2110 Bill McDonald Parkway, Bellingham, WA 98112

Highlights:

• Acquired in 2016
• Three-property portfolio totaling 399 beds
• Located directly across from Western Washington University
• Extensive renovation and repositioning completed in 2017
• Achieved rents and NOI significantly above pro forma projections
• Successfully refinanced the asset
• Long-term hold strategy focused on sustained cash flow growth