The Blackburn project was acquired in 2011 for $1,765,000.  Originally constructed in 1964, the eight-unit building is located in the Beverly Grove / West 3rd Street neighborhood of Los Angeles.  Upon acquisition, the property was in original condition, with substantially below market rents.  Although subject to City of Los Angeles rent control, we identified an opportunity to relocate the tenants and complete a major renovation to the entire property, including upgrading all building systems (plumbing, electrical, foundation, and roof), as well as renovations to the building exterior and all apartment interiors.  We re-leased the apartments at prevailing market rents and increased the gross annual income from $137,000 at acquisition to $252,000 at stabilization.  We have continued to raise rents through natural turnover in the past several years, and the current gross annual income is $291,000.  We have refinanced the property three times since stabilization in 2013, taking advantage of low interest rates and appreciating property values.  Each refinance has produced significant cash out proceeds, and investors have received a return of 147% of their original capital contribution, while maintaining their original ownership percentages.  The current estimated value is $4,650,000, which equates to an Equity Multiple of 3.57x and an IRR of 25.5%.