Haven on the Rail was WhiteHaven's fourth acquisition in Phoenix MSA. This 94-unit community is located in downtown Mesa, an area in the midst of a massive transformation. Our renovation budget was $3M, and included the installation of in-unit washers and dryers, as well as the construction of a brand new building on-site to house the new office and gym. Throughout our ownership, we were able to increase rents by an average of over $400. The chart below illustrates the income dynamics at Haven on the Rail during our ownership. In the relatively short time we owned the property, we were able to renovate 29% of the units, which was enough to increase the revenue from $78,000 to $97,000 - a 25% increase. As you can see, income increases dramatically as we go from 0% renovated units, all the way to 29%. With not even a third of the units renovated, we were able to increase income by 25%. As a result, we were able to double investor money in under 2 years, delivering a return of nearly 50% IRR.