Iroquois Garden Apartments

156 Units, Louisville Kentucky

Acquisition Date: April 17, 2009
Status: Currently in Clarus Portfolio

In late summer 2008, Clarus identified the thinly traded Louisville  
market as our next target market. Clarus singled out Iroquois Gardens  
because of its strategic location on a main arterial, its stable  
historical occupancy, and the potential to significantly increase net  
operating income over the anticipated holding period.

In the months following acquisition, Clarus plans to build an onsite  
maintenance facility, convert the current maintenance unit into a  
rentable unit, increase energy efficiency, reduce water usage, and  
repair building roofs.

Stable demographics, an absence of new supply and consistently above  
average performance make Louisville an attractive market for  
multifamily investment. Major employers in Louisville have continued  
with expansion plans despite economic turmoil.