CARLSBAD, CA—Having spent the past two years in acquisition mode, building a portfolio of residential land, Mana Investments is now switching to selling mode. The locally based alternative investment firm has begun to sell the 2,700-plus lots in various stages of development, located mainly in California and Hawaii, with home values totaling more than $2 billion.

“We're continuing to invest but we are also starting to monetize our assets,” says Orville Power, managing partner of Mana. Power founded the firm in 2012, when he saw an opportunity to acquire the last of the distressed assets and start entitling land at a time when competition was minimal.

Mana's portfolio includes approximately 2,700 lots in 16 separate properties, with 1,482 in California's Riverside County, 662 in the San Francisco Bay Area, 467 in North San Diego County, 43 in Marin County and 70 in Hawaii. The latter have already sold. Approved entitlements account for about 53% of Mana's portfolio, with raw land constituting another 40% and finished lots comprising the rest.

“Our background is in the homebuilding sector, but we're a smaller firm with flexible capital, so we can move quickly,” says Power. “That allows us to invest in properties located in prime markets.”

Backed by a $2-billion institutional capital source, Mana focuses on value-add investments across multiple asset classes throughout the western US. The company underwrites on macro MSA-level economics, as well as the “livability” of the specific neighborhood.