Assume the 250-unit apartment acquisition you contemplate will cost $52,600,000. You expect closing costs of $1,400,000. The property appraised for 96% of the purchase price. You contemplate performing year one renovations of $6,000 per unit, which the bank has agreed to finance along with the purchase of the property. The Bank's LTV for both the purchase and the renovations is 68%. What equity amount must your investment group come up with?