Investment Highlights:

• Lender Owned
• Financing Options for Qualified Buyer:

                   *1st Mortgage with Higher Leverage & Interest Only Payments (Terms & Conditions Negotiable)

                    *JV Equity Participation

• Significantly Below Replacement Cost
• Currently 94% Leased / 92 % Occupied - Below Market Rents
• Infill Location - Adjacent to Cave Creek Golf Course
• Major Street Exposure - Thunderbird Road (Traffic Count of 48,000 Cars/Day) & 19th Avenue (Traffic Count of 34,000 Cars/Day)
• Recent Major Exterior & Interior Renovations - Approx Cost: $5.97M ($8,884/Unit)

                     *546 Units were Upgraded

                     *350 Units have Washer/Dryers