Bascom purchased this property with approximately 90 units, or 71% of the property vacant. The Seller was a non-profit low income housing provider which has worked out an agreement with the note holder not to contest the foreclosure. A moderate interior and exterior renovation was planned. Additional capital and professional management allowed the property to reach the sub-market’s stabilized occupancy rate of 90% within the first year. The property’s total cost basis, with renovations, represented only 38.6% of the estimated replacement cost. The deal was sold in January 2008 with an XIRR yield of 93.2% IRR and a 5.0 multiple on capital.