UnCola Lofts consists of 48 units total-23, 1 beds, 9, 2 beds, 16, studios. The property is in the heart of Downtown St. Louis and is steps away from the new HQ for Square/Block, the credit card payment processor (SQ on NYSE). It is also very walkable to all that Downtown STL has to offer. The building underwent a complete renovation in 2006-2007. All building systems were modernized at that time. The units are very attractive with large windows, exposed brick and timbers, and units that face the pool have private balconies. The property has extremely low rents compared to competing properties in the immediate area. CoStar has the average area rent for studios at $1,067, 1/1’s unit at $1,274, & 2/1’s at $1,897. We have used more conservative numbers in our proforma - studios at $1,000, 1/1’s at $1,200, & 2/1’s at $1,400. Once rents are raised to these market rent levels, the pro forma cap rate is 9.57%. On average there is $281 upside on rent per unit.