The Fredd is located in San Antonio, TX, which is the seventh largest city in the US and has a population of 1.4 million representing an 8.1% growth rate since 2010. Significant organic rental upside upon acquisition, as current ownership is charging rents considerably below comparables.  OREI anticipates $155/unit of organic, mark-to-market rent growth.  OREI will conduct value-add enhancement program to the 272 remaining classic units at the asset. Upon interior renovation, OREI anticipates a $133/unit average rent premium, in-line with similarly renovated product within the submarket.