New York, New York

We found this investment through our network. We were approached by a fellow real estate professional with substantial institutional experience who is now operating his own real estate investment business.

Our decision to invest equity in third party transactions is based on the following criteria:

• Strong operating partner
• Quality of asset and potential for rent growth
• Attractive purchase price
• Favorable deal terms

As real estate professionals, we normally invest in only our own transactions, but when a deal meets the aforementioned criteria, we are open to co-investment opportunities.

We closed on the transaction in 2010. Our operating partner is currently improving the asset and managing it.