The PPM states the Company pools capital to invest in three Property Owners that acquire, improve, own, lease, operate, develop, redevelop and dispose of three existing apartment communities in Auburn, Alabama (187 units, 297 beds). The Business Presentation describes off-market purchases, interior and exterior renovations, retention of the existing affiliated property manager, and further redevelopment to be explored in year one. The Manager may sell each property separately or as a portfolio.