The L003 fund purchased the 16 unit complex known as Carroll Court Apartments in May of 2011. This complex consists of 16 2 bedroom/1 bathroom units and was acquired in a stabilized operational condition and fully occupied. During normal operations in 2011 a portion of the building was damaged, resulting in the demolition of 8 units on the complex. This demolition resulted in the return of 50% of the investment capital and a restructuring of the property as an 8 unit complex. We have continued operations and are realizing steady cash flows from the investment.