The Park at Medical Lake is a newly built 78-unit apartment community in Medical Lake, Washington. The opportunity was identified by Brumback Construction and involved an excess parcel from a residential development. After several years of entitlements and a successful effort with the City of Medical Lake to secure water rights, the site was rezoned for multifamily at a very attractive land basis. We partnered with Brumback Construction to develop the parcel into a high-quality multifamily community at a favorable price per unit. Medical Lake is a supply-constrained market with limited available land and scarce water rights, and the property is well located near a hospital and an Air Force base—supporting stable middle-income and workforce demand. During construction, we secured a 10-year construction-to-permanent loan when interest rates were at historic lows, supporting strong cash flow and long-term hold flexibility. At loan maturity, we expect to evaluate refinancing or a sale; however, we do not anticipate significant new supply entering the market given the existing development constraints. The community offers one- and two-bedroom units, with approximately half of the apartments featuring wetland views.