66
Grubb & Ellis|Las Vegas 3930 Howard Hughes Pkwy, Ste 180 Las Vegas, NV 89169 P (702) 733-7500 F (702) 862-8242 www.gelasvegas.com 5150 DUKE ELLINGTON WAY, LAS VEGAS, NEVADA 89119 Exclusive Offering Package Doug Schuster Senior Vice President S.0049235 Curt Allsop Senior Associate S.0078569 Vittal Ram Associate S.0054580 Suzanne Sprenger Marketing Assistant S.0077740

Apartment Offering Memorandum

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Page 1: Apartment Offering Memorandum

Grubb & Ellis|Las Vegas 3930 Howard Hughes Pkwy, Ste 180Las Vegas, NV 89169P (702) 733-7500F (702) 862-8242www.gelasvegas.com

5150 Du ke elli ngton Way, las Vegas, n eVaDa 89119

Exclusive Offer ing Package

Doug schuster Senior Vice PresidentS.0049235

Curt allsop Senior AssociateS.0078569

Vittal Ram AssociateS.0054580

suzanne sprenger Marketing AssistantS.0077740

Page 2: Apartment Offering Memorandum

Disclaimer/Offering summary SECTION 1

OperatiOns SECTION 2

Proforma Operating Statement 4

Lease-Up Plan with Expenditures & Revenue 5 - 11

prOperty summary SECTION 3

Property Highlights & Amenities 12 - 13

Las Vegas Valley Map 14

Wide Aerial 15

Close Aerial 16

Site Plan 17

Assessor’s Parcel Map 18

Soil Type Map 19

Photographs 20

Floor Plans 21 - 24

1, 3, & 5 Mile Radius Demographics 25 - 27

Business Summary Profile 28

the market SECTION 4

Las Vegas Market Overview 29 - 30

Las Vegas Convention & Visitors Authority Visitor Stats 31

Lease Comparables 32 - 45

Sale Comparables 46 - 60

team resumes SECTION 5

Table of ConTenTs

Page 3: Apartment Offering Memorandum

COnfidEntial mEmOrandum & disClaimEr

Grubb & Ellis|Las Vegas (”Agent”) has been engaged as the exclusive agent for the sale of The Onyx in Las Vegas, Nevada (the “Property’), by the Owner of the Property (“Seller”).

The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or war-ranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Grubb & Ellis|Las Vegas as a “Registered Potential Investor” or as the “Buyer’s Agent” for an identified “Registered Potential Investor.” The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to deliveryof this Offering Memorandum.

The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation of warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein.

Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller.

Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing ad-ditional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations thereunder have been satisfied or waived.

By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be re-turned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/or Registration Agreement executed and delivered by the recipient(s) to Grubb & Ellis|Las Vegas.

If you have no interest in the Property at this time, please return this Offering Memorandum immediately to:

Grubb & Ellis|Las Vegas3930 Howard Hughes Pkwy, Suite 180 Las Vegas, Nevada 89169Doug Schuster · Curt Allsop · Vittal Ram · Suzanne Sprenger

702.733.7500

disClaimEr/OffEring summary 1

Page 4: Apartment Offering Memorandum

OffEring summary

grubb & ellis|las Vegas, as the exclusive advisor to the owner, is pleased to present the opportunity to acquire the fee simple interest in the onyx (“the Property”), a 63 unit, four story luxury condominium building with 77,646 rentable square feet located at 5150 Duke ellington Way, las Vegas, nevada. the property represents a tremendous long-term investment opportunity with condo conversion potential.

The owner, MIC-Sonoran, LLC (the “Owner”), a single purpose limited liability company, has agreed to exclusively list the 63 unit Property for sale. Outsource Services Management d/b/a Presidium Asset Solutions (the “Servicer”) is the managing member of MIC-Sonoran, LLC. The owner members of MIC-Sonoran, LLC consist of 34 banks and other financial institutions (some of which currently include the FDIC as Receiver for failed institutions) who par-ticipated in a loan that was made to Tropicana Inn Investors. MIC-Sonoran was created to own the Property, which acquired the Property via foreclosure action in June 2009.

The Onyx is a trophy asset ideally situated approximately three miles from McCarran International Airport and just blocks from the Las Vegas Boulevard and casinos such as Mandalay Bay, Tropicana, Hooters, and MGM. Amenities include spa, pool, fitness center, locker room, business center, outdoor kitchen, stainless steel appliances in kitchens, granite countertops, 10 foot ceilings and private balconies. Average unit size equals 1,197 square feet. The Property also includes a 144-stall, two level parking garage which is enclosed and provides protection from heat and other elements.

The Property offers a unique mix of floor plans including lofts and townhome-style residences. For a more complete list of unit mix and square footages, please refer to the Proforma Operating Statement on page 4.

Construction of the Onyx began in 2006 and was not completed until 2008 because of delays caused by the general contractor, architect, and developer. The Property received certificate of occupancy in 2008 while under the control of a court appointed receiver, based out of Chicago, Illinois. At this time, the Property is still managed by the Chicago based management company, but the Owner is currently negotiating terms and conditions of a property manage-ment agreement with a reputable, third party property management company (local) to oversee daily operations of the Property. The management agreement currently being negotiated can be terminated upon sale of the Property at buyer’s request.

Current occupancy is 40%. The Servicer has approved a variety of expenditures that will facilitate the leasing of the remaining units. When the Property becomes stabilized, there is potential through Freddie Mac to secure a $7,100,000 loan assuming the current interest rate of 4.75%, with 1.25 DSC, 30 year amortization, with a 10 year call.

Currently, a better located luxury rental project does not exist in the Las Vegas Valley.

The new property management company is projecting an initial rental rate of $1.06/SF/month in order to lease up vacant units. However, this rate is greatly under current market rents and will be adjusted once the building has stabilized. Current comparable rents at properties located near the Strip and on S Las Vegas Blvd are as follows:

Property Rental Rate/SF/month Comments

Allure $1.34 1,118 SF hi-rise located on Sahara

Boca Raton $1.13 average unit size is 1,006 SF - STRONG COMP

Juhl $1.36 mid-rise product located Downtown

ONE Las Vegas $1.15 average unit size is 1,263 SF; located on S Las Vegas Blvd

Panorama Towers $1.59 average unit size is 1,570 SF

Sky Las Vegas $1.66 average unit size is 1,216 SF

disClaimEr/OffEring summary 2

Page 5: Apartment Offering Memorandum

OffEring summary continued

Upon stabilization, rental rates increase to $1.13 per square foot, which is comparable to rental rates at Boca Ra-ton; NOI will increase to $67,000/year with occupancy estimated to be 90%. Based on the foregoing, the property value is projected to increase by more then $1million.

Similar observations hold true with sales comps at high end Strip properties. The current asking price at Onyx is $128/SF, while similar properties located on the famed Las Vegas Blvd. are selling between $124 - $289/SF. With-out question, the Las Vegas real estate market will recover and when it does, Onyx will be perfectly positioned for condo sales, fractional interests, or even time share ventures.

Final Call for offers date is october 15, 2010 by 3:00 p.m. Pst.

offering Price: $9,995,000 $128.72/square foot

Condition: as-isoffering terms: all Cash – 25 Day escrow – 15 Day DD

disClaimEr/OffEring summary 3

Page 6: Apartment Offering Memorandum

PrOfOrma OPErating statEmEnt

Model No. Size Rents Total1BD/1BA 15 774 $750-$10001BD/1BA 1 780 $9501BD/1BA 1 922 $8501BD/1BA 1 984 $9502BD/2BA 1 994 $1,2002BD/2BA 22 1,169 $1200-$14502BD/2BA 2 1,263 $1235-$14502BD/2BA 1 1,368 $1,4002BD/2BA 2 1,410 $1500-$1600

2BD/2BA/DEN 2 1,387 $1,6002BD/2BA/DEN 11 1,714 $1450-$1650

2BD/2.5BA 1 1,815 $1,9002BD/2.5BA 1 2,012 $1,9502BD/2.5BA 1 2,209 $1,6752BD/2.5BA 1 2,276 $1,950

63 77,646 $81,525Rent/foot $1.05

Vacancy proforma ($4,076)

Loss-to Lease 0.0% current $0

Misc. Income/ExpenseFees $470Concessions ($2,750)RUBS $0 $0Bad Debt ($408) ($2,688)

Monthly Income $74,761

Annualized $897,132

Operating expenses:Payroll $1,397 $88,020Mgmnt. 3% $26,913Utilities $1,168 $73,500R/M $500 $49,930Marketing $378 $23,813Taxes $1,000 $63,000Insurance $150 $9,456Admin. $335 $21,116Cap. Res. $275 $17,325 ($373,073)

Expense/unit $5,921Expense/SF $4.73

NOI $524,059

O P E r at i O n s 4

Page 7: Apartment Offering Memorandum

lEasE-uP Plan with ExPEnditurEs & rEvEnuE

Onyx

2010

PROF

ESSI

ONAL

LY P

REPA

RED

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MERI

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--30

00-0

00

REV

ENUE

3100

-000

RENT

AL IN

COME

3110

-000

Gros

s Ren

tal In

come

81,52

5.00

81,52

5.00

81,52

5.00

81,52

5.00

81,52

5.00

81,52

5.00

81,52

5.00

81,52

5.00

81,52

5.00

81,52

5.00

81,52

5.00

81,52

5.00

978,3

00.00

15,52

8.57

10.05

3160

-000

Loss

to O

ld Le

ase

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

3180

-000

Vaca

ncy L

oss

(52,1

76.00

)(4

4,023

.50)

(35,8

71.00

)(2

9,349

.00)

(22,8

27.00

)(1

4,674

.50)

(8,15

2.50)

(4,07

6.25)

(4,07

6.25)

(4,07

6.25)

(4,07

6.25)

(4,07

6.25)

(227

,454.7

5)(3

,610.3

9)(2

.34)

3270

-000

Bad D

ebt

0.00

(407

.63)

(407

.63)

(407

.63)

(407

.63)

(407

.63)

(407

.63)

(407

.63)

(407

.63)

(407

.63)

(407

.63)

(407

.63)

(4,48

3.88)

(71.1

7)(0

.05)

3300

-000

Renta

l Con

cess

ions

600.0

0(4

,000.0

0)(4

,000.0

0)(2

,750.0

0)(2

,750.0

0)(2

,750.0

0)(2

,750.0

0)(2

,750.0

0)(2

,750.0

0)(2

,750.0

0)(2

,750.0

0)(2

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0)(3

2,150

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(510

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(0.33

)

3460

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T

OTAL

REN

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NCOM

E29

,949.0

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841

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849

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870

,214.8

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,291.1

374

,291.1

374

,291.1

374

,291.1

374

,291.1

371

4,211

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97.3

4

3500

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O

THER

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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

3512

-000

Non R

efund

able

Admi

n Fee

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00.0

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00.0

00.0

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00.0

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035

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800.0

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400.0

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300.0

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300.0

030

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300.0

030

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5,000

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535

16-0

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t Fee

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00.0

00.0

00.0

00.0

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00.0

00.0

00.0

00.0

00.0

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00.0

00.0

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035

20-0

00Ap

plica

tion F

ees

70.00

70.00

70.00

70.00

70.00

70.00

70.00

70.00

70.00

70.00

70.00

70.00

840.0

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.330.0

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te Fe

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100.0

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100.0

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100.0

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100.0

010

0.00

100.0

010

0.00

100.0

01,2

00.00

19.05

0.01

3525

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Month

to M

onth

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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

3526

-000

NSF

Fees

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

3528

-000

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e Ter

mina

tion F

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035

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rage

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00.0

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035

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her I

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035

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nding

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00.0

035

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ome

0.00

0.00

0.00

0.00

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0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

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3578

-000

Bad D

ebt

0.00

0.00

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0.00

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3582

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3584

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3597

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470.0

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374

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374

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372

1,251

.3811

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1

O P E r at i O n s 5

Page 8: Apartment Offering Memorandum

lEasE-uP Plan with ExPEnditurEs & rEvEnuE continued

Onyx

2010

PROF

ESSI

ONAL

LY P

REPA

RED

BYPI

NNAC

LE A

MERI

CAN

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--

4000

-000

O

PERA

TING

EXP

ENSE

S

4010

-000

ADM

INIS

TRAT

IVE

PAYR

OLL E

XPEN

SES

4012

-000

Mana

ger S

alary

2,773

.002,7

73.00

2,773

.002,7

73.00

2,773

.002,7

73.00

2,773

.002,7

73.00

2,773

.002,7

73.00

2,773

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73.00

33,27

6.00

528.1

90.3

440

18-0

00Le

asing

Age

nt Sa

lary

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

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4020

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Admi

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ent A

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0.00

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0.00

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0.00

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4020

-800

Assis

tant /

Comp

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400.0

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400.0

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0.00

400.0

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400.0

040

0.00

400.0

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400.0

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0.00

4,800

.0076

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540

21-8

00Gr

oup I

nsur

ance

778.0

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8.00

778.0

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8.00

778.0

077

8.00

778.0

077

8.00

778.0

077

8.00

778.0

077

8.00

9,336

.0014

8.19

0.10

4023

-200

Payro

ll Tax

es49

0.26

490.2

649

0.26

490.2

649

0.26

490.2

649

0.26

490.2

649

0.26

490.2

649

0.26

490.2

65,8

83.15

93.38

0.06

4026

-000

Wor

kers

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O P E r at i O n s 6

Page 9: Apartment Offering Memorandum

lEasE-uP Plan with ExPEnditurEs & rEvEnuE continued

Onyx

2010

PROF

ESSI

ONAL

LY P

REPA

RED

BYPI

NNAC

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MERI

CAN

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O P E r at i O n s 7

Page 10: Apartment Offering Memorandum

lEasE-uP Plan with ExPEnditurEs & rEvEnuE continued

Onyx

2010

PROF

ESSI

ONAL

LY P

REPA

RED

BYPI

NNAC

LE A

MERI

CAN

MANG

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O P E r at i O n s 8

Page 11: Apartment Offering Memorandum

lEasE-uP Plan with ExPEnditurEs & rEvEnuE continued

Onyx

2010

PROF

ESSI

ONAL

LY P

REPA

RED

BYPI

NNAC

LE A

MERI

CAN

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32-0

00Ap

plian

ce S

uppli

es0.0

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

044

34-0

00Cl

eanin

g Sup

plies

250.0

010

0.00

100.0

010

0.00

100.0

010

0.00

100.0

010

0.00

100.0

010

0.00

100.0

010

0.00

1,350

.0021

.430.0

144

35-0

00W

iindo

ws an

d Doo

rs25

.0025

.0025

.0025

.0025

.0025

.0025

.0025

.0025

.0025

.0025

.0025

.0030

0.00

4.76

0.00

4436

-000

Elec

trical

Supp

lies

235.0

023

5.00

235.0

050

.0050

.0050

.0050

.0050

.0050

.0050

.0050

.0050

.001,1

55.00

18.33

0.01

4439

-000

Fire/A

larm

Syste

m0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

01,7

50.00

0.00

0.00

1,750

.0027

.780.0

244

42-0

00Ha

rdwa

re S

uppli

es27

5.00

275.0

027

5.00

275.0

027

5.00

275.0

027

5.00

275.0

027

5.00

275.0

027

5.00

275.0

03,3

00.00

52.38

0.03

4444

-000

HVAC

Sup

plies

50.00

50.00

50.00

50.00

50.00

50.00

50.00

100.0

020

0.00

200.0

030

0.00

300.0

01,4

50.00

23.02

0.01

4446

-000

Lock

s and

Key

s10

0.00

150.0

010

0.00

100.0

010

0.00

100.0

010

0.00

100.0

010

0.00

100.0

010

0.00

100.0

01,2

50.00

19.84

0.01

4448

-000

Paint

Sup

plies

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

4452

-000

Pest

Contr

ol0.0

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

044

54-0

00Pl

umbin

g Sup

plies

125.0

012

5.00

125.0

012

5.00

125.0

012

5.00

125.0

012

5.00

125.0

012

5.00

125.0

012

5.00

1,500

.0023

.810.0

244

69-0

00Co

unter

top0.0

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

0

Elev

ator c

ontra

ct75

0.00

750.0

075

0.00

750.0

075

0.00

750.0

075

0.00

750.0

075

0.00

750.0

075

0.00

750.0

09,0

00.00

142.8

60.0

944

72-0

00Ap

plian

ce R

epair

s0.0

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

044

75-0

00Oc

cupie

d Car

pet C

leanin

g0.0

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

044

84-0

00El

ectric

al Re

pairs

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

4488

-000

HVAC

Rep

airs

75.00

200.0

020

0.00

200.0

020

0.00

200.0

050

0.00

500.0

050

0.00

500.0

050

0.00

200.0

03,7

75.00

59.92

0.04

4490

-000

Misc

ellan

eous

Rep

airs

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

4494

-000

Pest

Contr

ol se

rvice

225.0

022

5.00

225.0

022

5.00

225.0

022

5.00

225.0

022

5.00

225.0

022

5.00

225.0

022

5.00

2,700

.0042

.860.0

344

96-0

00Pl

umbin

g Ser

vice

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

4503

-000

Resid

ent R

etenti

on0.0

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

045

52-0

00Gr

ound

s - C

ontra

ct0.0

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050

0.00

0.00

0.00

500.0

00.0

00.0

050

0.00

0.00

0.00

500.0

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00.00

31.75

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4560

-000

Grou

nds -

Sup

plies

125.0

012

5.00

125.0

012

5.00

50.00

50.00

50.00

50.00

50.00

50.00

50.00

50.00

900.0

014

.290.0

145

72-0

00Po

ol an

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o Sup

plies

150.0

015

0.00

150.0

015

0.00

150.0

015

0.00

150.0

015

0.00

150.0

015

0.00

150.0

015

0.00

1,800

.0028

.570.0

245

76-0

00Po

ol Ma

inten

ance

and R

epair

s0.0

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

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78-0

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ol Op

erati

ng C

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00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

046

22-0

00Se

curity

- Co

ntrac

t Ser

vice

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

4632

-000

Alar

m Mo

nitor

ing12

5.00

125.0

012

5.00

125.0

012

5.00

125.0

012

5.00

125.0

012

5.00

125.0

012

5.00

125.0

01,5

00.00

23.81

0.02

4695

-000

TOT

AL M

AINT

ENAN

CE &

REP

AIR

2,510

.002,5

35.00

2,985

.002,3

00.00

2,225

.002,7

25.00

2,525

.002,5

75.00

3,175

.004,4

25.00

2,775

.002,9

75.00

33,73

0.00

535.4

00.3

5

4700

-000

TUR

NOVE

R EX

PENS

ES47

01-0

00Bl

ind R

eplac

emen

t0.0

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

047

02-0

00Ca

rpet

Clea

ning

1,000

.001,0

00.00

1,000

.0020

0.00

200.0

020

0.00

200.0

020

0.00

200.0

020

0.00

200.0

020

0.00

4,800

.0076

.190.0

547

13-0

00Co

ntrac

t Clea

ning

1,500

.001,5

00.00

1,500

.0030

0.00

300.0

030

0.00

300.0

030

0.00

300.0

030

0.00

300.0

030

0.00

7,200

.0011

4.29

0.07

4724

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Paint

ing/T

urn S

uppli

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0.00

350.0

035

0.00

350.0

035

0.00

350.0

035

0.00

350.0

035

0.00

350.0

035

0.00

350.0

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00.00

66.67

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4724

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Pain

ting-

Tur

nove

r/Con

tract

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

4795

-000

TOTA

L TUR

NOVE

R EX

PENS

ES2,8

50.00

2,850

.002,8

50.00

850.0

085

0.00

850.0

085

0.00

850.0

085

0.00

850.0

085

0.00

850.0

016

,200.0

025

7.14

0.17

O P E r at i O n s 9

Page 12: Apartment Offering Memorandum

lEasE-uP Plan with ExPEnditurEs & rEvEnuE continued

Onyx

2010

PROF

ESSI

ONAL

LY P

REPA

RED

BYPI

NNAC

LE A

MERI

CAN

MANG

EMEN

T SE

RVIC

ES W

EST,

LLC

Prep

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7/28

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TOTA

LSPE

R UN

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------

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--

4800

-00 0

UTI

LITIE

S48

02-0

00El

ectric

ity -

Comm

on A

rea

1,700

.002,1

50.00

2,150

.002,4

50.00

2,250

.001,8

50.00

1,850

.001,8

50.00

1,850

.001,8

50.00

1,850

.001,8

50.00

23,65

0.00

375.4

00.2

448

04-0

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ectric

ity -

Vaca

nt Un

its20

0.00

200.0

020

0.00

100.0

010

0.00

100.0

010

0.00

100.0

010

0.00

100.0

010

0.00

100.0

01,5

00.00

23.81

0.02

4812

-000

Gas -

Com

mon A

rea

1,650

.001,6

50.00

1,650

.001,6

50.00

1,650

.001,6

50.00

1,650

.001,6

50.00

1,650

.001,6

50.00

1,650

.001,6

50.00

19,80

0.00

314.2

90.2

048

14-0

00Ga

s - P

ool/S

pa0.0

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

048

17-0

00Ga

s - V

acan

t Unit

s0.0

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

048

20-0

00Se

wer

1,050

.001,0

50.00

1,050

.001,0

50.00

1,050

.001,0

50.00

1,050

.001,0

50.00

1,050

.001,0

50.00

1,050

.001,0

50.00

12,60

0.00

200.0

00.1

348

44-0

00W

aste

Remo

val

550.0

055

0.00

550.0

055

0.00

550.0

055

0.00

550.0

055

0.00

550.0

055

0.00

550.0

055

0.00

6,600

.0010

4.76

0.07

4852

-000

Wate

r65

0.00

650.0

065

0.00

700.0

075

0.00

850.0

085

0.00

850.0

085

0.00

850.0

085

0.00

850.0

09,3

50.00

148.4

10.1

0

4895

-000

TOT

AL U

TILIT

IES

5,800

.006,2

50.00

6,250

.006,5

00.00

6,350

.006,0

50.00

6,050

.006,0

50.00

6,050

.006,0

50.00

6,050

.006,0

50.00

73,50

0.00

1,166

.670.7

5

5000

-000

TAXE

S &

INSU

RANC

E50

04-1

00Ins

uran

ce -

Liabil

ity78

8.00

788.0

078

8.00

788.0

078

8.00

788.0

078

8.00

788.0

078

8.00

788.0

078

8.00

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56.00

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06-0

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oper

ty Ta

xes

5,250

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50.00

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50.00

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50.00

5,250

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50.00

5,250

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50.00

63,00

0.00

1,000

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550

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rsona

l Pro

perty

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0

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TAL T

AXES

& IN

SURA

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6,038

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38.00

6,038

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38.00

6,038

.006,0

38.00

6,038

.006,0

38.00

6,038

.006,0

38.00

6,788

.006,0

38.00

73,20

6.00

1,162

.000.7

5

5350

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TOTA

L OPE

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NG E

XPEN

SES

33,10

7.53

33,06

2.53

30,81

2.53

28,37

7.53

28,50

2.53

28,35

2.53

28,65

2.53

28,20

2.53

28,80

2.53

30,05

2.53

29,40

2.53

28,66

2.53

355,9

90.39

5,650

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6

5400

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NET

OPER

ATIN

G IN

COME

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8.53

1,001

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421

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427

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435

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442

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446

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945

,958.5

944

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945

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946

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936

5,260

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97.79

3.75

6511

-000

REPL

ACEM

ENT

RESE

RVES

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

6503

-000

Princ

ipal- R

educ

tion

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

6504

-000

TOTA

L DEB

T SE

RVIC

E0.0

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

0

4895

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TOT

AL D

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SERV

ICE

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

7100

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R MI

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NSES

7216

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ceme

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serve

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

7220

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Repla

ceme

nt-Re

ques

ted Le

nder

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

TOTA

L OTH

ER/M

ISCE

LLAN

EOUS

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ENSE

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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

0

7500

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NET

CASH

FLO

W B

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L EXP

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31,0

01.34

11,40

3.84

21,61

0.84

27,60

7.84

35,91

0.34

42,03

2.34

46,55

8.59

45,95

8.59

44,70

8.59

45,35

8.59

46,09

8.59

365,2

60.99

5,797

.793.7

5

O P E r at i O n s 1 0

Page 13: Apartment Offering Memorandum

lEasE-uP Plan with ExPEnditurEs & rEvEnuE continued

Onyx

2010

PROF

ESSI

ONAL

LY P

REPA

RED

BYPI

NNAC

LE A

MERI

CAN

MANG

EMEN

T SE

RVIC

ES W

EST,

LLC

Prep

ared

by: H

eidi W

ester

hoff /

Kati

e Raff

inello

7/28

/1 0

1%2

34

56

78

910

1112

TOTA

LSPE

R UN

ITPE

R SQ

FT

PHYS

ICAL

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UPAN

CY P

ERCE

NTAG

E36

%46

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%95

%95

%95

%95

%95

%63

9735

4---

------

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------

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------

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--

8000

-000

CAPI

TAL E

XPEN

DITU

RES

8010

-000

Appli

ance

Rep

lacem

ent

350.0

035

0.00

350.0

035

0.00

350.0

035

0.00

350.0

035

0.00

350.0

035

0.00

350.0

035

0.00

4,200

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480

10-1

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plian

ce -

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osal

50.00

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O P E r at i O n s 1 1

Page 14: Apartment Offering Memorandum

PrOPErty highlights & amEnitiEs

aDDRess

PaRCel numbeR

net site aCRes

net DeVeloPment Density

ConstRuCtion yeaR

numbeR oF builDings

total units

Rentable squaRe Feet

aVeRage unit size

ConDo maPPeD

PaRking

loCateD in FlooD zone

COmmOn arEa/ExtEriOr amEnitiEs

intEriOr amEnitiEs

5150 Duke Ellington Way, Las Vegas, Nevada 89119

162-28-111-001 through 162-28-111-063

1.61

39 units/acre

2008

1

63

77,646

1,233 sq. ft.

Yes

Gated parking garage with approximately 144 parking spaces

The subject property is not located within the 100-year flood zone

• Controlled access• 24 hour fitness center• Swimming pool & spa with cabanas and lounge chairs• Community clubhouse with full kitchen & wine cooler refrigerator• Balconies with views of the Las Vegas Strip & numerous Casinos• Walking distance to MGM, Mandalay, Excalibur, & more• Climate controlled interior hallways

• Travertine tile in entry, kitchen, living room and bathrooms• Upgraded carpet in bedrooms, closets and hall ways (per plan)• Gas forced air heating and electric central air conditioning• Tankless hot water heater system• Smoke detector (per code)• Walk-in closets (per plan)• Decorator coordinated light fixtures• 10 foot ceilings with recessed lighting (per plan)• Decorative door hardware• Designer European cherry cabinetry• Expansive dual pane, energy rated Low E windows• Granite countertops• Stainless steel appliances

P r O P E r t y s u m m a r y 1 2

Page 15: Apartment Offering Memorandum

PrOPErty highlights & amEnitiEs continued

nEarby sChOOls• Gene Ward Elementary School - Adequate• Helen C. Cannon Junior High School - Need Improvement• Del Sol High School - Need Improvement

P r O P E r t y s u m m a r y 1 3

Page 16: Apartment Offering Memorandum

las vEgas vallEy maP

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P r O P E r t y s u m m a r y 1 4

Page 17: Apartment Offering Memorandum

widE aErial

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P r O P E r t y s u m m a r y 1 5

Page 18: Apartment Offering Memorandum

ClOsE aErial

SITE

DES

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P r O P E r t y s u m m a r y 1 6

Page 19: Apartment Offering Memorandum

sitE Plan

P r O P E r t y s u m m a r y 1 7

Page 20: Apartment Offering Memorandum

assEssOr’s ParCEl maP

P r O P E r t y s u m m a r y 1 8

Page 21: Apartment Offering Memorandum

sOil tyPE maP

P r O P E r t y s u m m a r y 1 9

Page 22: Apartment Offering Memorandum

ExtEriOr PhOtOgraPhs

P r O P E r t y s u m m a r y 2 0

Page 23: Apartment Offering Memorandum

samPlE flOOr Plans

KITCHEN

DININGROOM

LIVINGROOM

BEDROOM

BATHROOM

CONDO A1 BEDROOM

P r O P E r t y s u m m a r y 2 1

Page 24: Apartment Offering Memorandum

samPlE flOOr Plans continued

CONDO B2 BEDROOMS

KITCHEN

DININGROOM

BATH

ROO

M

MA

STER

BATH

ROO

M

LIVINGROOM

MASTERBEDROOMBEDROOM 2

P r O P E r t y s u m m a r y 2 2

Page 25: Apartment Offering Memorandum

samPlE flOOr Plans continued

CONDO C2 BEDROOMS

BATH

ROO

M

MASTERBATHROOM

KITCHEN

DININGROOM

LIVINGROOM

MASTERBEDROOM

BEDROOM 2

P r O P E r t y s u m m a r y 2 3

Page 26: Apartment Offering Memorandum

samPlE flOOr Plans continued

KITCHEN

DININGROOMLIVING

ROOM

MASTERBATHROOM

MASTERBEDROOM

BATHROOM

BEDROOM 2 BONUSROOM

CONDO D2 BEDROOMS + Bonus Room

P r O P E r t y s u m m a r y 2 4

Page 27: Apartment Offering Memorandum

1, 3, & 5 milE radius dEmOgraPhiCs

2009 Estimated Population 4,666 111,242 352,5632014 Projected Population 6,003 125,915 391,0762000 Census Population 5,788 110,782 325,7631990 Census Population 6,498 87,632 248,691Historical Annual Growth 1990 to 2009 -1.5% 1.4% 2.2%Projected Annual Growth 2014 to 2009 5.7% 2.6% 2.2%

2009 Est. Households 2,504 49,254 142,1552014 Proj. Households 2,873 53,798 152,4082000 Census Households 2,958 50,079 135,6591990 Census Households 3,617 44,391 110,625Historical Annual Growth 1990 to 2009 -1.6% 0.6% 1.5%Projected Annual Growth 2014 to 2009 2.9% 1.8% 1.4%

2009 Est. Population 0 to 9 Years 9.7% 12.8% 12.5%2009 Est. Population 10 to 19 Years 8.4% 11.2% 12.4%2009 Est. Population 20 to 29 Years 14.1% 17.7% 14.2%2009 Est. Population 30 to 44 Years 26.3% 23.0% 22.0%2009 Est. Population 45 to 59 Years 25.0% 18.5% 20.4%2009 Est. Population 60 to 74 Years 11.9% 11.1% 12.4%2009 Est. Population 75 Years Plus 4.6% 5.7% 6.1%2009 Est. Median Age 39.4 34.5 36.9

2009 Est. Male Population 59.2% 53.8% 51.8%2009 Est. Female Population 40.8% 46.2% 48.2%

2009 Est. Never Married 39.0% 34.5% 28.6%2009 Est. Now Married 26.7% 34.7% 42.7%2009 Est. Separated or Divorced 28.8% 25.2% 22.3%2009 Est. Widowed 5.5% 5.7% 6.4%

2009 Est. HH Income $200,000 or More 1.2% 1.5% 3.3%2009 Est. HH Income $150,000 to $199,999 1.2% 1.4% 3.0%2009 Est. HH Income $100,000 to $149,999 4.1% 5.9% 10.5%2009 Est. HH Income $75,000 to $99,999 6.9% 8.1% 11.2%2009 Est. HH Income $50,000 to $74,999 14.3% 18.5% 19.6%2009 Est. HH Income $35,000 to $49,999 17.2% 19.1% 16.5%2009 Est. HH Income $25,000 to $34,999 20.4% 15.8% 12.1%2009 Est. HH Income $15,000 to $24,999 15.2% 14.6% 11.8%2009 Est. HH Income $0 to $14,999 19.5% 15.3% 11.9%2009 Est. Average Household Income $38,161 $46,148 $60,9722009 Est. Median HH Income $32,481 $39,605 $51,3462009 Est. Per Capita Income $20,494 $20,583 $24,953

2009 Est. Number of Businesses 757 13,695 31,4152009 Est. Total Number of Employees 54,310 344,259 538,015

POPU

LATI

ON

FULL PROFILE1990 - 2000 Census, 2009 Estimates with 2014 ProjectionsCalculated using Proportional Block Groups

Lat/Lon: 36.09815/-115.1663

5150 Duke Ellington Way1 Mile 3 Miles 5 Miles

las vegas, NV

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©2010, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 3 Demographic Source: Applied Geographic Solutions 7/2009, TIGER Geography

P r O P E r t y s u m m a r y 2 5

Page 28: Apartment Offering Memorandum

1, 3, & 5 milE radius dEmOgraPhiCs continued

2009 Est. White Population 68.3% 63.5% 69.5%2009 Est. Black Population 9.8% 10.0% 7.7%2009 Est. Asian & Pacific Islander 9.0% 10.5% 9.1%2009 Est. American Indian & Alaska Native 1.1% 1.0% 1.0%2009 Est. Other Races Population 11.8% 15.1% 12.7%

2009 Est. Hispanic Population 1,434 44,972 119,3582009 Est. Hispanic Population Percent 30.7% 40.4% 33.9%2014 Proj. Hispanic Population Percent 37.8% 43.5% 37.2%2000 Hispanic Population Percent

2009 Est. Adult Population (25 Years or Older) 3,516 74,577 239,6762009 Est. Elementary (0 to 8) 10.0% 10.9% 9.1%2009 Est. Some High School (9 to 11) 12.8% 12.2% 11.0%2009 Est. High School Graduate (12) 39.2% 33.4% 32.1%2009 Est. Some College (13 to 16) 16.2% 18.9% 20.4%2009 Est. Associate Degree Only 6.8% 6.1% 6.5%2009 Est. Bachelor Degree Only 10.8% 12.3% 13.5%2009 Est. Graduate Degree 4.2% 6.1% 7.3%

2009 Est. Total Housing Units 3,320 60,108 168,3252009 Est. Owner Occupied Percent 11.8% 14.9% 31.8%2009 Est. Renter Occupied Percent 63.6% 67.0% 52.7%2009 Est. Vacant Housing Percent 24.6% 18.1% 15.5%

2000 Homes Built 1999 to 2000 0.5% 1.5% 1.7%2000 Homes Built 1995 to 1998 1.2% 6.3% 9.9%2000 Homes Built 1990 to 1994 6.7% 11.7% 13.4%2000 Homes Built 1980 to 1989 30.4% 28.0% 24.9%2000 Homes Built 1970 to 1979 37.4% 33.1% 29.3%2000 Homes Built 1960 to 1969 17.0% 13.8% 13.1%2000 Homes Built 1950 to 1959 5.6% 4.3% 5.6%2000 Homes Built Before 1949 1.1% 1.2% 2.1%

2000 Home Value $1,000,000 or More - 0.4% 0.5%2000 Home Value $500,000 to $999,999 - 0.6% 1.2%2000 Home Value $400,000 to $499,999 0.6% 0.6% 1.1%2000 Home Value $300,000 to $399,999 2.5% 2.7% 3.0%2000 Home Value $200,000 to $299,999 8.7% 10.1% 10.4%2000 Home Value $150,000 to $199,999 3.6% 16.5% 19.7%2000 Home Value $100,000 to $149,999 36.5% 42.2% 46.7%2000 Home Value $50,000 to $99,999 46.6% 25.8% 16.8%2000 Home Value $25,000 to $49,999 1.4% 0.7% 0.3%2000 Home Value $0 to $24,999 - 0.3% 0.2%2000 Median Home Value $113,581 $137,620 $148,2302000 Median Rent $573 $604 $653

FULL PROFILE1990 - 2000 Census, 2009 Estimates with 2014 ProjectionsCalculated using Proportional Block Groups

5 Mileslas vegas, NV

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5150 Duke Ellington Way1 Mile 3 Miles

©2010, Sites USA, Chandler, Arizona, 480-491-1112 page 2 of 3 Demographic Source: Applied Geographic Solutions 7/2009, TIGER Geography

P r O P E r t y s u m m a r y 2 6

Page 29: Apartment Offering Memorandum

1, 3, & 5 milE radius dEmOgraPhiCs continued

2009 Est. Labor: Population Age 16+ 3,988 90,495 283,3992009 Est. Civilian Employed 59.7% 60.5% 60.1%2009 Est. Civilian Unemployed 13.4% 9.2% 7.7%2009 Est. in Armed Forces 0.1% 0.2% 0.2%2009 Est. not in Labor Force 26.8% 30.1% 31.9%2009 Labor Force: Males 60.8% 54.5% 52.1%2009 Labor Force: Females 39.2% 45.5% 47.9%

2000 Occupation: Population Age 16+ 2,998 55,778 160,5092000 Mgmt, Business, & Financial Operations 7.4% 7.1% 9.7%2000 Professional & Related 6.4% 9.1% 11.7%2000 Service 42.3% 37.2% 31.6%2000 Sales and Office 21.1% 25.7% 27.5%2000 Farming, Fishing, and Forestry - 0.1% 0.1%2000 Construction, Extraction, & Maintenance 12.7% 10.0% 9.6%2000 Production, Transport, & Material Moving 10.1% 10.9% 9.8%2000 Percent White Collar Workers 34.9% 41.9% 48.9%2000 Percent Blue Collar Workers 65.1% 58.1% 51.1%

2000 Drive to Work Alone 48.7% 59.4% 69.2%2000 Drive to Work in Carpool 20.2% 16.4% 14.9%2000 Travel to Work by Public Transportation 11.0% 11.8% 7.5%2000 Drive to Work on Motorcycle 0.8% 0.4% 0.3%2000 Walk or Bicycle to Work 16.9% 9.4% 5.3%2000 Other Means 1.2% 0.9% 0.7%2000 Work at Home 1.2% 1.8% 2.1%

2000 Travel to Work in 14 Minutes or Less 40.3% 31.3% 28.9%2000 Travel to Work in 15 to 29 Minutes 38.8% 43.7% 48.4%2000 Travel to Work in 30 to 59 Minutes 16.6% 19.3% 18.1%2000 Travel to Work in 60 Minutes or More 4.3% 5.7% 4.6%2000 Average Travel Time to Work 18.7 21.3 20.7

2009 Est. Total Household Expenditure $92.1 M $2.04 B $7.05 B2009 Est. Apparel $4.39 M $97.5 M $338 M2009 Est. Contributions & Gifts $5.40 M $120 M $443 M2009 Est. Education & Reading $2.40 M $53.0 M $193 M2009 Est. Entertainment $5.02 M $112 M $392 M2009 Est. Food, Beverages & Tobacco $15.3 M $336 M $1.13 B2009 Est. Furnishings & Equipment $3.80 M $85.5 M $307 M2009 Est. Health Care & Insurance $6.97 M $151 M $508 M2009 Est. Household Operations & Shelter & Utilities $27.6 M $609 M $2.11 B2009 Est. Miscellaneous Expenses $1.64 M $35.6 M $119 M2009 Est. Personal Care $1.36 M $30.0 M $103 M2009 Est. Transportation $18.2 M $407 M $1.41 B

FULL PROFILE1990 - 2000 Census, 2009 Estimates with 2014 Projections

Lat/Lon: 36.09815/-115.1663

5150 Duke Ellington Way1 Mile 3 Miles 5 Miles

las vegas, NV

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©2010, Sites USA, Chandler, Arizona, 480-491-1112 page 3 of 3 Demographic Source: Applied Geographic Solutions 7/2009, TIGER Geography

P r O P E r t y s u m m a r y 2 7

Page 30: Apartment Offering Memorandum

businEss summary rEPOrt

5150 Duke Ellington Way

las vegas, NV

Total Businesses / Total Employees

Retail TradeHome Improvement Stores 4 / 49 187 / 2,647 311 / 3,915General Merchandise Stores 7 / 286 90 / 3,957 166 / 6,609Food Stores 15 / 137 236 / 2,774 541 / 7,260Auto Dealers & Gas Stations 11 / 92 178 / 1,268 448 / 6,907Apparel & Accessory Stores 69 / 715 556 / 7,089 874 / 9,054Furniture & Home Furnishings 8 / 72 334 / 3,275 737 / 6,285Eating & Drinking Places 172 / 6,363 1,046 / 43,877 1,892 / 56,328Miscellaneous Retail Stores 102 / 798 886 / 7,081 1,823 / 14,204

Finance - Insurance - Real EstateBanks, Savings & Lending Institutions 9 / 72 956 / 6,185 2,019 / 16,337Insurance Carriers & Agencies 1 / 7 179 / 946 705 / 3,699Real Estate - Trust - Holding Companies 20 / 307 618 / 6,138 1,590 / 13,691

ServicesHotels & Lodging 27 / 20,238 149 / 76,532 226 / 84,198Personal Services 56 / 3,030 1,123 / 11,160 2,604 / 19,178Professional Services 12 / 97 692 / 9,446 1,797 / 18,099Business Services 27 / 263 1,060 / 15,856 2,423 / 27,994Motion Picture & Amusement 47 / 18,479 540 / 61,352 984 / 66,073Health Services 21 / 161 615 / 7,904 2,619 / 33,923Legal Services 1 / 4 240 / 1,666 1,165 / 6,600Education Services - / 3 37 / 2,144 147 / 7,587Social Services 2 / 100 105 / 1,262 452 / 5,448Other Services 6 / 34 139 / 1,129 482 / 3,232

Agriculture

Mining

Construction

Manufacturing

Transportation, Communications & Utilities

Wholesale Trade

Government

Nonclassifiable

Lat/Lon: 36.09815/-115.1663

BUSINESS SUMMARY PROFILE1990 - 2000 Census, 2009 Estimates with 2014 ProjectionsCalculated using Proportional Block Groups

1 Mile 3 Miles 5 Miles

757/54,310 13,695/344,259 31,415/538,015

387/8,513 3,513/71,968 6,792/110,561

30/385 1,753/13,269 4,315/33,727

199/42,409 4,699/188,451 12,900/272,333

1/51 98/2,642 289/4,360

-/2 13/94 30/263

30/695 998/22,183 1,823/33,024

10/167 494/8,673 877/16,556

33/1,566 535/20,238 1,063/35,036

37/151 610/2,462 1,320/4,445

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25/308 866/12,050 1,575/19,960

3/59 65/1,684 278/6,632

©2010, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 7/2009, TIGER Geography

P r O P E r t y s u m m a r y 2 8

Page 31: Apartment Offering Memorandum

las vEgas markEt OvErviEw

8 | Las Vegas © 2009 Grubb & Ellis Company

Las VegasMulti Housing

For the past two years, apartment transactions in Las Vegas have slowed almost to a halt. The average net operating income of apartments has steadily dropped. Average rental rates per unit have declined 20 to 30 percent and concessions are commonly between 6 and 8 percent of the scheduled gross income. Vacancy towards the end of 2009 averaged between 10 percent in Class A apartments to over 20 percent in Class C apartments. As these trends became common, more owners were unable to meet their current debt service demands.

Newly decreased net operating incomes have frequently made property values worth less than their underlying debt. This has been especially prevalent among those properties purchased since 2006. When an owner/borrower no longer has any equity in the property, is incapable of servicing the debt, or is incapable of refinancing, the prop-erty becomes a troubled asset and is appointed into receivership or foreclosed upon. In the last half of 2009, lenders typically foreclosed on properties and put them back on the market for sale with their original financing in place as an assumable loan.

As lenders take back more properties, there will be tremendous opportunities in the year ahead. Cap rate analysis is a

common approach used for determining the value of an apartment property. In recent years, a building would sell at a low cap rate due to the expectation of future rent growth or condo conversion. In 2009, that same analysis resulted in a potential purchase price so low that investors often would ignore the cap rate and chose to buy on a “per pound” basis, which is more reflective of the actual replacement cost of the project. It is likely that many buyers will continue to value buildings using the price per unit, rather than the assumed cap rate, as it has become a more realistic means of determining value given the current market conditions.

The main challenge in 2010 will be obtaining financing. Since Nevada has so many foreclosures, the highest in the nation, obtaining a FNMA or Freddie Mac loan is more difficult. In the third quarter of 2009, most underwriters requested three months of stable occu-pancy of at least 90 percent. Typically, the deals that have been getting done have had some form of lender provided financing. Consequently, it has become more sensible to modify and assume an existing loan than shop around for a new one. Creative negotiations between potential buyers and existing lenders will be necessary for a substantial amount of transactions to close in the year ahead.

as lenders take back more apartment buildings, there will be tremendous opportunities in the year ahead.

Average Sales Price Per Unit*Year-End (In Thousands)

*Over 50 Units

Source: Real Capital Analytics, Grubb & Ellis|Las Vegas

$0

$40

$80

$120

'10F'09P'07'05'03'01

Key Investment Transactions2009 Sale Price Buyer Seller Property Name Units (millions)Leo Zuckerman RW Selby Summerlin Entrada 352 $15.6Goodrich Capital Sunvest Communities Pinehurst 193 $12.3Undisclosed Undisclosed Desert Sky 170 $17.5BPL Management Philip Donia Wood Creek Villas 75 $7.5Source: Pierce-Eislen, Inc.

t h E m a r k E t 2 9

Page 32: Apartment Offering Memorandum

The leisure and hospitality industries account for approximately 30% of the employment in the Las Vegas Valley. As reported by the Nevada Department of Employment, Training & Rehabilitation’s June 2010 press release, leisure & hospitality jobs have only decreased by 1.5% compared to the prior year. Despite that fact, the majority of the com-ponent of the CityCenter project have been completed adding thousands of jobs in an attempt to offset the 14% unemployment rate. Upon completion of the Cosmopolitan hotel in December, there will be an additional 5,000 new job openings.

While there remains much doom and gloom regarding the Las Vegas economy, the April issue of the Applied Analy-sis Gaming Index reports gaming operators and equipment manufacturers had published an increased investor demand and stock valuation as first quarter earnings reports are released and reports of easing national economic concerns. Although gaming revenue is down from a peak of $1 billion, revenue has stabilized at $850 million/month.

According to monthly tourism indicator published by Las Vegas Convention and Visitors Authority, tourism levels remain on a steady, but slight, increase in 2010. Las Vegas hosted more than 3.1 million visitors in June, an increase of 4.3% compared to last year. Monthly visitor volume has surpassed or matched prior year levels since September 2009.

As demonstrated by the current economic situation, there is a need to diversify the state’s economic base & reduce the dependence upon revenue from sales tax & gaming. The Nevada Commission on Economic Development has been working relentlessly to attract many new businesses, both traditional and green, to the area. These efforts will bring big business and employees to the Las Vegas Valley, thus increasing the population and demand for housing. According to REIS, the population should continue growing and is projected to increase by 1.8% in 2011.

At the mid-year point, evidence of a recovery in the investment markets is visible. Nationally, sales volume continues to increase as well as broad improvements in prices while cap rates are beginning to fall across all property types. Unfortunately, markets throughout the West have only seen modest gains in both volume and price appreciation. As investor concerns of a double dip recession fade, significant commercial property sales climbed to $9.7 billion in June; this is the highest recorded level since September 2008. The total sales volume for the second quarter reached $20.6 billion, an increase of 32% from the first quarter and an 86% increase from levels a year ago. Although the number of transactions when reviewed on a year-over-year increase just totaled 6%, the increase in deal size is a strong indicator of a stronger marketplace.

Such is the case locally, as recent market trends and transactions demonstrate. Investors believe the market has bottomed out and are becoming much more active. Generally, the local market is gaining momentum especially in the B+ or better market segment. Last year, a total of 7 apartments closed; this year it is expected that number will be somewhere near 20.

In December of 2009, we sold two A-grade apartment units; Tierra Ridge for $62,000/unit and Tierra Villas for $65,000/unit. In all, we received 43 offers on these listings. Just this month we closed a transaction for Spinnaker Village. This A-grade townhome development sold for $93,000/unit and received 23 offers.

Although recent, local multi housing construction has been limited to condo developments on the Strip, by year end there will be 1,963 new market rate apartments. These completed units will account for the last of the planned developments. Current Valley-wide vacancy remains at 11.5%, but that rate is still heavily skewed to the C grade product. A grade apartments are renting and seem to be an exception to the Valley vacancy rate. In fact, rental rates have decreased by 5%, although absorption remains positive. A grade rental rates are averaging $0.90/SF off Strip and $1.00-$1.10/SF for a mid-rise condo rental near the Strip.

las vEgas markEt OvErviEw continued

statE Of thE lOCal ECOnOmy

statE Of thE multi hOusing markEt

t h E m a r k E t 3 0

Page 33: Apartment Offering Memorandum

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ifica

ntly

hig

her t

han

the

U.S.

nat

iona

l ave

rage

(56.

4%) r

epor

ted

by

Smith

Tra

vel R

esea

rch.

LAS VEGAS

Las V

egas

hos

ted

mor

e th

an 3

.1 m

illion

visi

tors

in J

une,

an

incr

ease

of 4

.3%

com

pare

d to

last

yea

r. M

onth

ly v

isito

r vol

ume

has

surp

asse

d o

r mat

ched

prio

r yea

r lev

els s

ince

Sep

tem

ber 2

009.

Pag

e 1

of 2

t h E m a r k E t 3 1

Page 34: Apartment Offering Memorandum

lEasE COmPs bOCa ratOn

Se

arc

h C

rite

ria

Pa

ge

: 1

Se

arc

h N

am

e:

Bo

ca

Ra

ton

Le

ase

d

Da

te:

16

-Au

g-2

01

0 1

2:2

6:5

0 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

Sta

tus

Eq

ua

lsL

Su

bd

ivis

ion

Na

me

Co

nta

ins

pa

lm b

ea

ch

re

so

rt

Actu

al C

lose

Da

teB

etw

ee

n1

/1/2

01

0 -

8/1

6/2

01

0

Se

arc

h S

tati

sti

cs

: 1

9 L

isti

ng

s

19

Le

as

ed

Lis

tin

gs

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

Be

ds

2 1 1 2

Ba

ths

3 1 2 2

Sq

Ft

1,5

12

58

6

1,0

06

89

9

LP

$2

,00

0

$8

00

$1

,19

4

$1

,15

0

LP

/Sq

Ft

$1

.47

$0

.96

$1

.20

$1

.16

SP

$1

,84

7

$8

00

$1

,11

8

$1

,10

0

SP

/Sq

Ft

$1

.40

$0

.96

$1

.13

$1

.15

SP

/LP

10

0%

79

%

94

%

96

%

DO

M

16

5

5 55

38

Lis

tin

g R

ep

ort

: L

ea

se

d g

rid

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sB

ath

s T

ota

l S

qF

t L

ist

Pri

ce

Re

nte

d P

ric

e A

ctC

los

Da

te D

OM

11

05

73

85

30

3L

24

55

W S

ER

EN

E A

V7

50

22

21

18

71

,20

01

,20

00

8/1

2/2

01

03

5

21

05

61

35

30

3L

24

05

W S

ER

EN

E A

V7

44

11

15

86

80

08

00

08

/06

/20

10

35

31

04

41

96

30

3L

24

55

W S

ER

EN

E A

V2

17

11

21

13

71

,12

51

,11

50

7/1

2/2

01

03

8

41

00

37

60

30

3L

24

05

W S

ER

EN

E A

V7

30

22

27

84

90

09

00

07

/03

/20

10

14

8

51

00

08

58

30

3L

24

05

W S

ER

EN

E A

V7

27

22

28

99

1,1

50

1,0

00

06

/02

/20

10

16

5

69

82

04

43

03

L2

40

5 W

SE

RE

NE

AV

52

22

12

78

41

,15

01

,10

00

5/1

8/2

01

05

6

71

00

08

44

30

3L

24

55

W S

ER

EN

E A

V7

15

22

21

19

61

,52

51

,20

00

5/0

7/2

01

01

42

81

02

16

98

30

3L

24

55

W S

ER

EN

E A

V5

21

21

28

99

1,1

50

1,0

62

05

/04

/20

10

59

91

02

87

18

30

3L

24

55

W S

ER

EN

E A

V6

15

22

21

19

61

,15

01

,15

00

4/1

9/2

01

01

9

10

10

16

44

33

03

L2

45

5 W

SE

RE

NE

AV

64

01

12

74

01

,00

09

24

04

/15

/20

10

57

11

10

25

69

23

03

L2

40

5 W

SE

RE

NE

AV

84

32

13

11

96

1,3

00

1,2

50

04

/02

/20

10

14

12

10

15

60

23

03

L2

45

5 W

SE

RE

NE

AV

71

52

12

11

96

1,1

99

1,1

99

04

/02

/20

10

48

13

10

21

70

63

03

L2

40

5 W

SE

RE

NE

AV

20

12

13

14

61

1,7

00

1,5

70

03

/19

/20

10

13

14

10

15

60

93

03

L2

40

5 W

SE

RE

NE

AV

50

12

22

15

12

2,0

00

1,8

47

03

/13

/20

10

28

15

10

10

09

53

03

L2

45

5 W

SE

RE

NE

AV

83

52

23

11

96

1,7

00

1,3

85

03

/04

/20

10

37

16

98

68

11

30

3L

24

55

W S

ER

EN

E A

V7

18

11

27

84

99

59

00

02

/09

/20

10

93

17

10

10

76

03

03

L2

45

5 W

SE

RE

NE

AV

74

21

12

74

08

50

85

00

2/0

5/2

01

05

18

10

01

26

23

03

L2

40

5 W

SE

RE

NE

AV

62

01

02

89

99

50

95

00

1/2

1/2

01

03

1

19

99

79

18

30

3L

24

55

W S

ER

EN

E A

V7

42

11

27

40

85

08

50

01

/18

/20

10

39

16

-Au

g-2

01

0

t h E m a r k E t 3 2

Page 35: Apartment Offering Memorandum

lEasE COmPs continued

Juhl S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

Ju

hl L

ea

se

d

Da

te:

16

-Au

g-2

01

0 1

2:4

5:1

3 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

Sta

tus

Eq

ua

lsL

Su

bd

ivis

ion

Na

me

Co

nta

ins

juh

l

Actu

al C

lose

Da

teB

etw

ee

n1

/1/2

01

0 -

8/1

6/2

01

0

Se

arc

h S

tati

sti

cs

: 9

Lis

tin

gs

9 L

ea

se

d L

isti

ng

s

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

Be

ds

1 0 0 1

Ba

ths

2 1 1 1

Sq

Ft

1,3

32

62

0

86

4

78

8

LP

$1

,87

5

$8

50

$1

,21

8

$1

,19

5

LP

/Sq

Ft

$1

.70

$1

.16

$1

.43

$1

.41

SP

$1

,55

0

$8

50

$1

,14

9

$1

,09

5

SP

/Sq

Ft

$1

.70

$1

.13

$1

.36

$1

.36

SP

/LP

10

0%

80

%

95

%

10

0%

DO

M

16

4

12

85

81

Lis

tin

g R

ep

ort

: L

ea

se

d g

rid

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sBa

ths

To

tal

Sq

Ft

Lis

t P

ric

e R

en

ted

Pri

ce

Ac

tClo

sD

ate

DO

M

11

06

36

01

20

1L

35

3 E

BO

NN

EV

ILL

E A

V9

12

12

21

33

21

,55

01

,55

00

8/0

8/2

01

01

2

21

04

19

72

20

1L

35

3 E

BO

NN

EV

ILL

E A

V8

08

01

16

20

87

58

75

07

/05

/20

10

15

31

03

06

54

20

1L

35

3 E

BO

NN

EV

ILL

E A

V5

41

11

18

08

1,1

95

1,0

95

05

/08

/20

10

30

49

87

91

92

01

L3

53

E B

ON

NE

VIL

LE

AV

40

11

11

68

78

50

85

00

4/2

1/2

01

01

64

51

00

53

15

20

1L

35

3 E

BO

NN

EV

ILL

E A

V9

12

12

21

33

21

,87

51

,50

00

3/3

1/2

01

08

1

69

84

01

12

01

L3

53

E B

ON

NE

VIL

LE

AV

75

31

11

78

01

,32

51

,32

50

3/1

8/2

01

01

50

79

73

39

12

01

L3

53

E B

ON

NE

VIL

LE

AV

62

41

11

80

91

,07

51

,00

00

2/2

5/2

01

01

60

89

95

94

62

01

L3

53

E B

ON

NE

VIL

LE

AV

52

71

11

62

81

,02

59

50

02

/01

/20

10

63

99

73

41

92

01

L3

53

E B

ON

NE

VIL

LE

AV

11

01

11

17

88

1,2

00

1,2

00

01

/01

/20

10

92

16

-Au

g-2

01

0

t h E m a r k E t 3 3

Page 36: Apartment Offering Memorandum

lEasE COmPs continued

mEridian S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

MG

M S

ign

atu

re L

ea

se

d

Da

te:

16

-Au

g-2

01

0 0

1:3

0:3

4 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

Sta

tus

Eq

ua

lsL

Su

bd

ivis

ion

Na

me

Co

nta

ins

me

rid

ian

at h

ug

he

s c

en

ter

Actu

al C

lose

Da

teB

etw

ee

n1

/1/2

01

0 -

8/1

6/2

01

0

Se

arc

h S

tati

sti

cs

: 1

21

Lis

tin

gs

12

1 L

ea

se

d L

isti

ng

s

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

Be

ds

2 0 1 2

Ba

ths

2 1 1 2

Sq

Ft

1,2

94

1 85

4

97

4

LP

$2

,00

0

$6

95

$1

,37

0

$1

,49

5

LP

/Sq

Ft

$8

00

.00

$0

.92

$8

.22

$1

.58

SP

$2

,00

0

$6

50

$1

,37

3

$1

,45

0

SP

/Sq

Ft

$7

00

.00

$0

.92

$7

.40

$1

.59

SP

/LP

18

2%

76

%

10

0%

10

0%

DO

M

33

7

1 65

48

Lis

tin

g R

ep

ort

: L

ea

se

d g

rid

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sBa

ths

To

tal

Sq

Ft

Lis

t P

ric

e R

en

ted

Pri

ce

Ac

tClo

sD

ate

DO

M

11

04

43

55

30

1L

23

0 E

FL

AM

ING

O R

D1

37

21

21

29

42

,00

01

,80

00

8/1

3/2

01

08

1

21

03

92

76

30

1L

23

0 E

FL

AM

ING

O R

D3

12

21

29

74

1,6

50

1,5

50

08

/11

/20

10

97

31

02

98

65

30

1L

22

0 E

FL

AM

ING

O R

D1

35

11

17

27

1,3

00

1,3

00

08

/11

/20

10

12

8

41

03

22

41

30

1L

27

0 E

FL

AM

ING

O R

D3

09

11

16

92

1,5

00

1,5

00

08

/09

/20

10

11

8

51

04

64

47

30

1L

27

0 E

FL

AM

ING

O R

D4

15

21

29

74

1,8

00

1,8

00

08

/06

/20

10

66

61

01

90

64

30

1L

21

0 E

FL

AM

ING

O R

D3

12

22

29

74

1,6

50

1,6

50

08

/06

/20

10

16

1

71

03

82

74

30

1L

21

0 E

FL

AM

ING

O R

D2

33

22

29

74

1,4

95

1,4

95

08

/01

/20

10

89

81

04

81

50

30

1L

26

0 E

FL

AM

ING

O R

D4

35

11

17

27

1,5

00

1,3

50

07

/23

/20

10

41

91

05

06

67

30

1L

27

0 E

FL

AM

ING

O R

D3

06

22

21

06

21

,40

01

,40

00

7/1

2/2

01

02

7

10

10

16

73

93

01

L2

60

E F

LA

MIN

GO

RD

33

72

22

12

94

1,7

50

1,7

50

07

/08

/20

10

14

1

11

10

39

03

13

01

L2

70

E F

LA

MIN

GO

RD

20

21

11

69

29

00

90

00

7/0

7/2

01

06

2

12

10

41

58

63

01

L2

20

E F

LA

MIN

GO

RD

40

31

11

72

71

,50

01

,50

00

7/0

2/2

01

04

9

13

10

47

93

53

01

L2

70

E F

LA

MIN

GO

RD

10

81

11

69

21

,10

02

,00

00

7/0

1/2

01

02

5

14

10

32

17

83

01

L2

70

E F

LA

MIN

GO

RD

10

12

22

12

94

1,4

00

1,4

00

06

/30

/20

10

78

15

10

43

00

23

01

L2

30

E. F

LA

MIN

GO

30

42

22

97

41

,35

01

,49

50

6/2

2/2

01

03

4

16

10

44

46

53

01

L2

70

E F

LA

MIN

GO

RD

11

42

22

97

41

,35

01

,34

90

6/2

2/2

01

02

8

17

10

48

42

73

01

L2

70

E F

LA

MIN

GO

RD

32

62

12

97

41

,20

01

,10

00

6/2

1/2

01

01

1

18

95

17

05

30

1L

27

0 E

FL

AM

ING

O R

D4

18

11

16

92

95

08

50

06

/16

/20

10

33

7

19

10

27

43

83

01

L2

70

E F

LA

MIN

GO

RD

42

62

12

97

41

,20

01

,10

00

6/1

5/2

01

07

7

20

93

59

51

30

1L

21

0 E

FL

AM

ING

O R

D4

14

22

29

74

1,4

95

2,0

00

06

/10

/20

10

33

7

21

10

46

71

03

01

L2

60

E F

LA

MIN

GO

RD

43

42

22

97

42

,00

02

,00

00

6/0

9/2

01

07

16

-Au

g-2

01

0

t h E m a r k E t 3 4

Page 37: Apartment Offering Memorandum

lEasE COmPs continued

mEridian2

Pa

ge

:

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sBa

ths

To

tal

Sq

Ft

Lis

t P

ric

e R

en

ted

Pri

ce

Ac

tClo

sD

ate

DO

M

22

10

29

49

23

01

L2

60

E F

LA

MIN

GO

RD

21

01

11

53

07

50

75

00

6/0

3/2

01

01

2

23

10

43

18

53

01

L2

70

E F

LA

MIN

GO

RD

41

52

12

97

42

,00

02

,00

00

6/0

1/2

01

07

24

10

34

40

33

01

L2

20

E F

LA

MIN

GO

RD

23

51

11

72

71

,50

01

,50

00

6/0

1/2

01

03

6

25

10

37

40

83

01

L2

20

E F

LA

MIN

GO

RD

33

01

11

69

21

,50

01

,50

00

6/0

1/2

01

02

6

26

10

38

15

03

01

L2

70

E F

LA

MIN

GO

RD

20

71

11

53

01

,50

01

,50

00

6/0

1/2

01

02

4

27

10

42

44

63

01

L2

70

E F

LA

MIN

GO

RD

41

22

12

97

41

,80

01

,80

00

5/2

8/2

01

09

28

10

42

77

43

01

L2

30

E F

LA

MIN

GO

RD

21

81

11

69

21

,70

01

,70

00

5/2

8/2

01

07

29

10

14

82

93

01

L2

60

E F

LA

MIN

GO

RD

41

52

12

97

41

,29

51

,29

50

5/2

8/2

01

01

14

30

10

31

30

83

01

L2

10

E F

LA

MIN

GO

RD

12

52

22

97

41

,70

01

,70

00

5/2

6/2

01

04

7

31

10

22

99

73

01

L2

70

E F

LA

MIN

GO

RD

30

71

11

53

01

,19

51

,19

50

5/2

6/2

01

07

4

32

10

41

82

63

01

L2

30

E F

LA

MIN

GO

RD

10

52

22

97

41

,10

01

,00

00

5/2

6/2

01

01

2

33

10

42

52

83

01

L2

30

E F

LA

MIN

GO

RD

32

12

12

10

35

1,8

00

1,8

00

05

/25

/20

10

7

34

10

08

57

73

01

L2

30

E F

LA

MIN

GO

RD

13

72

12

12

94

2,0

00

2,0

00

05

/24

/20

10

12

4

35

99

35

56

30

1L

27

0 E

FL

AM

ING

O R

D2

32

21

21

06

21

,80

01

,80

00

5/2

4/2

01

01

86

36

10

12

47

53

01

L2

30

E F

LA

MIN

GO

RD

22

52

12

97

41

,80

01

,80

00

5/2

4/2

01

01

10

37

10

09

25

93

01

L2

60

E F

LA

MIN

GO

RD

12

52

22

97

49

00

90

00

5/2

1/2

01

01

15

38

10

32

09

83

01

L2

70

E F

LA

MIN

GO

RD

21

72

22

10

35

2,0

00

2,0

00

05

/20

/20

10

37

39

10

29

09

53

01

L2

70

E F

LA

MIN

GO

RD

41

52

12

97

42

,00

02

,00

00

5/2

0/2

01

04

8

40

10

32

03

43

01

L2

30

E F

LA

MIN

GO

RD

21

72

22

10

35

1,8

00

1,8

00

05

/20

/20

10

37

41

10

28

82

33

01

L2

30

E F

LA

MIN

GO

RD

21

81

11

69

21

,70

01

,70

00

5/1

9/2

01

04

8

42

95

23

55

30

1L

27

0 E

FL

AM

ING

O R

D3

36

11

16

92

1,0

00

1,0

00

05

/18

/20

10

46

43

99

90

59

30

1L

27

0 E

FL

AM

ING

O R

D1

02

11

16

92

75

07

50

05

/17

/20

10

15

2

44

10

28

91

13

01

L2

70

E F

LA

MIN

GO

RD

13

42

22

97

41

,70

01

,70

00

5/1

4/2

01

05

6

45

10

34

10

93

01

L2

20

E F

LA

MIN

GO

RD

41

22

12

97

41

,15

01

,12

50

5/1

3/2

01

02

2

46

10

13

31

73

01

L2

20

E F

LA

MIN

GO

RD

22

21

11

72

79

00

85

00

5/1

1/2

01

09

5

47

98

82

51

30

1L

27

0 E

FL

AM

ING

O R

D2

15

22

29

74

1,4

99

1,5

00

05

/10

/20

10

15

3

48

10

36

28

53

01

L2

60

E F

LA

MIN

GO

RD

30

71

11

53

01

,10

01

,10

00

5/0

6/2

01

05

49

10

30

41

03

01

L2

10

E F

LA

MIN

GO

RD

23

01

12

69

26

95

69

50

5/0

6/2

01

02

4

50

10

03

09

13

01

L2

10

E F

LA

MIN

GO

RD

21

32

22

97

49

95

90

00

5/0

4/2

01

01

18

51

10

33

07

53

01

L2

60

E F

LA

MIN

GO

RD

32

12

22

10

35

1,4

95

1,4

95

04

/30

/20

10

14

52

10

17

11

03

01

L2

60

E F

LA

MIN

GO

RD

11

01

11

53

06

95

65

00

4/3

0/2

01

07

0

53

10

21

50

13

01

L2

70

E F

LA

MIN

GO

RD

22

72

22

10

62

1,3

95

1,3

95

04

/29

/20

10

35

54

10

06

00

13

01

L2

60

E F

LA

MIN

GO

RD

43

61

11

69

29

95

90

00

4/2

6/2

01

01

04

55

10

16

75

63

01

L2

30

E F

LA

MIN

GO

RD

21

91

11

72

78

90

87

50

4/2

6/2

01

06

8

56

10

29

68

63

01

L2

20

E F

LA

MIN

GO

RD

40

31

11

72

71

,50

01

,50

00

4/2

5/2

01

02

0

16

-Au

g-2

01

0

t h E m a r k E t 3 5

Page 38: Apartment Offering Memorandum

lEasE COmPs continued

mEridian2

Pa

ge

:

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sBa

ths

To

tal

Sq

Ft

Lis

t P

ric

e R

en

ted

Pri

ce

Ac

tClo

sD

ate

DO

M

22

10

29

49

23

01

L2

60

E F

LA

MIN

GO

RD

21

01

11

53

07

50

75

00

6/0

3/2

01

01

2

23

10

43

18

53

01

L2

70

E F

LA

MIN

GO

RD

41

52

12

97

42

,00

02

,00

00

6/0

1/2

01

07

24

10

34

40

33

01

L2

20

E F

LA

MIN

GO

RD

23

51

11

72

71

,50

01

,50

00

6/0

1/2

01

03

6

25

10

37

40

83

01

L2

20

E F

LA

MIN

GO

RD

33

01

11

69

21

,50

01

,50

00

6/0

1/2

01

02

6

26

10

38

15

03

01

L2

70

E F

LA

MIN

GO

RD

20

71

11

53

01

,50

01

,50

00

6/0

1/2

01

02

4

27

10

42

44

63

01

L2

70

E F

LA

MIN

GO

RD

41

22

12

97

41

,80

01

,80

00

5/2

8/2

01

09

28

10

42

77

43

01

L2

30

E F

LA

MIN

GO

RD

21

81

11

69

21

,70

01

,70

00

5/2

8/2

01

07

29

10

14

82

93

01

L2

60

E F

LA

MIN

GO

RD

41

52

12

97

41

,29

51

,29

50

5/2

8/2

01

01

14

30

10

31

30

83

01

L2

10

E F

LA

MIN

GO

RD

12

52

22

97

41

,70

01

,70

00

5/2

6/2

01

04

7

31

10

22

99

73

01

L2

70

E F

LA

MIN

GO

RD

30

71

11

53

01

,19

51

,19

50

5/2

6/2

01

07

4

32

10

41

82

63

01

L2

30

E F

LA

MIN

GO

RD

10

52

22

97

41

,10

01

,00

00

5/2

6/2

01

01

2

33

10

42

52

83

01

L2

30

E F

LA

MIN

GO

RD

32

12

12

10

35

1,8

00

1,8

00

05

/25

/20

10

7

34

10

08

57

73

01

L2

30

E F

LA

MIN

GO

RD

13

72

12

12

94

2,0

00

2,0

00

05

/24

/20

10

12

4

35

99

35

56

30

1L

27

0 E

FL

AM

ING

O R

D2

32

21

21

06

21

,80

01

,80

00

5/2

4/2

01

01

86

36

10

12

47

53

01

L2

30

E F

LA

MIN

GO

RD

22

52

12

97

41

,80

01

,80

00

5/2

4/2

01

01

10

37

10

09

25

93

01

L2

60

E F

LA

MIN

GO

RD

12

52

22

97

49

00

90

00

5/2

1/2

01

01

15

38

10

32

09

83

01

L2

70

E F

LA

MIN

GO

RD

21

72

22

10

35

2,0

00

2,0

00

05

/20

/20

10

37

39

10

29

09

53

01

L2

70

E F

LA

MIN

GO

RD

41

52

12

97

42

,00

02

,00

00

5/2

0/2

01

04

8

40

10

32

03

43

01

L2

30

E F

LA

MIN

GO

RD

21

72

22

10

35

1,8

00

1,8

00

05

/20

/20

10

37

41

10

28

82

33

01

L2

30

E F

LA

MIN

GO

RD

21

81

11

69

21

,70

01

,70

00

5/1

9/2

01

04

8

42

95

23

55

30

1L

27

0 E

FL

AM

ING

O R

D3

36

11

16

92

1,0

00

1,0

00

05

/18

/20

10

46

43

99

90

59

30

1L

27

0 E

FL

AM

ING

O R

D1

02

11

16

92

75

07

50

05

/17

/20

10

15

2

44

10

28

91

13

01

L2

70

E F

LA

MIN

GO

RD

13

42

22

97

41

,70

01

,70

00

5/1

4/2

01

05

6

45

10

34

10

93

01

L2

20

E F

LA

MIN

GO

RD

41

22

12

97

41

,15

01

,12

50

5/1

3/2

01

02

2

46

10

13

31

73

01

L2

20

E F

LA

MIN

GO

RD

22

21

11

72

79

00

85

00

5/1

1/2

01

09

5

47

98

82

51

30

1L

27

0 E

FL

AM

ING

O R

D2

15

22

29

74

1,4

99

1,5

00

05

/10

/20

10

15

3

48

10

36

28

53

01

L2

60

E F

LA

MIN

GO

RD

30

71

11

53

01

,10

01

,10

00

5/0

6/2

01

05

49

10

30

41

03

01

L2

10

E F

LA

MIN

GO

RD

23

01

12

69

26

95

69

50

5/0

6/2

01

02

4

50

10

03

09

13

01

L2

10

E F

LA

MIN

GO

RD

21

32

22

97

49

95

90

00

5/0

4/2

01

01

18

51

10

33

07

53

01

L2

60

E F

LA

MIN

GO

RD

32

12

22

10

35

1,4

95

1,4

95

04

/30

/20

10

14

52

10

17

11

03

01

L2

60

E F

LA

MIN

GO

RD

11

01

11

53

06

95

65

00

4/3

0/2

01

07

0

53

10

21

50

13

01

L2

70

E F

LA

MIN

GO

RD

22

72

22

10

62

1,3

95

1,3

95

04

/29

/20

10

35

54

10

06

00

13

01

L2

60

E F

LA

MIN

GO

RD

43

61

11

69

29

95

90

00

4/2

6/2

01

01

04

55

10

16

75

63

01

L2

30

E F

LA

MIN

GO

RD

21

91

11

72

78

90

87

50

4/2

6/2

01

06

8

56

10

29

68

63

01

L2

20

E F

LA

MIN

GO

RD

40

31

11

72

71

,50

01

,50

00

4/2

5/2

01

02

0

16

-Au

g-2

01

0

t h E m a r k E t 3 6

Page 39: Apartment Offering Memorandum

lEasE COmPs continued

mEridian3

Pa

ge

:

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sBa

ths

To

tal

Sq

Ft

Lis

t P

ric

e R

en

ted

Pri

ce

Ac

tClo

sD

ate

DO

M

57

10

23

78

93

01

L2

20

E F

LA

MIN

GO

RD

42

32

22

97

41

,15

01

,15

00

4/2

3/2

01

04

1

58

10

30

93

73

01

L2

10

E F

LA

MIN

GO

RD

42

21

11

72

71

,50

01

,50

00

4/2

0/2

01

01

2

59

10

30

23

03

01

L2

30

E F

LA

MIN

GO

RD

12

91

11

69

21

,50

01

,50

00

4/1

9/2

01

01

3

60

10

35

16

43

01

L2

20

E F

LA

MIN

GO

RD

33

01

11

69

21

,50

01

,50

00

4/1

9/2

01

02

61

10

12

50

73

01

L2

70

E F

LA

MIN

GO

RD

43

61

11

69

21

,50

01

,50

00

4/1

6/2

01

07

2

62

10

28

61

83

01

L2

30

E F

LA

MIN

GO

RD

12

12

12

10

35

1,8

00

1,5

50

04

/12

/20

10

12

63

10

21

19

33

01

L2

60

E F

LA

MIN

GO

RD

40

21

11

18

00

70

00

4/1

2/2

01

03

9

64

10

25

74

83

01

L2

20

E F

LA

MIN

GO

RD

33

51

11

72

71

,65

01

,69

50

4/0

9/2

01

02

0

65

10

25

74

53

01

L2

20

E F

LA

MIN

GO

RD

2-1

08

11

16

92

1,4

95

1,4

95

04

/09

/20

10

20

66

99

67

12

30

1L

23

0 E

FL

AM

ING

O R

D1

10

11

15

30

69

56

50

04

/09

/20

10

12

7

67

10

10

89

43

01

L2

70

E F

LA

MIN

GO

RD

30

52

12

97

41

,70

01

,80

00

4/0

8/2

01

07

0

68

10

21

14

53

01

L2

30

E F

LA

MIN

GO

RD

11

52

22

97

41

,80

01

,80

00

4/0

7/2

01

03

4

69

10

07

73

03

01

L2

10

E F

LA

MIN

GO

RD

31

42

12

97

41

,20

01

,00

00

4/0

7/2

01

07

9

70

10

04

41

73

01

L2

10

E F

LA

MIN

GO

RD

42

01

11

69

28

00

80

00

4/0

4/2

01

08

6

71

10

16

87

03

01

L2

20

E F

LA

MIN

GO

RD

23

42

22

97

41

,20

01

,10

00

4/0

3/2

01

01

72

96

31

80

30

1L

26

0 E

FL

AM

ING

O R

D2

10

11

15

30

69

96

99

04

/03

/20

10

78

73

10

26

76

43

01

L2

30

E F

LA

MIN

GO

RD

32

12

12

10

35

1,7

00

2,0

00

03

/30

/20

10

6

74

10

19

74

83

01

L2

60

E F

LA

MIN

GO

RD

33

42

22

97

41

,50

01

,70

00

3/3

0/2

01

02

9

75

10

20

69

83

01

L2

20

E F

LA

MIN

GO

RD

33

22

22

10

62

1,8

00

1,8

00

03

/17

/20

10

14

76

10

18

19

13

01

L2

10

E F

LA

MIN

GO

RD

12

42

22

97

41

,49

51

,49

50

3/1

7/2

01

02

6

77

10

15

23

03

01

L2

70

E F

LA

MIN

GO

RD

41

22

12

97

41

,70

02

,00

00

3/1

6/2

01

03

2

78

99

91

99

30

1L

21

0 E

FL

AM

ING

O R

D2

10

11

15

30

1,2

00

1,3

00

03

/16

/20

10

95

79

10

17

59

43

01

L2

10

E F

LA

MIN

GO

RD

31

61

11

72

71

,15

01

,15

00

3/1

3/2

01

02

0

80

98

66

63

30

1L

27

0 E

FL

AM

ING

O R

D4

24

22

29

74

1,0

95

1,0

95

03

/12

/20

10

12

6

81

10

15

94

33

01

L2

30

E F

LA

MIN

GO

RD

13

32

12

97

49

95

99

50

3/1

1/2

01

02

4

82

10

09

60

73

01

L2

10

E F

LA

MIN

GO

RD

32

42

12

97

41

,10

01

,10

00

3/0

7/2

01

04

83

99

51

83

30

1L

26

0 E

FL

AM

ING

O R

D1

26

22

29

74

1,6

50

1,8

00

03

/05

/20

10

10

1

84

10

07

83

83

01

L2

20

E F

LA

MIN

GO

RD

42

21

11

72

71

,50

01

,50

00

3/0

5/2

01

02

9

85

10

00

63

33

01

L2

20

E F

LA

MIN

GO

RD

13

51

11

72

71

,15

01

,50

00

3/0

5/2

01

03

9

86

10

03

16

43

01

L2

60

E F

LA

MIN

GO

RD

42

01

11

69

29

00

90

00

3/0

4/2

01

06

3

87

10

18

18

13

01

L2

10

E F

LA

MIN

GO

RD

22

12

22

10

35

1,1

95

1,1

95

03

/03

/20

10

3

88

10

18

77

13

01

L2

20

E F

LA

MIN

GO

RD

33

01

11

69

21

,50

01

,50

00

3/0

2/2

01

05

89

10

06

01

93

01

L2

60

E F

LA

MIN

GO

RD

11

72

22

10

35

1,4

95

1,4

95

03

/02

/20

10

49

90

99

83

78

30

1L

26

0 E

FL

AM

ING

O R

D1

16

11

17

27

90

08

75

03

/02

/20

10

83

91

96

27

77

30

1L

27

0 E

FL

AM

ING

O R

D2

34

22

29

74

99

59

95

03

/01

/20

10

19

9

16

-Au

g-2

01

0

t h E m a r k E t 3 7

Page 40: Apartment Offering Memorandum

lEasE COmPs continued

mEridian4

Pa

ge

:

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sBa

ths

To

tal

Sq

Ft

Lis

t P

ric

e R

en

ted

Pri

ce

Ac

tClo

sD

ate

DO

M

92

99

68

20

30

1L

22

0 E

FL

AM

ING

O R

D1

13

21

29

74

1,8

50

1,8

00

02

/28

/20

10

86

93

10

14

17

33

01

L2

70

E F

LA

MIN

GO

RD

32

01

11

69

21

,30

01

,30

00

2/2

7/2

01

02

1

94

99

68

11

30

1L

22

0 E

FL

AM

ING

O R

D4

33

21

29

74

1,4

00

1,3

00

02

/26

/20

10

82

95

99

88

54

30

1L

26

0 E

FL

AM

ING

O R

D2

17

22

21

03

51

,49

51

,49

50

2/2

5/2

01

07

7

96

10

12

60

83

01

L2

10

E F

LA

MIN

GO

RD

31

22

22

97

41

,70

01

,80

00

2/2

4/2

01

02

1

97

96

98

94

30

1L

21

0 E

FL

AM

ING

O R

D4

02

11

16

92

90

09

00

02

/24

/20

10

16

1

98

99

23

33

30

1L

21

0 E

FL

AM

ING

O R

D2

14

22

29

74

1,0

00

1,0

00

02

/23

/20

10

10

4

99

10

08

12

33

01

L2

20

E F

LA

MIN

GO

RD

43

51

11

72

71

,50

01

,50

00

2/1

9/2

01

03

1

10

01

00

45

41

30

1L

22

0 E

FL

AM

ING

O R

D3

27

11

17

96

1,2

50

1,2

00

02

/19

/20

10

45

10

11

00

77

16

30

1L

23

0 E

FL

AM

ING

O R

D1

21

21

21

03

51

,80

02

,00

00

2/1

6/2

01

02

9

10

21

00

55

96

30

1L

23

0 E

FL

AM

ING

O R

D3

21

21

21

03

51

,80

01

,80

00

2/1

5/2

01

03

5

10

39

88

29

13

01

L2

10

E F

LA

MIN

GO

RD

43

21

11

79

61

,02

51

,02

50

2/1

1/2

01

08

9

10

49

79

87

93

01

L2

10

E F

LA

MIN

GO

RD

12

52

22

97

41

,60

01

,80

00

2/0

2/2

01

01

20

10

59

85

32

43

01

L2

20

E F

LA

MIN

GO

RD

10

21

11

69

28

00

75

00

2/0

1/2

01

07

9

10

61

00

95

99

30

1L

27

0 E

FL

AM

ING

O R

D1

09

11

16

92

80

08

50

02

/01

/20

10

8

10

79

87

74

63

01

L2

70

E F

LA

MIN

GO

RD

23

72

12

12

94

1,3

95

1,3

50

01

/30

/20

10

83

10

89

86

05

73

01

L2

30

E F

LA

MIN

GO

RD

30

52

12

97

41

,15

01

,10

00

1/2

9/2

01

07

9

10

91

00

43

68

30

1L

26

0 E

FL

AM

ING

O R

D2

15

21

29

74

1,6

00

1,4

00

01

/26

/20

10

17

11

09

94

71

23

01

L2

70

E F

LA

MIN

GO

RD

12

81

11

53

07

00

65

00

1/2

6/2

01

06

4

11

11

00

58

95

30

1L

23

0 E

FL

AM

ING

O R

D1

09

11

16

92

1,2

00

95

00

1/2

3/2

01

01

2

11

29

72

96

23

01

L2

30

E F

LA

MIN

GO

RD

11

52

22

97

41

,80

01

,80

00

1/2

1/2

01

01

29

11

39

88

96

23

01

L2

70

E F

LA

MIN

GO

RD

41

61

11

72

71

,40

01

,40

00

1/1

8/2

01

06

1

11

41

00

12

15

30

1L

26

0 E

FL

AM

ING

O R

D3

34

22

29

74

1,5

00

1,6

50

01

/17

/20

10

25

11

59

60

10

03

01

L2

60

E F

LA

MIN

GO

RD

43

42

22

97

41

,90

01

,45

00

1/0

7/2

01

01

56

11

69

60

03

63

01

L2

60

E F

LA

MIN

GO

RD

21

81

11

69

21

,40

01

,40

00

1/0

7/2

01

01

56

11

79

65

63

23

01

L2

10

E F

LA

MIN

GO

RD

33

61

11

69

29

50

1,1

00

01

/06

/20

10

14

0

11

89

90

33

33

01

L2

20

E F

LA

MIN

GO

RD

11

00

11

53

01

,50

01

,20

00

1/0

5/2

01

05

7

11

99

72

80

23

01

L2

10

E F

LA

MIN

GO

RD

32

32

22

97

41

,60

01

,60

00

1/0

4/2

01

01

12

12

09

73

51

13

01

L2

30

E F

LA

MIN

GO

RD

21

81

11

69

21

,50

01

,40

00

1/0

4/2

01

01

10

12

19

91

63

03

01

L2

30

E F

LA

MIN

GO

RD

40

31

11

72

79

00

90

00

1/0

1/2

01

04

1

16

-Au

g-2

01

0

t h E m a r k E t 3 8

Page 41: Apartment Offering Memorandum

lEasE COmPs continued

mgm signaturE S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

MG

M S

ign

atu

re L

ea

se

d

Da

te:

16

-Au

g-2

01

0 0

1:2

6:2

9 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

Sta

tus

Eq

ua

lsL

Su

bd

ivis

ion

Na

me

Co

nta

ins

m g

m

Actu

al C

lose

Da

teB

etw

ee

n1

/1/2

01

0 -

8/1

6/2

01

0

Se

arc

h S

tati

sti

cs

: 1

Lis

tin

gs

1 L

ea

se

d L

isti

ng

s

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

Be

ds

0 0 0 0

Ba

ths

1 1 1 1

Sq

Ft

52

0

52

0

52

0

52

0

LP

$1

,80

0

$1

,80

0

$1

,80

0

$1

,80

0

LP

/Sq

Ft

$3

.46

$3

.46

$3

.46

$3

.46

SP

$1

,80

0

$1

,80

0

$1

,80

0

$1

,80

0

SP

/Sq

Ft

$3

.46

$3

.46

$3

.46

$3

.46

SP

/LP

10

0%

10

0%

10

0%

10

0%

DO

M

83

83

83

83

Lis

tin

g R

ep

ort

: L

ea

se

d g

rid

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sBa

ths

To

tal

Sq

Ft

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t P

ric

e R

en

ted

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ce

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tClo

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ate

DO

M

11

01

06

63

30

2L

13

5 E

HA

RM

ON

AV

35

07

01

15

20

1,8

00

1,8

00

05

/05

/20

10

83

16

-Au

g-2

01

0

t h E m a r k E t 3 9

Page 42: Apartment Offering Memorandum

lEasE COmPs continued

OnE las vEgas S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

On

e L

as V

eg

as L

ea

se

d

Da

te:

16

-Au

g-2

01

0 1

2:4

7:2

1 P

M

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arc

h C

rite

ria

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ld O

pe

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ria

Sta

tus

Eq

ua

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bd

ivis

ion

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me

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nta

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On

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as V

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as

Actu

al C

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Da

teB

etw

ee

n1

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01

0 -

8/1

6/2

01

0

Se

arc

h S

tati

sti

cs

: 7

Lis

tin

gs

7 L

ea

se

d L

isti

ng

s

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

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ds

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ths

3 1 2 2

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1,5

73

83

6

1,2

63

1,3

68

LP

$1

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5

$1

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5

$1

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0

$1

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5

LP

/Sq

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$1

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$1

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$1

.16

$1

.18

SP

$1

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0

$1

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5

$1

,44

0

$1

,45

0

SP

/Sq

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$1

.26

$1

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$1

.15

$1

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SP

/LP

11

5%

95

%

99

%

97

%

DO

M

47

7 20

18

Lis

tin

g R

ep

ort

: L

ea

se

d g

rid

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

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ed

s F

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ths

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tal

Sq

Ft

Lis

t P

ric

e R

en

ted

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ce

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tClo

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ate

DO

M

11

05

94

21

30

3L

82

55

S L

AS

VE

GA

S B

L4

19

11

18

36

1,1

00

1,0

50

07

/30

/20

10

17

21

03

04

23

30

3L

82

55

S L

AS

VE

GA

S B

L7

15

22

21

36

81

,50

01

,45

00

6/1

6/2

01

01

8

31

04

68

20

30

3L

82

55

S L

AS

VE

GA

S B

L8

01

22

31

57

31

,85

01

,79

90

6/1

5/2

01

01

2

41

02

40

06

30

3L

82

55

S L

AS

VE

GA

S B

L3

09

11

18

63

1,0

35

1,0

35

04

/08

/20

10

18

51

02

43

55

30

3L

82

55

S L

AS

VE

GA

S B

L1

61

52

22

13

68

1,4

35

1,4

00

03

/31

/20

10

7

61

00

61

34

30

3L

82

55

S L

AS

VE

GA

S B

L3

01

22

31

54

61

,93

51

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00

3/1

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01

02

7

71

00

01

57

30

3L

82

55

S L

AS

VE

GA

S B

L1

22

02

22

12

91

1,3

00

1,5

00

03

/07

/20

10

47

16

-Au

g-2

01

0

t h E m a r k E t 4 0

Page 43: Apartment Offering Memorandum

lEasE COmPs continued

PanOrama tOwErs S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

pa

no

ram

a to

we

rs le

ase

d

Da

te:

16

-Au

g-2

01

0 1

2:5

9:5

4 P

M

Se

arc

h C

rite

ria

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ld O

pe

rato

r C

rite

ria

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tus

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ua

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bd

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ion

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me

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nta

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pa

no

ram

a to

we

rs

Actu

al

Be

twe

en

1/1

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- 8

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10

Se

arc

h S

tati

sti

cs

: 5

8 L

isti

ng

s

58

Le

as

ed

Lis

tin

gs

Hig

h

Lo

w

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rag

e

Me

dia

n

Be

ds

3 0 1 2

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ths

4 2 2 2

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Ft

5,2

01

0 1,5

70

1,4

45

LP

$8

,00

0

$1

,25

0

$2

,60

2

$2

,22

5

LP

/Sq

Ft

$2

.40

$1

.08

$1

.67

$1

.66

SP

$8

,00

0

$1

,25

0

$2

,48

2

$2

,19

0

SP

/Sq

Ft

$2

.46

$1

.07

$1

.59

$1

.60

SP

/LP

11

5%

85

%

96

%

96

%

DO

M

21

3

6 42

30

Lis

tin

g R

ep

ort

: L

ea

se

d g

rid

# M

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t P

ric

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DO

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11

05

45

94

50

3L

45

25

DE

AN

MA

RT

IN D

R1

50

32

22

10

84

2,1

00

1,9

40

08

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10

42

21

05

46

54

50

3L

45

25

DE

AN

MA

RT

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R3

07

21

32

50

83

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03

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00

8/0

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31

03

98

31

50

3L

45

25

DE

AN

MA

RT

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R7

02

10

28

08

1,4

25

1,3

25

07

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10

42

41

05

33

57

50

3L

45

25

DE

AN

MA

RT

IN D

R1

40

52

12

11

89

1,9

00

1,9

00

07

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10

6

51

04

88

44

50

3L

45

25

DE

AN

MA

RT

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R1

60

72

23

16

40

2,4

50

2,3

00

07

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10

10

61

05

00

42

50

3L

45

75

DE

AN

MA

RT

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R7

02

11

27

80

1,2

95

1,2

95

07

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10

8

71

00

23

15

50

3L

45

25

DE

AN

MA

RT

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R1

61

22

13

21

89

3,8

50

3,4

00

07

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10

18

5

81

04

27

03

50

3L

45

75

DE

AN

MA

RT

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R2

60

52

12

12

16

2,3

00

2,3

00

07

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10

41

91

04

47

90

50

3L

45

75

DE

AN

MA

RT

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R7

07

21

31

61

22

,20

02

,20

00

6/3

0/2

01

03

6

10

10

45

24

95

03

L4

57

5 D

EA

N M

AR

TIN

DR

50

82

12

14

60

2,1

50

1,9

00

06

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/20

10

14

11

10

44

42

85

03

L4

57

5 D

EA

N M

AR

TIN

DR

29

09

22

31

74

63

,50

03

,00

00

6/1

4/2

01

01

8

12

10

43

58

75

03

L1

00

9 D

EA

N M

AR

TIN

DR

10

09

21

31

72

62

,65

02

,50

00

6/1

0/2

01

01

7

13

10

42

64

55

03

L4

52

5 D

EA

N M

AR

TIN

DR

11

12

22

20

2,6

00

3,0

00

06

/04

/20

10

16

14

10

34

80

75

03

L4

52

5 D

EA

N M

AR

TIN

DR

17

06

22

32

34

72

,59

92

,50

00

5/2

7/2

01

03

6

15

10

34

92

95

03

L4

57

5 D

EA

N M

AR

TIN

DR

14

01

11

29

55

2,2

00

2,1

00

05

/27

/20

10

18

16

10

37

48

35

03

L4

57

5 D

EA

N M

AR

TIN

DR

28

05

20

21

22

62

,20

02

,00

00

5/2

7/2

01

02

7

17

10

24

33

25

03

L4

57

5 D

EA

N M

AR

TIN

DR

24

06

22

22

32

42

,50

02

,50

00

5/2

0/2

01

08

18

98

67

19

50

3L

45

25

DE

AN

MA

RT

IN D

R4

06

22

21

37

62

,18

02

,18

00

5/1

7/2

01

01

66

19

10

21

79

85

03

L4

57

5 D

EA

N M

AR

TIN

DR

50

11

12

95

51

,40

01

,40

00

5/1

3/2

01

06

0

20

10

38

12

75

03

L4

52

5 D

EA

N M

AR

TIN

DR

70

11

12

92

31

,65

01

,65

00

5/0

7/2

01

07

21

10

33

36

95

03

L4

52

5 D

EA

N M

AR

TIN

DR

15

07

21

31

64

02

,50

02

,40

00

5/0

6/2

01

02

0

16

-Au

g-2

01

0

t h E m a r k E t 4 1

Page 44: Apartment Offering Memorandum

lEasE COmPs continued

PanOrama tOwErs2

Pa

ge

:

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sBa

ths

To

tal

Sq

Ft

Lis

t P

ric

e R

en

ted

Pri

ce

Ac

tClo

sD

ate

DO

M

22

10

33

70

55

03

L4

57

5 D

EA

N M

AR

TIN

DR

16

03

22

33

33

08

,00

08

,00

00

5/0

4/2

01

01

5

23

10

23

05

35

03

L4

52

5 D

EA

N M

AR

TIN

DR

10

08

22

21

44

61

,67

51

,67

50

5/0

4/2

01

01

5

24

10

31

64

95

03

L4

52

5 D

EA

N M

AR

TIN

DR

14

12

22

32

18

93

,25

03

,10

00

4/3

0/2

01

01

9

25

10

17

63

85

03

L4

57

5 D

EA

N M

AR

TIN

DR

81

01

02

73

31

,35

01

,30

00

4/1

6/2

01

05

3

26

10

22

01

55

03

L4

57

5 D

EA

N M

AR

TIN

DR

28

05

20

21

22

62

,20

02

,00

00

4/1

4/2

01

03

0

27

10

02

45

15

03

L4

52

5 D

EA

N M

AR

TIN

DR

30

11

21

21

14

42

,60

02

,20

00

4/0

9/2

01

01

02

28

10

17

39

95

03

L4

52

5 D

EA

N M

AR

TIN

DR

33

04

33

45

20

17

,00

06

,25

00

4/0

6/2

01

04

0

29

10

20

86

15

03

L4

57

5 D

EA

N M

AR

TIN

DR

23

09

22

31

74

63

,40

03

,20

00

4/0

6/2

01

03

3

30

10

25

18

95

03

L4

53

5 D

EA

N M

AR

TIN

DR

2-1

07

21

21

64

42

,50

02

,50

00

4/0

3/2

01

01

6

31

98

71

02

50

3L

45

75

DE

AN

MA

RT

IN D

R4

02

01

27

80

1,2

50

1,2

50

03

/30

/20

10

78

32

91

74

39

50

3L

45

75

DE

AN

MA

RT

IN D

R2

40

62

23

23

24

2,5

00

2,5

00

03

/24

/20

10

63

33

10

14

79

05

03

L4

57

5 D

EA

N M

AR

TIN

DR

28

12

22

32

17

33

,10

03

,10

00

3/2

2/2

01

01

8

34

10

16

81

25

03

L4

57

5 D

EA

N M

AR

TIN

DR

27

05

22

21

22

62

,25

02

,00

00

3/2

1/2

01

03

1

35

99

23

66

50

3L

45

25

DE

AN

MA

RT

IN D

R #

40

94

09

22

31

74

72

,15

02

,15

00

3/1

8/2

01

01

06

36

10

14

27

55

03

L4

56

5 D

EA

N M

AR

TIN

DR

2-1

01

22

31

79

31

,99

91

,99

90

3/1

7/2

01

03

6

37

10

15

20

15

03

L4

52

5 D

EA

N M

AR

TIN

DR

19

07

21

31

64

03

,70

03

,70

00

3/1

5/2

01

02

2

38

10

14

61

65

03

L4

52

5 D

EA

N M

AR

TIN

DR

24

11

22

21

13

62

,49

92

,80

00

3/1

5/2

01

03

3

39

10

15

78

65

03

L4

52

5 D

EA

N M

AR

TIN

DR

11

04

22

29

46

1,4

95

1,4

95

03

/15

/20

10

19

40

10

13

49

15

03

L4

57

5 D

EA

N M

AR

TIN

DR

30

09

22

31

74

62

,40

02

,25

00

3/1

2/2

01

01

2

41

10

02

45

05

03

L4

52

5 D

EA

N M

AR

TIN

DR

25

04

21

21

63

23

,50

03

,30

00

3/0

9/2

01

05

8

42

98

59

75

50

3L

45

75

DE

AN

MA

RT

IN D

R3

30

22

23

29

53

4,5

00

4,0

00

03

/03

/20

10

11

2

43

10

10

04

85

03

L4

53

5 D

EA

N M

AR

TIN

DR

10

61

12

14

19

1,8

00

1,7

50

03

/01

/20

10

24

44

10

10

74

55

03

L4

52

5 D

EA

N M

AR

TIN

DR

40

82

22

14

44

1,8

00

1,7

00

03

/01

/20

10

11

45

10

16

70

25

03

L4

52

5 D

EA

N M

AR

TIN

DR

10

11

22

21

13

42

,15

02

,00

00

2/2

8/2

01

01

1

46

10

08

29

75

03

L4

57

5 D

EA

N M

AR

TIN

DR

31

12

22

32

17

34

,75

04

,60

00

2/2

0/2

01

03

1

47

10

09

80

65

03

L4

57

5 D

EA

N M

AR

TIN

DR

30

02

23

20

86

2,5

00

2,5

00

02

/19

/20

10

21

48

10

12

10

85

03

L4

52

5 D

EA

N M

AR

TIN

DR

80

11

12

92

31

,70

01

,65

00

2/1

0/2

01

06

49

10

00

18

35

03

L4

57

5 D

EA

N M

AR

TIN

DR

20

12

22

32

17

33

,25

02

,80

00

2/0

8/2

01

04

1

50

96

74

34

50

3L

45

15

DE

AN

MA

RT

IN D

R2

03

11

21

27

01

,55

01

,45

00

2/0

8/2

01

01

47

51

99

11

05

50

3L

45

25

DE

AN

MA

RT

IN D

R3

20

72

13

16

18

3,5

00

3,0

00

02

/05

/20

10

73

52

10

05

31

35

03

L4

57

5 D

EA

N M

AR

TIN

DR

28

01

11

29

87

1,7

95

1,7

00

02

/01

/20

10

16

53

94

68

35

50

3L

45

75

DE

AN

MA

RT

IN D

R1

20

32

12

10

54

1,8

95

1,8

00

01

/22

/20

10

21

3

54

10

02

33

95

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52

5 D

EA

N M

AR

TIN

DR

30

03

21

21

08

52

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55

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50

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75

DE

AN

MA

RT

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20

03

13

23

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01

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33

56

97

37

74

50

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75

DE

AN

MA

RT

IN D

R2

71

12

12

11

26

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00

2,0

50

01

/08

/20

10

61

16

-Au

g-2

01

0

t h E m a r k E t 4 2

Page 45: Apartment Offering Memorandum

lEasE COmPs continued

PanOrama tOwErs3

Pa

ge

:

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sBa

ths

To

tal

Sq

Ft

Lis

t P

ric

e R

en

ted

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ce

Ac

tClo

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ate

DO

M

57

99

63

51

50

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75

DE

AN

MA

RT

IN D

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20

11

12

98

71

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8/2

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02

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58

99

62

71

50

3L

45

25

DE

AN

MA

RT

IN D

R4

10

10

27

59

1,5

00

1,5

00

01

/08

/20

10

38

16

-Au

g-2

01

0

t h E m a r k E t 4 3

Page 46: Apartment Offering Memorandum

lEasE COmPs continued

sky las vEgas S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

sky

las v

eg

as le

ase

d

Da

te:

16

-Au

g-2

01

0 0

1:0

5:4

9 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

Sta

tus

Eq

ua

lsL

Su

bd

ivis

ion

Na

me

Co

nta

ins

sky

las v

eg

as

Actu

al

Be

twe

en

1/1

/20

10

- 8

/16

/20

10

Se

arc

h S

tati

sti

cs

: 5

0 L

isti

ng

s

50

Le

as

ed

Lis

tin

gs

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

Be

ds

3 1 1 2

Ba

ths

3 1 2 2

Sq

Ft

2,9

96

0 1,2

16

1,1

00

LP

$5

,00

0

$1

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0

$2

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6

$1

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7

LP

/Sq

Ft

$2

.44

$1

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$1

.66

$1

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SP

$5

,00

0

$1

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0

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0

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7

SP

/Sq

Ft

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SP

/LP

11

7%

80

%

96

%

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%

DO

M

21

8

2 70

55

Lis

tin

g R

ep

ort

: L

ea

se

d g

rid

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

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ths

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tal

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ric

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11

02

02

20

30

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GA

S B

L3

90

12

23

14

76

2,7

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21

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50

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01

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LA

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29

08

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31

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13

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94

33

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LA

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AS

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27

04

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06

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10

19

14

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33

01

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0 S

LA

S V

EG

AS

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41

90

42

12

11

00

1,7

00

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00

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13

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36

99

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0 S

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50

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EG

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BL

31

05

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00

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10

27

16

-Au

g-2

01

0

t h E m a r k E t 4 4

Page 47: Apartment Offering Memorandum

lEasE COmPs continued

sky las vEgas2

Pa

ge

:

# M

L #

Are

a S

tatu

s A

dd

res

s U

nit

# B

ed

s F

.Bth

sBa

ths

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tal

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t P

ric

e R

en

ted

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ce

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M

22

99

29

37

30

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00

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04

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21

10

01

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10

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32

05

11

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00

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10

54

24

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11

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53

01

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LA

S V

EG

AS

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60

72

22

11

00

1,9

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00

04

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89

25

97

20

59

30

1L

27

00

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VE

GA

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92

13

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66

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99

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17

4

26

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23

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01

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70

0 S

LA

S V

EG

AS

BL

25

09

21

31

76

63

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00

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01

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27

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00

48

73

01

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LA

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EG

AS

BL

28

10

21

21

24

81

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01

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00

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01

01

11

28

10

18

16

33

01

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70

0 S

LA

S V

EG

AS

BL

60

61

11

77

81

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01

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00

4/0

2/2

01

01

9

29

99

86

25

30

1L

27

00

S L

AS

VE

GA

S B

L1

50

51

11

77

81

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01

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00

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01

09

9

30

10

23

90

63

01

L2

70

0 S

LA

S V

EG

AS

BL

50

82

23

16

51

2,7

50

2,4

00

03

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10

2

31

98

84

45

30

1L

27

00

S L

AS

VE

GA

S B

L2

10

92

23

17

66

2,2

00

2,0

00

03

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10

13

6

32

10

04

47

13

01

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70

0 S

LA

S V

EG

AS

BL

22

10

22

21

24

82

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33

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11

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80

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11

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81

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51

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50

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01

04

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34

99

99

11

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27

00

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AS

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01

21

31

32

91

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00

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35

10

21

91

33

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70

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LA

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AS

BL

35

05

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8

36

99

80

00

30

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27

00

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AS

VE

GA

S B

L1

41

11

11

98

51

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01

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00

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09

3

37

10

03

13

53

01

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70

0 S

LA

S V

EG

AS

BL

17

11

11

19

85

1,7

50

1,6

00

03

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10

64

38

99

87

32

30

1L

27

00

S L

AS

VE

GA

S B

L2

80

61

11

77

81

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01

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00

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01

08

4

39

10

12

00

73

01

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70

0 S

LA

S V

EG

AS

BL

35

07

22

21

10

02

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02

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00

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01

02

9

40

98

74

69

30

1L

27

00

S L

AS

VE

GA

S B

L1

70

82

13

14

67

2,5

00

2,5

00

03

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10

12

2

41

99

01

51

30

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27

00

S L

AS

VE

GA

S B

L1

50

12

23

13

29

2,3

00

1,9

00

02

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/20

10

10

4

42

98

75

23

30

1L

27

00

S L

AS

VE

GA

S B

L4

20

33

23

29

96

3,9

99

3,6

00

02

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/20

10

10

5

43

10

09

69

43

01

L2

70

0 S

LA

S V

EG

AS

BL

29

11

11

19

85

1,6

75

1,6

75

02

/12

/20

10

10

44

99

00

45

30

1L

27

00

S L

AS

VE

GA

S B

L2

30

92

23

17

66

2,8

00

2,5

00

02

/08

/20

10

69

45

93

81

15

30

1L

27

00

S L

AS

VE

GA

S B

L4

20

12

23

29

91

5,0

00

5,0

00

02

/01

/20

10

21

8

46

99

97

78

30

1L

27

00

S L

AS

VE

GA

S B

L3

30

32

13

14

67

2,0

00

1,9

00

02

/01

/20

10

38

47

98

65

51

30

1L

27

00

S L

AS

VE

GA

S B

L3

00

82

13

14

67

2,2

50

2,2

50

01

/29

/20

10

93

48

99

91

61

30

1L

27

00

S L

AS

VE

GA

S B

L3

01

02

12

13

29

2,5

00

2,0

00

01

/26

/20

10

48

49

94

27

05

30

1L

27

00

S L

AS

VE

GA

S B

L1

70

61

11

90

01

,50

01

,50

00

1/1

5/2

01

02

1

50

97

60

03

30

1L

27

00

S L

AS

VE

GA

S B

L4

10

92

12

14

76

2,8

50

2,5

00

01

/08

/20

10

75

16

-Au

g-2

01

0

t h E m a r k E t 4 5

Page 48: Apartment Offering Memorandum

salE COmPs bOCa ratOn S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

Bo

ca

Ra

ton

So

lds

Da

te:

16

-Au

g-2

01

0 1

2:3

5:2

2 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

Sta

tus

Eq

ua

lsS

Su

bd

ivis

ion

Na

me

Co

nta

ins

Pa

lm B

ea

ch

Re

so

rt

Actu

al

Be

twe

en

1/1

/20

10

- 8

/16

/20

10

Se

arc

h S

tati

sti

cs

: 8

Lis

tin

gs

8 C

los

ed

Lis

tin

gs

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

Be

ds

2 2 2 2

Ba

ths

3 2 2 3

Sq

Ft

1,6

46

89

9

1,1

40

1,1

96

LP

$1

69

,00

0

$8

9,9

00

$1

24

,07

3

$1

18

,45

0

LP

/Sq

Ft

$1

33

.77

$9

8.5

8

$1

09

.23

$1

04

.81

SP

$1

78

,25

0

$1

00

,00

0

$1

23

,83

2

$1

17

,50

0

SP

/Sq

Ft

$1

22

.53

$9

6.1

5

$1

09

.15

$1

09

.76

SP

/LP

11

1%

88

%

10

0%

10

0%

DO

M

21

0

4 50

40

Lis

tin

g R

ep

ort

: p

rice

pe

r sq

ft

# M

L #

Are

a S

tat

Ad

dre

ss

Un

itN

um

be

r L

ist

Pri

ce

Sa

le P

ric

e P

ST

yp

e B

drs

Bth

sT

ot

Sq

Ft

LP

/Sq

Ft

SP

/Sq

Ft

Ye

arB

lt

11

00

36

67

30

3S

24

05

W S

ER

EN

E A

V7

35

11

9,0

00

11

5,0

00

CO

N2

31

19

69

99

62

00

7

21

04

36

71

30

3S

24

05

W S

ER

EN

E A

V5

16

10

3,9

00

11

0,1

50

CO

N2

28

99

11

51

22

20

07

31

00

28

88

30

3S

24

05

W S

ER

EN

E A

V5

21

11

7,9

00

12

0,0

00

CO

N2

31

19

69

81

00

20

07

41

02

63

77

30

3S

24

05

W S

ER

EN

E A

V9

09

16

9,0

00

17

8,2

50

CO

N2

31

64

61

02

10

82

00

7

51

02

40

16

30

3S

24

05

W S

ER

EN

E A

V5

35

12

7,9

00

12

7,2

60

CO

N2

31

19

61

06

10

62

00

7

61

00

67

08

30

3S

24

05

W S

ER

EN

E A

V5

18

10

5,0

00

10

0,0

00

CO

N2

28

99

11

61

11

20

07

79

81

93

73

03

S2

45

5 W

SE

RE

NE

AV

83

48

9,9

00

10

0,0

00

CO

N2

28

99

10

01

11

20

07

89

95

56

53

03

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45

5 W

SE

RE

NE

AV

81

91

59

,99

01

40

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ON

23

11

96

13

31

17

20

07

16

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g-2

01

0

2

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t C

los

e D

ate

08

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10

07

/30

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10

06

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10

05

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10

04

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10

03

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10

03

/12

/20

10

02

/03

/20

10

16

-Au

g-2

01

0

t h E m a r k E t 4 6

Page 49: Apartment Offering Memorandum

salE COmPs continued

mEridian S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

GL

VA

R R

ES

Sim

ple

Se

arc

h

Da

te:

16

-Au

g-2

01

0 0

1:3

6:5

9 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

Sta

tus

Eq

ua

lsS

Su

bd

ivis

ion

Na

me

Co

nta

ins

Me

rid

ian

at h

ug

he

s c

en

ter

Actu

al C

lose

Da

teB

etw

ee

n1

/1/2

01

0 -

8/1

6/2

01

0

Se

arc

h S

tati

sti

cs

: 6

2 L

isti

ng

s

62

Clo

se

d L

isti

ng

s

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

Be

ds

2 1 1 2

Ba

ths

2 1 1 2

Sq

Ft

1,2

94

53

0

88

1

97

4

LP

$1

79

,00

0

$4

8,0

00

$1

05

,39

8

$1

10

,40

0

LP

/Sq

Ft

$1

72

.95

$6

8.6

9

$1

19

.15

$1

17

.66

SP

$1

70

,00

0

$5

4,9

00

$1

10

,68

0

$1

12

,45

0

SP

/Sq

Ft

$1

64

.27

$8

2.5

3

$1

24

.87

$1

22

.83

SP

/LP

17

5%

69

%

10

7%

10

0%

DO

M

34

3

0 44

17

Lis

tin

g R

ep

ort

: p

rice

pe

r sq

ft

# M

L #

Are

a S

tat

Ad

dre

ss

Un

itN

um

be

r L

ist

Pri

ce

Sa

le P

ric

e P

ST

yp

e B

drs

Bth

sT

ot

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Ft

LP

/Sq

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SP

/Sq

Ft

Ye

arB

lt

11

00

98

54

30

1S

27

0 E

FL

AM

ING

O R

D1

37

12

5,0

00

15

0,0

00

CO

N2

21

29

49

61

15

19

92

21

02

44

94

30

1S

22

0 E

FL

AM

ING

O R

D1

25

13

4,0

00

13

2,0

00

CO

N2

29

74

13

71

35

19

92

31

05

79

98

30

1S

27

0 E

FL

AM

ING

O R

D3

21

13

5,9

00

14

5,0

00

CO

N2

21

03

51

31

14

01

99

2

41

03

89

47

30

1S

27

0 E

FL

AM

ING

O R

D1

13

11

5,0

00

11

0,0

00

CO

N2

29

74

11

81

12

19

92

51

03

04

20

30

1S

23

0 E

FL

AM

ING

O R

D1

24

13

4,9

00

13

4,9

00

CO

N2

29

74

13

81

38

19

92

61

02

48

97

30

1S

23

0 E

FL

AM

ING

O R

D3

20

70

,00

07

5,0

00

CO

N1

16

92

10

11

08

19

92

71

00

98

24

30

1S

27

0 E

FL

AM

ING

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D1

34

12

5,0

00

13

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00

CO

N2

29

74

12

81

35

19

92

81

01

98

42

30

1S

21

0 E

FL

AM

ING

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D1

25

11

9,0

00

13

2,0

00

CO

N2

29

74

12

21

35

19

92

91

04

57

61

30

1S

27

0 E

FL

AM

ING

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D3

36

89

,90

08

6,0

00

CO

N1

16

92

12

91

24

19

92

10

10

24

64

23

01

S2

70

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LA

MIN

GO

RD

20

28

0,0

00

68

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0C

ON

11

69

21

15

98

19

92

11

10

44

33

63

01

S2

20

E F

LA

MIN

GO

RD

12

91

04

,90

01

04

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0C

ON

11

69

21

51

15

11

99

2

12

10

46

81

43

01

S2

10

E F

LA

MIN

GO

RD

21

66

7,9

00

85

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0C

ON

11

72

79

31

16

19

92

13

98

63

46

30

1S

27

0 E

FL

AM

ING

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07

55

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06

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00

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N1

15

30

10

31

13

19

92

14

10

38

97

33

01

S2

60

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LA

MIN

GO

RD

23

21

07

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01

50

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ON

22

10

62

10

11

41

19

92

15

10

43

23

03

01

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70

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LA

MIN

GO

RD

30

11

64

,50

01

57

,50

0C

ON

22

12

94

12

71

21

19

92

16

10

38

66

83

01

S2

70

E F

LA

MIN

GO

RD

41

31

60

,00

01

60

,00

0C

ON

22

97

41

64

16

41

99

2

17

10

41

46

93

01

S2

30

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LA

MIN

GO

RD

33

71

24

,90

01

09

,00

0C

ON

22

12

94

96

84

19

92

18

10

19

21

33

01

S2

60

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LA

MIN

GO

RD

31

21

09

,90

01

38

,00

0C

ON

22

97

41

12

14

11

99

2

19

10

39

00

43

01

S2

10

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LA

MIN

GO

RD

41

31

29

,90

01

47

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ON

22

97

41

33

15

11

99

2

20

10

36

33

93

01

S2

30

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LA

MIN

GO

RD

12

88

4,9

00

79

,90

0C

ON

11

53

01

60

15

01

99

2

21

10

34

32

33

01

S2

60

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LA

MIN

GO

RD

41

71

49

,00

01

47

,00

0C

ON

22

10

35

14

31

42

19

92

16

-Au

g-2

01

0

2

Ac

t C

los

e D

ate

08

/13

/20

10

08

/06

/20

10

08

/03

/20

10

07

/30

/20

10

07

/29

/20

10

07

/29

/20

10

07

/22

/20

10

07

/19

/20

10

07

/16

/20

10

07

/14

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10

07

/07

/20

10

07

/02

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10

07

/01

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10

06

/24

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10

06

/23

/20

10

06

/15

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10

06

/14

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10

06

/14

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10

06

/08

/20

10

06

/08

/20

10

06

/04

/20

10

Pa

ge

:

16

-Au

g-2

01

0

t h E m a r k E t 4 7

Page 50: Apartment Offering Memorandum

salE COmPs continued

mEridian3

# M

L #

Are

a S

tat

Ad

dre

ss

Un

itN

um

be

r L

ist

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ce

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66

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11

72

71

58

15

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2

23

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28

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01

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67

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00

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11

69

21

15

11

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99

2

24

10

35

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83

01

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33

31

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01

55

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22

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41

13

15

91

99

2

25

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53

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6,9

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17

27

92

14

11

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2

26

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11

94

63

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20

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22

10

62

10

61

06

19

92

27

10

24

67

63

01

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70

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11

24

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24

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22

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62

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17

19

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28

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41

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ING

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48

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12

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92

29

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20

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70

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00

54

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11

53

01

03

10

31

99

2

30

10

13

69

93

01

S2

10

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LA

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20

26

5,0

00

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11

69

29

31

22

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92

31

10

30

69

43

01

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70

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LA

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11

41

40

,00

01

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22

97

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43

14

31

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2

32

10

26

75

73

01

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30

13

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2

33

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12

92

30

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22

0 E

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ING

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11

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74

12

81

18

19

92

34

10

29

41

03

01

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60

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31

67

2,1

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11

72

79

98

21

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13

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19

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01

25

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22

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11

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19

92

36

10

19

27

33

01

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70

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MIN

GO

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28

4,9

00

10

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17

27

11

61

44

19

92

37

96

80

12

30

1S

21

0 E

FL

AM

ING

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23

99

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01

10

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22

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41

01

11

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99

2

38

10

19

19

83

01

S2

20

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LA

MIN

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RD

2-2

32

11

2,0

00

13

5,0

00

CO

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21

06

21

05

12

71

99

2

39

10

04

95

23

01

S2

30

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LA

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GO

RD

32

71

29

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01

11

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11

79

61

63

14

01

99

2

40

96

15

58

30

1S

26

0 E

FL

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ING

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30

65

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16

92

93

93

19

92

41

10

14

46

43

01

S2

60

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LA

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GO

RD

12

11

32

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01

25

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22

10

35

12

71

20

19

92

42

10

12

58

73

01

S2

30

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LA

MIN

GO

RD

23

64

8,0

00

60

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11

69

26

98

61

99

2

43

10

08

10

33

01

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20

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41

71

19

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01

47

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22

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35

11

51

42

19

92

44

10

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75

13

01

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70

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LA

MIN

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RD

13

31

49

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01

33

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ON

22

97

41

53

13

61

99

2

45

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99

95

30

1S

27

0 E

FL

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ING

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33

12

4,9

99

10

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29

74

12

81

10

19

92

46

10

02

41

63

01

S2

30

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LA

MIN

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10

39

0,0

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88

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11

72

71

23

12

11

99

2

47

10

02

46

03

01

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70

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LA

MIN

GO

RD

11

86

8,9

00

70

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11

69

29

91

01

19

92

48

10

08

52

03

01

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10

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LA

MIN

GO

RD

10

26

5,9

00

85

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ON

11

69

29

51

22

19

92

49

10

12

29

73

01

S2

10

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LA

MIN

GO

RD

10

89

0,0

00

87

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11

69

21

30

12

51

99

2

50

95

09

97

30

1S

21

0 E

FL

AM

ING

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D3

07

79

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05

5,0

00

CO

N1

15

30

15

01

03

19

92

51

96

43

47

30

1S

22

0 E

FL

AM

ING

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D4

15

66

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01

17

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ON

22

97

46

81

20

19

92

52

10

01

92

13

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60

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33

71

70

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01

60

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22

12

94

13

11

23

19

92

53

10

02

02

53

01

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20

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30

41

49

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01

45

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22

97

41

53

14

81

99

2

54

98

69

88

30

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22

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FL

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ING

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11

12

5,0

00

11

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00

CO

N2

21

06

21

17

10

91

99

2

55

99

29

90

30

1S

27

0 E

FL

AM

ING

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22

86

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09

4,0

00

CO

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17

27

11

81

29

19

92

56

93

23

21

30

1S

23

0 E

FL

AM

ING

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D2

30

55

,00

06

0,0

00

CO

N1

16

92

79

86

19

92

Pa

ge

:

16

-Au

g-2

01

0

4

Ac

t C

los

e D

ate

06

/01

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10

06

/01

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10

05

/28

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10

05

/26

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10

05

/14

/20

10

05

/13

/20

10

05

/10

/20

10

05

/03

/20

10

04

/30

/20

10

04

/30

/20

10

04

/29

/20

10

04

/21

/20

10

04

/16

/20

10

04

/15

/20

10

04

/15

/20

10

04

/12

/20

10

04

/09

/20

10

04

/07

/20

10

04

/02

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10

03

/31

/20

10

03

/23

/20

10

03

/19

/20

10

03

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10

03

/16

/20

10

03

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10

03

/04

/20

10

02

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/20

10

02

/24

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10

02

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10

02

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10

01

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/20

10

01

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/20

10

01

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/20

10

01

/27

/20

10

01

/25

/20

10

16

-Au

g-2

01

0

t h E m a r k E t 4 8

Page 51: Apartment Offering Memorandum

salE COmPs continued

mEridian5

# M

L #

Are

a S

tat

Ad

dre

ss

Un

itN

um

be

r L

ist

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ce

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arB

lt

57

99

21

87

30

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23

0 E

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AM

ING

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13

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13

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19

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ING

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33

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ING

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26

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93

11

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ING

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10

01

/14

/20

10

01

/13

/20

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16

-Au

g-2

01

0

t h E m a r k E t 4 9

Page 52: Apartment Offering Memorandum

salE COmPs continued

mgm signaturE S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

Sky

La

s V

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as S

old

s H

igh

rise

Da

te:

16

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1:1

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arc

h C

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arc

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: 1

48

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tin

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Hig

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Ave

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0

64

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6

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4

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71

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92

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98

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84

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SP

$5

40

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0

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00

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84

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5

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67

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0

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/Sq

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82

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92

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89

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76

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/LP

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%

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%

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38

20

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31

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81

51

59

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20

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72

67

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95

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16

11

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10

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82

12

49

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02

47

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01

28

74

28

52

83

07

/30

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10

12

8

11

10

42

28

53

02

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80

51

75

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02

15

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01

15

20

33

64

13

07

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10

3

12

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50

81

43

02

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AR

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50

12

68

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02

62

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01

28

74

30

63

00

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9

13

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55

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60

76

07

13

8,6

00

14

0,0

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52

02

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26

90

7/2

8/2

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09

14

10

56

32

13

02

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45

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AR

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V #

32

15

32

15

13

7,6

10

20

1,0

00

01

52

02

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38

60

7/2

8/2

01

01

3

15

10

56

94

63

02

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AR

MO

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V1

71

81

33

,65

01

33

,65

00

15

20

25

72

57

07

/28

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10

6

16

86

88

05

30

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14

5 E

HA

RM

ON

AV

18

09

14

9,0

00

14

0,0

00

01

52

02

86

26

90

7/2

6/2

01

05

93

17

10

18

41

43

02

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45

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AR

MO

N A

V3

06

11

5,0

00

12

0,0

00

01

52

02

21

23

00

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01

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18

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56

95

03

02

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AR

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51

75

17

13

0,7

00

13

6,0

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01

52

02

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26

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7/2

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06

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73

33

02

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01

51

70

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01

79

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01

15

20

32

63

45

07

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10

11

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10

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57

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02

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AR

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52

12

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18

21

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42

84

26

30

7/2

2/2

01

01

41

16

-Au

g-2

01

0

t h E m a r k E t 5 0

Page 53: Apartment Offering Memorandum

salE COmPs continued

mgm signaturE2

Pa

ge

:

# M

L #

Are

a S

tat

Ad

dre

ss

Un

itN

um

be

r L

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80

92

49

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15

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26

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g-2

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0

t h E m a r k E t 5 1

Page 54: Apartment Offering Memorandum

salE COmPs continued

mgm signaturE3

Pa

ge

:

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L #

Are

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0

t h E m a r k E t 5 2

Page 55: Apartment Offering Memorandum

salE COmPs continued

mgm signaturE4

Pa

ge

:

# M

L #

Are

a S

tat

Ad

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ss

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HA

RM

ON

AV

90

31

35

,90

01

34

,50

01

15

20

26

12

58

03

/23

/20

10

15

10

89

87

28

73

02

S1

45

E H

AR

MO

N A

V2

50

51

00

,00

01

51

,10

00

15

20

19

22

90

03

/19

/20

10

7

10

91

00

65

91

30

2S

14

5 E

HA

RM

ON

AV

19

02

20

5,8

88

20

5,0

00

12

87

42

35

23

40

3/1

9/2

01

02

7

11

01

00

66

08

30

2S

14

5 E

HA

RM

ON

AV

19

04

15

2,8

88

14

0,0

00

11

52

02

94

26

90

3/1

9/2

01

02

7

11

11

01

47

94

30

2S

13

5 E

HA

RM

ON

AV

17

03

13

7,0

00

13

7,0

00

01

52

02

63

26

30

3/1

9/2

01

09

11

21

01

54

62

30

2S

14

5 E

HA

RM

ON

AV

37

07

20

5,0

00

21

3,0

00

11

52

03

94

40

90

3/1

8/2

01

02

11

31

00

66

83

30

2S

14

5 E

HA

RM

ON

AV

#8

08

80

81

94

,90

01

95

,00

01

28

47

23

02

30

03

/16

/20

10

53

11

49

75

69

73

02

S1

35

E H

AR

MO

N A

VE

NU

E1

90

51

74

,88

81

65

,00

00

15

20

33

63

17

03

/12

/20

10

51

11

51

01

03

08

30

2S

14

5 E

HA

RM

ON

AV

31

05

23

5,8

88

21

8,0

00

11

52

04

53

41

90

3/1

1/2

01

02

0

11

69

75

47

43

02

S1

25

E H

AR

MO

N A

VE

11

19

13

9,8

88

13

2,8

00

01

52

02

69

25

50

3/0

9/2

01

01

65

11

79

76

31

53

02

S1

35

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AR

MO

N A

V1

10

71

50

,00

01

40

,00

00

15

20

28

82

69

03

/09

/20

10

11

11

89

89

92

23

02

S1

35

E H

AR

MO

N A

V3

19

13

9,0

00

13

0,0

00

02

52

02

67

25

00

3/0

5/2

01

01

40

11

91

00

52

17

30

2S

13

5 E

HA

RM

ON

AV

EN

UE

32

07

22

4,8

88

21

0,2

50

01

52

04

32

40

40

3/0

4/2

01

01

1

12

01

00

31

94

30

2S

12

5 E

HA

RM

ON

AV

32

17

16

9,9

00

20

1,0

00

11

52

03

26

38

60

3/0

2/2

01

01

4

12

19

75

71

93

02

S1

45

E H

AR

MO

N A

VE

NU

E1

90

51

78

,88

81

60

,00

00

15

20

34

43

07

03

/01

/20

10

21

12

21

00

91

28

30

2S

12

5 E

HA

RM

ON

AV

#8

05

80

51

23

,80

01

37

,50

00

15

20

23

82

64

02

/25

/20

10

10

12

31

01

00

94

30

2S

12

5 E

HA

RM

ON

AV

27

21

18

2,5

00

24

5,5

00

12

87

42

08

28

00

2/2

3/2

01

08

12

41

00

40

53

30

2S

14

5 E

HA

RM

ON

AV

15

05

17

0,0

00

17

0,0

00

01

52

03

26

32

60

2/1

9/2

01

06

12

51

00

75

14

30

2S

13

5 E

HA

RM

ON

AV

17

21

24

0,0

00

24

2,5

00

12

87

42

74

27

70

2/1

9/2

01

01

9

12

61

01

00

89

30

2S

12

5 E

HA

RM

ON

AV

#2

30

12

30

11

87

,10

02

38

,00

01

28

74

21

42

72

02

/19

/20

10

9

16

-Au

g-2

01

0

t h E m a r k E t 5 3

Page 56: Apartment Offering Memorandum

salE COmPs continued

mgm signaturE5

Pa

ge

:

# M

L #

Are

a S

tat

Ad

dre

ss

Un

itN

um

be

r L

ist

Pri

ce

Sa

le P

ric

e B

drs

Bth

sT

ot

Sq

Ft

LP

/Sq

Ft

SP

/Sq

Ft

Ac

t C

los

e D

ate

DO

M

12

78

59

71

23

02

S1

45

E H

AR

MO

N A

V1

01

91

50

,00

01

43

,72

10

15

20

28

82

76

02

/17

/20

10

27

0

12

81

00

83

04

30

2S

12

5 E

HA

RM

ON

AV

#8

04

80

41

36

,70

01

30

,25

00

15

20

26

22

50

02

/17

/20

10

13

12

91

00

52

24

30

2S

13

5 E

HA

RM

ON

AV

20

16

15

9,9

00

14

5,0

00

11

52

03

07

27

80

2/1

6/2

01

01

9

13

09

77

74

13

02

S1

45

E H

AR

MO

N A

V3

02

02

65

,00

02

60

,00

01

28

74

30

32

97

02

/10

/20

10

19

13

19

75

90

53

02

S1

45

E H

AR

MO

N A

VE

22

09

16

4,8

88

15

0,0

00

01

52

03

17

28

80

2/0

9/2

01

02

8

13

29

75

93

03

02

S1

35

E H

AR

MO

N A

V3

71

81

64

,88

81

60

,00

00

15

20

31

73

07

02

/09

/20

10

42

13

39

77

69

03

02

S1

25

E H

AR

MO

N A

V3

00

12

99

,88

82

71

,50

01

28

74

34

33

10

02

/09

/20

10

32

13

49

81

66

23

02

S1

35

E H

AR

MO

N A

VE

36

05

19

9,8

88

16

0,0

00

01

52

03

84

30

70

2/0

9/2

01

06

8

13

51

00

22

41

30

2S

12

5 E

HA

RM

ON

AV

70

71

50

,00

01

46

,50

01

15

20

28

82

81

02

/08

/20

10

11

13

61

00

04

44

30

2S

13

5 E

HA

RM

ON

AV

24

14

21

0,0

00

21

0,0

00

12

84

72

47

24

70

2/0

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01

02

1

13

79

06

45

03

02

S1

45

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AR

MO

N A

V3

17

14

0,0

00

13

5,0

00

01

52

02

69

25

90

2/0

3/2

01

02

42

13

81

00

40

51

30

2S

13

5 E

HA

RM

ON

AV

21

07

17

5,0

00

17

5,0

00

01

52

03

36

33

60

2/0

3/2

01

01

8

13

99

97

69

33

02

S1

35

E H

AR

MO

N A

V3

11

14

4,5

00

14

0,0

00

01

52

02

77

26

90

2/0

1/2

01

02

1

14

01

00

04

19

30

2S

13

5 E

HA

RM

ON

AV

25

21

23

9,9

00

23

0,0

00

12

87

42

74

26

30

2/0

1/2

01

02

1

14

19

75

80

73

02

S1

45

E H

AR

MO

N A

VE

19

19

14

8,8

88

14

5,0

00

01

52

02

86

27

80

1/2

2/2

01

02

5

14

21

00

26

34

30

2S

13

5 E

HA

RM

ON

AV

#3

60

93

60

91

37

,12

52

01

,88

00

15

20

26

33

88

01

/22

/20

10

16

14

39

76

45

83

02

S1

45

E H

AR

MO

N A

VE

NU

E3

60

1,3

60

35

95

,88

85

35

,00

02

31

39

44

27

38

30

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01

07

77

14

49

99

66

43

02

S1

25

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AR

MO

N A

V1

40

31

44

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01

57

,60

01

15

20

27

83

03

01

/13

/20

10

7

14

59

85

70

83

02

S1

45

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AR

MO

N A

V2

11

81

32

,50

01

48

,00

00

15

20

25

42

84

01

/11

/20

10

30

14

69

89

86

43

02

S1

25

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AR

MO

N A

V1

60

41

39

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01

35

,00

00

15

20

26

92

59

01

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10

34

14

79

99

00

43

02

S1

25

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AR

MO

N A

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91

42

25

,00

02

17

,50

01

28

47

26

52

56

01

/07

/20

10

14

14

89

98

94

73

02

S1

35

E H

AR

MO

N A

V3

00

91

99

,99

92

05

,00

00

15

20

38

43

94

01

/06

/20

10

7

16

-Au

g-2

01

0

t h E m a r k E t 5 4

Page 57: Apartment Offering Memorandum

salE COmPs continued

OnE las vEgas S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

On

e L

V S

old

s H

igh

rise

Da

te:

16

-Au

g-2

01

0 1

2:5

2:0

3 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

Sta

tus

Eq

ua

lsS

Pro

ject N

am

eE

qu

als

ON

EL

V

Actu

al C

lose

Da

teB

etw

ee

n1

/1/2

01

0 -

8/1

6/2

01

0

Se

arc

h S

tati

sti

cs

: 2

Lis

tin

gs

2 C

los

ed

Lis

tin

gs

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

Be

ds

1 1 1 1

Ba

ths

2 1 1 1

Sq

Ft

86

3

83

6

84

9

84

9

LP

$1

82

,82

0

$1

19

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0

$1

51

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0

$1

51

,36

0

LP

/Sq

Ft

$2

18

.68

$1

38

.93

$1

78

.81

$1

78

.81

SP

$1

72

,00

0

$1

20

,50

0

$1

46

,25

0

$1

46

,25

0

SP

/Sq

Ft

$2

05

.74

$1

39

.63

$1

72

.69

$1

72

.69

SP

/LP

10

1%

94

%

97

%

97

%

DO

M

7 4 5 5

Lis

tin

g R

ep

ort

: p

rice

pe

r sq

ft

# M

L #

Are

a S

tat

Ad

dre

ss

Un

itN

um

be

r L

ist

Pri

ce

Sa

le P

ric

e B

drs

Bth

sT

ot

Sq

Ft

LP

/Sq

Ft

SP

/Sq

Ft

Ac

t C

los

e D

ate

DO

M

11

03

17

12

30

3S

82

55

S L

AS

VE

GA

S B

L1

41

91

82

,82

01

72

,00

01

18

36

21

82

05

05

/04

/20

10

4

21

01

51

94

30

3S

82

55

S L

AS

VE

GA

S B

L1

20

91

19

,90

01

20

,50

01

28

63

13

81

39

03

/16

/20

10

7

16

-Au

g-2

01

0

t h E m a r k E t 5 5

Page 58: Apartment Offering Memorandum

salE COmPs continued

PanOrama tOwErs S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

Pa

no

ram

a T

ow

ers

so

lds

Da

te:

16

-Au

g-2

01

0 0

1:0

2:1

7 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

Sta

tus

Eq

ua

lsS

Su

bd

ivis

ion

Na

me

Co

nta

ins

pa

no

ram

a to

we

rs

Actu

al

Be

twe

en

1/1

/20

10

- 8

/16

/20

10

Se

arc

h S

tati

sti

cs

: 1

Lis

tin

gs

1 C

los

ed

Lis

tin

gs

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

Be

ds

2 2 2 2

Ba

ths

2 2 2 2

Sq

Ft

1,8

08

1,8

08

1,8

08

1,8

08

LP

$2

54

,70

0

$2

54

,70

0

$2

54

,70

0

$2

54

,70

0

LP

/Sq

Ft

$1

40

.87

$1

40

.87

$1

40

.87

$1

40

.87

SP

$2

50

,00

0

$2

50

,00

0

$2

50

,00

0

$2

50

,00

0

SP

/Sq

Ft

$1

38

.27

$1

38

.27

$1

38

.27

$1

38

.27

SP

/LP

98

%

98

%

98

%

98

%

DO

M

48

48

48

48

Lis

tin

g R

ep

ort

: p

rice

pe

r sq

ft

# M

L #

Are

a S

tat

Ad

dre

ss

Un

itN

um

be

r L

ist

Pri

ce

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le P

ric

e P

ST

yp

e B

drs

Bth

sT

ot

Sq

Ft

LP

/Sq

Ft

SP

/Sq

Ft

Ye

arB

lt

11

00

49

92

50

3S

45

35

DE

AN

MA

RT

IN D

R1

04

25

4,7

00

25

0,0

00

TW

H2

21

80

81

40

13

82

00

8

16

-Au

g-2

01

0

2

Ac

t C

los

e D

ate

03

/17

/20

10

16

-Au

g-2

01

0

t h E m a r k E t 5 6

Page 59: Apartment Offering Memorandum

salE COmPs continued

PanOrama tOwErs S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

Pa

no

ram

a T

ow

ers

Hig

hri

se

Da

te:

16

-Au

g-2

01

0 1

2:5

6:1

3 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

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tus

Eq

ua

lsS

Pro

ject N

am

eE

qu

als

PA

NO

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Actu

al C

lose

Da

teB

etw

ee

n1

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01

0 -

8/1

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0

Se

arc

h S

tati

sti

cs

: 4

9 L

isti

ng

s

49

Clo

se

d L

isti

ng

s

Hig

h

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w

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rag

e

Me

dia

n

Be

ds

3 1 1 2

Ba

ths

3 2 2 2

Sq

Ft

2,4

69

75

3

1,5

17

1,4

88

LP

$7

75

,00

0

$1

05

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0

$3

08

,62

2

$2

99

,00

0

LP

/Sq

Ft

$3

31

.80

$1

11

.11

$2

03

.07

$1

94

.46

SP

$7

31

,25

0

$1

15

,00

0

$2

90

,81

8

$2

90

,00

0

SP

/Sq

Ft

$3

13

.36

$1

12

.44

$1

89

.98

$1

83

.24

SP

/LP

11

7%

65

%

94

%

95

%

DO

M

43

3

0 68

44

Lis

tin

g R

ep

ort

: p

rice

pe

r sq

ft

# M

L #

Are

a S

tat

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ss

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itN

um

be

r L

ist

Pri

ce

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le P

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t C

los

e D

ate

DO

M

11

06

21

15

50

3S

45

25

DE

AN

MA

RT

IN D

R1

80

72

99

,90

03

06

,00

02

21

64

01

82

18

60

8/1

1/2

01

03

21

04

01

46

50

3S

45

75

DE

AN

MA

RT

IN D

R2

20

82

40

,00

02

38

,00

02

21

46

31

64

16

20

7/2

9/2

01

05

8

31

03

69

92

50

3S

45

75

DE

AN

MA

RT

IN D

R2

61

25

49

,99

95

25

,00

02

32

16

92

53

24

20

7/2

6/2

01

02

7

41

03

85

10

50

3S

45

75

DE

AN

MA

RT

IN D

R1

20

93

79

,00

03

32

,00

02

31

72

62

19

19

20

7/1

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01

04

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51

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96

12

50

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AN

MA

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50

03

99

,99

94

00

,00

02

32

05

71

94

19

40

7/1

6/2

01

01

1

61

03

86

02

50

3S

45

75

DE

AN

MA

RT

IN D

R2

41

12

89

,90

02

45

,60

02

21

12

62

57

21

80

7/1

6/2

01

05

6

71

04

71

15

50

3S

45

75

DE

AN

MA

RT

IN D

R6

01

16

8,5

00

16

0,0

00

12

95

51

76

16

70

6/3

0/2

01

07

89

99

87

95

03

S4

57

5 D

EA

N M

AR

TIN

DR

25

01

22

5,0

00

19

0,0

00

12

98

72

27

19

20

6/2

9/2

01

01

08

91

05

45

76

50

3S

45

25

DE

AN

MA

RT

IN D

R6

10

12

0,0

00

12

1,1

01

12

75

31

59

16

00

6/2

8/2

01

00

10

10

09

89

15

03

S4

52

5 D

EA

N M

AR

TIN

DR

50

02

99

,90

02

90

,00

02

21

58

21

89

18

30

6/2

5/2

01

08

2

11

10

03

37

65

03

S4

57

5 D

EA

N M

AR

TIN

DR

10

11

25

5,0

00

24

8,0

00

22

11

28

22

62

19

06

/20

/20

10

15

8

12

10

41

43

35

03

S4

52

5 D

EA

N M

AR

TIN

DR

40

41

05

,00

01

15

,00

02

29

45

11

11

21

06

/18

/20

10

4

13

10

36

56

05

03

S4

57

5 D

EA

N M

AR

TIN

DR

14

09

33

9,9

00

32

5,0

00

23

17

26

19

61

88

06

/16

/20

10

6

14

10

05

14

75

03

S4

52

5 D

EA

N M

AR

TIN

DR

15

06

37

6,0

00

33

8,5

00

23

23

47

16

01

44

06

/14

/20

10

12

2

15

10

42

66

45

03

S4

52

5 D

EA

N M

AR

TIN

DR

11

12

32

9,9

00

32

7,0

00

22

14

06

23

42

32

06

/10

/20

10

16

16

99

43

29

50

3S

45

25

DE

AN

MA

RT

IN D

R2

70

17

00

,00

06

60

,00

02

32

46

92

83

26

70

6/0

7/2

01

05

1

17

99

69

67

50

3S

45

25

DE

AN

MA

RT

IN D

R1

90

82

48

,90

02

26

,00

02

21

44

51

72

15

60

5/2

8/2

01

01

59

18

10

32

19

95

03

S4

52

5 D

EA

N M

AR

TIN

DR

30

21

99

,90

02

00

,00

02

21

48

81

34

13

40

5/2

5/2

01

02

1

19

98

35

18

50

3S

45

75

DE

AN

MA

RT

IN D

R1

40

73

59

,99

03

59

,90

02

31

61

22

23

22

30

5/2

1/2

01

01

39

20

10

11

22

05

03

S4

52

5 D

EA

N M

AR

TIN

DR

16

07

35

0,0

00

30

0,0

00

23

16

40

21

31

82

05

/13

/20

10

12

21

98

02

58

50

3S

45

75

DE

AN

MA

RT

IN D

R2

00

52

99

,00

02

75

,00

02

21

22

62

43

22

40

5/1

2/2

01

01

81

16

-Au

g-2

01

0

t h E m a r k E t 5 7

Page 60: Apartment Offering Memorandum

salE COmPs continued

PanOrama tOwErs2

Pa

ge

:

# M

L #

Are

a S

tat

Ad

dre

ss

Un

itN

um

be

r L

ist

Pri

ce

Sa

le P

ric

e B

drs

Bth

sT

ot

Sq

Ft

LP

/Sq

Ft

SP

/Sq

Ft

Ac

t C

los

e D

ate

DO

M

22

10

13

88

35

03

S4

52

5 D

EA

N M

AR

TIN

DR

17

07

39

5,0

00

35

0,0

00

23

16

40

24

02

13

05

/11

/20

10

26

23

10

23

65

75

03

S4

57

5 D

EA

N M

AR

TIN

DR

12

11

28

9,0

00

27

5,0

00

22

11

28

25

62

43

05

/10

/20

10

46

24

10

32

86

55

03

S4

52

5 D

EA

N M

AR

TIN

DR

32

06

40

4,9

00

39

0,0

00

23

22

91

17

61

70

05

/05

/20

10

20

25

98

35

17

50

3S

45

75

DE

AN

MA

RT

IN D

R1

00

21

99

,99

01

30

,00

01

27

80

25

61

66

05

/03

/20

10

43

3

26

10

27

88

85

03

S4

52

5 D

EA

N M

AR

TIN

DR

11

12

25

5,0

00

25

5,0

00

22

14

06

18

11

81

04

/30

/20

10

0

27

98

69

72

50

3S

45

75

DE

AN

MA

RT

IN D

R7

04

19

6,0

00

14

1,7

50

22

94

62

07

14

90

4/2

2/2

01

01

74

28

98

50

44

50

3S

45

25

DE

AN

MA

RT

IN D

R4

01

17

4,9

00

12

8,6

25

12

92

91

88

13

80

4/2

1/2

01

01

55

29

98

79

42

50

3S

45

75

DE

AN

MA

RT

IN D

R9

04

17

9,0

00

16

0,0

00

22

94

61

89

16

90

4/2

1/2

01

01

47

30

99

41

30

50

3S

45

75

DE

AN

MA

RT

IN D

R2

60

52

99

,00

02

92

,20

02

21

21

62

45

24

00

4/1

2/2

01

06

7

31

99

23

79

50

3S

45

25

DE

AN

MA

RT

IN D

R1

41

23

99

,00

03

50

,00

03

22

18

91

82

15

90

3/3

1/2

01

02

6

32

10

00

80

15

03

S4

57

5 D

EA

N M

AR

TIN

DR

90

73

49

,99

03

40

,00

02

31

61

22

17

21

00

3/3

1/2

01

03

2

33

99

20

48

50

3S

45

25

DE

AN

MA

RT

IN D

R3

00

24

9,9

00

23

5,0

00

23

20

90

11

91

12

03

/24

/20

10

10

9

34

10

13

53

35

03

S4

52

5 D

EA

N M

AR

TIN

DR

12

12

23

2,6

00

25

8,0

00

12

14

08

16

51

83

03

/19

/20

10

14

35

10

16

57

95

03

S4

52

5 D

EA

N M

AR

TIN

DR

19

06

32

9,0

00

33

0,0

00

23

23

47

14

01

40

03

/18

/20

10

5

36

10

03

74

75

03

S4

57

5 D

EA

N M

AR

TIN

DR

24

00

77

5,0

00

73

1,2

50

23

23

72

32

63

08

03

/17

/20

10

55

37

99

96

82

50

3S

45

25

DE

AN

MA

RT

IN D

R1

50

72

99

,90

02

90

,00

02

31

64

01

82

17

60

3/1

6/2

01

05

0

38

10

09

88

85

03

S4

52

5 D

EA

N M

AR

TIN

DR

31

05

29

7,0

00

27

7,0

00

22

12

01

24

72

30

03

/04

/20

10

7

39

97

85

08

50

3S

45

65

DE

AN

MA

RT

IN D

R1

02

34

9,0

00

30

2,5

00

22

17

70

19

71

70

02

/12

/20

10

11

1

40

99

46

48

50

3S

45

75

DE

AN

MA

RT

IN D

R5

00

24

9,9

00

24

9,9

00

22

15

79

15

81

58

02

/10

/20

10

45

41

99

06

71

50

3S

45

25

DE

AN

MA

RT

IN D

R4

12

21

2,9

00

21

2,9

00

12

14

05

15

11

51

02

/02

/20

10

14

42

90

69

09

50

3S

45

75

DE

AN

MA

RT

IN D

R1

60

65

50

,00

05

00

,00

03

32

17

02

53

23

00

1/2

9/2

01

02

81

43

10

08

37

55

03

S4

56

5 D

EA

N M

AR

TIN

DR

10

12

75

,00

02

60

,00

02

21

79

31

53

14

50

1/2

9/2

01

02

44

97

85

18

50

3S

45

25

DE

AN

MA

RT

IN D

R3

20

33

60

,00

03

40

,00

02

21

08

53

31

31

30

1/2

8/2

01

01

04

45

99

70

37

50

3S

45

25

DE

AN

MA

RT

IN D

R4

05

18

5,9

00

16

0,0

00

22

11

94

15

51

34

01

/28

/20

10

42

46

98

86

95

50

3S

45

25

DE

AN

MA

RT

IN D

R7

02

12

2,0

00

11

7,0

00

12

80

81

50

14

40

1/2

5/2

01

05

8

47

99

34

68

50

3S

45

75

DE

AN

MA

RT

IN D

R1

10

03

19

,95

03

00

,00

01

21

57

92

02

18

90

1/1

9/2

01

04

1

48

99

81

71

50

3S

45

25

DE

AN

MA

RT

IN D

R2

20

93

20

,00

03

75

,00

02

31

72

41

85

21

70

1/0

8/2

01

01

3

49

98

25

70

50

3S

45

75

DE

AN

MA

RT

IN D

R1

00

53

16

,90

03

16

,90

02

21

21

22

61

26

10

1/0

7/2

01

02

9

16

-Au

g-2

01

0

t h E m a r k E t 5 8

Page 61: Apartment Offering Memorandum

salE COmPs continued

sky las vEgas S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

sky

las v

eg

as s

old

s

Da

te:

16

-Au

g-2

01

0 0

1:0

8:2

3 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

Sta

tus

Eq

ua

lsS

Su

bd

ivis

ion

Na

me

Co

nta

ins

sky

las v

eg

as

Actu

al

Be

twe

en

1/1

/20

10

- 8

/16

/20

10

Se

arc

h S

tati

sti

cs

: 1

Lis

tin

gs

1 C

los

ed

Lis

tin

gs

Hig

h

Lo

w

Ave

rag

e

Me

dia

n

Be

ds

1 1 1 1

Ba

ths

1 1 1 1

Sq

Ft

87

6

87

6

87

6

87

6

LP

$1

71

,00

0

$1

71

,00

0

$1

71

,00

0

$1

71

,00

0

LP

/Sq

Ft

$1

95

.21

$1

95

.21

$1

95

.21

$1

95

.21

SP

$1

75

,00

0

$1

75

,00

0

$1

75

,00

0

$1

75

,00

0

SP

/Sq

Ft

$1

99

.77

$1

99

.77

$1

99

.77

$1

99

.77

SP

/LP

10

2%

10

2%

10

2%

10

2%

DO

M

8 8 8 8

Lis

tin

g R

ep

ort

: p

rice

pe

r sq

ft

# M

L #

Are

a S

tat

Ad

dre

ss

Un

itN

um

be

r L

ist

Pri

ce

Sa

le P

ric

e P

ST

yp

e B

drs

Bth

sT

ot

Sq

Ft

LP

/Sq

Ft

SP

/Sq

Ft

Ye

arB

lt

11

02

17

80

30

1S

27

00

S L

AS

VE

GA

S B

L5

05

17

1,0

00

17

5,0

00

CO

N1

18

76

19

51

99

20

06

16

-Au

g-2

01

0

2

Ac

t C

los

e D

ate

03

/25

/20

10

16

-Au

g-2

01

0

t h E m a r k E t 5 9

Page 62: Apartment Offering Memorandum

salE COmPs continued

sky las vEgas S

ea

rch

Cri

teri

aP

ag

e:

1

Se

arc

h N

am

e:

Sky

La

s V

eg

as S

old

s H

igh

rise

Da

te:

16

-Au

g-2

01

0 0

1:1

0:2

1 P

M

Se

arc

h C

rite

ria

Fie

ld O

pe

rato

r C

rite

ria

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tus

Eq

ua

lsS

Pro

ject N

am

eE

qu

als

SK

YL

V

Actu

al C

lose

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teB

etw

ee

n1

/1/2

01

0 -

8/1

6/2

01

0

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arc

h S

tati

sti

cs

: 9

Lis

tin

gs

9 C

los

ed

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tin

gs

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h

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w

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e

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dia

n

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ds

2 0 1 2

Ba

ths

3 1 1 2

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1,3

29

77

8

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44

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00

LP

$2

72

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0

$1

74

,90

0

$2

28

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2

$2

29

,50

0

LP

/Sq

Ft

$2

56

.94

$2

02

.03

$2

20

.63

$2

18

.09

SP

$2

75

,00

0

$1

44

,90

0

$2

11

,32

2

$2

22

,50

0

SP

/Sq

Ft

$2

20

.30

$1

72

.59

$2

01

.63

$2

04

.37

SP

/LP

10

6%

72

%

91

%

91

%

DO

M

98

6 44

37

Lis

tin

g R

ep

ort

: p

rice

pe

r sq

ft

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L #

Are

a S

tat

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dre

ss

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itN

um

be

r L

ist

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ce

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le P

ric

e B

drs

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sT

ot

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LP

/Sq

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SP

/Sq

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Ac

t C

los

e D

ate

DO

M

11

04

15

60

30

1S

27

00

S L

AS

VE

GA

S B

L6

11

19

9,0

00

17

0,0

00

11

98

52

02

17

20

8/1

1/2

01

07

3

21

01

92

81

30

1S

27

00

S L

AS

VE

GA

S B

L2

90

51

74

,90

01

59

,00

01

17

78

22

42

04

08

/02

/20

10

98

31

01

76

58

30

1S

27

00

S L

AS

VE

GA

S B

L3

50

61

99

,90

01

44

,90

00

17

78

25

61

86

05

/21

/20

10

88

41

03

00

61

30

1S

27

00

S L

AS

VE

GA

S B

L3

80

42

22

,75

02

36

,00

02

21

10

02

02

21

40

5/2

0/2

01

09

51

02

92

02

30

1S

27

00

S L

AS

VE

GA

S B

L2

70

42

49

,90

02

22

,50

02

21

10

02

27

20

20

5/1

2/2

01

06

61

00

81

45

30

1S

27

00

S L

AS

VE

GA

S B

L6

10

26

9,9

00

24

7,5

00

22

12

48

21

61

98

03

/23

/20

10

37

71

00

31

01

30

1S

27

00

S L

AS

VE

GA

S B

L1

11

12

29

,50

02

17

,00

01

19

85

23

22

20

03

/11

/20

10

29

81

00

87

91

30

1S

27

00

S L

AS

VE

GA

S B

L #

24

01

24

01

27

2,3

00

27

5,0

00

23

13

29

20

42

06

02

/11

/20

10

6

99

92

63

43

01

S2

70

0 S

LA

S V

EG

AS

BL

32

07

23

9,9

00

23

0,0

00

22

11

00

21

82

09

01

/29

/20

10

51

16

-Au

g-2

01

0

t h E m a r k E t 6 0

Page 63: Apartment Offering Memorandum

t E a m r E s u m E s 6 1

Grubb & Ellis|Las Vegas | 3930 Howard Hughes Parkway, Suite 180 | Las Vegas, Nevada 89169 | 702.733.7500 | www.gelasvegas.com

Professional Profile

DOUGLAS S. SCHUSTERSenior Vice President, Multihousing Investment [email protected] 702.733.7500 ext. 273

CURRENT RESPONSIBILITIES Douglas S. Schuster is Senior Vice President, Multihousing Investment Group. He is responsible for directing all activities of the group which specializes in the acquisition and disposition of income producing multi-family properties. Over the past year, Doug has also provided a variety of services such as valuation, consulting and work out disposition for assorted groups such as City National Bank, Wells Fargo, Bank of America, Key Bank, C.W. Capital, LNR and American Capital.

CAREER SUMMARY Doug has over 27 years of commercial real estate experience in Las Vegas, Portland, San Diego, Phoenix and Salt Lake City. Prior to joining Grubb & Ellis|Las Vegas in April 2008, Doug was Senior Vice President, Multi-Family Investments for NAI Horizon. At NAI, he was responsible for the acquisition and disposition of over one billion dollars worth of apartment complexes. He also assembled local mixed-use projects, refinanced apartments with problematic loan structures, and identified and managed rehabilitation projects and condo conversions. In addition, he was responsible for establishing a property management firm with over 1100 units. His transaction list is extensive and includes such multi-family projects as Carefree Senior Living, Desert and Cedar Springs, Copper Sands, Amber Ridge, The Enclaves, Copper Palms, Courtyard Village and Emerald Gardens.

EDUCATION Bachelor of Arts – University of California, Los Angeles, CA

PROFESSIONAL AFFILIATIONS Nevada Development Authority (NDA)

Las Vegas Chamber of Commerce (LVCC)

AWARDS 2009 CoStar Power Broker

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Grubb & Ellis|Las Vegas | 3930 Howard Hughes Parkway, Suite 180 | Las Vegas, Nevada 89169 | 702.733.7500 | www.gelasvegas.com

Professional Profile

CURTIS R. ALLSOPSenior Associate, Land Group [email protected] 702.733.7500 ext. 279

CURRENT RESPONSIBILITIES Curt Allsop is Senior Associate, Land Group at Grubb & Ellis|Las Vegas. Curt has over 20 years of commercial and residential land acquisition and development experience. His experience includes land identification, contract negotiation, feasibility, due diligence and purchase efforts for sites that range from less than five acres to more than a thousand acres. Curt’s strong technical background and management experience has allowed him to successfully manage the entitlements and the overall development process for various types of projects. Over the past year, Curt has also provided a variety of services such as valuation, consulting and work out disposition for assorted groups such as City National Bank, Wells Fargo, Bank of America, Key Bank, C.W. Capital, LNR and American Capital.

CAREER SUMMARYPrior to joining Grubb & Ellis|Las Vegas, Curt was Advisor, Land Group at NAI Horizon. At NAI he was responsible for identifying residential land investment opportunities. Before joining NAI Horizon, Curt worked for various regional, national and local homebuilders in the land development and acquisition sector. In addition to land acquisition, some of his responsibilities included managing consultants and contractors, implementing new land development strategies and analyzing all current land deals in the Las Vegas market and other geographical areas. He also revised and improved the financial tools used to determine community profitability.

EDUCATION Master of Business Administration – University of Utah

Bachelor of Science in Mechanical Engineering – Brigham Young University

PROFESSIONAL AFFILIATIONSNAIOP – Active Member – Since 2002

AWARDS2009 CoStar Power Broker

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Grubb & Ellis|Las Vegas | 3930 Howard Hughes Parkway, Suite 180 | Las Vegas, Nevada 89169 | 702.733.7500 | www.gelasvegas.com

Professional Profile

VITTAL RAMAssociate, Multihousing Investment [email protected] 702.733.7500 ext. 290

CURRENT RESPONSIBILITIES Vittal Ram joined Grubb & Ellis|Las Vegas in April, 2008. In his position as Associate, Multihousing Investment Group, he is responsible for directing activities of the group which specializes in the acquisition and disposition of income producing multi-family properties.

CAREER SUMMARY Prior to joining Grubb & Ellis|Las Vegas, Vittal was Specialist, Multi-Family Investments at NAI Horizon. There, he assisted in the acquisition and disposition of apartment complexes, coordinated due diligence, provided client and customer service, and updated client and property databases. Before joining the Multi-Family Investments team, Vittal worked as a Marketing Assistant at NAI. In this position, he assisted in all aspects of marketing for the agents at NAI Horizon.

EDUCATION Attended Loyola Marymount University

Attended A.I.M.S. Medical College, India

AWARDS 2009 CoStar Power Broker

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Grubb & Ellis|Las Vegas | 3930 Howard Hughes Parkway, Suite 180 | Las Vegas, Nevada 89169 | 702.733.7500 | www.gelasvegas.com

Professional Profile

SUZANNE M. SPRENGERMarketing Assistant, Transaction Services [email protected] 702.733.7500 ext. 282

CURRENT RESPONSIBILITIES Suzanne joined Grubb & Ellis|Las Vegas in May of 2007 as the Marketing Assistant for the Kammerling Retail Team and the Schuster Multihousing Team. Her responsibilities include the preparation and distribution of all marketing materials.

CAREER SUMMARY Prior to relocating to Las Vegas, Suzanne was an Administrative Assistant, Marketing and Advertising Manager and Property Manager/Leasing Agent for CHASE Property Management, Inc., in Peoria, Illinois.

Suzanne began her career in the industry as a Marketing and Advertising Assistant for Jim Maloof/Realtor, a local real estate company, in Peoria, Illinois.

EDUCATION Bachelor of Arts, Communication with an emphasis in Organizational/Corporate Communication – Northern

Illinois University

ACCOMPLISHMENTS Nevada Real Estate Salesperson License