The Hillcrest Apartments are a 140 unit multifamily development located on 6.69 acres in Mobile, Alabama. It was purchased in October of 2003, for $4,200,000. Immediately following the acquisition, we began renovations. Our investment of $2,000 per unit translated into higher rents and occupancy. Taking advantage of the strength of this assest and the local market conditions, Hillcrest sold for $5,900,000 in 2006, a full 40% more than it was purchased for just three years prior. Our investors netted an internal rate of return of 41.83%.