Lynnhaven, The Olive Branch.

A 104-apartment stabilised community in North Carolina, acquired in two phases on operating data, not on pitch-deck projections.

The two-phase structure was the discipline. Phase one's actual rent, occupancy and maintenance numbers set the price we paid for phase two. The same team that underwrote it took on the structuring and the management afterwards, so the assumptions made at acquisition are the assumptions someone owns for years.