The Park Kiely Case Study Foxbridge Lynnewood Gardens Apartments Snell Isle Southern Meadows The Columbus Apartments The Cove Apartments The Fillmore Center The Park Kiely The Woodlands of Crest Hill Apartments Market San Jose, CA Investment Date June 2008 Project Size 948 units Transaction Type Strategic Redevelopment Status Newly Acquired Opportunity Acquire a high-quality property in an off-market transaction sourced directly from a motivated seller Capitalize on a large, well located asset in a strong apartment market Execute a strategic renovation of unit interiors including upgrades to kitchens and bathrooms, and the addition of washer/dryers Implement Premium Pricing rental structure to capitalize on unit location, unit amenities and views Address deferred maintenance including drainage system, elevator and common area repairs Upgrade curb appeal with a redesigned leasing and amenity center and building exterior improvements