Gladstone Studios is a 60 unit studio community in Gladstone, Missouri, acquired in Spring 2025 and positioned as well maintained, high demand workforce housing in a stable submarket with limited new supply. The property has maintained consistently full occupancy and delivered immediate cash flow supported by durable demand for clean, attainable studios. Since acquisition, a disciplined rent optimization strategy has increased average rents by approximately 150 per unit to 775 plus 50 in RUBS, achieved primarily through renewals and light updates Forward looking NOI of approximately 300,000 reflects meaningful income growth driven by strong demand fundamentals, measured upgrades, and efficient operations. Rents remain below newly constructed studio alternatives, preserving affordability while supporting continued upside. Located less than half a mile from The Bluffs Apartments, the asset benefits from operational efficiencies and low capital intensity. Gladstone Studios offers stable cash flow, ongoing organic rent growth, and predictable performance, with investor distributions scheduled to begin in 2026.