USA Courtney Downs LeaseCo, LLC

Balance Sheet
Books = Accrual
Jun 2008

ASSETS

Cash
Operating Cash 17,556.24
Total Cash $17,556.24

OTHER ASSETS
Accounts Receivable 3,270.84
Prepaid Expenses 28,805.26
Tax Escrow 80,457.35
Replacement Reserves 65,969.73
Capital / Repair Escrow 200,000.00
Total Other Assets 378,503.18

Total ASSETS 396,059.42

LIABILITIES & CAPITAL

LIABILITIES
Accounts Payable - Trade 161,895.14
Other Accounts Payable 928,437.05
Accrued Taxes 181,130.82
Prepaid Rent 6,083.02
Security Deposits 42,182.01
Notes Payable 20,673.11
Total Liabilities 1,340,401.15

CAPITAL

Owners Equity 100.00

Retained Earnings (944,441.73)
Total Capital (944,341.73)

Total LIABILITIES & CAPITAL 396,059.42

 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 Actual 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 297,252 295,197 294,829 294,994 296,658 296,653 305,250 305,131 304,686 304,342 304,117 303,954 3,603,063 10,535.27 11.48 364,160 4,585,841 13,408.89 14.61
- Vacancy (14,979) (13,515) (12,201) (15,566) (15,360) (16,776) (15,591) (15,591) (16,802) (19,995) (22,418) (23,078) (201,872) (590.27) (0.64) (43,000) (290,959) (850.76) (0.93)
- Concessions & Disc. (10,069) (8,145) (267) (7,022) (9,644) (9,354) (19,316) (21,188) (22,560) (23,621) (24,370) (24,994) (180,550) (527.92) (0.58) (80,000) (310,443) (907.73) (0.99)
- Other Write-offs & Adj. (14,603) (9,805) (5,576) (8,312) (6,419) (7,331) (6,693) (6,681) (6,663) (6,634) (6,614) (6,605) (91,937) (268.82) (0.29) (6,085) (111,511) (326.05) (0.36)
Total Rental Income 257,600 263,731 276,786 264,094 265,235 263,191 263,650 261,671 258,661 254,092 250,715 249,277 3,128,704 9,148.26 9.97 235,075 3,872,929 11,324.35 12.34

Other Income 27,835 34,204 26,056 32,784 34,945 32,874 28,000 27,910 23,739 22,628 24,013 20,220 335,208 980.14 1.07 19,000 399,422 1,167.90 1.27
Total Revenue 285,435 297,935 302,841 296,878 300,181 296,065 291,650 289,581 282,400 276,720 274,728 269,497 3,463,911 10,128.40 11.04 254,075 4,272,351 12,492.25 13.62

Operating Expenses
Salary Expense 30,826 28,089 25,841 26,731 21,154 25,364 38,046 31,434 30,692 29,929 30,554 30,059 348,718 1,019.64 1.11 37,759 448,111 1,310.27 1.43
Operating Expense 3,660 2,832 2,336 3,352 3,896 4,409 3,544 3,444 3,336 3,264 3,204 3,180 40,457 118.29 0.13 3,030 49,989 146.17 0.16
Advertising Expense 5,531 4,884 4,109 2,530 3,632 5,794 6,327 6,227 5,340 4,685 4,731 4,259 58,049 169.73 0.19 6,885 74,094 216.65 0.24
Make Ready Expense 3,627 3,404 4,423 7,268 4,005 6,515 6,819 6,819 6,289 5,961 5,102 4,850 65,081 190.30 0.21 7,500 82,724 241.88 0.26
Maintenance Expense 1,403 4,261 3,116 2,525 1,935 2,826 2,920 2,730 2,513 12,210 2,672 1,388 40,499 118.42 0.13 2,295 46,973 137.35 0.15
Service Expense 6,708 1,216 1,576 3,523 12,678 3,604 4,985 4,985 3,960 3,960 3,960 3,460 54,614 159.69 0.17 2,395 64,589 188.86 0.21
Administrative Expense 12,525 11,016 10,864 12,483 11,635 13,235 14,818 11,783 11,496 11,269 11,189 10,980 143,293 418.98 0.46 14,969 180,850 528.80 0.58
Utility Expense 4,914 13,395 17,315 1,952 12,928 7,131 16,930 16,130 16,228 16,240 11,437 11,491 146,090 427.16 0.47 10,900 180,346 527.33 0.57
Credit Card Fees 1,416 1,421 0 599 240 191 0 0 0 0 0 0 3,867 11.31 0.01
Taxes & Insurance 35,029 35,004 35,029 35,029 35,629 35,224 35,095 35,095 35,095 35,095 35,095 35,095 421,514 1,232.50 1.34 0 422,748 1,236.11 1.35
37,237 37,237 108.88 0.12
Total Operating Exp. 105,638 105,522 104,608 95,992 107,732 104,292 129,484 118,647 114,949 122,613 107,944 104,762 1,322,183 3,866.03 4.21
Net Operating Income 179,797 192,412 198,234 200,886 192,449 191,774 162,166 170,934 167,451 154,107 166,784 164,735 2,141,729 6,262.36 6.83 122,970 1,587,660 4,642.28 5.06
131,106 2,684,690 7,849.97 8.56
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 4,508 4,450 4,450 4,450 4,450 4,450 4,450 54,618 159.70 0.17 193,254 256,932 751.26 0.82
Capital Expense 9,734 2,903 11,566 6,943 7,872 13,807 17,804 6,600 6,259 6,000 5,000 5,000 99,488 290.90 0.32 0 109,779 320.99 0.35
3,300 3,300 9.65 0.01
Cash Flow Frm Operations (27,909) (8,283) (11,211) (4,098) (13,416) (43,360) (76,907) (56,935) (60,077) (73,162) (59,485) (61,534) (496,377) (1,451.40) (1.58)
(65,449) 2,314,679 6,768.07 7.38
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) 177 0 0 0 0 0 0 (2,928) 0 (2,928)
Prepaid Assets (50,394) 4,840 4,840 4,840 4,840 4,840 0 0 0 0 0 0 (26,192) 0 (26,192)
Escrow Deposits (35,800) (35,800) (35,800) 341,933 (37,985) (38,933) (7,125) 14,250 (7,125) (7,125) (7,125) (7,125) 136,239 0 121,989
(2,951) (2,951)
Cash Increase (Decreae) From Assets (88,090) (28,220) (40,732) 355,044 (35,592) (33,916) (7,125) 14,250 (7,125) (7,125) (7,125) (7,125) 107,119
(2,951) 89,918
Accounts Payable (22,965) 2,827 942 207 69,651 22,994 0 0 0 0 0 0 73,656
Accrued Expenses 20,453 31,811 51,607 (345,380) 44,376 16,001 0 0 0 0 0 0 (181,131) 0 (181,131)
Other Payables 920 2,385 345 1,665 (1,490) (150) 0 0 0 0 0 0 3,675 0 3,675
Mortgages Payable 48,905 (6,027) (5,836) (6,064) (6,293) (6,064) 0 0 0 0 0 0 18,620 0 18,620
0 0
Cash Increase (Decrease) From Liab. 47,313 30,997 47,058 (349,572) 106,245 32,780 0 0 0 0 0 0 (85,179)
0 (158,835)

NET CASH FLOW (68,685) (5,507) (4,886) 1,374 57,237 (44,496) (84,032) (42,685) (67,202) (80,287) (66,610) (68,659) (474,437)
CUMM. NET CASH FLOW 13,834 8,327 3,441 4,815 62,052 17,556 (66,476) (109,161) (176,363) (256,650) (323,260) (391,919) 181,601 2,495,762
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 June 30, 2008

MTD MTD YTD YTD Annual

Account Actual Budget $ Variance MTD Variance Comment Actual Budget $ Variance Budget YTD Variance Comment Filter

Revenue 0.01
Market Rent 295,420.00 297,830.00 (2,410.00) Market rent increase will reflect in July 1,770,279.00 1,780,140.00 (9,861.00) 3,587,640.00 4,143,669.00
Loss / Gain to Lease 1,233.00 8,157.00 (6,924.00) Variance reflects market rent verses 5,304.00 54,303.00 (48,999.00) 74,283.00 68,997.00
lease rents.
Gross Potential Rent 296,653.00 305,987.00 (9,334.00) 1,775,583.00 1,834,443.00 (58,860.00) 3,661,923.00 4,212,666.00
Prepaid Homeowners Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Residential Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Vacancy Loss (16,776.46) (17,809.00) 1,032.54 We achieved higher occupancythis (88,396.60) (139,950.00) 51,553.40 (253,425.00) (262,932.06)
month, our vacancy was 5.6% and we
were budgeted to be 5.8%.
Upfront Rent Concessions 0.00 (3,000.00) 3,000.00 No upfront concessions offered at this 7,576.58 (24,000.00) 31,576.58 (42,000.00) (19,423.42)
time.
Corporate Discount 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Delinquent Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Adjustments & W/O (3,080.11) (1,621.00) (1,459.11) We had one unit that skipped owing a (25,091.72) (9,470.00) (15,621.72) (18,910.00) (39,262.83)
full months rent.
Model Units (1,645.00) (1,980.00) 335.00 Rent will be increased in July. (11,210.00) (11,880.00) 670.00 (23,760.00) (26,715.00)
Courtesy Officer Apt. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Apartment (1,950.80) (1,935.00) (15.80) (11,985.77) (11,610.00) (375.77) (23,220.00) (27,481.57)
Housekeeping & Maintenance Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Guest Suite (655.00) (1,160.00) 505.00 Unit was rented for three nights. (3,760.00) (6,960.00) 3,200.00 (13,920.00) (12,535.00)
Lease Term Concessions (9,354.20) (14,444.00) 5,089.80 We have been able to reduce the (52,077.85) (87,838.00) 35,760.15 (205,887.00) (163,714.05)
amount of concessions offered due to
higher occupancy.
Homeowner's Assn Dues Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Homeowner Dues Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Model Units 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lease Contract Difference 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Rental Income $263,191.43 $264,038.00 $(846.57) $1,590,637.64 $1,542,735.00 $47,902.64 $3,080,801.00 3,660,602.07
1.00
Laundry Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Vending Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Covered Parking Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Late Charges & NSF Fees 1,736.73 1,925.00 (188.27) 13,239.25 10,472.00 2,767.25 21,791.00 27,372.98
Month to Month Premium 1,815.00 750.00 1,065.00 Two month to month fees budgeted, 6,689.07 3,750.00 2,939.07 9,450.00 13,004.07
actual collected was five.
Storage Fees 1,100.32 920.00 180.32 7,135.55 4,960.00 2,175.55 11,120.00 14,115.87
Repair & Maintenance Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Application Fees 2,600.00 2,107.00 493.00 We had 42 applications budgeted and 10,800.00 9,800.00 1,000.00 19,796.00 25,307.00
actual collected was 52.
Termination Fees & Damages 2,500.00 2,700.00 (200.00) 18,292.11 8,100.00 10,192.11 13,500.00 31,592.11
Miscellaneous Income 1,476.99 600.00 876.99 This includes collection of 17 credit 6,522.68 3,500.00 3,022.68 8,000.00 12,099.67
card fees and 16 utility transfer fees.
Renters Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Income 0.00 0.00 0.00 0.00 3,489.00 (3,489.00) 3,489.00 3,489.00
Pet Rents & Fees 3,901.68 4,200.00 (298.32) Fewer pets moved in this month. 21,427.99 21,000.00 427.99 41,160.00 50,529.67
Tower Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asset Management Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Parking Spaces Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Homeowners Assessments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Garage Income 6,829.00 6,790.00 39.00 42,033.37 40,740.00 1,293.37 81,480.00 96,392.37
Water/Sewer Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable/Telephone Income 0.00 475.00 (475.00) Cable income check is quarterly and 9,856.49 2,850.00 7,006.49 5,700.00 13,181.49
we received that last month.
HOA Contributions Developer 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Developer HOA Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Forfeited Deposits 0.00 500.00 (500.00) No deposits forfeited this month. 900.00 2,200.00 (1,300.00) 4,100.00 3,600.00
Developer Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Income Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Thunder Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Administration Fee 4,500.00 3,920.00 580.00 Collected 30 administration fees when 21,750.00 16,940.00 4,810.00 33,880.00 47,110.00
budgeted for 26.
Move-Out Charges 5,614.30 2,400.00 3,214.30 More damages at move out than 26,621.60 15,600.00 11,021.60 30,000.00 50,235.90
anticipated.
Short Term Lease Fees 800.00 625.00 175.00 3,344.74 2,875.00 469.74 6,625.00 7,644.74
Extra-Ordinary Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Corporate Rent 0.00 0.00 0.00 85.00 0.00 85.00 0.00 85.00
Corporate Units - expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Revenue 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
HOA Developer Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Acquisition Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - C.A.M. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Condo Sales 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Other Income 32,874.02 27,912.00 4,962.02 188,697.85 146,276.00 42,421.85 290,091.00 395,759.87
1.00
Total Revenue $296,065.45 $291,950.00 $4,115.45 $1,779,335.49 $1,689,011.00 $90,324.49 $3,370,892.00 4,056,361.94
1.00
Expense 1.00
Managers Salary 10,294.54 12,689.00 2,394.46 Shorter payrolls due to conversion to 64,224.93 76,134.00 11,909.07 154,548.00 163,342.47
biweekly pay.
Salaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Maintenance Salary 10,707.96 11,403.00 695.04 Shorter payrolls due to conversion to 66,373.03 68,418.00 2,044.97 138,888.00 156,901.99
biweekly pay.
Salary - Administrative 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Commissions & Bonus 3,543.75 5,305.00 1,761.25 We paid out fewer new move ins and 22,257.63 23,735.00 1,477.37 46,633.00 54,841.38
renewals this month.
Payroll Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Group Insurance 180.22 1,720.00 1,539.78 We have less participants for our 3,641.73 10,320.00 6,678.27 20,640.00 15,861.95
insurance program then what was
anticipated in the budget.
Disability Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
401k Match 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Contract Labor 637.26 0.00 (637.26) We used a temp in the office due to 1,507.03 3,000.00 1,492.97 5,000.00 5,144.29
one open position for a short time.
Workers Comp 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Salary Expense 25,363.73 31,117.00 5,753.27 158,004.35 181,607.00 23,602.65 365,709.00 396,092.08
1.00
Office Operations & Supplies 1,790.23 850.00 (940.23) Old office supply bill unpaid from 3,443.59 5,100.00 1,656.41 10,200.00 11,183.82
month ago of $1400. Favorable YTD.
Telephones 795.62 743.00 (52.62) 5,475.26 4,458.00 (1,017.26) 8,916.00 11,471.88
Answering Svc. & Pagers 125.83 98.00 (27.83) 685.98 588.00 (97.98) 1,176.00 1,497.81
Postage & Delivery 198.90 211.00 12.10 1,120.06 1,266.00 145.94 2,532.00 2,795.96
Patrol Services 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Membership Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Publications & Subscriptions 157.00 114.00 (43.00) 1,498.08 684.00 (814.08) 1,368.00 2,453.08
Conventions/Seminars 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Training 222.58 350.00 127.42 1,771.68 2,050.00 278.32 4,150.00 4,394.26
Furniture Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 Car Expenses 0.00 38.00 38.00 0.00 228.00 228.00 456.00 266.00
Permits & Fees 0.00 0.00 0.00 16.00 0.00 (16.00) 0.00 16.00
Credit Checks 601.20 516.00 (85.20) 3,190.55 2,400.00 (790.55) 4,848.00 6,707.75
Guest Suite Expense 517.26 600.00 82.74 3,283.34 3,350.00 66.66 6,450.00 7,750.60
Parking Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expense 4,408.62 3,520.00 (888.62) 20,484.54 20,124.00 (360.54) 40,096.00 48,537.16
1.00
Advertising & Promotions 2,571.62 3,500.00 928.38 Savings due to dropping of Apartment 10,354.54 25,000.00 14,645.46 44,000.00 41,426.16
Guide advertising.
Resident Promotions 267.20 400.00 132.80 1,118.92 2,700.00 1,581.08 5,400.00 4,486.12
Locators 2,705.65 1,705.00 (1,000.65) Five locators budgeted and we had 14,256.82 8,701.00 (5,555.82) 16,070.00 27,368.47
eight referrals.
Resident Referrals 250.00 500.00 250.00 We had one resident referral. 750.00 3,000.00 2,250.00 5,500.00 4,500.00
Total Advertising Expense 5,794.47 6,105.00 310.53 26,480.28 39,401.00 12,920.72 70,970.00 77,780.75
1.00
Paint & Drywall (3.75) 405.00 408.75 No paint supplies or contract work 1,837.53 1,881.00 43.47 4,217.00 4,119.78
needed this month. In house staff
painted the units.
 Contract Cleaning Svcs. 3,050.00 2,859.00 (191.00) We had more turns this month than 16,070.00 17,154.00 1,084.00 34,308.00 39,133.00
budgeted.
Carpet Cleaning & Repairs 2,419.00 1,868.00 (551.00) We had more turns this month than 6,786.00 8,676.00 1,890.00 19,446.00 19,749.00
budgeted.
Window Coverings 278.96 270.00 (8.96) 1,804.34 1,620.00 (184.34) 3,240.00 3,973.30
Vinyl & Tile Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lock & Keys 46.85 85.00 38.15 235.09 510.00 274.91 1,020.00 876.94
Counter & Tub Resurfacing 353.31 417.00 63.69 1,586.00 2,502.00 916.00 5,004.00 4,858.31
Other Redecorating 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cleaning Supplies 370.14 158.00 (212.14) More turns this month, Includes 922.04 948.00 25.96 1,896.00 2,398.18
purcahse of doggy bags for the pet
stations.
Total Make Ready Expense 6,514.51 6,062.00 (452.51) 29,241.00 33,291.00 4,050.00 69,131.00 75,108.51
1.00
General Maintenance & Supplies 834.38 720.00 (114.38) 3,301.21 4,628.00 1,326.79 8,611.00 9,483.59
HVAC Parts & Repairs 55.39 350.00 294.61 We had no repairs this month. 524.16 1,200.00 675.84 2,300.00 2,129.55
Plumbing Parts & Repairs 185.72 120.00 (65.72) 1,034.52 720.00 (314.52) 1,440.00 2,060.24
Electric Parts & Repairs 50.36 50.00 (0.36) 652.35 290.00 (362.35) 540.00 1,042.71
Roof & Gutter Repairs 0.00 1,500.00 1,500.00 No repairs needed at this time. 0.00 3,000.00 3,000.00 3,000.00 4,500.00
Pools & Fountains 537.57 600.00 62.43 1,243.11 2,100.00 856.89 4,200.00 4,480.68
Gates & Entrances 0.00 20.00 20.00 0.00 90.00 90.00 150.00 110.00
Glass & Screens 239.19 0.00 (239.19) Needed new screens for turns due to 611.03 780.00 168.97 1,820.00 1,630.22
damage.
Appliance Parts & Repairs 915.84 300.00 (615.84) Two microwave doors for turns, drip 3,135.45 1,800.00 (1,335.45) 3,600.00 6,151.29
pans, brackets for fridges.
Hardware 7.18 120.00 112.82 458.26 720.00 261.74 1,400.00 1,305.44
Exterior Painting 0.00 100.00 100.00 0.00 255.00 255.00 355.00 355.00
Uniforms 0.00 0.00 0.00 32.32 300.00 267.68 600.00 332.32
Elevator Service & Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Security & Fire Systems 0.00 5.00 5.00 5,073.64 2,255.00 (2,818.64) 14,555.00 7,333.64
Uninsured Losses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Locks & Keys 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bulbs & Ballasts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Maintenance Expense 2,825.63 3,885.00 1,059.37 16,066.05 18,138.00 2,071.95 42,571.00 40,914.68
1.00
Landscape & Grounds 2,446.05 3,000.00 553.95 Monthly service only this month. 17,092.49 17,581.00 488.51 29,581.00 40,119.54
Trash Removal 1,020.75 755.00 (265.75) One extra pick up for the month of 4,290.50 4,530.00 239.50 9,060.00 10,596.25
June.
Pest Control 137.00 305.00 168.00 642.75 1,330.00 687.25 2,760.00 2,414.75
Security Patrols 0.00 925.00 925.00 None used at this time. 0.00 925.00 925.00 2,775.00 1,850.00
Window Cleaning Svc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interior Cleaning Svc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable Television 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Snow Removal 0.00 0.00 0.00 7,278.72 14,000.00 6,721.28 19,500.00 21,278.72
Total Service Expense 3,603.80 4,985.00 1,381.20 29,304.46 38,366.00 9,061.54 63,676.00 76,259.26
1.00
Expenses - CAM - Electric 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Water/Sewer 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Grounds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Trash Removal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Cleaning Svcs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Insurance 0.00 0.00 0.00 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 0.00 0.00 0.00
Total CAM Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00
Management Fees 11,830.72 11,678.00 (152.72) Based on % of collections. 71,104.67 67,561.00 (3,543.67) 134,836.00 162,174.39
No Name 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
No Name 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Legal Fees 601.90 200.00 (401.90) Nine evictions filed and two budgeted (353.04) 1,600.00 1,953.04 2,800.00 2,048.86
for.
Accounting Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Postage & Delivery 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bank Charges 802.36 0.00 (802.36) Reflects four months of bank charges. 952.36 0.00 (952.36) 0.00 1,754.72

Partnership Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Administrative Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Travel Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Activities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Printing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Computer Consulting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Computer Expense 0.00 0.00 0.00 53.60 0.00 (53.60) 3,060.00 53.60
Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Development Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Admin. Expense 13,234.98 11,878.00 (1,356.98) 71,757.59 69,161.00 (2,596.59) 140,696.00 166,031.57
1.00
Electricity 2,551.94 3,500.00 948.06 We had lower cost than anticipated in 19,261.76 20,250.00 988.24 40,500.00 45,563.70
the budget.
Electricity Gas - Resident 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Natural Gas 2,668.28 1,967.00 (701.28) Due to higher gas prices our expense 14,101.99 11,802.00 (2,299.99) 23,604.00 30,539.27
has increased.
Water & Sewer 17,130.91 20,000.00 2,869.09 Based on actual expense. 104,516.06 120,000.00 15,483.94 240,000.00 261,646.97
Water & Sewer - Resident Reimb (16,985.04) (13,600.00) 3,385.04 As of June 1st we started collecting (78,873.00) (81,600.00) (2,727.00) (163,200.00) (191,058.04)
the reimbursement in house which has
improved the collections.
Water - irrigation 3,178.50 5,800.00 2,621.50 We had lower cost than anticipated in 3,914.57 16,600.00 12,685.43 37,400.00 29,493.07
the budget.
Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (2,375.40) (2,012.00) 363.40 Residents pay a flat rate fee. (13,094.81) (13,624.00) (529.19) (25,696.00) (31,106.21)
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 599.49 920.00 320.51 Savings due to higher occupancy. 4,946.78 6,310.00 1,363.22 12,108.00 12,776.27
Utility - Vacant Gas 362.16 552.00 189.84 Savings due to higher occupancy. 2,861.07 4,359.00 1,497.93 7,837.00 17,659.00
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 7,130.84 17,127.00 9,996.16 57,634.42 84,097.00 26,462.58 172,553.00 165,989.26
1.00
Management Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Management Fees-MRLL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Legal Fees 0.00 0.00 0.00 1,896.50 0.00 (1,896.50) 0.00 1,896.50
Credit Card Fees 191.14 0.00 (191.14) Actual credit card fee for the month. 1,970.34 0.00 (1,970.34) 0.00 2,161.48
Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bank Adjustments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Professional Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Late Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
HOA Assessment Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fiduciary Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Custodial Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Thunder Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounting Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Management Expense 191.14 0.00 (191.14) 3,866.84 0.00 (3,866.84) 0.00 4,057.98
1.00
Property Taxes 30,188.47 30,188.00 (0.47) 181,130.82 181,128.00 (2.82) 362,256.00 422,635.29
Franchise Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Insurance 5,035.65 4,850.00 (185.65) 29,213.52 29,100.00 (113.52) 58,200.00 68,199.17
Tax Consultants 0.00 57.00 57.00 600.00 342.00 (258.00) 684.00 999.00
MIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Taxes & Insurance 35,224.12 35,095.00 (129.12) 210,944.34 210,570.00 (374.34) 421,140.00 491,833.46
Total Operating Expenses 104,291.84 119,774.00 15,482.16 623,783.87 694,755.00 70,971.13 1,386,542.00 1,542,604.71
NET OPERATING INCOME 191,773.61 172,176.00 19,597.61 1,155,551.62 994,256.00 161,295.62 1,984,350.00 2,513,757.23
1.00
Base Rent - Interest Payment 106,586.67 106,586.67 0.00 639,520.02 639,521.67 1.65 1,420,433.67 1,492,215.03
Base Rent - Principal Payment 23,565.33 23,565.33 0.00 23,565.33 23,565.33 0.00 23,565.33 94,261.32
Stated Rent 86,666.71 86,667.00 0.29 520,000.26 520,002.00 1.74 1,040,004.00 1,213,335.97
Office Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Rent Expense 216,818.71 216,819.00 0.29 1,183,085.61 1,183,089.00 3.39 2,484,003.00 2,799,812.32
1.00
Mortgage Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loan Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Debt Service 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00
Partnership Legal Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Partnership Accounting Fees 0.00 0.00 0.00 540.00 365.00 (175.00) 365.00 905.00
Partnership Travel 255.51 200.00 (55.51) 1,898.47 1,200.00 (698.47) 2,400.00 3,553.98
Partnership - Meals 52.40 0.00 (52.40) 279.81 0.00 (279.81) 0.00 332.21
Partnership Fees - Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Partnership Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Due Diligence Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dead Deal Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asset Management Fees 0.00 1,000.00 1,000.00 None booked at this time. 4,000.00 6,000.00 2,000.00 12,000.00 11,000.00
Investor Administration Fee 4,200.00 3,250.00 (950.00) Investor reporting fee. 21,200.00 19,500.00 (1,700.00) 39,000.00 48,150.00
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 4,507.91 4,450.00 (57.91) 27,918.28 27,065.00 (853.28) 53,765.00 63,941.19
1.00
Exterior Rehab 0.00 1,215.00 1,215.00 Did not replace utility doors yet. 2,852.02 6,721.00 3,868.98 16,846.00 10,788.02
Interior Rehab 0.00 0.00 0.00 1,021.68 0.00 (1,021.68) 0.00 1,021.68
HVAC Replacement 0.00 600.00 600.00 No repairs needed at this time. 540.47 600.00 59.53 1,800.00 1,740.47
Carpet & Floor Replacement 10,149.40 6,000.00 (4,149.40) Budgeted for five carpets and we 34,341.60 32,000.00 (2,341.60) 66,000.00 82,491.00
replaced nine, and had two end of
month bills from May come in for
payment in June.
Refrigerators 0.00 0.00 0.00 651.41 690.00 38.59 1,450.00 1,341.41
Dishwashers & Ranges 0.00 259.00 259.00 485.32 1,156.00 670.68 1,734.00 1,900.32
Washers / Dryers 0.00 0.00 0.00 890.25 1,017.00 126.75 1,017.00 1,907.25
Fire Alarm Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 Other Capital Improvements 3,657.50 0.00 (3,657.50) BBQ installed for the pool area, A/C 12,042.09 11,899.00 (143.09) 11,899.00 27,598.59
repaired for #13204, replaced the pool
pump and installed a new water meter
gage.
Boiler Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Roof Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Capital Expenses 13,806.90 8,074.00 (5,732.90) 52,824.84 54,083.00 1,258.16 100,746.00 128,788.74
1.00
Casualty Losses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Casualty Recovery 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Casualty Loss 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NET INCOME (LOSS) (43,359.91) (57,167.00) 13,807.09 (108,277.11) (269,981.00) 161,703.89 (654,164.00) (478,785.02)
1.00
Rental Guarantee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(43,359.91) (57,167.00) 13,807.09 (108,277.11) (269,981.00) 161,703.89 (654,164.00) 0.00
 Courtney Downs Apartments
June 08
LEASING & OCCUPANCY

NUMBER OF MOVE INS: 16 INCOME THIS MONTH: $296,065.00

NUMBER OF MOVE OUTS: 20 INCOME LAST MONTH: $300,181.00
NET FOR THE MONTH: -4 DIFFERENCE: -$4,116.00

TOTAL # GARAGES 120

# GARAGES OCCUPIED 108
OCCUPIED/LEASED %: 96%99% GARAGES OCCUPIED % 90%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:

Traffic Leased
APARTMENT GUIDE.COM 4 1 * Job Transfer 0
APARTMENT GUIDE 0 0 * Too expensive. 0
YELLOW PAGES 0 0 * Future/No Availability/Waiting list 6
OTHER. NET 13 4 * Just started looking. 10
BLUE BOOK 15 4 * Waiting for Home to Sell 0
RENT.COM 12 2 * Current Lease to Expire 0
LIVES IN AREA 10 6 * Needs Ground Floor 0
RESIDENT REFERRAL 9 3 * Moved Elsewhere 0
LOCATORS 10 5 * Will return with roommate or spouse 14
RENT.COM 0 0 * Realtor Looking for Client 0
WALK IN 0 0 * Undecided 11
SIGNAGE 17 6 * Employment pending 5
BROCHURE/FLYER 0 0 * House sale pending 9
* Rented at Competitor 4
TOTALS 90 31 TOTALS 59

CLOSING RATIO: 35%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* Took brochures and price sheets to Parker Adventist.

* Took cookie bags with brochures and price sheets to Holiday Inn.
* Updated all internet ads with new pricing and specials for the month of June.
* Took donuts with price sheets to Centennial hospital Human Resources.
* Took brochures and prices to Curves Fitness for employee break room.
* Brochures and donuts were taken to Chrysler Motors staff.
* Met with Richmond Home sales team with options of temporary housing for new home buyers.
* Dropped off muffins and brochures to Wells Fargo bank for the break room.
* Dropped off doughnuts and brochures to Hertz car rental.
* Took cookie and candy bag with flyer's to United Artist Theaters staff.
* 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 $715, two bedrooms at $840 and three bedrooms starting at $1205.
Look and leases specials are 1/2 month off with a 12 to 13 month lease.
Overall market is 94.2% average occ.and rental rate of $836 per month.
RESIDENT RETENTION:
We had 39 leases expiring in the month of June. 18 renewed leases with a $42.83 increase.
Notices received; (3) buying homes, (5) out of state, (5) closer to work, (2) price increase, (1) roommate split
(4) transferring on site, (1) requested by management..

INCIDENTS ON THE PROPERTY:

Child in apartment #7111 near drowning. Reported to the insurance company.
Few cars broken into.

MAINTENANCE: ROUTINE REPLACEMENTS:

Number
Number of: Replaced Apt. #
MARKET READY UNITS 19 REFRIGERATORS 0
COMPLETE PAINTS 12 DISHWASHERS 0
TOUCH UPS 7 WINDOWS 0
WORK ORDERS 164 A/C COMPRESSORS 0
Pending Completed 0 CONDENSING UNITS 0
Misc 0 11 11 WATER HEATERS 0
Electrical 0 32 32 ICE MAKERS 1 19103
Punch 0 19 19 GARBAGE DISPOSALS 0
HVAC 0 23 23 MICROWAVES 0
6304, 2206, 12104, 7102, 6103,
Plumbing 0 62 62 CARPETS/vinyl 9 2105, 7309, 13101, 13204.
Property Ext. 0 0 0 CEILING FANS 0
Appliances 0 17 17 TOILETS 0
Safety 0 0 0 A/C FAN MOTORS 0
Total 0 164 164 COUNTER TOPS 0
ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0
2209-2, 10103-2, 19302-1, 6304-1,
12112-3, 10205-2, 2206-2, 19310-
1, 16302-1, 10201-2, 9207-2,
PLUMBING LEAKS 0 BLINDS 24 12104-1, 7102-2, 12207-2.
TUBS RESURFACED 0
TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:

N/A

PROBLEM AREAS NEEDING ATTENTION:

Gypcrete areas needing repair.
Trickel pans needing repair.
Paint peeling and dry rot on some trim.

CURRENT STAFF:

Manager Nancy Howland

Assistant Manager Carrie McMillan
Leasing Consultant Adreyanna Black
Leasing Consultant Kate Hawkins
Maintenance Supervisor Gabriel Tellez
Assistant Maintenance Russell Briley
Maintenance/ Grounds Jorge Chavez and Jorge Bernal

ACCOMPLISHMENTS FOR THE MONTH:

Soded pet damaged areas.
Repaired and painted tombstone on Bronco's parkway.
Repaired grate outside pool area, trip hazard.
Maintained 9% occupancy.
 MARKET SURVEY
Courtney Downs
June-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
June 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 3 3 13 6 7
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 1 0 1
B1 1BR 24 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 1 1 5 3 2
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 5 3 10 5 7
C1 2BR 44 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 2 2 13 3 10
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 4 3 1
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 2 1 5 1 5
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 14 11 51 21 33
* Net of Concessions
 MARKET SURVEY
Courtney Downs
June-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 1.03 725 779 0.93 715 627 1.14 705 685 1.03 700 768 0.91 695 707 0.98 690 763 0.90
1B1B (B) 850 808 1.05 805 853 0.94 740 701 1.06 800 705 1.02 715 842 0.85 700 796 0.88 710 763 1.05
1B1B w/study 750 910 0.82 820 811 0.91 805 760 1.03 720 992 0.73 710 916 0.78
1B
1B
1B w/loft
1B1B w/study 835 956 0.87 900 1051 0.86
2B2B (E) 875 977 0.90 925 1105 0.84 915 1044 0.88 915 1120 0.82 805 1115 0.72 800 1033 0.77 810 1037 0.78
2B2B (F) 900 1030 0.87 940 1192 0.79 960 1196 0.80 815 1220 0.67 830 1093 0.76 825 1037 1.23
2B2B (G) 925 1030 0.90 980 1180 0.83
2B2B (H)
2B2B
2B w/study
2B2B TH
2B2B TH
3B2B 1,160 1140 1.02 1185 1398 0.85 1215 1330 0.91 985 1230 0.80 1000 1356 0.74 1005 1235 0.81 925 1257 0.74
3B2B 1205 1398 0.91 1055 1235 1.04 1015 1257 1.10

% occ /leased 96 99.42% 96% 99% 0 0% 93% 94.20% 91.4% 90% 92.1% 94% 92.5% 96%
Avg PSF 1 0.94 0.88 0.93 0.93 0.77 0.86 0.97
Avg Rents 884 1114 994 808 793 1131 995
/ Avail)
Units(Total 342 25 507 17 653 216 34 312 45 360 26 0 168 10

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.