Dakota Flats is a 46-unit apartment community completed in 2019. The property was acquired at a compelling basis relative to replacement cost, providing attractive long-term positioning in the submarket. The property consists of oversized one- and two-bedroom units. Two-bedroom floorplans are approximately 1,000 square feet, while one-bedroom units average around 800 square feet. The community also includes roughly 35 garages, providing additional rental income. Dakota Flats is located in North Spokane, a higher-income submarket characterized by newer housing stock and continued residential growth. The property is within walking distance of more than 500,000 square feet of retail, and a recently constructed elementary school is located less than a mile away. Given the asset’s relatively recent construction and the strength of the surrounding demographics, we expect Dakota Flats to perform as a stable long-term hold with consistent cash flow.