PPC Baywood Venture LLC made a $27.3M equity investment in this wholly owned acquisition.

		Opportunity to acquire a non-rent controlled asset in a primary Riverside County location with modest repositioning.
		The strategy is to optimize Property rental performance, as prior ownership operated to cash flow.

		Waterstone at Corona Pointe (formerly Baywood Villas) represents a modest repositioning opportunity of a large, quality asset in a prime Inland Empire location.
		The prior ownership was not optimizing rental performance as their overall philosophy was to maximize cash flow. Pacific corrected Deferred Maintenance in order to achieve higher rents while benefiting from market rent growth.
		Original underwriting anticipated selling the asset for a price of $81,697,720 or $130,092 per unit. Selling price of the asset was ultimately $98,000,000 or $156,050 per unit.