Originally purchased as a 128 unit single story apartment complex that had been institutionally owned and well managed, but limited in upside potential by functional obsolescence. The property comprised of 32 fourplexes situated upon 9.26 acres of land. We bought the property primarily for its underutilized land value at just north of $15-million. Since the value add play for this property was complete demolition and redevelopment of the site, we paid off the yield spread premium on the conduit loan at time of acquisition, which added roughly another $2-million to our basis at the time of closing. Upon achieving entitlements for the construction of 114 new units, including 76 town homes and 38 single family detached homes, we sold the property to KB Home in “finished lot” condition for $36.5-million less than two years later. The project was completed as a JV partnership between Olympia and Brandywine Homes, with Weyerhaeuser Capital providing 90% of the equity and Housing Capital Corporation funding the debt.