Acquisition Portfolio

Solevita - Las Vegas, NV

On September 23, 2010, the Fund purchased 230 of the 360 residential multi-family units in Las Vegas, Nevada, in a complex called Solevita. The project is well located in Henderson, NV - which is about 20 minutes drive from the Las Vegas strip. Solevita offers one, two and three-bedroom luxury apartment homes with tons of upscale amenities such as full-size washers and dryers, microwaves, fireplaces, vaulted ceilings with designer plant shelves and more. Our community offers gated-controlled privacy and ample covered parking. There is also a well equipped resident business center with Internet access, fax and copy machines. The property has a significant share of foreclosure and short sale activity and we will continue to work through this inventory to acquire additional units as the opportunity arise.

Financial Performance

Shortly after this acquisition, Solevita has experienced solid rent rates while occupancy rates have started to increase from 82% in July 2010 (before Optimus purchased the property) to 90% at the end of 2010). The Fund has assumed part of the declarant’s rights, which allows the Fund to use offices in the clubhouse to increase rental presence and maximize occupancy of its units. Schedule F shows the very brief Solevita operating history, and shows the property had net earnings of $94,103 on a revenue of $272,660 for the two month period. The 2011 Budget Forecast (see below) illustrates actual operating data for January and February 2011 and is a much better indicator of expected financial performance.

Photo Gallery

Below are photos of the Riverwalk project. Click on the thumbnail to view a larger version of the photo.