SANDPIPER APARTMENTS-LIMITED AVAILABILITY REMAINING

We are pleased to offer the Sandpiper Apartments San Diego LP (SPSD) as an Equity Investment. The owners of this property were highly motivated to sell this property quickly and accepted our offer even though it was 15% below our competition, due to the surety of closing. The property is located right in the middle of Mission Beach. Sandpiper is in one of the most desirable locations to live in all of San Diego, due to its superior beach living and easy access to downtown San Diego. The project while maintained correctly has not seen any major improvements. As a result rents are more than 30% below what the market will bear. Most of our renovations will be superficial and will take only 6 to 9 months and we will create one of the best living environments in all of Mission Beach.