Located on Mercer Island, one of Seattle's most desirable suburbs, this asset is a 645-unit existing apartment investment on 45 acres of prime real estate, with under-utilized land available for selective infill of new housing. SPMF has received development approval from the City of Mercer Island for the addition of 124 condominium units in six buildings, most with views of Lake Washington. Permit issuance anticipated in the fourth quarter of 2008.