An income-producing residential building acquired in Q3 2011 by a subsidiary of Real Berlin III (Offshore) and a co-investor. The property is located in the solid mid-class district of Pankow, which is famous for its gardens and parks. The district of Pankow has a residential vacancy rate of only 2%, the second lowest in Berlin. The property is composed of four buildings and was constructed in 1991 on a 1,320m² plot. The property has 55 residential units, 8 commercial units and 33 parking spaces. The property provides a high-yield income from rentals compared to its purchase price. Real Capital has structured the transaction, secured financing, and will manage the property.