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Investment Summary

New Rochelle Multifamily Portfolio was purchased in October 2012 as a value add investment.  The portfolio comprised three multifamily apartment buildings totaling 66 units.  During its ownership, JEM performed minor cosmetic upgrades, renovated and leased vacant retail, improved the tenant profile, and initiated conversion from oil to gas. The property was successfully sold in March 2015, generating a gross IRR of 23% and returning 153% of investors' original equity in 2.5 years of ownership.