Acquisition/rehabilitation sites or “Acq/rehab” properties are typically older, under-valued apartment communities that REDS purchases (“Acquisition”) and physically repairs or rebuilds (“Rehabilitation”) to add value to the site through increased rents.  Sites are specially selected for unique factors like prime market locations or rent growth potential.  Prior to acquisition, a site will undergo a detailed physical needs assessment to determine what improvements must be made to increase the safety, longevity and marketability of the asset.  Additional investment is made to provide these updates and add other amenities that make the property more attractive and valuable to future residents.  After acquisition, existing residents are temporarily relocated to allow for construction upgrades to occur onsite, and then are allowed to reclaim their upgraded units if desired.  Upgrades to the site add value to rents, increasing property income and value over time.