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Investment Summary

Portofino was purchased in May 2014 as a value add investment.  The property comprised 234 units and was built in 1973. Upon acquisition, JEM re-named and re-branded the property, improved its tenant profile, curbed unnecessary expenditures, renovated the leasing office, hired a new property manager, formed relationships with local non-profit groups to augment traffic, and implemented a water expense reduction program. As a result of these changes and more diligent management, JEM was able to increase monthly collections by 42% in one year. The property was sold in January 2016 after 21 months of ownership and generated a gross IRR of 43% (1.71x on investor equity).