The 390 unit Wellington Hill Apartments includes 318 townhomes, 72 garden style units and substantial amenities including a clubhouse, fitness center, indoor and outdoor pools, and tennis courts.  This property was purchased from a publicly traded REIT. The business plan included investing a substantial amount of capital to upgrade the heating systems and renovate units.  The heating systems were not only inefficient but twenty-five years old.  As a result, the high heating costs which the tenants paid made the units unaffordable and led to substantial turnover and under market rents. Upgrading the heating systems allowed us to raise rents as tenant utility costs went down substantially and also resulted in reduced turnover (leading to lower turnover costs and reduced vacancy from downtime).  Many units were out-dated with appliances, fixtures and flooring past their useful life. Upgrading the units allowed us to attract a better profile tenant at higher rents and reduce turnover.  Our capital investment along with our proactive management style allowed us to reduce operating costs while at the same time providing a better tenant experience.  Within three years of acquiring the property many of these improvements were made and operating efficiencies realized allowing us to obtain a supplemental financing returning over 30% of the original equity while maintaining and growing investor distributions.