Cypress I & II represent an opportunity to acquire a 108-unit, a neighboring multifamily portfolio in Des Moines, Iowa. Constructed in 1978–1979, the assets offer durable workforce housing fundamentals combined with a proven, partially executed value-add strategy, positioning new ownership to drive attractive near-term NOI growth with limited execution risk. The portfolio comprises almost exclusively spacious two-bedroom units, averaging 860 square feet that align with the deepest segment of renter demand, supporting consistent leasing velocity and long-term occupancy stability.

Operationally, the assets are performing at a high level, with current occupancy of approximately 96%, materially outperforming the ~91% submarket average. This provides a stable in-place cash flow profile while minimizing near-term lease-up risk. Cypress I & II also offer a clear and scalable path to revenue growth. Approximately 64% of units have been renovated, achieving rent premiums of ~$100 to $200 per month, validating the renovation strategy. The remaining units present a straightforward opportunity to further standardize interiors and continue pushing rents through a highly executable, repeatable business plan.

The investment is further supported by the strength and durability of the Greater Des Moines market, which continues to experience steady population growth driven by net in-migration and a diversified, white-collar-oriented economy anchored by insurance, financial services, healthcare, and corporate operations. Significant data center and technology investment has further strengthened the market’s long-term outlook, contributing to job growth and household formation. These dynamics have positioned Des Moines as one of the Midwest’s most stable multifamily markets, characterized by consistent absorption, measured supply growth, and low volatility, while relative affordability supports strong tenant retention and sustainable rent growth.