It has been an incredibly strong season for multifamily investors. This year we have seen dramatic increases in rent rates in almost every market where we have active investments. Steeple Rock, in cooperation with our co-operating partners exited two of our projects in the Phoenix market achieving a 25% average annual return in our first project and 2X return after 17 months in the second. For the time being, we are waiting and watching as Phoenix prices remain risky for buye