1. Acquisition Rehab – Bonita Fountains aka Eaglewood Apartments, Orlando Florida

6. Trend Analysis – what is it worth? Projected NOI / Total Investment Value to Project Investment Projected NOI / cap rate Year 3 (2011) proj. value on NOI Projected Cash flow / cap rate Year 3 (2011) proj. value on cash flow Cap Rate determined by market Sale Cap Rate used in Model Project NOI Year 3 (2011) NOI - projected Cash flow at stabilization Y 3 Year 3 (2011) Cash Flow -projected Stabilized Valuation Cash flow on trailing 12 / purchase price Cap Rate on Trailing 12 mos. NOI Trailing 12 / purchase price Cap Rate on Trailing 12 mos. Cash Flow Income- Expense Trailing 12 months NOI Income – expenses and reserves Trailing 12 months Cash Flow XXXXXXXX Going In Purchase Price Acquisition Cap Rate Cap Rate Analysis

7. Trend Analysis – what is it worth? 104.6% Value to Project Investment $34,327,750 Year 3 (2011) proj. value on NOI $32,577,750 Year 3 (2011) proj. value on cash flow 8.00% Sale Cap Rate used in Model $2,746,220 Year 3 (2011) NOI - projected $2,606,220 Year 3 (2011) Cash Flow -projected Stabilized Valuation 4.09% Cap Rate on Trailing 12 mos. NOI 3.47% Cap Rate on Trailing 12 mos. Cash Flow $919,763 Trailing 12 months NOI $779,763 Trailing 12 months Cash Flow $22,500,000 Going In Purchase Price Acquisition Cap Rate Cap Rate Analysis