Acquired in an equity joint venture, PPC/GIA Rancho Bernardo Associates LLC provided $2.86 M in Sponsor Equity.

		Opportunity to acquire 2 well located Class A assets in a strong, supply constrained rental market.
		Superior location provides easy access to employment nodes along the I-15 corridor, and it is only located 30 minutes from downtown San Diego, Mission Valley, and Oceanside.
		Properties had been managed to optimize cash flow through maintaining high occupancy levels and minimizing property expenditures. At time of acquisition, Properties had the lowest street rents in their competitive subset.
		The strategy is to upgrade unit interiors and raise rents $215-240 per unit, capitalizing on the properties' strong location, area demographics and lack of new supply.

		$1.8 M spent on property upgrades.
		Original underwriting anticipated selling stabilized assets in 2005 for $177,000 per unit. Combined selling price represents $190,000 per unit.