Sample Portfolio Transactions

Property Name: Broadstone Sterling
Location: Vallejo, CA
Units: 186 units
Investment Date: June 2004
Status: Realized
Investment Strategy: Build into an emerging neighborhood within commuting distance to San Francisco with a national apartment developer and sell to an institutional investor. The property was sold to an investment fund managed by a nationally-recognized advisor.
Property Name: Green Mount Lakes
Location: O'Fallon, IL
Units: 240 units
Investment Date: January 2002
Status: Realized
Investment Strategy: Build and lease an attractive, well-located property with a competitive physical advantage due to the 15-year age difference with its major rental competitors and sell to investor. The property was sold to a private investor at stabilization.
Property Name: Seattle Portfolio
Location: Seattle, WA
Units: 802 units
Investment Date: December 2002
Status: Realized
Investment Strategy: Acquire a portfolio of quality assets in an out-of-favor market with excellent long-term apartment fundamentals and recovery prospects. Implemented modest capital renovations and improved marketing and management methods to generate enhanced cash flow and increased overall market value. The portfolio was sold to an institutional fund advisor.
Property Name: Sonoran Foothills
Location: Phoenix, AZ
Units: 480 units
Investment Date: January 2004
Status: Realized
Investment Strategy: Build into a strengthening apartment market with a national apartment developer and to sell to an institutional investor. The property was sold to a major REIT prior to completion of lease up.
Property Name: Villas at Galleria
Location: Sacramento, CA
Units: 258 units
Investment Date: January 2002
Status: Realized
Investment Strategy: Build and lease new apartments into a strengthening market and sell the property to an investor upon stabilization. Due to high housing costs in the sub-market, a sale to a condominium converter presented the best disposition. The sale of the LP interest was consummated prior to the beginning of the condominium conversion process.
Property Name: Waterstone Apartments
Location: Austin, TX
Units: 308 units
Investment Date: January 2005
Status: Realized
Investment Strategy: Build and lease the property into the recovering Austin apartment market with an experienced apartment developer before the new construction pipeline started to emerge. The property was sold to a TIC buyer prior to stabilization.
Property Name: Beaumont Apartments
Location: Seattle, WA
Units: 344 units
Investment Date: September 2006
Status: Unrealized
Investment Strategy: Build and lease a Class-A, mid-rise property within a high barrier market. The property is located within close proximity to major employers and transportation. Projected sale of the property to an institutional investor seeking a core asset in a highly desirable market.
Property Name: 1901 West
Location: Annapolis, MD
Units: 300 units
Investment Date: March 2004
Status: Unrealized
Investment Strategy: Build and lease a best-in-class, mid-rise property in an under- supplied market. Property is ideally located along a highly visible roadway within a growing economy stabilized by the presence of government employers and proximity to major metros.