Colony Park - Azusa, California

Hanover joint ventured
with an institutional Sponsor to acquire this 9-building, 2-story, 104
unit, condominium-style apartment complex. This marked the third
transaction with the Sponsor, a major international public real estate
investment and services company. Upon completion of a minor cosmetic
rehabilitation and repositioning the tenant base to market levels, the
partnership successfully sold the investment. See other apartment
investments.

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