CARLSBAD, CA—Having spent the past two years in acquisitionmode, building a portfolio of residential land, ManaInvestments is now switching to selling mode. The locallybased alternative investment firm has begun to sell the 2,700-pluslots in various stages of development, located mainly in Californiaand Hawaii, with home values totaling more than $2 billion.

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

Mana's portfolio includes approximately 2,700 lots in 16separate 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 comprisingthe rest.