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USA Courtney Downs LeaseCo, LLC

Balance Sheet
Books = Accrual
May 2008

ASSETS

Cash
Operating Cash 62,052.05
Total Cash $62,052.05

OTHER ASSETS
Accounts Receivable 3,447.54
Prepaid Expenses 33,645.73
Tax Escrow 48,648.93
Cash in Bank-Wrk Cap Reserve 58,844.73
Capital / Repair Escrow 200,000.00
Total Other Assets 344,586.93

Total ASSETS 406,638.98

LIABILITIES & CAPITAL

LIABILITIES
Accounts Payable - Trade 134,737.73
A/P - Creekstone Partners LLC 276,576.00
A/P - US Advisors 276,576.00
Accrued Expenses 14,187.72
Other Accounts Payable 345,285.05
Accrued Taxes 150,942.35
Prepaid Rent 40,246.40
Security Deposits 42,332.01
Notes Payable 26,737.54
Total Liabilities 1,307,620.80

CAPITAL

Creekstone Partners LLC 50.00
US Advisors LLC 50.00
Retained Earnings (901,081.82)
Total Capital (900,981.82)

Total LIABILITIES & CAPITAL 406,638.98
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 Actual 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 297,252 295,197 294,829 294,994 296,658 305,987 305,250 305,131 304,686 304,342 304,117 303,954 3,612,397 10,562.56 11.51 364,160 4,595,202 13,436.26 14.64
- Vacancy (14,979) (13,515) (12,201) (15,566) (15,360) (17,809) (15,591) (15,591) (16,802) (19,995) (22,418) (23,078) (202,904) (593.29) (0.65) (43,000) (291,994) (853.78) (0.93)
- Concessions & Disc. (10,069) (8,145) (267) (7,022) (9,644) (17,444) (19,316) (21,188) (22,560) (23,621) (24,370) (24,994) (188,640) (551.58) (0.60) (80,000) (318,556) (931.45) (1.02)
- Other Write-offs & Adj. (14,603) (9,805) (5,576) (8,312) (6,419) (6,696) (6,693) (6,681) (6,663) (6,634) (6,614) (6,605) (91,303) (266.97) (0.29) (6,085) (110,874) (324.19) (0.35)
Total Rental Income 257,600 263,731 276,786 264,094 265,235 264,038 263,650 261,671 258,661 254,092 250,715 249,277 3,129,550 9,150.73 9.97 235,075 3,873,778 11,326.84 12.35

Other Income 27,835 34,204 26,056 32,784 34,945 27,912 25,305 27,910 23,739 22,628 24,013 20,220 327,551 957.75 1.04 19,000 391,743 1,145.45 1.25
Total Revenue 285,435 297,935 302,841 296,878 300,181 291,950 288,955 289,581 282,400 276,720 274,728 269,497 3,457,101 10,108.48 11.02 254,075 4,265,521 12,472.28 13.59

Operating Expenses
Salary Expense 30,826 28,089 25,841 26,731 21,154 31,117 31,434 31,434 30,692 29,929 30,554 30,059 347,860 1,017.13 1.11 37,759 447,250 1,307.75 1.43
Operating Expense 3,660 2,832 2,336 3,352 3,896 3,520 3,544 3,444 3,336 3,264 3,204 3,180 39,568 115.70 0.13 3,030 49,098 143.56 0.16
Advertising Expense 5,531 4,884 4,109 2,530 3,632 6,105 6,327 6,227 5,340 4,685 4,731 4,259 58,360 170.64 0.19 6,885 74,406 217.56 0.24
Make Ready Expense 3,627 3,404 4,423 7,268 4,005 6,062 6,819 6,819 6,289 5,961 5,102 4,850 64,628 188.97 0.21 7,500 82,270 240.55 0.26
Maintenance Expense 1,403 4,261 3,116 2,525 1,935 3,885 2,920 2,730 2,513 12,210 2,672 1,388 41,558 121.52 0.13 2,295 48,035 140.45 0.15
Service Expense 6,708 1,216 1,576 3,523 12,678 4,985 4,985 4,985 3,960 3,960 3,960 3,460 55,996 163.73 0.18 2,395 65,975 192.91 0.21
Administrative Expense 12,525 11,016 10,864 12,483 11,635 11,878 14,818 11,783 11,496 11,269 11,189 10,980 141,936 415.02 0.45 14,969 179,489 524.82 0.57
Utility Expense 4,914 13,395 17,315 1,952 12,928 17,127 16,930 16,130 16,228 16,240 11,437 11,491 156,087 456.39 0.50 10,900 190,371 556.64 0.61
Credit Card Fees 1,416 1,421 0 599 240 0 0 0 0 0 0 0 3,676 10.75 0.01
Taxes & Insurance 35,029 35,004 35,029 35,029 35,629 35,095 35,095 35,095 35,095 35,095 35,095 35,095 421,385 1,232.12 1.34 0 422,619 1,235.73 1.35
37,237 37,237 108.88 0.12
Total Operating Exp. 105,638 105,522 104,608 95,992 107,732 119,774 122,872 118,647 114,949 122,613 107,944 104,762 1,331,053 3,891.97 4.24
Net Operating Income 179,797 192,412 198,234 200,886 192,449 172,176 166,083 170,934 167,451 154,107 166,784 164,735 2,126,048 6,216.51 6.78 122,970 1,596,748 4,668.85 5.09
131,106 2,668,772 7,803.43 8.51
Rent Expense 193,253 193,253 193,253 193,253 193,253 216,819 216,819 216,819 216,819 216,819 216,819 216,819 2,484,000 7,263.16 7.92
Partnership Expense 4,719 4,539 4,626 4,787 4,740 4,450 4,450 4,450 4,450 4,450 4,450 4,450 54,560 159.53 0.17 193,254 256,874 751.09 0.82
Capital Expense 9,734 2,903 11,566 6,943 7,872 8,074 17,804 6,600 6,259 6,000 5,000 5,000 93,755 274.14 0.30 0 104,029 304.18 0.33
3,300 3,300 9.65 0.01
Cash Flow Frm Operations (27,909) (8,283) (11,211) (4,098) (13,416) (57,167) (72,990) (56,935) (60,077) (73,162) (59,485) (61,534) (506,267) (1,480.31) (1.61)
(65,449) 2,304,569 6,738.51 7.34
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 (2,448) 0 0 0 0 0 0 0 (3,105) 0 (3,105)
Prepaid Assets (50,394) 4,840 4,840 4,840 4,840 0 0 0 0 0 0 0 (31,033) 0 (31,033)
Escrow Deposits (35,800) (35,800) (35,800) 341,933 (37,985) (7,125) (7,125) 14,250 (7,125) (7,125) (7,125) (7,125) 168,047 0 153,797
(2,951) (2,951)
Cash Increase (Decreae) From Assets (88,090) (28,220) (40,732) 355,044 (35,592) (7,125) (7,125) 14,250 (7,125) (7,125) (7,125) (7,125) 133,910
(2,951) 116,709
Accounts Payable (22,965) 2,827 942 207 69,651 0 0 0 0 0 0 0 50,662
Accrued Expenses 20,453 31,811 51,607 (345,380) 44,376 0 0 0 0 0 0 0 (197,132) 0 (197,132)
Other Payables 920 2,385 345 1,665 (1,490) 0 0 0 0 0 0 0 3,825 0 3,825
Mortgages Payable 48,905 (6,027) (5,836) (6,064) (6,293) 0 0 0 0 0 0 0 24,685 0 24,685
0 0
Cash Increase (Decrease) From Liab. 47,313 30,997 47,058 (349,572) 106,245 0 0 0 0 0 0 0 (117,959)
0 (168,622)

NET CASH FLOW (68,685) (5,507) (4,886) 1,374 57,237 (64,292) (80,115) (42,685) (67,202) (80,287) (66,610) (68,659) (490,317)
CUMM. NET CASH FLOW 13,834 8,327 3,441 4,815 62,052 (2,240) (82,355) (125,040) (192,242) (272,529) (339,139) (407,798) 181,601 2,502,656
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 May 31, 2008

MTD MTD YTD YTD
Account Actual Budget $ Variance MTD Variance Comment Actual Budget
Revenue
Market Rent 295,510.00 297,830.00 (2,320.00) Rental increase will be reflected in 1,474,859.00 1,482,310.00
June verses May.
Loss / Gain to Lease 1,148.00 8,445.00 (7,297.00) Variance reflects market rent verses 4,071.00 46,146.00
lease rents.
Gross Potential Rent 296,658.00 306,275.00 (9,617.00) 1,478,930.00 1,528,456.00
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 (15,359.58) (19,986.00) 4,626.42 We achieved higher occupancy. Our (71,620.14) (122,141.00)
vacancy was 5% and we were
budgeted to be 6.5%.
Upfront Rent Concessions 0.00 (3,000.00) 3,000.00 No upfront concessions offered at this 7,576.58 (21,000.00)
time, due to higher occupancy.
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 (1,908.23) (1,620.00) (288.23) One move out left owing full month's (22,011.61) (7,849.00)
rent.
Model Units (1,645.00) (1,980.00) 335.00 (9,565.00) (9,900.00)
Courtesy Officer Apt. 0.00 0.00 0.00 0.00 0.00
Employee Apartment (1,955.77) (1,935.00) (20.77) (10,034.97) (9,675.00)
Housekeeping & Maintenance Fee 0.00 0.00 0.00 0.00 0.00
Guest Suite (910.00) (1,160.00) 250.00 (3,105.00) (5,800.00)
Lease Term Concessions (9,644.00) (12,717.00) 3,073.00 At turnover rents are increased to (42,723.65) (73,394.00)
market rent. Not having to offer
concessions at this time.
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 $265,235.42 $263,877.00 $1,358.42 $1,327,446.21 $1,278,697.00

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 2,995.00 1,925.00 1,070.00 Seven NSF fees collected versus four 11,502.52 8,547.00
budgeted.
Month to Month Premium 1,295.00 600.00 695.00 Four month to month fees budgeted 4,874.07 3,000.00
and we collected eight.
Storage Fees 1,146.93 920.00 226.93 6,035.23 4,040.00
Repair & Maintenance Fees 0.00 0.00 0.00 0.00 0.00
Application Fees 1,880.00 1,862.00 18.00 8,200.00 7,693.00
Termination Fees & Damages 85.85 2,700.00 (2,614.15) Residents have not paid at the time of 15,792.11 5,400.00
move out so we are having to place
them in collections.
Miscellaneous Income 2,115.88 500.00 1,615.88 Collected 26 utility transfer fees and 5,045.69 2,900.00
eight credit card convenience fees.
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 3,709.75 3,360.00 349.75 We collected one more pet fee than 17,526.31 16,800.00
budgeted.
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 7,006.93 6,790.00 216.93 We collected four more garage fees 35,204.37 33,950.00
than budgeted.
Water/Sewer Income 0.00 0.00 0.00 0.00 0.00
Cable/Telephone Income 3,387.30 475.00 2,912.30 Comcast revenue share check 9,856.49 2,375.00
received in the amount of $3,301.
Usage higher than anticipated.
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 600.00 400.00 200.00 Forfeited two deposits this month. 900.00 1,700.00
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 4,350.00 3,220.00 1,130.00 Collected 29 administration fees 17,250.00 13,020.00
verses 21 budgeted for.
Move-Out Charges 5,572.48 3,600.00 1,972.48 Apartments not left in the same 21,007.30 13,200.00
condition as received, resulting in more
charges at the time of move out.
Short Term Lease Fees 800.00 500.00 300.00 Collected six short term fees verses 2,544.74 2,250.00
four budgeted.
Extra-Ordinary Income 0.00 0.00 0.00 0.00 0.00
Corporate Rent 0.00 0.00 0.00 85.00 0.00
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 34,945.12 26,852.00 8,093.12 155,823.83 118,364.00

Total Revenue $300,180.54 $290,729.00 $9,451.54 $1,483,270.04 $1,397,061.00

Expense
Managers Salary 7,534.97 12,689.00 5,154.03 We converted payroll from semi- 53,930.39 63,445.00
monthly to biweekly which resulted in
less hours paid out this month in
addition to having a leasing position
open part of the month.
Salaries 0.00 0.00 0.00 0.00 0.00
Maintenance Salary 8,551.40 11,403.00 2,851.60 We converted payroll from semi- 55,665.07 57,015.00
monthly to biweekly which resulted in
less hours paid out this month.
Salary - Administrative 0.00 0.00 0.00 0.00 0.00
Commissions & Bonus 4,098.56 3,755.00 (343.56) We leased and moved in more 18,713.88 18,430.00
apartments than budgeted.
Payroll Taxes 0.00 0.00 0.00 0.00 0.00
Group Insurance 187.73 1,720.00 1,532.27 Fewer associates participating in 3,461.51 8,600.00
health benefits.
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 781.66 0.00 (781.66) We were down one leasing person and 869.77 3,000.00
used temporary help for part of the
month.
Workers Comp 0.00 0.00 0.00 0.00 0.00
Total Salary Expense 21,154.32 29,567.00 8,412.68 132,640.62 150,490.00

Office Operations & Supplies 29.34 850.00 820.66 Less supplies bought for the office this 1,653.36 4,250.00
month.
Telephones 682.07 743.00 60.93 4,679.64 3,715.00
Answering Svc. & Pagers 0.00 98.00 98.00 560.15 490.00
Postage & Delivery 25.74 211.00 185.26 921.16 1,055.00
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 1,178.08 114.00 (1,064.08) Apartment Association dues for the 1,341.08 570.00
year in the amount of $1,108.
Conventions/Seminars 0.00 0.00 0.00 0.00 0.00
Employee Training 867.61 350.00 (517.61) Attendance of the Apartment 1,549.10 1,700.00
Association Trade Show.
Furniture Rental 0.00 0.00 0.00 0.00 0.00
Car Expenses 0.00 38.00 38.00 0.00 190.00
Permits & Fees 0.00 0.00 0.00 16.00 0.00
Credit Checks 628.45 456.00 (172.45) We processed 10 more applications 2,589.35 1,884.00
than budgeted.
Guest Suite Expense 484.36 600.00 115.64 2,766.08 2,750.00
Parking Cost 0.00 0.00 0.00 0.00 0.00
Total Operating Expense 3,895.65 3,460.00 (435.65) 16,075.92 16,604.00

Advertising & Promotions 1,382.43 3,500.00 2,117.57 Savings due to dropping of Apartment 7,782.92 21,500.00
Guide subscription.
Resident Promotions 137.40 500.00 362.60 851.72 2,300.00
Locators 2,112.50 1,401.00 (711.50) Five locator fees paid verses three 11,551.17 6,996.00
budgeted.
Resident Referrals 0.00 500.00 500.00 No Referrals used for this month. 500.00 2,500.00
Total Advertising Expense 3,632.33 5,901.00 2,268.67 20,685.81 33,296.00

Paint & Drywall 7.83 423.00 415.17 We do most of our painting in house. 1,841.28 1,476.00
Contract Cleaning Svcs. 2,095.00 2,859.00 764.00 13,020.00 14,295.00
Carpet Cleaning & Repairs 763.00 1,951.00 1,188.00 Less cleaning needed due to more 4,367.00 6,808.00
carpet replacements needed this
month.
Window Coverings 436.63 270.00 (166.63) More blinds needed due to damaged 1,525.38 1,350.00
at the time of turns.
Vinyl & Tile Repairs 0.00 0.00 0.00 0.00 0.00
Lock & Keys 0.00 85.00 85.00 188.24 425.00
Counter & Tub Resurfacing 634.69 417.00 (217.69) Backsplashes ordered for units 1,232.69 2,085.00
needing for move ins.
Other Redecorating 0.00 0.00 0.00 0.00 0.00
Cleaning Supplies 67.80 158.00 90.20 551.90 790.00
Total Make Ready Expense 4,004.95 6,163.00 2,158.05 22,726.49 27,229.00

General Maintenance & Supplies 636.94 720.00 83.06 2,466.83 3,908.00
HVAC Parts & Repairs 12.89 350.00 337.11 No repairs required this month. 468.77 850.00
Plumbing Parts & Repairs 0.00 120.00 120.00 848.80 600.00
Electric Parts & Repairs 0.00 50.00 50.00 601.99 240.00
Roof & Gutter Repairs 0.00 1,500.00 1,500.00 No repairs needed this month. 0.00 1,500.00
Pools & Fountains 325.38 600.00 274.62 705.54 1,500.00
Gates & Entrances 0.00 20.00 20.00 0.00 70.00
Glass & Screens 371.84 260.00 (111.84) Plexi glass replacement on the play 371.84 780.00
ground needed.
Appliance Parts & Repairs 528.59 300.00 (228.59) Extra microwave door replaced in 2,219.61 1,500.00
apartment #12104.
Hardware 27.06 120.00 92.94 451.08 600.00
Exterior Painting 0.00 0.00 0.00 0.00 155.00
Uniforms 32.32 0.00 (32.32) 32.32 300.00
Elevator Service & Repairs 0.00 0.00 0.00 0.00 0.00
Security & Fire Systems 0.00 450.00 450.00 No repairs needed this month. 5,073.64 2,250.00
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 1,935.02 4,490.00 2,554.98 13,240.42 14,253.00

Landscape & Grounds 11,793.40 5,718.00 (6,075.40) New landscaping for front entrance. 14,646.44 14,581.00
Budgeted in April but paid in May.
Trash Removal 798.40 755.00 (43.40) 3,269.75 3,775.00
Pest Control 86.00 205.00 119.00 No pigeon service required at this time. 505.75 1,025.00

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 0.00 0.00 0.00 7,278.72 14,000.00
Total Service Expense 12,677.80 6,678.00 (5,999.80) 25,700.66 33,381.00

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 12,007.22 11,629.00 (378.22) Based on % of collections. 59,273.95 55,883.00
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 (426.10) 200.00 626.10 Collection of six evictions fees, verses (954.94) 1,400.00
two budgeted for.
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 0.00 0.00 0.00 150.00 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 53.60 0.00 (53.60) McAfee Antivirus installed. 53.60 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 11,634.72 11,829.00 194.28 58,522.61 57,283.00

Electricity 2,968.51 3,500.00 531.49 We had lower expense than 16,709.82 16,750.00
anticipated in our budget.
Electricity Gas - Resident 0.00 0.00 0.00 0.00 0.00
Natural Gas 708.63 1,967.00 1,258.37 Based on actual expense. 11,433.71 9,835.00
Water & Sewer 19,834.05 20,000.00 165.95 87,385.15 100,000.00
Water & Sewer - Resident Reimb (10,218.36) (13,600.00) (3,381.64) Due to collections being handled by (61,887.96) (68,000.00)
third party, converting system in June
to collecting the reimbursement in
house.
Water - irrigation 661.72 5,800.00 5,138.28 Irrigation just being turned on for the 736.07 10,800.00
season.
Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (1,966.81) (2,012.00) (45.19) (10,719.41) (11,612.00)
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 534.66 1,033.00 498.34 Savings due to higher occupancy. 4,347.29 5,390.00
Utility - Vacant Gas 405.92 620.00 214.08 Savings due to higher occupancy. 2,498.91 3,807.00
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 12,928.32 17,308.00 4,379.68 50,503.58 66,970.00

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 239.55 0.00 (239.55) Credit card fees posted from 04/08. 1,779.20 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 239.55 0.00 (239.55) 3,675.70 0.00

Property Taxes 30,188.47 30,188.00 (0.47) 150,942.35 150,940.00
Franchise Tax 0.00 0.00 0.00 0.00 0.00
Insurance 4,840.47 4,850.00 9.53 24,177.87 24,250.00
Tax Consultants 600.00 57.00 (543.00) Annual admin fee 2008 for $600. 600.00 285.00
MIP 0.00 0.00 0.00 0.00 0.00
Total Taxes & Insurance 35,628.94 35,095.00 (533.94) 175,720.22 175,475.00
Total Operating Expenses 107,731.60 120,491.00 12,759.40 519,492.03 574,981.00
NET OPERATING INCOME 192,448.94 170,238.00 22,210.94 963,778.01 822,080.00

Base Rent - Interest Payment 106,586.67 106,587.00 0.33 532,933.35 532,935.00
Base Rent - Principal Payment 0.00 0.00 0.00 0.00 0.00
Stated Rent 86,666.71 86,667.00 0.29 433,333.55 433,335.00
Office Rent 0.00 0.00 0.00 0.00 0.00
Total Rent Expense 193,253.38 193,254.00 0.62 966,266.90 966,270.00

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 540.00 365.00 (175.00) 540.00 365.00
Partnership Travel 0.00 200.00 200.00 No travel used at this time. 1,642.96 1,000.00
Partnership - Meals 0.00 0.00 0.00 227.41 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 0.00 1,000.00 1,000.00 4,000.00 5,000.00
Investor Administration Fee 4,200.00 3,250.00 (950.00) Investor Reporting fee for U S Advisors 17,000.00 16,250.00
of $4,200.00.
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 4,740.00 4,815.00 75.00 23,410.37 22,615.00

Exterior Rehab 0.00 2,960.00 2,960.00 2,852.02 5,506.00
Interior Rehab 1,021.68 0.00 (1,021.68) Elevation motor needed for treadmill in 1,021.68 0.00
the fitness center and repair of
#16302's closet door frame.
HVAC Replacement 0.00 0.00 0.00 540.47 0.00
Carpet & Floor Replacement 2,361.33 6,000.00 3,638.67 We budgeted to replace five carpets 24,192.20 26,000.00
and we only had to replace three.
Refrigerators 651.41 690.00 38.59 651.41 690.00
Dishwashers & Ranges 0.00 319.00 319.00 No dishwasher replaced this month. 485.32 897.00
Washers / Dryers 593.96 339.00 (254.96) Two washers replaced verses one 890.25 1,017.00
budgeted.
Fire Alarm Replacement 0.00 0.00 0.00 0.00 0.00
Other Capital Improvements 3,243.20 2,150.00 (1,093.20) Heat exchange needed for the pool as 8,384.59 11,899.00
well as a new pump motor.
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 7,871.58 12,458.00 4,586.42 39,017.94 46,009.00

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) (13,416.02) (40,289.00) 26,872.98 (64,917.20) (212,814.00)

Rental Guarantee 0.00 0.00 0.00 0.00 0.00
(13,416.02) (40,289.00) 26,872.98 (64,917.20) (212,814.00)
Annual
$ Variance Budget YTD Variance Comment Filter
0.01
(7,451.00) 3,587,640.00 3,550,509.00

(42,075.00) 74,283.00 59,810.00

(49,526.00) 3,661,923.00 3,610,319.00
0.00 0.00 0.00
0.00 0.00 0.00
50,520.86 (253,425.00) (229,106.72)

28,576.58 (42,000.00) (16,423.42)

0.00 0.00 0.00
0.00 0.00 0.00
(14,162.61) (18,910.00) (33,388.84)

335.00 (23,760.00) (23,090.00)
0.00 0.00 0.00
(359.97) (23,220.00) (23,600.74)
0.00 0.00 0.00
2,695.00 (13,920.00) (10,975.00)
30,670.35 (205,887.00) (138,478.65)

0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
$48,749.21 $3,080,801.00 3,135,255.63
1.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
2,955.52 21,791.00 24,969.52

1,874.07 9,450.00 9,769.07

1,995.23 11,120.00 12,142.16
0.00 0.00 0.00
507.00 19,796.00 19,635.00
10,392.11 13,500.00 23,977.96

2,145.69 8,000.00 10,561.57

0.00 0.00 0.00
(3,489.00) 3,489.00 3,489.00
726.31 41,160.00 41,396.06

0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
1,254.37 81,480.00 82,951.30

0.00 0.00 0.00
7,481.49 5,700.00 16,093.79

0.00 0.00 0.00
0.00 0.00 0.00
(800.00) 4,100.00 3,600.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
4,230.00 33,880.00 37,840.00

7,807.30 30,000.00 43,379.78

294.74 6,625.00 6,094.74

0.00 0.00 0.00
85.00 0.00 85.00
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
37,459.83 290,091.00 335,984.95
1.00
$86,209.04 $3,370,892.00 3,471,240.58
1.00
1.00
9,514.61 154,548.00 137,599.36

0.00 0.00 0.00
1,349.93 138,888.00 132,634.47

0.00 0.00 0.00
(283.88) 46,633.00 44,997.44

0.00 0.00 0.00
5,138.49 20,640.00 13,969.24

0.00 0.00 0.00
0.00 0.00 0.00
2,130.23 5,000.00 4,651.43

0.00 0.00 0.00
17,849.38 365,709.00 333,851.94
1.00
2,596.64 10,200.00 6,782.70

(964.64) 8,916.00 9,819.71
(70.15) 1,176.00 1,148.15
133.84 2,532.00 2,212.90
0.00 0.00 0.00
0.00 0.00 0.00
(771.08) 1,368.00 3,203.16

0.00 0.00 0.00
150.90 4,150.00 4,466.71

0.00 0.00 0.00
190.00 456.00 228.00
(16.00) 0.00 16.00
(705.35) 4,848.00 5,557.80

(16.08) 6,450.00 6,600.44
0.00 0.00 0.00
528.08 40,096.00 40,035.57
1.00
13,717.08 44,000.00 34,165.35

1,448.28 5,400.00 3,789.12
(4,555.17) 16,070.00 22,060.67

2,000.00 5,500.00 3,500.00
12,610.19 70,970.00 63,515.14
1.00
(365.28) 4,217.00 3,748.11
1,275.00 34,308.00 32,269.00
2,441.00 19,446.00 13,889.00

(175.38) 3,240.00 3,582.01

0.00 0.00 0.00
236.76 1,020.00 698.24
852.31 5,004.00 4,369.38

0.00 0.00 0.00
238.10 1,896.00 1,567.70
4,502.51 69,131.00 60,123.44
1.00
1,441.17 8,611.00 7,731.77
381.23 2,300.00 1,681.66
(248.80) 1,440.00 1,568.80
(361.99) 540.00 891.99
1,500.00 3,000.00 3,000.00
794.46 4,200.00 3,130.92
70.00 150.00 90.00
408.16 1,820.00 1,783.68

(719.61) 3,600.00 4,548.20

148.92 1,400.00 1,198.14
155.00 355.00 155.00
267.68 600.00 364.64
0.00 0.00 0.00
(2,823.64) 14,555.00 7,773.64
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
1,012.58 42,571.00 33,918.44
1.00
(65.44) 29,581.00 46,738.84

505.25 9,060.00 8,598.15
519.25 2,760.00 1,821.75

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 21,278.72
7,680.34 63,676.00 78,437.46
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
(3,390.95) 134,836.00 138,793.17
0.00 0.00 0.00
0.00 0.00 0.00
2,354.94 2,800.00 218.96

0.00 0.00 0.00
0.00 0.00 0.00
(150.00) 0.00 150.00
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
(53.60) 3,060.00 107.20
0.00 0.00 0.00
0.00 0.00 0.00
(1,239.61) 140,696.00 139,269.33
1.00
40.18 40,500.00 39,928.33

0.00 0.00 0.00
(1,598.71) 23,604.00 23,944.34
12,614.85 240,000.00 227,219.20
(6,112.04) (163,200.00) (153,706.32)

10,063.93 37,400.00 17,997.79

0.00 0.00 0.00
(892.59) (25,696.00) (26,310.22)
0.00 0.00 0.00
1,042.71 12,108.00 11,304.95
1,308.09 7,837.00 16,691.00
0.00 0.00 0.00
16,466.42 172,553.00 147,709.90
1.00
0.00 0.00 0.00
0.00 0.00 0.00
(1,896.50) 0.00 1,896.50
(1,779.20) 0.00 2,018.75
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
(3,675.70) 0.00 3,915.25
1.00
(2.35) 362,256.00 362,258.82
0.00 0.00 0.00
72.13 58,200.00 58,118.34
(315.00) 684.00 1,542.00
0.00 0.00 0.00
(245.22) 421,140.00 421,919.16
55,488.97 1,386,542.00 1,322,695.63
141,698.01 1,984,350.00 2,148,544.95
1.00
1.65 1,443,999.00 1,279,042.02
0.00 0.00 0.00
1.45 1,040,004.00 1,040,002.26
0.00 0.00 0.00
3.10 2,484,003.00 2,319,044.28
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
(175.00) 365.00 1,810.00
(642.96) 2,400.00 2,842.96
(227.41) 0.00 227.41
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
1,000.00 12,000.00 10,000.00
(750.00) 39,000.00 40,700.00

0.00 0.00 0.00
(795.37) 53,765.00 55,580.37
1.00
2,653.98 16,846.00 11,318.02
(1,021.68) 0.00 2,043.36

(540.47) 1,800.00 540.47
1,807.80 66,000.00 58,553.53

38.59 1,450.00 2,682.82
411.68 1,734.00 1,701.32
126.75 1,017.00 2,840.21

0.00 0.00 0.00
3,514.41 11,899.00 25,676.79

0.00 0.00 0.00
0.00 0.00 0.00
6,991.06 100,746.00 105,356.52
1.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
147,896.80 (654,164.00) (331,436.22)
1.00
0.00 0.00 0.00
147,896.80 (654,164.00) 0.00
Courtney Downs Apartments
May 08
LEASING & OCCUPANCY

NUMBER OF MOVE INS: 28 INCOME THIS MONTH: $300,180.54
NUMBER OF MOVE OUTS: 17 INCOME LAST MONTH: $296,878.00
NET FOR THE MONTH: 11 DIFFERENCE: $4,129.23

TOTAL # GARAGES 120
# GARAGES OCCUPIED 107
OCCUPIED/LEASED %: 96.78%98.25% GARAGES OCCUPIED % 89%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:
Traffic Leased
APARTMENT GUIDE.COM 0 0 * Job Transfer 0
APARTMENT GUIDE 1 0 * Too expensive. 4
YELLOW PAGES 0 0 * Future/No Availability/Waiting list 3
OTHER. NET 15 4 * Just started looking. 6
BLUE BOOK 1 1 * Waiting for Home to Sell 9
RENT.COM 0 0 * Current Lease to Expire 0
LIVES IN AREA 1 3 * Needs Ground Floor 0
RESIDENT REFERRAL 8 2 * Moved Elsewhere 3
LOCATORS 6 6 * Will return with roommate or spouse 4
RENT.COM 14 2 * Realtor Looking for Client 0
WALK-IN 1 4 * Undecided 0
SIGNAGE 16 9 * Employment pending 2
BROUCHURE/FLYER 0 0 * House sale pending 0
* Rented at Competitor 1
TOTALS 63 31 TOTALS 32

CLOSING RATIO: 49%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* Took brochures and price sheets to Holiday 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 May.
* Took donunts with price sheets to Centennial hospital Human Resourses.
* Took brochures and prices to 24 Hour Fitness for employee break room.
* Brochures and donuts were taken to Go Motors staff.
* Met with David Weekly Home sales team with options of temporary housing for new home buyers.
* Dropped off muffins and brochures to US bank for the breakroom.
* Dropped off doughnuts and brochures to Hertz car rental.
* Took cookie and candy bag with flyer's to Sky Ridge Hospital.
* 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 $825 and three bedrooms starting at $1185.
Look and leases specials are 1/2 month off with a 12 to 13 month lease.
Overall market is 93.6% average occ.and rental rate of $827 per month.
RESIDENT RETENTION:
We had 27 leases expiring in the month of May. 10 renewed leases with a $36.50 increase.
Notices received; (4) buying homes, (5) out of state, (5) closer to work, (1) price increase, (1) roommate split
(1) moving back home.

INCIDENTS ON THE PROPERTY:
N/A
MAINTENANCE: ROUTINE REPLACEMENTS:
Number
Number of: Replaced Apt. #
MARKET READY UNITS 18 REFRIGERATORS 0
COMPLETE PAINTS 11 DISHWASHERS 1 13207
TOUCH UPS 7 WINDOWS 0
WORK ORDERS 157 A/C COMPRESSORS 1 13205
Pending Completed 0 CONDENSING UNITS 0
Misc 0 12 12 WATER HEATERS 0
Electrical 0 23 23 ICE MAKERS 1 19112
Punch 0 18 18 GARBAGE DISPOSALS 0
HVAC 0 16 16 MICROWAVES 0

6305, 12311, 9109, 16107, 4201,
Plumbing 0 53 53 CARPETS/vinyl 10 12310, 16204, 9110, 13305, 19102.
Property Ext. 0 0 0 CEILING FANS 0
Appliances 0 25 25 TOILETS 0
Safety 0 10 10 A/C FAN MOTORS 0
Total 0 157 157 COUNTER TOPS 0
ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0
9302-2, 19306-2, 16204-1, 9308-2,
12209-1, 13305-1, 16107-2, 9307-
2, 9109-1, 2310-2, 16108-2, 13301-
PLUMBING LEAKS 0 BLINDS 23 1, 4201-1, 10108-2, 4107-1.
TUBS RESURFACED 0
TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:
N/A

PROBLEM AREAS NEEDING ATTENTION:
Trickel pans need to be repaired
Cement work needed around the property
Powerwasher is needing repair.

CURRENT STAFF:

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

ACCOMPLISHMENTS FOR THE MONTH:
New BBQ grill for the pool area installed.
Flowers insatlled on the property.
Redesign landscaping of front entrance.
Courtney Downs
RENTAL SCHEDULE
May 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 0 0 9 3 6
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 0 0 0 0 0
B1 1BR 24 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 1 0 6 3 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 3 0 9 4 8
C1 2BR 44 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 1 0 10 5 6
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 1 1 3 1 2
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 2 0 2
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 7 2 39 16 28
* Net of Concessions
MARKET SURVEY
Courtney Downs
May-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
MARKET SURVEY
Courtney Downs
May-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 97 98.25% 95% 97% 0 0% 92% 94.30% 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 28 507 27 653 216 29 312 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.