In November 2015, The PPA Group purchased a two-property portfolio consisting of a 344-unit apartment complex and a 160-unit complex. While Austin is historically a tight real estate market, we were able to find a sub-market that was going through rapid changes where we believed we could produce significant value for our investors by purchasing C assets and bringing them up to a B quality. As a large organization with its own construction company, The PPA Group was able to renovate many of the units and the club house of one of the properties at costs significantly below market rates. Our award-winning property management company, CLEAR Property Management, made significant improvements to the properties’ net operating income. This was done through implementing our time-tested system of improving marketing, cutting costs, raising rents, and increasing the overall value of the property. This property is an example of a full cycle acquisition and sale completed by our parent company and is not held in the Upside Avenue REIT.