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Apartment Communities Owned/Operated by ARES Partnerships in Santa Ana <br />California Palms <br />190 Units <br />• Converted to apartment complex from hotel in 2008. <br />• Spent over $10,500,000 (over $55,000 per unit) renovating and converting the <br />property. <br />• Average rent increase for last 5 years 5.4% per year <br />• Current Average Rent - $1,359 <br />Villa del Sol <br />• 562 units <br />• Purchased 1994 <br />• Spent $22,000,000 (over $39,000 per unit) renovating property, approximately <br />$10,000,000 over last 5 years <br />• Average rent increase for last 5 years 6.1 % per year <br />• Current Average Rent - $1,621 <br />Villa del Sur <br />• 112 units <br />• Purchased 2001 <br />Spent over $6,000,000 (over $53,000 per unit) renovating the property since 2002, <br />over $2,500,000 over the last 5 years. <br />• Average rent increase for the last 5 years 5.4% per year <br />• Current Average Rent- $1,512 <br />Park Plaza <br />• 242 units <br />Purchased 2004 <br />• Spent over $17,500,000 (over $70,000 per unit) renovating the property since 2004. <br />Over $3,000,000 spent in the last 5 years. <br />• Average rent increase for the last 5 years 4.5% per year <br />Current Average Rent - $2,032 <br />Artists Village <br />• 196 units <br />• Purchased 2009 <br />• Spent over $3,500,000 (approximately $18,000 per unit) since 2010 <br />• Average rent increase for the last 5 years 5.5% per year <br />• Current Average Rent - $1,811 <br />