SEQUOIA REAL ESTATE PARTNERS

A Summary of the PVOF I Assets Multi-Family Assets

Sequoia Real Estate Partners

245 N. Alvarado St., Los Angeles, CA

Acquisition Cost (November 2010) $7.5 Million

Number of Units

Exterior & Common Areas Upgraded?

Number of Units Upgraded

Renovation Cost

Current Market Value

Net Increase in Value

Current Annual Return on Equity

61

Yes

42

$600,000

$10.8 Million

$2.3 Million

37.1%

Rental Increases
Configuration 1 Bed/1Bath 2 Bed/2 Bath 1 Bed/1Bath (Loft) Avg. Pre-Upgrade Rent $950 $1400 $1375 Avg. Post-Upgrade Rent $1375 $1835 $1750 Rent Increase 45% 31% 27%

 S equoia Real Estate Partners

318 S. Commonwealth Ave., Los Angeles, CA

Acquisition Cost (November 2011) $1.329 Million

Number of Units

Exterior & Common Areas Upgrade?

Number of Units Upgraded

Renovation Cost

Current Market Value

Increase in Value

Current Annual Return on Equity

24

Yes

$80,000

$2.1 Million

$720,000

200%

Rental Increases

Configuration Single 1 Bed/ 1 Bath

Avg. Pre-Upgrade Rent $700 $900

Avg. Post-Upgrade Rent $1000 $1250

Rent Increase 43% 39%

 S equoia Real Estate Partners

Single-Family Assets
3137 W. 108th St. Inglewood, CA
Acquisition Cost (November 2011) $155,000

Configuration

Renovation Cost $38,000

Status

Current Market Value NA

Net Profit
(includes rental income)

Return on Investment 20%

2 Bed/ 1 Bath

Sold

$40,000

3118 Palo Verde Ave, Long Beach, CA

Acquisition Cost (November 2011) $318,000 Net Profit
(includes rental Income)

Configuration

Renovation Cost $52,000

Status

Current Market Value $445,000

Return on Investment 18.6%

3 Bed/ 2 Bath

In Escrow

$69,000

 S equoia Real Estate Partners

4161 Mandalay Dr., East Los Angeles, CA
Acquisition Cost (March 2011) $212,000 Net Profit

Configuration

Renovation Cost to date

Status Rented. Vacant 11/2012. Up for sale soon.

Current Market Value (Zillow)

(includes rental Income)

Current Yield

5 Bed/ 3 Bath

$42,000

$301,000

NA

9.0%

908 Frigate, Wilmington, CA

Acquisition Cost (August 2011) Net Profit

Configuration

Renovation Cost to date

Status

Current Market Value (Zillow)

(includes rental Income)

Current Yield

$220,000

6 Bed/ 3 Bath (duplex)

$12,000

Rented

$333,000

NA

10%