Our investment strategy is to acquire Class B and C multifamily assets in select secondary markets that will deliver consistent risk-adjusted returns to our investors through a combination of operational cash flow and long-term appreciation of the asset, realized through either sale or refinance. We acquire properties that will deliver immediate positive cash flow to the investor, and we commence payment of monthly income distributions within sixty (60) days of acquisition. After a holding period of typically 7-10 years, we seek to refinance the asset to realize the appreciation that we have achieved through our value-add approach. We are long-term in our outlook, as are our investors, so we do not look to sell an asset in the short term unless it is chronically underperforming. We prefer refinancing solidly performing assets and realizing liquidity in that manner, because the proceeds are not taxed and we continue to hold the asset. Our typical investor is one who has a very long time horizon and is looking for stable and predictable monthly income distributions, with the potential for long-term gain through the asset’s appreciation.