IHP selected the investment accounting, reporting, valuation and executive management products from Yardi over software from two other vendors. Yardi Investment Management is an integrated suite of browser-based investment management tools developed specifically for the real estate industry. It can transform data from investment partners into reports for both individual and institutional investors, Shea says. Terri Dowen, Yardi senior vice president of sales, says the product offers, "increased operational efficiency, heightened transparency, and comprehensive oversight."

Founded in 1992, IHP is one of the nation's largest investment firms providing equity financing for residential development. It has more than 230 active and completed projects in 14 states from Hawaii to Delaware. The firm and its investment partners, including more than 20 of the nation's largest homebuilders and land developers, have created residential neighborhoods, communities and projects valued at more than $17 billion.

IHP's investors are the California Public Employees' Retirement System, the Northwestern Mutual Life Insurance Co. and Pacific Life Insurance Co. The firm offers five types of investments:

• Home Building--Equity investments in new home neighborhoods and communities, with partners who share in the profits. IHP's financing structures generally do not require third-party debt.
• Land Development--Equity investments in community-level developments where the developer plans to offer building sites or lots to third-party-merchant homebuilders.
• Structured Financing--Equity or mezzanine-oriented financing that enables larger homebuilders or developers to manage their balance sheet exposure to land.
• Land Entitlement--Investments where the zoning requires the developer to seek political and/or environmental approvals to accommodate a proposed residential land use.
• Entity Financing--Investments in real estate operating companies.