This 55-unit central Denver property was acquired in January 2007 for $3,850,000. We believed the property was undervalued because of below market rents. At the time of purchase the income from the property was $362,000. Five years later the income for the one year period ending December 2011 was $460,191. In addition, the expenses at the property have been reduced from $155,000 at the time of purchase to $143,697 for 2011. The NOI increase over a five year period has been dramatic, from $201,000 to $316,494 an increase of over $115,000.