Eagle Point Development LLC

Apartment Acquisition Guidelines

Program Objectives

We are looking for older multifamily projects that offer some upside potential through major renovation and repositioning in the marketplace. We are not looking for properties in problem markets that will always be problem properties. We are looking for properties that have been neglected and/or mismanaged, in a well-located rental market. An example would be 20 year old property in a C+ or B- marketplace, that has had management or ownership difficulties in the last five years. If the property is currently performing at a C- level, we will reposition it to a B or B+ property within that marketplace.

Property Parameters:

• Minimum 100 units
• Major Metropolitan areas in Southern California, Nevada, Arizona, and Northern California, in that order
• Ten-year old plus properties with deferred maintenance
• Realistic pricing - we will pay based on actual historical income for the last three years
• All Cash to seller - Quick Close
• Tax Free Transaction for sellers with large taxable gains through UPREIT structure, if desired

Please submit an executive summary, current operating statement and rent roll. We will respond within 24 hours indicating our interest. Make all submissions to:

Bob Clark
Eagle Point Development LLC
P. O. Box 230566
Encinitas, CA 92023
Phone (619) 792-0884 -- Fax (800) 298-1082