Courtney Downs August 2006

8/14/2019 Courtney Downs August 2006

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USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualAug 2006

SETS

111,281.74ts 71,375.06

$182,656.80

vable (1,784.32)

es 35,248.04158,086.29

eserve 67,688.44 Escrow 200,000.00

sets 459,238.45

641,895.25

S & CAPITAL

le - Trade 90,640.71

Payable 552,062.55219,968.02

4,241.94ts 71,375.06

62.65938,350.93

100.00gs (296,555.68)

(296,455.68)

ES & CAPITAL 641,895.25


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USA Courtney Downs LeaseCo, LLCCash Flow (Actual + Budget)

Books = AccrualFor the 12 Months Ending Dec 2006

Jan 2006 Feb 2006 Mar 2006 Apr 2006 May 2006 Jun 2006 Jul 2006 Aug 2006 Sep 2006 Oct 2006 Nov 2006 Dec 2006 12 Month $ / $ /

Actual Actual Actual Actual Actual Actual Actual Actual Reforecast Reforecast Reforecast Reforecast Total Unit Sq. Ft.342 313,778

356,941 356,261 353,425 356,370 356,790 352,042 356,753 356,720 360,554 364,160 364,160 364,160 4,298,336 12,568.23 13.70(50,457) (41,504) (32,721) (25,521) (27,566) (20,448) (24,375) (29,656) (26,000) (36,416) (40,058) (40,058) (394,780) (1,154.33) (1.26)

(80,765) (83,296) (83,632) (87,552) (89,252) (91,481) (83,568) (82,402) (80,000) (80,000) (75,000) (75,000) (991,947) (2,900.43) (3.16)(5,393) (4,621) (13,129) (3,761) (3,761) (3,761) (8,525) (4,902) (6,085) (6,085) (6,085) (6,085) (72,192) (211.09) (0.23)

220,326 226,840 223,943 239,537 236,211 236,353 240,285 239,760 248,469 241,659 243,017 243,017 2,839,417 8,302.39 9.05

26,619 1 9,852 32,398 25,588 26,964 20,730 2 0,479 29,442 20,445 20,445 20,445 20,445 283,851 829.97 0.90246,945 246,692 256,342 265,125 263,175 257,083 260,764 269,202 268,914 262,104 263,462 263,462 3,123,269 9,132.36 9.95

31,314 27,779 25,751 34,224 28,896 30,735 32,813 30,497 24,299 24,299 24,299 37,759 352,665 1,031.18 1.124,125 1,829 4,155 2,418 3,488 1,785 4,044 1,759 3,030 3,030 3,030 3,030 35,723 104.45 0.11

10,172 7,867 8,790 12,875 9,217 4,566 9,311 9,128 5,860 6,385 5,860 6,885 96,916 283.38 0.31

2,824 1,468 6,877 3,034 6,347 6,868 4,319 6,576 8,200 7,900 7,500 7,500 69,414 202.97 0.22484 2,348 2,996 938 1,390 2,786 4,753 1,518 2,295 13,595 2,295 2,295 37,692 110.21 0.12

2,095 (1,911) 750 1,089 7,856 6,550 3,601 3,942 6,640 4,640 4,640 2,395 42,287 123.65 0.1315,018 14,773 20,876 15,092 17,309 15,941 18,145 18,942 15,067 15,084 15,469 14,969 196,687 575.11 0.63

17,811 10,978 5,261 9,118 8,907 9,673 13,946 10,892 16,655 16,590 10,900 10,900 141,631 414.12 0.451,732 605 (2,311) 0 (26) 0 0 0 0 0 0 0 0 0.00 0.00

34,178 39,883 33,892 33,962 41,050 36,561 34,740 35,107 33,891 37,237 37,237 37,237 434,971 1,271.85 1.39

119,755 105,619 107,036 112,750 124,435 115,464 125,672 118,359 115,937 128,760 111,230 122,970 1,407,987 4,116.92 4.49

127,190 141,073 149,305 152,375 138,740 141,618 135,092 150,842 152,977 133,345 152,233 140,493 1,715,282 5,015.44 5.47

193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,254 193,254 193,254 193,254 2,319,043 6,780.83 7.391,511 40 324 595 169 0 0 0 0 0 0 0 2,639 7.72 0.013,871 (782) 8,204 6,055 3,698 14,150 7,730 3,637 6,600 6,600 3,300 3,300 66,362 194.04 0.21

(71,445) (51,438) (52,476) (47,528) (58,381) (65,785) (65,891) (46,048) (46,877) (66,510) (44,322) (56,062) (672,762) (1,967.14) (2.14)

66,280 58,055 58,308 42,302 0 0 0 55,178 45,798 46,086 52,896 50,042 474,945

792 (2,230) (4,698) 2,407 6,708 2,152 4,182 3,545 0 0 0 0 12,8599,672 (940) (590) 4,549 (4,100) (8,512) 14,748 7,299 0 0 0 0 22,125

372 (275) 86 156 1,384 280 7,106 7,106 0 (30,110) 0 0 (13,894)

(34,325) (34,325) (34,325) (34,325) 324,584 (30,394) (30,394) (30,394) 26,264 (2,951) (2,951) (2,951) 113,513

(23,489) (37,770) (39,527) (27,213) 328,577 (36,473) (4,358) (12,444) 26,264 (33,061) (2,951) (2,951) 134,604

(5,209) 4,548 22,679 5,948 (1,420) 65,950 8,685 30,633 (74,190) 0 0 0 57,624

34,702 17,279 26,292 32,763 (282,521) 115,337 25,645 23,477 0 0 0 0 (7,028)1,398 6,448 1,789 (2,315) (5,212) (3,153) (2,593) (5,234) 0 0 0 0 (8,871)

0 (763) (382) (382) (382) (701) (382) 0 0 0 0 0 (2,991)

30,890 27,511 50,377 36,014 (289,534) 177,433 31,355 48,877 (74,190) 0 0 0 38,734

2,236 (3,642) 16,682 3,574 (19,338) 75,176 (38,893) 45,563 (49,005) (53,484) 5,624 (8,971) (24,479)

29,014 25,372 42,054 45,628 26,290 101,466 62,573 108,136 59,130 5,646 11,270 2,299

UnSq. Ft.

## 384807

ba 160 146,080

cas 356 384,807

ce 300 274,080co 257 254,074

jac 247 221,730

lee 10 22,160

re 428 398,868

ric 5 24,952

par 300 305,832

pol 440 403,761

sat 440 548,750

sw 240 264,892

tra 280 286,056

vlg 120 108,276

wa 284 254,103

we 12 48,309

wi 346 433,196

us 280 299,111us 284 254,103

eb 2006 Mar 2006 Apr 2006 May 2006 Jun 2006 Jul 2006 Aug 2006 Sep 2006 Oct 2006 Nov 2006 Dec 2006

NET CASH FLOW CUMM. NET CASH FLOW


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y 50%

y 50%

y 50%

eduction in tax escrow due to overage




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USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending August 31, 2006

MTD MTD YTD YTD AnnualActual Budget $ Variance TD Variance Comment Actual Budget $ Variance Budget YTD Variance Comment

355,720.00 356,985.00 (1,265.00) 2,845,760.00 2,849,500.00 (3,740.00) 4,302,534.001,000.00 0.00 1,000.00 (440.00) 0.00 (440.00) 0.00

356,720.00 356,985.00 (265.00) 2,845,320.00 2,849,500.00 (4,180.00) 4,302,534.00ues 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 (18.00) 0.00 (18.00) 0.00(29,656.48) (28,559.00) (1,097.48) (252,248.47) (241,408.00) (10,840.47) (390,390.00)

ns 0.00 (2,000.00) 2,000.00 (105,908.03) (16,000.00) (89,908.03) (24,000.00)

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

(1,141.20) (500.00) (641.20) (16,040.10) (4,000.00) (12,040.10) (6,000.00)

(1,980.00) (1,980.00) 0.00 (15,840.00) (15,840.00) 0.00 (23,760.00)0.00 (575.00) 575.00 (1,725.00) (4,600.00) 2,875.00 (6,900.00)

(1,780.80) (1,900.00) 119.20 (14,246.40) (15,200.00) 953.60 (22,800.00)nance Fe 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 (1,130.00) 1,130.00 0.00 (9,040.00) 9,040.00 (13,560.00)

s (82,401.55) (85,817.00) 3,415.45 (576,038.65) (682,785.00) 106,746.35 (1,019,064.00)

s Income 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

ce 0.00 0.00 0.00 0.00 0.00 0.00 0.00$239,759.97 $234,524.00 $5,235.97 $1,863,255.35 $1,860,627.00 $2,628.35 $2,796,060.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 68.00 (68.00) 221.20 544.00 (322.80) 816.00

e 0.00 0.00 0.00 0.00 0.00 0.00 0.00es 1,790.00 2,300.00 (510.00) 13,676.45 18,400.00 (4,723.55) 27,600.00

m 155.00 300.00 (145.00) 1,357.23 2,400.00 (1,042.77) 3,600.00645.13 1,300.00 (654.87) 7,220.35 10,400.00 (3,179.65) 15,600.00

ees 0.00 0.00 0.00 0.00 0.00 0.00 0.001,660.00 1,000.00 660.00 8,975.00 8,000.00 975.00 12,000.00

mages 4,850.00 1,033.00 3,817.00 18,397.86 8,264.00 10,133.86 12,396.00

767.04 500.00 267.04 9,826.87 4,000.00 5,826.87 6,000.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

2,096.93 900.00 1,196.93 19,387.41 7,200.00 12,187.41 10,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

nts 0.00 0.00 0.00 0.00 0.00 0.00 0.006,959.90 8,700.00 (1,740.10) 52,266.88 69,600.00 (17,333.12) 104,400.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00e 1,022.80 1,000.00 22.80 8,064.80 8,000.00 64.80 12,000.00loper 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 0.00505.48 190.00 315.48 655.48 1,520.00 (864.52) 2,280.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

3,300.00 2,000.00 1,300.00 26,115.00 16,000.00 10,115.00 24,000.00

5,385.93 929.00 4,456.93 33,770.25 7,432.00 26,338.25 11,148.00

303.39 225.00 78.39 2,136.54 1,800.00 336.54 2,700.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

se 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 0.00utions 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

Variance reflectsresidents booked at lessthan market rate, wasnot budgeted butincluded in grosspotential.

Actual occupancy of91.25% versus 93%budgeted.

Positive variance due tono up front concessionsgiven.

Additional write-offs dueto 2 skips.

Savings due totermination of position

No rental of guest suiteat this time.

Selected units havebeen reduced onprorated concessions.

More residents paid ontime this month reducingthe late fees.

Residents who movedout at the end of themonth turned in theirstorage units.

More out-of-stateapplicants applied at thehigher fee/rate.

Collected more breaklease fees due to newhome purchases.

All new move ins with

pets are required to paya non refundable pet feeand pay pet rent.

Garage occupancy is93%, and some weregiven away free asmove in incentives.

Administration fee hasincreased from $100 to$150.

Positive variance withlease charges anddamages on sodacharges.


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0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

29,441.60 20,445.00 8,996.60 202,071.32 163,560.00 38,511.32 245,340.00

$269,201.57 $254,969.00 $14,232.57 $2,065,326.67 $2,024,187.00 $41,139.67 $3,041,400.00

8,481.56 9,545.00 1,063.44 69,766.74 81,131.00 11,364.26 124,082.00

0.00 0.00 0.00 0.00 0.00 0.00 0.008,290.79 6,660.00 (1,630.79) 82,855.73 56,611.00 (26,244.73) 86,582.00

0.00 0.00 0.00 0.00 0.00 0.00 0.003,513.70 0.00 (3,513.70) 28,728.80 24,500.00 (4,228.80) 42,000.00

1,607.78 1,296.00 (311.78) 14,546.23 12,977.00 (1,569.23) 20,210.001,529.50 1,442.00 (87.50) 11,998.50 11,536.00 (462.50) 17,304.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

5,311.04 0.00 (5,311.04) 16,476.35 0.00 (16,476.35) 0.00

1,762.24 1,296.00 (466.24) 17,636.35 12,977.00 (4,659.35) 20,210.00

30,496.61 20,239.00 (10,257.61) 242,008.70 199,732.00 (42,276.70) 310,388.00

plies 459.19 600.00 140.81 7,710.96 4 ,800.00 (2,910.96) 7,200.00

737.13 1,080.00 342.87 7,418.63 8,640.00 1,221.37 12,960.00s 69.00 100.00 31.00 749.57 800.00 50.43 1,200.00269.31 200.00 (69.31) 1,384.15 1,600.00 215.85 2,400.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

ions 123.75 1,300.00 1,176.25 265.75 1,645.00 1,379.25 1,645.000.00 0.00 0.00 0.00 0.00 0.00 0.00

(769.80) 100.00 869.80 Accrual reversal. 790.95 1,800.00 1,009.05 2,200.00

0.00 0.00 0.00 0.00 0.00 0.00 0.0060.52 200.00 139.48 76.72 1,600.00 1,523.28 2,400.000.00 0.00 0.00 0.00 0.00 0.00 0.00

311.00 750.00 439.00 2,987.11 6,000.00 3,012.89 9,000.00498.65 0.00 (498.65) 2,219.41 0.00 (2,219.41) 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.001,758.75 4,330.00 2,571.25 23,603.25 26,885.00 3,281.75 39,005.00

s 6,088.62 3,452.00 (2,636.62) 39,559.74 28,601.00 (10,958.74) 42,409.00

(460.59) 475.00 935.59 5,781.20 6,850.00 1,068.80 10,300.00

0.00 1,033.00 1,033.00 13,585.25 8,264.00 (5,321.25) 12,396.00

3,500.00 900.00 (2,600.00) 13,000.00 7,200.00 (5,800.00) 10,800.00

se 9,128.03 5,860.00 (3,268.03) 71,926.19 50,915.00 (21,011.19) 75,905.00

249.55 2,900.00 2,650.45 3,829.19 22,400.00 18,570.81 33,200.00

3,120.00 3,000.00 (120.00) 17,905.00 22,500.00 4,595.00 32,500.00irs 2,100.00 1,500.00 (600.00) 13,252.13 10,800.00 (2,452.13) 15,900.00

379.63 200.00 (179.63) 1,072.72 1,600.00 527.28 2,400.000.00 500.00 500.00 0.00 4,000.00 4,000.00 6,000.00

323.68 100.00 (223.68) 377.99 800.00 422.01 1,200.00ing 306.46 100.00 (206.46) 941.46 800.00 (141.46) 1,200.00

0.00 100.00 100.00 218.86 800.00 581.14 1,200.0096.33 300.00 203.67 716.78 2,400.00 1,683.22 3,600.00

se 6,575.65 8,700.00 2,124.35 38,314.13 66,100.00 27,785.87 97,200.00

Supplies 1,042.22 800.00 (242.22) 5,342.57 6,200.00 857.43 9,200.000.00 150.00 150.00 532.98 1,200.00 667.02 1,800.00

rs 338.77 75.00 (263.77) 1,208.80 600.00 (608.80) 4,200.00112.97 150.00 37.03 1,155.89 1,200.00 44.11 1,800.00

0.00 100.00 100.00 0.00 800.00 800.00 1,200.00621.59 400.00 (221.59) 3,600.42 4,200.00 599.58 5,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 50.00 50.00 1,418.51 400.00 (1,018.51) 600.00

rs 185.56 75.00 (110.56) 1,413.31 600.00 (813.31) 900.00124.36 150.00 25.64 548.35 1,200.00 651.65 1,800.00

0.00 100.00 100.00 90.11 800.00 709.89 1,200.00(907.71) 0.00 907.71 547.85 2,100.00 1,552.15 2,100.00

irs 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 295.00 295.00 1,353.31 2,360.00 1,006.69 11,540.000.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

nse 1,517.76 2,345.00 827.24 17,212.10 21,660.00 4,447.90 42,140.00

Office staff is understaffed. Positivevariance is offset intempory labor, below

Additional porterposition not budgeted.This is offset in makeready expense.

No budgeted bonus forthis month, howeveraccrued for July andAugust bonuses.

Temporary office helpneeded to assist in theoffice due to openposition. The varianceincludes a full timeassociate for July andAugust.

Monthly furniture rentalfor guest suite.

Due to For Rent Ad notbeing budgeted.

includes a reversal ofpast accrual for residentfunctions

No locator referrals thismonth

7 referrals received fromresidents at $500 each

Positive variance due tomaintenance staff doing

all paints in houseinstead of contractingoutside vendors.

More carpets werecleaned to savereplacing of carpets.

No need to replace anyat this time.

Staff shirts had to beordered for the staff dueto wear andtear.Variance also

includes a prior reversalof an accrual


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7/52

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 1,510.50 0.00 (1,510.50) 0.00Fees 0.00 0.00 0.00 764.30 0.00 (764.30) 0.00

0.00 0.00 0.00 305.62 0.00 (305.62) 0.00

0.00 0.00 0.00 59.04 0.00 (59.04) 0.00r 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

up Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00se 0.00 0.00 0.00 2,639.46 0.00 (2,639.46) 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 3,000.00 3,000.00 3,000.000.00 0.00 0.00 0.00 0.00 0.00 0.00

ment 3,636.82 6,600.00 2,963.18 41,667.17 44,000.00 2,332.83 63,800.00

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 0.000.00 0.00 0.00 236.72 0.00 (236.72) 0.000.00 0.00 0.00 4,658.23 0.00 (4,658.23) 0.00

ents 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

3,636.82 6,600.00 2,963.18 46,562.12 47,000.00 437.88 66,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

(46,047.85) (57,234.00) 11,186.15 (458,992.67) (476,149.00) 17,156.33 (720,611.00)

55,177.83 0.00 55,177.83 280,122.48 124,335.14 155,787.34 124,335.149,129.98 (57,234.00) 66,363.98 (178,870.19) (351,813.86) 172,943.67 (596,275.86)

replaced only 3 carpetsinstead of ouranticipated 6


8/52

ourtney Downs ApartmentsAug-06

16 INCOME THIS MONTH: $269,201.0014 INCOME LAST MONTH: $260,764.002 DIFFERENCE: 8437

TOTAL # GARAGES 120# GARAGES OCCUPIED 112

90.35% 90.06% GARAGES OCCUPIED % 93%

REASONS WHY PROSPECTS DID NOT LEASE:

raffic Leased

0 0 * Job Transfer 815 2 * Too expensive. 190 0 * Future/No Availability/Waiting list 0

15 1 * Just started looking. 294 0 * Waiting for Home to Sell 02 0 * Current Lease to Expire 0

40 13 * Needs Ground Floor 89 4 * Moved Elsewhere 0

14 0 * Will return with roommate or spou 18

0 0 * Realtor Looking for Client 00 0 * Undecided 0

18 6 * Employment pending 56 0 * House sale pending 10

* Rented at Competitor 0123 26 TOTALS 97

33%

S FOR THE MONTH

s to Blue Lynx corporation.o Athletic Club.ures to Pulte Homes.

s for the month.pricing.

Resources at King Soopers.

h options of temporary housing for new home buyers.

PERTIES:rents averaging one to three months off on a 12 month lease on any unit type.

ng at $595, two bedrooms at $730 and three bedrooms starting at $1125.h no security deposit with some of our competitors.

n August. These renewals averaged a $26.43 per lease increase.

ce of the property on 8/15/06. Resident is insured and paying for repairs.


9/52

ROUTINE REPLACEMENTS:

Number of: Apt. #

16 REFRIGERATORS 09 DISHWASHERS 1 103027 STOVES 0

223 A/C COMPRESSORS 0

Completed 0 CONDENSING UNITS 028 28 WATER HEATERS 048 48 ICE MAKERS 016 16 GARBAGE DISPOSALS 020 20 MICROWAVES 0

64 64 CARPETS 68 8 CEILING FANS 0

30 30 TOILETS 09 9 A/C FAN MOTORS 0

223 223 COUNTER TOPS 00 CABINETS RESURFACED KITCHEN 0

0 BLINDS 13

TUBS RESURFACED 0TUB TILES 0

GRESS:

NTION:

es up on 9/2/06

cy Howlanddy Gillane McMillanporary personnelriel Tellezsell Brileye Chavez and Jorge Bernal

NTH:

NumberReplaced

9102, 13202, 13206, 13208, 16207,13106, 12107- guest bedroom.

16304- 1, 7201-1, 7101- 1, 10307-1, 4206- 2, 4205-1 ,10310-2, 2306-1, 6110-1, 10109-2.


10/52

TS SIZE TOTAL MKT RENT MKT RENT MONTHLY ANNUAL CONCESSION Vacants Notice

S/F PER UNIT PER S/F GROSS GROSS RENTS* PER UNIT GROSS

40 704 28,160 830 1.18 $33,200 $398,400 690.00 140.00 0.98 $27,600 9 1 8 3 0

32 704 22,528 860 1.22 $27,520 $330,240 690.00 55.00 1.10 $31,000 2 0 1 0 2

18 910 16,380 935 1.03 $16,830 $201,960 690.00 245.00 0.76 $12,420 1 0 1 1 5

24 808 19,392 895 1.11 $21,480 $257,760 830.00 65.00 1.03 $19,920 9 0 4 1 12

32 808 25,856 925 1.14 $29,600 $355,200 830.00 95.00 1.03 $26,560 0 0 0 0 0

42 977 41,034 1130 1.16 $47,460 $569,520 830.00 300.00 0.85 $34,860 11 1 5 0 13

44 1,030 45,320 1150 1.12 $50,600 $607,200 830.00 320.00 0.81 $36,520 4 0 2 1 7

22 1,030 22,660 1180 1.15 $25,960 $311,520 830.00 350.00 0.81 $18,260 0 0 0 0 0

24 977 23,448 1150 1.18 $27,600 $331,200 830.00 320.00 0.85 $19,920 0 0 0 0 0

16 1,030 16,480 1150 1.12 $18,400 $220,800 830.00 320.00 0.81 $13,280 0 0 0 0 5

20 1,030 20,600 1180 1.15 $23,600 $283,200 830.00 350.00 0.81 $16,600 0 0 0 0 0

24 1,140 27,360 1245 1.09 $29,880 $358,560 1,145.00 100.00 1.00 $27,480 3 1 1 1 3

4 1,140 4,560 1255 1.10 $5,020 $60,240 1,145.00 110.00 1.00 $4,580 0 0 0 0 0

342 917 313,778 $1,044 $1.14 $357,150 $4,285,800 $845 $213 0.92 $289,000 39 3 22 7 47

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


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MARKET SURVEYCourtney Downs

August-06

oyote Ranch Windsor @ Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve @ South Creek

E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 7550 S Blackhawk 16950 E Carlson Dr 15611 E Jamison Dr

03-693-8787 303-256-7700 303-766-2500 303-362-2000 303-805-7220 303-680-6696

Aurora, Co Englewood, Co 80112 Centennial, Co Englewood, Co 80112 Parker, Co 80134 Englewood, Co 80112

507 653 216 312 380 168

3 6 3 4 3 4

$35.00 $40.00 $35.00 $35.00 $35.00 $40.00yes yes yes yes yes yes

yes yes yes yes yes yes

400-500 150-300 200-300 300-500 400 300-600

275-325 300 100 199 99 225-375

yes Only In Select Units Only Select Units no no no




no no no yes yes yes

1 1 1 1 2 1


1 1 1 1 2 1



yes yes yes yes yes yesyes yes yes yes yes yes


no yes yes yes yes yes

yes yes no yes yes yes

no yes yes yes no yes

no no no no no no

no no no no no no



no no no no no no

no yes yes yes yes yes


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MARKET SURVEY Courtney Downs

August-06

(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

fficiency fficiencyB1B (A) 690 704 0.98 690 779 0.89 615 627 0.98 620 685 0.91 700 768 0.91 680 707 0.96 625 763 0.82B1B (B) 690 808 0.85 690 853 0.81 615 701 0.88 660 705 0.94 700 842 0.83

B1B w/study 690 910 0.76 615 811 0.91 730 760 0.96B B

B w/loft B1B w/study 875 956 0.92 799 1051 0.76B2B (E) 830 977 0.85 790 1105 0.71 1110 1044 1.06 799 1120 0.71 875 1115 0.78 829 1033 0.80 699 1037 0.67

B2B (F) 830 1030 0.81 790 1192 0.66 1440 1196 1.20 875 1220 0.72 829 1093 0.76B2B (G) 830 1030 0.81 1030 1180 0.87B2B (H)B2B

B w/study B2B TH B2B TH

B2B 1,145 1140 1.00 1170 1398 0.84 1510 1330 1.14 995 1230 0.81 1100 1356 0.81 1375 1235 1.11 1195 1257 0.95B2B

% occ /leased 90 90.35 95% 97 99 96% 0 0% 93 91 94% 98.0 97 93% 92.0 92 94% 92.0 95 96%

Avg PSF 1 0.87 0.78 0.99 0.85 0.81 0.91 0.81

Avg Rents 815 1114 994 808 850 1131 995/ Avail) 342 13 507 9 653 216 16 312 12 360 32 0 168 5

ates Special: $350 off per monthSepcial:Noneeflect these rates: $685 1/1 $805 2/2 $1310 3 $626 1/1 $800 2/2 $1275 3/2

pecials: special was pulled off the internetdue to property will not give info.

and lease $250 off 1st full

Ren: $25 to $50 increase Ren.: Increase $0 to $50. Ren:Per corporate

nits(Tot

Special: 1x1 690.00, 2x2830.00

Special:$210.00 off permonth all units.

Special:Up to l3 monthsfree pro rated.

Special: 3 months pro ratedoff per month.

Special: waive application orwaive deposits.

Ren: Info not avail percorporate

Ren: $40 increas for 12month lease

Ren: Average $15 to $20increase.

Ren: Free carpet cleaningwith 12mo.


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Documents

Courtney Downs August 2006