TOPAZ acquired this property with 90%+ occupancy, with TOPAZ purchasing the asset stabilized, it still bore full lease-up risk in exchange for favorable pricing since all the leases would have to be converted to standard annual leases. TOPAZ saw this as an opportunity to add value by converting to longer-term leases and enhancing all the common area space while also having an outparcel of land already approved and wired for an additional 64 residential units. TOPAZ acquired the property upon delivery of the deed from the bank / lender who was outsourcing the 3rd party management of the asset.