MBA Assisted Housing Accomplishments

Pardue Street (165 Units) Took over the Management 3/1/02. Submitted budget to market rent increase 4/1/02. Rent increase of $46,044 annually ($23.25/pupm) approved effective 7/1/02. REAC Inspection of 51 increased to 73 in 1/03. 36 vacant units (26 boarded up) occupancy today is 100%.

Ujima Village (36 Units Section 202 Elderly) Took over the management 6/1/02. Submitted budget driven rent increase 9/1/02. Rent increase of $6,480 annually ($15/pupm) approved effective 1/1/03. Property achieved 100% Occupancy 1/04 for the first time ever in the history of the property.

Beacon Light (108 units) Took over management 12/16/02. Submitted Budget to Market Rent Increase 12/19/02. Rent Increase of $56,208 ($43.37/pupm) annually approved effective 2/1/03.

Beacon Pointe (104 units)  Took over management effective 1/9/03. Submitted budget driven rent increase 2/1/03. Rent increase of $86,208 ($69.08/pupm) annually approved effective 5/1/03. REAC Inspection increased from 40 to 70 in July 2003. Management Review improved from Unsatisfactory to Satisfactory in November 2003.

Gee Corbett (38 Units Section 202 Elderly) Took over the Management 1/9/03. Submitted a Budget Driven Rent increase 10/1/03. Rent increase of $47,448 ($104.05/pupm) annually approved effective 1/1/04. Prepared Refinance package reducing the interest rate on the mortgage from 9.25% to 5.75% and annual debt service savings of $17,928. Capital improvements of $321,725 made with the refinancing.

Easley (40 units Section 202 Elderly) Took over Management 5/1/03. Prepared and submitted A-7 Refinance package reducing the interest rate on the mortgage from 7.5% to 5.45% and annual debt service savings of $9,528. Capital improvements of $179,000 made with the refinancing. Cash Flow 1/1-4/30/03 -$942.00, 5/1-12/31/03 - $37,357.00

McDuffie Village (50 Units) Took over the Management 5/1/03. Submitted budget to market rent increase 5/15/03. Rent increase of $19,440 ($32.40) annually approved effective 7/1/03.

Ramblewood (96 Units) Took over the Management 11/25/03. Submitted budget to market rent increase 12/10/03. Rent increase of $92,352 ($80.17/pupm) annually approved effective 2/1/04.

Lakeview Village (40 units) Took over the Management 10/15/04. Submitted budget rent increase on 6/1/05. Rent increase of $82,032 ($170.90/pupm) annually approved effective 10/2/05.

Greenleaf Grace Village (41 Units Section 202 Elderly) Took over the Management 2/1/05. Submitted budget to market rent increase 1/1/05. Rent increase of $25,092 ($51/pupm) annually approved effective 3/1/05.

St. James Plaza (40 Units Section 202 Elderly) Took over the Management 2/1/05. Submitted budget to market rent increase 2/1/05. Rent increase of $32,160 ($67/pupm) annually approved effective 3/1/05.

St. John Housing (36 Units) Took over the Management 2/1/05. Submitted budget to market rent increase 3/1/05. Rent increase of $76,464 ($177/pupm) annually approved effective 2/1/04.

Sandy Run Apartments I & II (152 Units) - Took over the Management 9/1/05. Submitted budget to market rent increase 9/1/05. Rent increase of $539,904 ($296/pupm) annually approved effective 10/1/05 & 7/1/07. Prepared Refinance package reducing the interest rate on the mortgage from 8.5% to 5.8%. With the refinance the property was completely renovated at a cost of $4,873,018.

DeSoto Square Apartments (32 Units) - Took over the Management 1/1/07. Prepared Refinance package reducing the interest rate on the mortgage from 9.25% to 5.82% providing annual Debt Service Savings of $16,154. Capital improvements of $244,938 were made with the refinancing.

Courtyard Apartments (160 Units) Acquired and took over the Management 8/15/07. Prepared HUD 221(d) 4 loan to HUD for completed renovation. Initially closed on December 31, 2008, renovations of over 5,000,000 began the next day. Also secured a $39,000/month ($468,000 annually) rent increase.

Total Initial Rent Increases of $1,342,741 annually, 46.9%, $116.49 per unit per month.

MBA Conventional Accomplishments

Cross Creek (122 units) Maintained Occupancy of over 95% and assisted the owners with refinancing the 221d(4) loan producing a monthly debt service savings of $10,362 or $124,338 annually. Property Sold in May 2004 for a profit of over $2 million.

Crown Ridge (168 units) - Took over Management 7/1/02, delinquencies were over $30,000, or 26% of the monthly rent, Occupancy was 86% and operating expenses were $5,183 per unit. Today delinquent rent is $974 or .7% of the monthly rent, Occupancy has averaged 93% and Operating Expenses are $3,190 per unit.

Cypress Pond (264 units)  As developers, construction was completed in May 2005. This is a luxury Class-A, 221d(4) FHA insured property. Property Sold in November of 2005 for a profit of over $8 million.

Heritage Apartments (143 units) Took over the management on October 1, 2003. Converted to Sub-metered water/sewer with no reduction in rent for a savings of $111,633 annually @ 95% occupancy. Redirected marketing efforts moving in 12 residents in November and December 2003 with only 25% short term leases, compared to 13 move-ins in the prime leasing months of August and September with 62% short term leases.

Puller Place (240 units) As developers, this property completed construction in 10/06. This is a luxury Class-A, 221d(4) FHA insured property. We have been able to increase rents on average $73/month with average occupancy over 97% for 2008. Cash flow distributions to investors has averaged over $46,000 per month for the 1st Quarter of 2009. Based on the initial investment, our investors are enjoying a 40% cash-on-cash return.

Sedgefield Square (124 units) Took over management on 4/1/02, annual operating expenses were $3,909, reduced to $2,823 and then the property was able to be sold for a profit.

The Summit @ Cross Creek (128 units) Took over Management on 3/17/02 @ 4.5%, in September 2002 owners increased our fee to 5% based on our performance. Refinanced in May 2004. Property Sold in August of 2004 for a profit of over $2 million.

Princeton Terrace (144 units) Took over Management 10/1/04, assisted owner in refinancing the property for a savings of over $10,000/month. Reduced operating expenses from $3,800 PUPA to $3,100 PUPA and increased Occupancy from 89% to 99%.

The Grand on Julian (240 units) As developers, this property began construction in June 2008. This is a luxury Class-A, 221d(4) FHA insured property.

The Grand in Kannapolis (240 units) As developers, this property began construction in February 2009. This is a luxury Class-A, 221d(4) FHA insured property