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USA Courtney Downs LeaseCo, LLC

Balance Sheet
Books = Accrual
Apr 2008

ASSETS

Cash
Operating Cash 4,815.03
Money Market 0.00
Total Cash $4,815.03

OTHER ASSETS
Accounts Receivable 1,000.00
Prepaid Expenses 38,486.20
Tax Escrow 17,789.30
Replacement Reserves 51,719.73
Capital / Repair Escrow 200,000.00
Total Other Assets 308,995.23

Total ASSETS 313,810.26

LIABILITIES & CAPITAL

LIABILITIES
Accounts Payable - Trade 150,086.54
Other Accounts Payable 850,437.05
Accrued Taxes 120,753.88
Prepaid Rent 3,246.51
Security Deposits 43,822.01
Notes Payable 33,030.07
Total Liabilities 1,201,376.06

CAPITAL

Owners Equity 100.00
Retained Earnings (887,665.80)
Total Capital (887,565.80)

Total LIABILITIES & CAPITAL 313,810.26
USA Courtney Downs LeaseCo, LLC
Cash Flow (Actual + Budget)
Books = Accrual
For the 12 Months Ending Dec 2008

Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008 12 Month $/ $/ Dec 2006 12 Month $/ $/
Account Actual Actual Actual Actual Budget Budget Budget Budget Budget Budget Budget Budget Total Unit Sq. Ft. Reforecast Total Unit Sq. Ft.
342 313,778 342 313,778
Revenue
Gross Potential Rent 297,252 295,197 294,829 294,994 271,707 305,987 305,250 305,131 304,686 304,342 304,117 303,954 3,587,446 10,489.61 11.43 364,160 4,570,178 13,363.09 14.57
- Vacancy (14,979) (13,515) (12,201) (15,566) 0 (17,809) (15,591) (15,591) (16,802) (19,995) (22,418) (23,078) (187,545) (548.38) (0.60) (43,000) (276,590) (808.74) (0.88)
- Concessions & Disc. (10,069) (8,145) (267) (7,022) (9,674) (17,444) (19,316) (21,188) (22,560) (23,621) (24,370) (24,994) (188,670) (551.67) (0.60) (80,000) (318,586) (931.54) (1.02)
- Other Write-offs & Adj. (14,603) (9,805) (5,576) (8,312) (4,506) (6,696) (6,693) (6,681) (6,663) (6,634) (6,614) (6,605) (89,389) (261.37) (0.28) (6,085) (108,955) (318.58) (0.35)
Total Rental Income 257,600 263,731 276,786 264,094 257,527 264,038 263,650 261,671 258,661 254,092 250,715 249,277 3,121,842 9,128.19 9.95 235,075 3,866,047 11,304.23 12.32

Other Income 27,835 34,204 26,056 32,784 26,852 27,912 25,305 27,910 23,739 22,628 24,013 20,220 319,458 934.09 1.02 19,000 383,626 1,121.71 1.22
Total Revenue 285,435 297,935 302,841 296,878 284,379 291,950 288,955 289,581 282,400 276,720 274,728 269,497 3,441,300 10,062.28 10.97 254,075 4,249,673 12,425.94 13.54

Operating Expenses
Salary Expense 30,826 28,089 25,841 26,731 29,567 31,117 31,434 31,434 30,692 29,929 30,554 30,059 356,272 1,041.73 1.14 37,759 455,687 1,332.42 1.45
Operating Expense 3,660 2,832 2,336 3,352 3,460 3,520 3,544 3,444 3,336 3,264 3,204 3,180 39,132 114.42 0.12 3,030 48,661 142.28 0.16
Advertising Expense 5,531 4,884 4,109 2,530 5,901 6,105 6,327 6,227 5,340 4,685 4,731 4,259 60,628 177.28 0.19 6,885 76,681 224.21 0.24
Make Ready Expense 3,627 3,404 4,423 7,268 6,163 6,062 6,819 6,819 6,289 5,961 5,102 4,850 66,787 195.28 0.21 7,500 84,434 246.88 0.27
Maintenance Expense 1,403 4,261 3,116 2,525 4,490 3,885 2,920 2,730 2,513 12,210 2,672 1,388 44,113 128.99 0.14 2,295 50,598 147.95 0.16
Service Expense 6,708 1,216 1,576 3,523 6,678 4,985 4,985 4,985 3,960 3,960 3,960 3,460 49,996 146.19 0.16 2,395 59,957 175.31 0.19
Administrative Expense 12,525 11,016 10,864 12,483 11,829 11,878 14,818 11,783 11,496 11,269 11,189 10,980 142,130 415.58 0.45 14,969 179,684 525.39 0.57
Utility Expense 4,914 13,395 17,315 1,952 17,308 17,127 16,930 16,130 16,228 16,240 11,437 11,491 160,466 469.20 0.51 10,900 194,764 569.49 0.62
Credit Card Fees 1,416 1,421 0 599 0 0 0 0 0 0 0 0 3,436 10.05 0.01
Taxes & Insurance 35,029 35,004 35,029 35,029 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 420,851 1,230.56 1.34 0 422,083 1,234.16 1.35
37,237 37,237 108.88 0.12
Total Operating Exp. 105,638 105,522 104,608 95,992 120,491 119,774 122,872 118,647 114,949 122,613 107,944 104,762 1,343,812 3,929.28 4.28
Net Operating Income 179,797 192,412 198,234 200,886 163,888 172,176 166,083 170,934 167,451 154,107 166,784 164,735 2,097,487 6,133.00 6.68 122,970 1,609,785 4,706.97 5.13
131,106 2,639,888 7,718.97 8.41
Rent Expense 193,253 193,253 193,253 193,253 193,254 216,819 216,819 216,819 216,819 216,819 216,819 216,819 2,484,001 7,263.16 7.92
Partnership Expense 4,719 4,539 4,626 4,787 4,815 4,450 4,450 4,450 4,450 4,450 4,450 4,450 54,635 159.75 0.17 193,254 256,949 751.31 0.82
Capital Expense 9,734 2,903 11,566 6,943 12,458 8,074 17,804 6,600 6,259 6,000 5,000 5,000 98,341 287.55 0.31 0 108,629 317.63 0.35
3,300 3,300 9.65 0.01
Cash Flow Frm Operations (27,909) (8,283) (11,211) (4,098) (46,639) (57,167) (72,990) (56,935) (60,077) (73,162) (59,485) (61,534) (539,490) (1,577.46) (1.72)
(65,449) 2,271,009 6,640.38 7.24
Rental Guarantees 0 0 0 0 0 0 0 0 0 0 0 0 0
250,000 250,000
Balance Sheet Adjustments
Cash - Non Operating Accounts 0 0 0 0 0 0 0 0 0 0 0 0 0
Accounts Receivable (1,895) 2,740 (9,772) 8,270 0 0 0 0 0 0 0 0 (657) 0 (657)
Prepaid Assets (50,394) 4,840 4,840 4,840 0 0 0 0 0 0 0 0 (35,873) 0 (35,873)
Escrow Deposits (35,800) (35,800) (35,800) 341,933 (7,125) (7,125) (7,125) 14,250 (7,125) (7,125) (7,125) (7,125) 198,907 0 184,657
(2,951) (2,951)
Cash Increase (Decreae) From Assets (88,090) (28,220) (40,732) 355,044 (7,125) (7,125) (7,125) 14,250 (7,125) (7,125) (7,125) (7,125) 162,377
(2,951) 145,176
Accounts Payable (22,965) 2,827 942 207 0 0 0 0 0 0 0 0 (18,989)
Accrued Expenses 20,453 31,811 51,607 (345,380) 0 0 0 0 0 0 0 0 (241,508) 0 (241,508)
Other Payables 920 2,385 345 1,665 0 0 0 0 0 0 0 0 5,315 0 5,315
Mortgages Payable 48,905 (6,027) (5,836) (6,064) 0 0 0 0 0 0 0 0 30,977 0 30,977
0 0
Cash Increase (Decrease) From Liab. 47,313 30,997 47,058 (349,572) 0 0 0 0 0 0 0 0 (224,204)
0 (205,215)

NET CASH FLOW (68,685) (5,507) (4,886) 1,374 (53,764) (64,292) (80,115) (42,685) (67,202) (80,287) (66,610) (68,659) (601,317)
CUMM. NET CASH FLOW 13,834 8,327 3,441 4,815 (48,949) (113,241) (193,356) (236,041) (303,243) (383,530) (450,140) (518,799) 181,601 2,460,970
181,601
82518.64

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$-

$(100,000)

$(200,000)

$(300,000)
Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008

Row 60 Row 61

Units
Sq. Ft.
### 384807

bayclub2 160 146,080
castlep 356 384,807
cedar 300 274,080
congress 257 254,074
jackson 247 221,730
lee 10 22,160
rem 428 398,868
ric 5 24,952
parkside 300 305,832
polo 440 403,761
sat 440 548,750
sweet 240 264,892
trailapt 280 286,056
vlgcrest 120 108,276
walnut 284 254,103
westo 12 48,309
wind 346 433,196
usacourt 280 299,111
usawalcr 284 254,103
W31: administrator:
assume insurance increases by 50%

C35: rssmith:
Stated Rent = $86,667

D35: rssmith:
Stated Rent = $86,667

W48: administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC
Budget Comparison
Books = Accrual
For the period ending April 30, 2008

#NAME? #NAME? YTD YTD
Account Actual Budget $ Variance MTD Variance Comment Actual Budget
Revenue
Market Rent 295,729.00 297,830.00 (2,101.00) Market rent increase of $10 will be 1,179,349.00 1,184,480.00
implemented in May.
Loss / Gain to Lease (735.00) 8,634.00 (9,369.00) Variance reflects market rent verses 2,923.00 37,701.00
lease rents.
Gross Potential Rent 294,994.00 306,464.00 (11,470.00) 1,182,272.00 1,222,181.00
Prepaid Homeowners Dues 0.00 0.00 0.00 0.00 0.00
Residential Rent 0.00 0.00 0.00 0.00 0.00
Vacancy Loss (15,565.50) (21,510.00) 5,944.50 We achieved higher occupancy this (56,260.56) (102,155.00)
month, our vacancy was 5.2% verses
7% budgeted.
Upfront Rent Concessions 1,884.22 (3,000.00) 4,884.22 Moved concessions due to booking 7,576.58 (18,000.00)
error from up front concessions to
lease term concessions.
Corporate Discount 0.00 0.00 0.00 0.00 0.00
Delinquent Rent 0.00 0.00 0.00 0.00 0.00
Adjustments & W/O (3,557.59) (1,602.00) (1,955.59) We should have booked $2555.65 to (20,103.38) (6,229.00)
termination fees.
Model Units (1,980.00) (1,980.00) 0.00 (7,920.00) (7,920.00)
Courtesy Officer Apt. 0.00 0.00 0.00 0.00 0.00
Employee Apartment (2,104.80) (1,935.00) (169.80) (8,079.20) (7,740.00)
Housekeeping & Maintenance Fee 0.00 0.00 0.00 0.00 0.00
Guest Suite (670.00) (1,160.00) 490.00 Guest suite income was being booked (2,195.00) (4,640.00)
under corporate rent and should have
been booked under Guest suite
income.
Lease Term Concessions (8,906.07) (14,298.00) 5,391.93 We have been able to reduce the (33,079.65) (60,677.00)
amount of concessions offered due to
higher occupancy.
Homeowner's Assn Dues Income 0.00 0.00 0.00 0.00 0.00
Homeowner Dues Paid 0.00 0.00 0.00 0.00 0.00
Model Units 0.00 0.00 0.00 0.00 0.00
Lease Contract Difference 0.00 0.00 0.00 0.00 0.00
Total Rental Income $264,094.26 $260,979.00 $3,115.26 $1,062,210.79 $1,014,820.00

Laundry Income 0.00 0.00 0.00 0.00 0.00
Vending Income 0.00 0.00 0.00 0.00 0.00
Covered Parking Income 0.00 0.00 0.00 0.00 0.00
Late Charges & NSF Fees 2,075.02 1,925.00 150.02 8,507.52 6,622.00
Month to Month Premium 1,696.46 600.00 1,096.46 We collected nine month to month 3,579.07 2,400.00
fees and a couple that were owed for
Mach.
Storage Fees 1,122.00 840.00 282.00 4,888.30 3,120.00
Repair & Maintenance Fees 0.00 0.00 0.00 0.00 0.00
Application Fees 1,970.00 1,813.00 157.00 6,320.00 5,831.00
Termination Fees & Damages 2,550.00 0.00 2,550.00 One termination fee collected due to 15,706.26 2,700.00
buying a house.
Miscellaneous Income 390.21 500.00 (109.79) 2,929.81 2,400.00
Renters Insurance 0.00 0.00 0.00 0.00 0.00
Interest Income 0.00 0.00 0.00 0.00 3,489.00
Pet Rents & Fees 2,640.66 3,360.00 (719.34) We have fewer pets on the property 13,816.56 13,440.00
then anticipated in the budget.
Tower Rent 0.00 0.00 0.00 0.00 0.00
Asset Management Fee 0.00 0.00 0.00 0.00 0.00
Parking Spaces Income 0.00 0.00 0.00 0.00 0.00
Homeowners Assessments 0.00 0.00 0.00 0.00 0.00
Garage Income 7,019.55 6,790.00 229.55 28,197.44 27,160.00
Water/Sewer Income 0.00 0.00 0.00 0.00 0.00
Cable/Telephone Income 3,355.82 475.00 2,880.82 Second quarter cable income check 6,469.19 1,900.00
received.
HOA Contributions Developer 0.00 0.00 0.00 0.00 0.00
Developer HOA Dues 0.00 0.00 0.00 0.00 0.00
Forfeited Deposits 0.00 400.00 (400.00) We forfeited no deposits this month. 300.00 1,300.00
Developer Contributions 0.00 0.00 0.00 0.00 0.00
Interest Income Other 0.00 0.00 0.00 0.00 0.00
Thunder Income 0.00 0.00 0.00 0.00 0.00
Administration Fee 3,450.00 3,220.00 230.00 Budgeted to collect 21 administrative 12,900.00 9,800.00
fees and actually collected 23.
Move-Out Charges 6,354.00 2,400.00 3,954.00 Apartments not left in acceptable 15,434.82 9,600.00
condition resulting in more charges.
Short Term Lease Fees 400.00 375.00 25.00 1,744.74 1,750.00
Extra-Ordinary Income 0.00 0.00 0.00 0.00 0.00
Corporate Rent (240.00) 0.00 (240.00) The billing was backed out and moved 85.00 0.00
to guest suite income.
Corporate Units - expense 0.00 0.00 0.00 0.00 0.00
Deferred Revenue 0.00 0.00 0.00 0.00 0.00
HOA Developer Contributions 0.00 0.00 0.00 0.00 0.00
Acquisition Fees 0.00 0.00 0.00 0.00 0.00
Income - Rental 0.00 0.00 0.00 0.00 0.00
Income - C.A.M. 0.00 0.00 0.00 0.00 0.00
Income - Insurance 0.00 0.00 0.00 0.00 0.00
Income - Taxes 0.00 0.00 0.00 0.00 0.00
Income - Interest 0.00 0.00 0.00 0.00 0.00
Income - Other 0.00 0.00 0.00 0.00 0.00
Income - Condo Sales 0.00 0.00 0.00 0.00 0.00
Total Other Income 32,783.72 22,698.00 10,085.72 120,878.71 91,512.00

Total Revenue $296,877.98 $283,677.00 $13,200.98 $1,183,089.50 $1,106,332.00

Expense
Managers Salary 11,634.72 12,689.00 1,054.28 We were down one employee for most 46,395.42 50,756.00
of the month.
Salaries 0.00 0.00 0.00 0.00 0.00
Maintenance Salary 12,190.20 11,403.00 (787.20) 47,113.67 45,612.00
Salary - Administrative 0.00 0.00 0.00 0.00 0.00
Commissions & Bonus 2,741.20 4,580.00 1,838.80 Due to higher occupancy, commission 14,615.32 14,675.00
pay out was less.
Payroll Taxes 0.00 0.00 0.00 0.00 0.00
Group Insurance 97.62 1,720.00 1,622.38 We have less participants for our 3,273.78 6,880.00
insurance program then what was
anticipated in the budget.
Disability Insurance 0.00 0.00 0.00 0.00 0.00
401k Match 0.00 0.00 0.00 0.00 0.00
Contract Labor 66.88 0.00 (66.88) 88.11 3,000.00
Workers Comp 0.00 0.00 0.00 0.00 0.00
Total Salary Expense 26,730.62 30,392.00 3,661.38 111,486.30 120,923.00

Office Operations & Supplies 532.19 850.00 317.81 Less supplies bought for the office this 1,624.02 3,400.00
month.
Telephones 788.60 743.00 (45.60) 3,997.57 2,972.00
Answering Svc. & Pagers 251.66 98.00 (153.66) April and May's Muzak bill was paid 560.15 392.00
out this month.
Postage & Delivery 336.06 211.00 (125.06) 895.42 844.00
Patrol Services 0.00 0.00 0.00 0.00 0.00
Membership Dues 0.00 0.00 0.00 0.00 0.00
Publications & Subscriptions 42.00 114.00 72.00 163.00 456.00
Conventions/Seminars 0.00 0.00 0.00 0.00 0.00
Employee Training 391.68 350.00 (41.68) 681.49 1,350.00
Furniture Rental 0.00 0.00 0.00 0.00 0.00
Car Expenses 0.00 38.00 38.00 No expense for this month. 0.00 152.00
Permits & Fees 16.00 0.00 (16.00) Sales tax license fee. 16.00 0.00
Credit Checks 381.30 444.00 62.70 1,960.90 1,428.00
Guest Suite Expense 612.82 500.00 (112.82) Furniture rental for guest suite. 2,281.72 2,150.00
Parking Cost 0.00 0.00 0.00 0.00 0.00
Total Operating Expense 3,352.31 3,348.00 (4.31) 12,180.27 13,144.00

Advertising & Promotions 1,694.00 3,500.00 1,806.00 Savings due to canceling of Apartment 6,400.49 18,000.00
Guide advertising.
Resident Promotions 341.15 400.00 58.85 714.32 1,800.00
Locators 495.28 1,401.00 905.72 One locator fee paid verses four 9,438.67 5,595.00
budgeted.
Resident Referrals 0.00 500.00 500.00 No referrals paid for this month. 500.00 2,000.00
Total Advertising Expense 2,530.43 5,801.00 3,270.57 17,053.48 27,395.00

Paint & Drywall 1,417.14 342.00 (1,075.14) Extra drywall work needed for unit 1,833.45 1,053.00
#16302 closet doors.
Contract Cleaning Svcs. 3,715.00 2,859.00 (856.00) We had more turnover which resulted 10,925.00 11,436.00
in higher cleaning cost this month.
Carpet Cleaning & Repairs 1,069.00 1,577.00 508.00 More carpets needed replacing this 3,604.00 4,857.00
month than cleaning.
Window Coverings 472.22 270.00 (202.22) More blinds needed replacing in 1,088.75 1,080.00
vacant units this month.
Vinyl & Tile Repairs 0.00 0.00 0.00 0.00 0.00
Lock & Keys 188.24 85.00 (103.24) 188.24 340.00
Counter & Tub Resurfacing 225.00 417.00 192.00 We only had to resurface one tub this 598.00 1,668.00
month verses two budgeted.
Other Redecorating 0.00 0.00 0.00 0.00 0.00
Cleaning Supplies 181.20 158.00 (23.20) 484.10 632.00
Total Make Ready Expense 7,267.80 5,708.00 (1,559.80) 18,721.54 21,066.00

General Maintenance & Supplies 539.45 900.00 360.55 1,829.89 3,188.00
HVAC Parts & Repairs 304.79 100.00 (204.79) New hot water heater valve unit 455.88 500.00
needed for apt #6102.
Plumbing Parts & Repairs 395.48 120.00 (275.48) Extra plumbing service needed for apt 848.80 480.00
#16102.
Electric Parts & Repairs 103.95 50.00 (53.95) 601.99 190.00
Roof & Gutter Repairs 0.00 0.00 0.00 0.00 0.00
Pools & Fountains 321.12 600.00 278.88 Rust remover needed for hard water 380.16 900.00
stains.
Gates & Entrances 0.00 20.00 20.00 No gate repair at this time. 0.00 50.00
Glass & Screens 0.00 0.00 0.00 0.00 520.00
Appliance Parts & Repairs 427.94 300.00 (127.94) Extra shelf fronts for refrigerators 1,691.02 1,200.00
needed for apartment turns.
Hardware 376.76 120.00 (256.76) 424.02 480.00
Exterior Painting 0.00 155.00 155.00 0.00 155.00
Uniforms 0.00 300.00 300.00 No new uniforms needed at this time. 0.00 300.00
Elevator Service & Repairs 0.00 0.00 0.00 0.00 0.00
Security & Fire Systems 55.41 450.00 394.59 5,073.64 1,800.00
Uninsured Losses 0.00 0.00 0.00 0.00 0.00
Locks & Keys 0.00 0.00 0.00 0.00 0.00
Bulbs & Ballasts 0.00 0.00 0.00 0.00 0.00
Total Maintenance Expense 2,524.90 3,115.00 590.10 11,305.40 9,763.00

Landscape & Grounds 2,853.04 8,863.00 6,009.96 Flowers and landscaping has been 2,853.04 8,863.00
pushed up to May due to weather..
Trash Removal 395.60 755.00 359.40 Trash removal services from 03/01/08 2,471.35 3,020.00
to 03/31/08.
Pest Control 94.75 205.00 110.25 No pigeon service needed at this time. 419.75 820.00

Security Patrols 0.00 0.00 0.00 0.00 0.00
Window Cleaning Svc. 0.00 0.00 0.00 0.00 0.00
Interior Cleaning Svc. 0.00 0.00 0.00 0.00 0.00
Cable Television 0.00 0.00 0.00 0.00 0.00
Snow Removal 180.00 3,500.00 3,320.00 Only one snow removal on 4/10/08. 7,278.72 14,000.00
Total Service Expense 3,523.39 13,323.00 9,799.61 13,022.86 26,703.00

Expenses - CAM - Electric 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Water/Sewer 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Gas 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Grounds 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Trash Removal 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Cleaning Svcs 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Maintenance 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Insurance 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - R/E Taxes 0.00 0.00 0.00 0.00 0.00
Total CAM Expense 0.00 0.00 0.00 0.00 0.00

Management Fees 11,875.12 11,347.00 (528.12) Based on % of collections. 47,266.73 44,254.00
No Name 0.00 0.00 0.00 0.00 0.00
No Name 0.00 0.00 0.00 0.00 0.00
Legal Fees 457.60 200.00 (257.60) Four eviction fees for this month (528.84) 1,200.00
verses two budgeted.
Accounting Fees 0.00 0.00 0.00 0.00 0.00
Postage & Delivery 0.00 0.00 0.00 0.00 0.00
Bank Charges 150.00 0.00 (150.00) 150.00 0.00
Partnership Insurance 0.00 0.00 0.00 0.00 0.00
Other Administrative Expenses 0.00 0.00 0.00 0.00 0.00
Travel Expense 0.00 0.00 0.00 0.00 0.00
Employee Activities 0.00 0.00 0.00 0.00 0.00
Printing 0.00 0.00 0.00 0.00 0.00
Computer Consulting 0.00 0.00 0.00 0.00 0.00
Computer Expense 0.00 0.00 0.00 0.00 0.00
Bank Charges 0.00 0.00 0.00 0.00 0.00
Development Cost 0.00 0.00 0.00 0.00 0.00
Total Admin. Expense 12,482.72 11,547.00 (935.72) 46,887.89 45,454.00

Electricity 3,328.18 3,500.00 171.82 13,741.31 13,250.00
Electricity Gas - Resident 0.00 0.00 0.00 0.00 0.00
Natural Gas 683.42 1,967.00 1,283.58 Based on actual expense. 10,725.08 7,868.00
Water & Sewer 16,286.33 20,000.00 3,713.67 March they estimated the bill and 67,551.10 80,000.00
estimates were higher then actual use
so we saw a savings in April.
Water & Sewer - Resident Reimb (16,738.47) (13,600.00) 3,138.47 Many residents are now catching up (51,669.60) (54,400.00)
from under estimating of March's
billing.
Water - irrigation 0.00 5,000.00 5,000.00 Irrigation not turned on for April. 74.35 5,000.00
Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (2,442.50) (2,400.00) 42.50 (8,752.60) (9,600.00)
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 558.98 1,112.00 553.02 Savings due to higher occupancy. 3,812.63 4,357.00
Utility - Vacant Gas 275.97 667.00 391.03 Savings due to higher occupancy. 2,092.99 3,187.00
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 1,951.91 16,246.00 14,294.09 37,575.26 49,662.00

Management Fees 0.00 0.00 0.00 0.00 0.00
Management Fees-MRLL 0.00 0.00 0.00 0.00 0.00
Property Legal Fees 0.00 0.00 0.00 1,896.50 0.00
Credit Card Fees 599.10 0.00 (599.10) 03/08 credit card fees. 1,539.65 0.00
Bank Charges 0.00 0.00 0.00 0.00 0.00
Bank Adjustments 0.00 0.00 0.00 0.00 0.00
Other Professional Fees 0.00 0.00 0.00 0.00 0.00
Late Charges 0.00 0.00 0.00 0.00 0.00
HOA Assessment Fees 0.00 0.00 0.00 0.00 0.00
Contributions 0.00 0.00 0.00 0.00 0.00
Fiduciary Fees 0.00 0.00 0.00 0.00 0.00
Custodial Fees 0.00 0.00 0.00 0.00 0.00
Thunder Expense 0.00 0.00 0.00 0.00 0.00
Accounting Fees 0.00 0.00 0.00 0.00 0.00
Total Management Expense 599.10 0.00 (599.10) 3,436.15 0.00

Property Taxes 30,188.47 30,188.00 (0.47) 120,753.88 120,752.00
Franchise Tax 0.00 0.00 0.00 0.00 0.00
Insurance 4,840.47 4,850.00 9.53 19,337.40 19,400.00
Tax Consultants 0.00 57.00 57.00 0.00 228.00
MIP 0.00 0.00 0.00 0.00 0.00
Total Taxes & Insurance 35,028.94 35,095.00 66.06 140,091.28 140,380.00
Total Operating Expenses 95,992.12 124,575.00 28,582.88 411,760.43 454,490.00
NET OPERATING INCOME 200,885.86 159,102.00 41,783.86 771,329.07 651,842.00

Base Rent - Interest Payment 106,586.67 106,587.00 0.33 426,346.68 426,348.00
Base Rent - Principal Payment 0.00 0.00 0.00 0.00 0.00
Stated Rent 86,666.71 86,667.00 0.29 346,666.84 346,668.00
Office Rent 0.00 0.00 0.00 0.00 0.00
Total Rent Expense 193,253.38 193,254.00 0.62 773,013.52 773,016.00

Mortgage Interest 0.00 0.00 0.00 0.00 0.00
Loan Fees 0.00 0.00 0.00 0.00 0.00
Interest Expense 0.00 0.00 0.00 0.00 0.00
Interest Expense 0.00 0.00 0.00 0.00 0.00
Total Debt Service 0.00 0.00 0.00 0.00 0.00

Partnership Legal Fees 0.00 0.00 0.00 0.00 0.00
Partnership Accounting Fees 0.00 0.00 0.00 0.00 0.00
Partnership Travel 532.16 200.00 (332.16) 1,642.96 800.00
Partnership - Meals 55.14 0.00 (55.14) 227.41 0.00
Partnership Fees - Other 0.00 0.00 0.00 0.00 0.00
Partnership Expense 0.00 0.00 0.00 0.00 0.00
Due Diligence Cost 0.00 0.00 0.00 0.00 0.00
Dead Deal Cost 0.00 0.00 0.00 0.00 0.00
Asset Management Fees 1,000.00 1,000.00 0.00 4,000.00 4,000.00
Investor Administration Fee 3,200.00 3,250.00 50.00 12,800.00 13,000.00
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 4,787.30 4,450.00 (337.30) 18,670.37 17,800.00

Exterior Rehab 0.00 2,546.00 2,546.00 Garage door repair not completed yet. 2,852.02 2,546.00
Will be started in May.
Interior Rehab 0.00 0.00 0.00 0.00 0.00
HVAC Replacement 0.00 0.00 0.00 540.47 0.00
Carpet & Floor Replacement 6,943.49 5,000.00 (1,943.49) We replaced eight carpets this month, 21,830.87 20,000.00
and only four were budgeted.
Refrigerators 0.00 0.00 0.00 0.00 0.00
Dishwashers & Ranges 0.00 0.00 0.00 485.32 578.00
Washers / Dryers 0.00 0.00 0.00 296.29 678.00
Fire Alarm Replacement 0.00 0.00 0.00 0.00 0.00
Other Capital Improvements 0.00 5,000.00 5,000.00 Pool furniture was ordered and should 5,141.39 9,749.00
be here the end of May due to items
being back ordered.
Boiler Replacement 0.00 0.00 0.00 0.00 0.00
Roof Replacement 0.00 0.00 0.00 0.00 0.00
Total Capital Expenses 6,943.49 12,546.00 5,602.51 31,146.36 33,551.00

Casualty Losses 0.00 0.00 0.00 0.00 0.00
Casualty Recovery 0.00 0.00 0.00 0.00 0.00
Total Casualty Loss 0.00 0.00 0.00 0.00 0.00
NET INCOME (LOSS) (4,098.31) (51,148.00) 47,049.69 (51,501.18) (172,525.00)

Rental Guarantee 0.00 0.00 0.00 0.00 0.00
(4,098.31) (51,148.00) 47,049.69 (51,501.18) (172,525.00)
Annual
$ Variance Budget YTD Variance Comment Filter
0.01
(5,131.00) 3,587,640.00 2,957,388.00

(34,778.00) 74,283.00 48,523.00

(39,909.00) 3,661,923.00 3,005,911.00
0.00 0.00 0.00
0.00 0.00 0.00
45,894.44 (253,425.00) (195,491.06)

25,576.58 (42,000.00) (11,539.20)

0.00 0.00 0.00
0.00 0.00 0.00
(13,874.38) (18,910.00) (31,491.97)

0.00 (23,760.00) (19,800.00)
0.00 0.00 0.00
(339.20) (23,220.00) (19,859.00)
0.00 0.00 0.00
2,445.00 (13,920.00) (8,665.00)

27,597.35 (205,887.00) (116,960.72)

0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
$47,390.79 $3,080,801.00 2,602,104.05
1.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
1,885.52 21,791.00 19,129.54
1,179.07 9,450.00 8,275.53

1,768.30 11,120.00 9,970.30
0.00 0.00 0.00
489.00 19,796.00 15,934.00
13,006.26 13,500.00 20,956.26

529.81 8,000.00 6,220.02
0.00 0.00 0.00
(3,489.00) 3,489.00 3,489.00
376.56 41,160.00 33,257.22

0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
1,037.44 81,480.00 69,166.99
0.00 0.00 0.00
4,569.19 5,700.00 12,200.01

0.00 0.00 0.00
0.00 0.00 0.00
(1,000.00) 4,100.00 2,000.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
3,100.00 33,880.00 29,370.00

5,834.82 30,000.00 33,788.82

(5.26) 6,625.00 4,269.74
0.00 0.00 0.00
85.00 0.00 (155.00)

0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
29,366.71 290,091.00 267,872.43
1.00
$76,757.50 $3,370,892.00 2,869,976.48
1.00
1.00
4,360.58 154,548.00 121,475.14

0.00 0.00 0.00
(1,501.67) 138,888.00 116,318.87
0.00 0.00 0.00
59.68 46,633.00 36,611.52

0.00 0.00 0.00
3,606.22 20,640.00 11,971.40

0.00 0.00 0.00
0.00 0.00 0.00
2,911.89 5,000.00 3,154.99
0.00 0.00 0.00
9,436.70 365,709.00 289,531.92
1.00
1,775.98 10,200.00 6,406.21

(1,025.57) 8,916.00 8,501.17
(168.15) 1,176.00 1,301.81

(51.42) 2,532.00 2,286.48
0.00 0.00 0.00
0.00 0.00 0.00
293.00 1,368.00 775.00
0.00 0.00 0.00
668.51 4,150.00 2,773.17
0.00 0.00 0.00
152.00 456.00 190.00
(16.00) 0.00 32.00
(532.90) 4,848.00 4,214.20
(131.72) 6,450.00 5,544.54
0.00 0.00 0.00
963.73 40,096.00 32,024.58
1.00
11,599.51 44,000.00 29,594.49

1,085.68 5,400.00 3,255.47
(3,843.67) 16,070.00 16,929.95

1,500.00 5,500.00 3,000.00
10,341.52 70,970.00 52,779.91
1.00
(780.45) 4,217.00 4,645.59
511.00 34,308.00 28,935.00

1,253.00 19,446.00 11,107.00

(8.75) 3,240.00 2,910.97

0.00 0.00 0.00
151.76 1,020.00 801.48
1,070.00 5,004.00 2,908.00

0.00 0.00 0.00
147.90 1,896.00 1,455.30
2,344.46 69,131.00 52,763.34
1.00
1,358.11 8,611.00 6,457.34
44.12 2,300.00 1,360.67

(368.80) 1,440.00 1,844.28

(411.99) 540.00 945.94
0.00 3,000.00 0.00
519.84 4,200.00 2,201.28

50.00 150.00 70.00
520.00 1,820.00 520.00
(491.02) 3,600.00 3,618.96

55.98 1,400.00 1,400.78
155.00 355.00 310.00
300.00 600.00 600.00
0.00 0.00 0.00
(3,273.64) 14,555.00 7,379.05
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
(1,542.40) 42,571.00 26,708.30
1.00
6,009.96 29,581.00 23,432.08

548.65 9,060.00 6,641.95

400.25 2,760.00 1,539.50

0.00 2,775.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
6,721.28 19,500.00 24,958.72
13,680.14 63,676.00 56,572.25
1.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00
(3,012.73) 134,836.00 114,742.85
0.00 0.00 0.00
0.00 0.00 0.00
1,728.84 2,800.00 1,328.76

0.00 0.00 0.00
0.00 0.00 0.00
(150.00) 0.00 300.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 3,060.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
(1,433.89) 140,696.00 116,371.61
1.00
(491.31) 40,500.00 33,819.49
0.00 0.00 0.00
(2,857.08) 23,604.00 21,243.50
12,448.90 240,000.00 183,837.43

(2,730.40) (163,200.00) (136,408.07)

4,925.65 37,400.00 10,074.35
0.00 0.00 0.00
(847.40) (25,696.00) (23,195.10)
0.00 0.00 0.00
544.37 12,108.00 9,840.61
1,094.01 7,837.00 15,545.00
0.00 0.00 0.00
12,086.74 172,553.00 105,435.17
1.00
0.00 0.00 0.00
0.00 0.00 0.00
(1,896.50) 0.00 1,896.50
(1,539.65) 0.00 2,138.75
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
(3,436.15) 0.00 4,035.25
1.00
(1.88) 362,256.00 301,882.35
0.00 0.00 0.00
62.60 58,200.00 48,427.87
228.00 684.00 285.00
0.00 0.00 0.00
288.72 421,140.00 350,595.22
42,729.57 1,386,542.00 1,086,817.55
119,487.07 1,984,350.00 1,783,158.93
1.00
1.32 1,443,999.00 1,065,868.35
0.00 0.00 0.00
1.16 1,040,004.00 866,668.55
0.00 0.00 0.00
2.48 2,484,003.00 1,932,536.90
1.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00
0.00 0.00 0.00
0.00 365.00 0.00
(842.96) 2,400.00 3,175.12
(227.41) 0.00 282.55
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 12,000.00 10,000.00
200.00 39,000.00 32,250.00
0.00 0.00 0.00
(870.37) 53,765.00 45,707.67
1.00
(306.02) 16,846.00 7,944.02

0.00 0.00 0.00
(540.47) 1,800.00 540.47
(1,830.87) 66,000.00 53,774.36

0.00 1,450.00 0.00
92.68 1,734.00 1,063.32
381.71 1,017.00 974.29
0.00 0.00 0.00
4,607.61 11,899.00 19,890.39

0.00 0.00 0.00
0.00 0.00 0.00
2,404.64 100,746.00 84,186.85
1.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
121,023.82 (654,164.00) (279,272.49)
1.00
0.00 0.00 0.00
121,023.82 (654,164.00) 0.00
Courtney Downs Apartments
April 08
LEASING & OCCUPANCY

NUMBER OF MOVE INS: 15 INCOME THIS MONTH: $296,878.00
NUMBER OF MOVE OUTS: 22 INCOME LAST MONTH: $302,841.44
NET FOR THE MONTH: -7 DIFFERENCE: -$5,963.44

TOTAL # GARAGES 120
# GARAGES OCCUPIED 104
OCCUPIED/LEASED %: 93.86%/96.78% GARAGES OCCUPIED % 87%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:
Traffic Leased
APARTMENTS.COM 9 2 * Job Transfer 2
APARTMENT GUIDE 1 0 * Too expensive. 4
YELLOW PAGES 0 0 * Future/No Availability/Waiting list 15
OTHER. NET 8 1 * Just started looking. 6
BLUE BOOK 3 1 * Waiting for Home to Sell 4
RENT.COM 7 4 * Current Lease to Expire 7
LIVES IN AREA 3 0 * Needs Ground Floor 3
RESIDENT REFERRAL 6 2 * Moved Elsewhere 0
LOCATORS 2 1 * Will return with roommate or spouse 10
RENT.COM 0 0 * Realtor Looking for Client 0
WALK-IN 0 0 * Undecided 3
SIGNAGE 48 15 * Employment pending 5
BROCHURE/FLYER 1 0 * House sale pending 0
* Rented at Competitor 3
TOTALS 88 26 TOTALS 62

CLOSING RATIO: 30%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* Took brochures and price sheets to Ramada Inn.
* Took cookie bags with brochures and price sheets to Candle Wood Suites.
* Updated all internet ads with new pricing and specials for the month of April
* Took donuts with price sheets to Centennial hospital Human Resources.
* Took brochures and prices to United Artist Theaters for employee break room.
* Brochures and donuts were taken to Chevrolet Motors staff.
* Met with Richmond Home sales team with options of temporary housing for new home buyers.
* Dropped off muffins and brochures to Embassy Suites for the breakroom.
* Dropped off doughnuts and brochures to Hertz car rental.
* Took cookie and candy bag with flyer's to Marriott extended stay hotels.
* Took brochures and prices to First Data Corporation.
* Took lunch to locators with updates on specials and prices.
OVERVIEW OF COMPARABLE PROPERTIES:
The surrounding comps are still offering discounted rents on selected units.
This translates into one bedroom effective rents of $710, two bedrooms at $835 and three bedrooms starting at $1110.
Look and leases specials are 1/2 month off with a 12 to 13 month lease.
Overall market is 92.1% average occ. and rental rate of $812 per month.
RESIDENT RETENTION:
We had 28 leases expiring in the month of April. 13 renewed leases with a $56.50 increase.
Notices received; (2) buying homes, (3) renting houses, (1) closer to work, (1) more space, (1) did not hear from
(1) too expensive, (3) out of state, (1) moving in with roommate, (1) month to month, (1) transfer on site.

INCIDENTS ON THE PROPERTY:
N/A
MAINTENANCE: ROUTINE REPLACEMENTS:
Number
Number of: Replaced Apt. #
MARKET READY UNITS 19 REFRIGERATORS 0
COMPLETE PAINTS 11 DISHWASHERS 0
TOUCH UPS 8 WINDOWS 0
WORK ORDERS 143 A/C COMPRESSORS 0
Pending Completed 0 CONDENSING UNITS 0
Misc 0 18 18 WATER HEATERS 0
Electrical 0 27 27 ICE MAKERS 0
Punch 0 19 19 GARBAGE DISPOSALS 0
HVAC 0 13 13 MICROWAVES 0
6306, 10301, 10209, 6205, 9310,
Plumbing 0 53 53 CARPETS 6 10107.
Property Ext. 0 0 0 CEILING FANS 0
Appliances 0 13 13 TOILETS 0
Safety 0 0 0 A/C FAN MOTORS 0
Total 0 143 143 COUNTER TOPS 0
ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0
16205-2, 14202-2, 10112-3, 6208-
1, 9304-1, 13208-2, 6306-2, 7201-
1, 16103-1, 2301-1, 14201-2, 9110-
PLUMBING LEAKS 0 BLINDS 23 2, 9107-1, 10209-2.
TUBS RESURFACED 0
TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:
N/A

PROBLEM AREAS NEEDING ATTENTION:
Ordering sod for pet kill areas.
Bee's around apartment 16305.
Ordered slings and chair backs for swimming pool furniture.

CURRENT STAFF:

Manager Nancy Howland
Assistant Manager Carrie McMillan
Leasing Consultant Summer Wahrman
Leasing Consultant Kate Hawkins
Maintenance Supervisor Gabriel Tellez
Assistant Maintenance Russell Briley
Maintenance/ Grounds Jorge Chavez and Jorge Bernal

ACCOMPLISHMENTS FOR THE MONTH:
Re-stripped and cleaned the parking lot.
Replaced heat exchanger and pump motor for swimming pool.
MARKET SURVEY
Courtney Downs
April-08

Apartment Name Courtney Downs Coyote Ranch Windsor @ Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve @ South Creek
Address 15849 E. Jamison Dr16363 E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 7550 S Blackhawk 16950 E Carlson Dr 15611 E Jamison Dr
Phone 720-870-6114 303-693-8787 303-256-7700 303-766-2500 303-362-2000 303-805-7200 303-680-6696
Location Englewood, Co Aurora, Co Englewood, Co 80112 Centennial, Co Englewood, Co 80112 Parker, Co 80134 Englewood, Co 80112
# of units 342 507 653 216 312 360 168
Age of Property 5 5 7 4 6 6 6
Application Fee $50.00 $35.00 $40.00 $35.00 $40.00 $35.00 $50.00
Credit Card yes yes yes no yes no yes
Pets Allowed yes yes yes yes yes yes yes
Pet Deposit 300 n/r 300-600 150-300 $100 300-500 $400-500 300
Sec. Deposit 150 275-325 300 $300 $100.00 $200-300 100
W/D included Yes yes Only In Select Units Only Select Units no yes no
Covered Parking no yes yes yes no no no
Garage Detached yes yes yes yes yes yes
Cable Yes yes yes yes yes yes yes
Tennis Courts no no no no yes yes yes
# of pools 1 1 1 1 1 2 1
Weight Room yes yes yes yes yes yes yes
Jacuzzi yes 1 1 1 1 2 1
Ceiling Fans yes yes yes yes yes yes yes
Microwaves yes yes yes yes yes yes yes
Mini Blinds yes yes yes yes yes yes yes
FF Freezer yes yes yes yes yes yes yes
Icemakers yes yes yes yes yes yes yes
Fireplaces yes no yes yes yes yes yes
Access Gates no yes yes no yes yes yes
Alarm in Unit Prewired no yes yes yes no yes
Door to Door no no no no no no no
Aerobics/Kick Box no no no no no no no
Movie Room no yes yes yes yes yes yes
Computer Library yes yes yes yes yes yes yes
Indoor Basketball no no no no no no no
Water Charge yes no yes yes yes yes yes
Courtney Downs
RENTAL SCHEDULE
April 08

EFFECTIVE EFFECTIVE EFFECTIVE Vacants Notice Net
UNIT TYPE #UNITS SIZE TOTAL MKT RENT MKT RENT MONTHLY ANNUAL CONCESSION CONCESSION PER S/F MONTHLY Vacants Leased Notice Leased Available
S/F PER UNIT PER S/F GROSS GROSS RENTS* PER UNIT GROSS
A1 1BR 40 704 28,160 725 1.03 $29,000 $348,000 725.00 1.03 $29,000 1 1 8 3 5
A1V 1BR 32 704 22,528 725 1.03 $27,520 $330,240 725.00 1.03 $27,520 0 0 0 0 0
A2 1BR 18 910 16,380 850 0.93 $15,300 $183,600 850.00 0.93 $15,300 1 0 0 0 1
B1 1BR 24 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 1 0 8 5 4
B1V 1BR 32 808 25,856 760 0.94 $24,320 $291,840 760.00 0.94 $24,320 0 0 0 0 0
C 2BR 42 977 41,034 875 0.90 $36,750 $441,000 875.00 0.90 $36,750 6 4 5 2 5
C1 2BR 44 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 5 2 11 1 13
C1V 2BR 22 1,030 22,660 925 0.90 $20,350 $244,200 925.00 0.90 $20,350 0 0 0 0 0
CV 2BR 24 977 23,448 875 0.90 $21,000 $252,000 875.00 0.90 $21,000 0 0 0 0 0
D 2BR 16 1,030 16,480 925 0.90 $14,800 $177,600 925.00 0.90 $14,800 3 0 6 4 5
DV 2BR 20 1,030 20,600 925 0.90 $18,500 $222,000 925.00 0.90 $18,500 0 0 0 0 0
E 3BR 24 1,140 27,360 1160 1.02 $27,840 $334,080 1,160.00 1.02 $27,840 1 1 4 0 4
EV 3BR 4 1,140 4,560 1160 1.02 $4,640 $55,680 1,160.00 1.02 $4,640 0 0 0 0 0

TOTAL 342 917 313,778 $870 $0.95 $297,620 $3,571,440 $870 0.95 $297,620 18 8 42 15 37
* Net of Concessions
MARKET SURVEY
Courtney Downs
April-08
(Concessions reduced rates)

PROPERTY: Courtney Downs Apt Coyote Ranch Windsor at Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve@South Creek
PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF
Efficiency
Efficiency
1B1B (A) 725 704 1.03 755 779 0.97 710 627 1.13 725 685 1.06 715 768 0.93 710 707 1.00 710 763 0.93
1B1B (B) 850 808 1.05 795 853 0.93 725 701 1.03 805 705 1.02 750 842 0.89 730 796 0.92 727 763 1.05
1B1B w/study 750 910 0.82 835 811 0.91 810 760 1.03 765 992 0.77 760 916 0.83
1B
1B
1B w/loft
1B1B w/study 845 956 0.88 935 1051 0.89
2B2B (E) 875 977 0.90 940 1105 0.85 925 1044 0.89 960 1120 0.86 825 1115 0.74 815 1033 0.79 822 1037 0.79
2B2B (F) 900 1030 0.87 985 1192 0.83 975 1196 0.82 910 1220 0.75 910 1093 0.83 900 1037 1.23
2B2B (G) 925 1030 0.90 995 1180 0.84
2B2B (H)
2B2B
2B w/study
2B2B TH
2B2B TH
3B2B 1,160 1140 1.02 1055 1398 0.75 1185 1330 0.89 1110 1230 0.90 1120 1356 0.83 1195 1235 0.97 915 1257 0.73
3B2B 1190 1398 0.91 1305 1235 1.04 1045 1257 1.10

% occ /leased 94 96.78% 93% 96% 0 0% 91% 93.70% 92.0% 89% 94.2% 95% 92.1% 94%
Avg PSF 1 0.94 0.87 0.92 0.96 0.82 0.91 0.97
Avg Rents 884 1114 994 808 848 1131 995
/ Avail)
Units(Total 342 38 507 36 653 216 32 312 39 360 19 0 168 14

Special: One month free or
Special: Waived security Special: One month free Will not give out any Special:1/2 month free giftcertificate to the mall Special: 1/2 month off 12 to Special: One month free on a
Rates deposit with approved credit. on 12 to 13 month lease. information. with look and lease. w/look and lese special. 13 month leases. 12 to 13 month special.
reflect these rates:
specials:

Ren.: 15% increase on all Ren: Info not avail per Ren: $35 to $80 increas Ren: Average $25 to $75 Ren: Free carpet cleaning
Ren: $50 to $75 increase. renewals. corporate Ren:Per corporate for 12 month lease increase. with 12mo.