Waterfront at $4.07M in 2011. 4 year hold / Unlevered IRR 53% on a $22,125,000 sale. Achieved highest historical per square foot sale in the market by 120% premium ($794 psfvs. $360 psf) Pricing was achieved by:

• Structuring sale to include option to participate as Senior Limited Partner in development project (option was NOT exercised) and allowing enough time for entitlements

• Going to market with the highest and best use concept and preliminary project financials.

Exited in 2015