In July 2015, Fund 3 purchased a 16 unit garden style apartment complex near the Botanical Gardens in St. Louis for $730,000. Rents were 5% below market value; however, the cash-on-cash return from day 1 of ownership was over 15%. After holding the property 3 years we sold this asset in August 2018 for $890,000, netting a 39% IRR over a 3-year period.