Begin with the PGI, vacancy, and OpEx assumptions stated above for Y1. Assume PGI is expected to grow at 2.5% per year. Assume a capital reserve contribution every year equal to 2% of EGI (assume the entirety of these contributions are used to perform capital improvements in preparation for Y5 sale and are not returned to the seller at any point). Assume that due to the aging of the property (in spite of any capital improvements to prepare for sale), it will be sold in year 5 at a cap rate of 7.5%, and incur a 1.5% broker fee at sale. Assume a $19 million asking price. What is the IRR on this investment