CPA Apartments is a proposed $14M real estate apartment rental project consisting of 52 one-bedroom plus den units, located in Ellensburg, Washington, a university town with a chronic shortage of non-student apartments. This project is sponsored by a highly successful team with a solid track record of apartment development and management in the Washington state area, and the general contractor is a very strong major regional construction firm. The feasibility study, written by a major firm, acknowledges and supports the need for this project with current rental occupancy rates reaching 100%, with an occupancy projection for this project showing 80% by the end of the first year, and 98% thereafter. The sponsor is looking for a $14M construction loan (85% LTC), with terms appropriate for lease up and stabilization and a long-term ‘build and hold’ end game. Financial projections show an $856K net operating income after the first year, and a finished valuation of $17M with a 5 cap rate. All plans have been approved by local authorities and the project can begin immediately after funding is secured. This is a project for an investor looking for minimal risk and long term growth.