From 1996 through 1998, Accretive Investments, LLC (“AI”) invested $14 million of equity with several southern California homebuilders for homebuilding and land development projects. During this period, there was very little equity available to the home building and development industry thereby providing an opportunity for the significant investment returns that AI was able to generate. AI discontinued its equity investments when the market changed due to a flood of capital. The developments included entry level homes in Murrieta, executive homes in La Jolla and Solana Beach and semi-custom estate homes in Rancho Santa Fe. In addition, AI invested in the entitlement of a cluster detached subdivision in Carlsbad and the entitlement and development of lakefront lots in Calaveras County.