In August 2016, Fund 1 purchased an 8-unit garden style apartment complex for $1.45 mm in up-and-coming Retro Row are of Long Beach. At the time of acquisition, rents were 35% below market value. As part of our renovation plan, the fund spent $75,000 CAPEX and increased rents over 40% in order to achieve market. In June 2018 we sold the asset for $1,950,000 representing a 34.8% IRR during a 22 month hold.