Pacific Crest Apartments, LLC was formed to own, manage and operate a 21 unit apartment community known as the Pacific Crest Apartments located at 330 West I Street, Encinitas, California.   The investment is considered to be core plus, defined as low-to-moderate in risk.

The investment strategy was to immediately adjust the rental rates upward by 20% or greater to meeting current market conditions. To limit capital improvements over the length of the investment period. To provide quarterly distributions to the Class A Members in the amount equal to or greater than a 5.4% per annum blended cash on cash. To sell the asset within a 3 to 5 year period and achieve an Internal Rate of Return of 12.25% or greater payable to the Class A Members of the Company.  The purchase price for the property was $8.3mm and the equity invested by Class A Members was $4.4mm.