Aspen Creek was a Class “A” apartment property located in Kirkland, Washington, within the greater Seattle metropolitan area. It consisted of 149 luxury residences including one-bedroom and two-bedroom flats and two-bedroom and three-bedroom townhouses. The property had a very desirable unit mix of 22% one-bedroom, 62% two-bedroom, and 16% three-bedroom units. 57% of the units were townhouses. The units were situated in sixteen two-story buildings on a site of approximately 12.5 acres, with a natural wetlands greenbelt located in the middle of the project. The property was a part of the Eastside apartment market that is Seattle’s most desirable apartment market, and was near major employers such as Microsoft. The property’s location provided easy access to downtown Seattle via a floating bridge over Lake Washington. Aspen Creek was purchased in 1997 at a price of $21.2 million, with mortgage financing of $14 million. It was sold in July 2006 at a price of $29.5 million for an Internal Rate of Return of 15.1% per annum.