovated and revenue increased from $122,000 to $178,000, which is an amazing growth of 47%. The resulting increase in value allowed us to deliver an IRR of 25% to investors.