2110 Bill McDonald Parkway, Bellingham, WA 98112

• Three-property student portfolio totaling 399 beds
• Located directly across from Western Washington University
• Extensive renovation, repositioning, and refinance completed in 2017
• Achieved rents and NOI significantly above pro forma projections
• Purchase Date: Nov, 2016
• Purchase Price: $19,736,400
• Hold Period: 7 years
• Sale Price: $29,200,000
• Average Equity Multiple: 2.7x
• Average IRR: ~32%
• Gross Profit: $9,463,600