Property Valuation Date AS IS Stabilized Date Stabilized Value Units Release Price Appraisal NOI Cap Rate Annualized

Release Price Appraisal NOI Cap Rate Annualized NOI Cap Rate Annualized Value

AUBRY HILLS 4-Nov-09 $5,260,000 $5,260,000 192 $ 7,710,000 $ 433,951 8.25 $ 585,686 0.0825 $ 7,099,228
BAY CREST VILLAGE 2-Nov-09 $2,820,000 2-May-10 $3,030,000 96 $ 3,040,000 $ 256,829 8.75 $ 209,716 0.0875 $ 2,396,758
BAY PLACE APARTMENTS 2-Nov-09 $3,810,000 2-Nov-10 $4,770,000 193 $ 4,300,000 $ 430,243 9.25 $ 242,992 0.0925 $ 2,626,938
HAYES PLACE 4-Nov-09 $8,060,000 $8,060,000 307 $ 7,030,000 $ 693,956 8.50 $ 477,434 0.0850 $ 5,616,871
PRINCETON CLUB 4-Nov-09 $7,790,000 4-Mar-10 $8,460,000 291 $ 8,710,000 $ 719,266 8.50 $ 264,507 0.0850 $ 3,111,842
SHADOW CREEK 4-Nov-09 $3,700,000 4-Nov-09 $3,980,000 296 $ 4,810,000 $ 344,157 9.25 $ 296,814 0.0925 $ 3,208,802
SHEFFIELD SQUARE 4-Nov-09 $6,470,000 4-Mar-10 $6,820,000 190 $ 7,680,000 $ 514,517 8.50 $ 372,770 0.0850 $ 4,385,526
SIERRA PINES 4-Nov-09 $9,670,000 4-Feb-12 $13,060,000 804 $ 16,330,000 $ 1,306,340 10.00 $ (536,908) 0.1000 $ 13,060,000
SPRING MEADOWS 4-Nov-09 $5,480,000 4-Sep-10 $6,240,000 304 $ 4,610,000 $ 577,414 9.25 $ 102,302 0.0925 $ 1,105,965
THE BERKSHIRE 2-Nov-09 $3,160,000 2-Aug-10 $3,410,000 227 $ 3,980,000 $ 316,807 9.00 $ 396,286 0.0900 $ 4,403,174
THE MEADOWS 30-Oct-09 $11,080,000 30-Apr-10 $11,440,000 480 $ 13,070,000 $ 1,001,505 8.50 $ 904,155 0.0850 $ 10,637,112
THE PARK ON BURKE 2-Nov-09 $3,680,000 2-Mar-10 $3,770,000 160 $ 3,140,000 $ 320,489 8.50 $ 387,435 0.0850 $ 4,558,059
THE POINTE AT STEEPLECHASE 4-Nov-09 $7,330,000 4-Apr-10 $7,750,000 316 $ 11,100,000 $ 658,703 8.50 $ 424,486 0.0850 $ 4,993,955
TIMBER RUN 4-Nov-09 $1,940,000 $1,940,000 120 $ 1,670,000 $ 174,926 9.00 $ (202,110) 0.0900 $ 1,940,000
WALNUT BEND 30-Oct-09 $13,000,000 30-Apr-10 $13,510,000 556 $ 12,820,000 $ 1,118,232 8.50 $ 1,167,220 0.0850 $ 13,732,002

Portfolio Value $93,250,000 $101,500,000 4532 $ 110,000,000 $ 8,867,335 8.82 $ 5,092,784 0.088167 $ 82,876,232

Dalcor/Texas Portfolio

Aubry Hills 146,421.57

Bay Crest 52,429.09
Bay Place 60,747.95
Hayes Place 119,358.51
Princeton Club 66,126.64
Shadow Creek 74,203.54
Sheffield Square 93,192.42
Sierra Pines -134,227.10
Spring Meadows 25,575.45
The Berkshire 99,071.42
The Meadows 226,038.63
The Park on Burke 96,858.75
The Pointe at Steeplchase 106,121.54
Timber Run -50,527.54
Walnut Bend 291,805.05