The South East Memphis Portfolio is comprised of Hickory Farm Apartment Homes (200 units) and The Crossings at Fox Meadows Apartments (184 units). The properties were built in 1985 and 1973, respectively and have a long history of institutional ownership. Collectively, the project consists of 384 units at a $22 million purchase price. It also includes a $4,000/unit renovation package within 90% of the unit interiors in the first 2 years, achieving average monthly rent premiums of $125/unit. We have identified approximately $500/unit in annual expense savings based on our operation of other similar assets within the market.