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.

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