Sedona Ranch is a 253-unit apartment complex in the desirable northwest Dallas submarket. The property features a great mix of spacious one-, two-, and three-bedroom floor plans with an average unit size of 1,015 square feet. Its 45 two-story buildings are spaciously spread across over 10 acres of land. Built in 1972 and owned by the same group since 2006, the property has been well operated and had major improvements in the three years before acquisition in 2019, including all new roofs, new paint, refurbished parking lot, new washer and dryers, and partial upgrades to 52 units. There is still strong value-add opportunity in upgrading the remaining 201 units, reducing expenses, and adding amenities. Sedona Ranch has a great tenant base and is located near major highways, employment centers and just one block away from an elementary school and a City of Dallas Recreation Center. The upsides will primarily come from forced appreciation through upgrading 7 to 11 units per month to a premium level. With these upgrades, we will capture an average growth of 8% to 13% over their rent at the time of acquisition, not including additional upside from other income. Also, with the goal of enhancing the community living experience, we plan to add amenities such as pool furniture, grills, a pergola, and 40 more reserved parking spots.