Ashley Oaks, a 462-unit Class-C apartments community located in San Antonio, was acquired in October 2006. Significant deferred maintenance was addressed with a substantial exterior and complete interior rehab such that the property became considered a Class B property. Ashley Oaks performed relatively well through the recession and maintained mid-90% occupancy with substantial cash flow. A Fannie Mae refinance in late 2011 returned a substantial portion of investor equity while also significantly enhancing cash flow. The asset was sold in November 2012.