Fund 2 bought the two properties as a portfolio sale in the Wriggly area of Long Beach totaling 19 units with 11 loft units and 8 garden-style apartment units. The combined purchase price was $2,775,000 and was competed in September 2014. Since purchasing the property, the fund has increased the rents 37.25% or 9% per year over the last 4 years. The property recently appraised for $4,600,000, and the fund has spent $600,000 in CAPEX increasing the value of the property with updates/renovations.