In 1996, Mr. Landreth, as 50% owner of the general partnership of Lee Hinman L.P., purchased the property for $2,700,000 with $1,000,000 of investor equity.  All units in the property were gutted, layouts were redesigned and all new mechanical systems were installed.  The property was converted to condominiums. The successful sale of all the condominium amounted to over  $5,200,000.