Sourced directly through a relationship with Ownership, the 1,180-unit apartment community was purchased at a 50% discount to replacement cost and a 6.4% T3/T12 yield. Through the team’s proprietary knowledge of the asset, over $1.5mm in operating expense savings were realized within the first year. Finally, having experience in over ~2,500 renovations in Northern Virginia, the Westlight team knew that a modern unit renovation and amenity upgrade presented an opportunity to achieve over 20% returns for a simple cosmetic renovation.