In March 2015, Fund 4 purchased an 11-unit garden style apartment complex for $1.28mm in Alamitos Beach. At the time of acquisition, rents were 15% below market value. The fund spent $120,000 CAPEX expenditures and increased rents over 30% during a 2-year hold. In October 2017, Fund 4 sold the asset for $2,225,000 representing a 31.3% IRR over a 2.5-year hold.