In September 2015, Fund 4 purchased an 14-unit low-rise apartment complex in Alamitos Beach for $1.37mm. At the time of acquisition, the rents were 35% below market value. The fund spent $150,000 in CAPEX expenditures and increased rents substantially. In May 2017, Fund 4 sold the asset for $2,110,000 representing a 31.3% IRR over a 19-month hold.