Villas de Azul is a 301-unit apartment complex located in Central Phoenix. Built in 1972, the property was only 75% occupied and a value‐add opportunity to reposition and stabilize the property to maximize its value. The property will benefit from repositioning the asset profile by improving the current amenities, enhancing the curb appeal, property renovations, correcting deferred maintenance and operating at market occupancy levels. This under-performing asset was acquired with our high net worth investor base and bridge financing. Sterling Management Company is now the property management company for this apartment complex.