SUMMIT VILLAGE

The asset is located in Greensboro, NC, which is the third largest city in North Carolina and has a population of 300 thousand representing a 10.9% growth rate since 2010.  Significant organic rental upside upon acquisition, as current ownership is charging rents considerably below comparables.  OREI anticipates $228/unit of organic, mark-to-market rent growth.  Value-add opportunity in 220 (80%) remaining classic units with the installation of stainless-steel appliances, new cabinet fronts, faux wood flooring, kitchen tile backsplash, granite countertops, and updated lighting and plumbing.  Upon interior renovation, OREI anticipates a $244/unit average rent premium, in-line with similarly renovated product within the submarket.