In July of 2005 this commercial Property was acquired in an off-market transaction for $1,600,000, with $1,280,000 of debt financing. It is located on Highland Avenue, just 2 blocks from the ocean in the affluent community of Manhattan Beach. This 2-story mixed-used property consists of 4,833 square feet of office over ground floor retail, with subterranean parking.

The Property was aggressively managed, which led to its stabilization allowing rents to be raised and the property to be disposed of in March of 2008 for $2,300,000, providing our partners with a total return on their equity of nearly 220% over our holding period.