July Courtney Downs
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Jul 2008
ASSETS Cash Operating Cash Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Cash in Bank-Wrk Cap Reserve Capital / Repair Escrow Total Other Assets Total ASSETS
(14,753.39) $(14,753.39)
496.63 23,964.79 112,265.77 73,094.73 200,000.00 409,821.92 395,068.53
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade A/P - Creekstone Partners LLC A/P - US Advisors Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
118,870.66 322,576.00 322,576.00 345,285.05 211,319.29 34,532.19 44,618.00 14,608.68 1,414,385.87
CAPITAL Creekstone Partners LLC US Advisors LLC Retained Earnings Total Capital Total LIABILITIES & CAPITAL
50.00 50.00 (1,019,417.34) (1,019,317.34) 395,068.53
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2008 Jan 2008 Actual
Account
Feb 2008 Actual
Mar 2008 Actual
Apr 2008 Actual
May 2008 Actual
Jun 2008 Actual
Jul 2008 Actual
Aug 2008 Budget
Sep 2008 Budget
Oct 2008 Budget
Nov 2008 Budget
Dec 2008 Budget
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
297,252 (14,979) (10,069) (14,603) 257,600
295,197 (13,515) (8,145) (9,805) 263,731
294,829 (12,201) (267) (5,576) 276,786
294,994 (15,566) (7,022) (8,312) 264,094
296,658 (15,360) (9,644) (6,419) 265,235
296,653 (16,776) (9,354) (7,331) 263,191
297,075 (16,865) (8,894) (5,735) 265,581
297,075 (15,865) (8,894) (5,735) 266,581
304,686 (16,802) (22,560) (6,663) 258,661
304,342 (19,995) (23,621) (6,634) 254,092
304,117 (22,418) (24,370) (6,614) 250,715
303,954 (23,078) (24,994) (6,605) 249,277
3,586,832 (203,419) (157,835) (90,033) 3,135,545
10,487.81 (594.79) (461.50) (263.25) 9,168.26
11.43 (0.65) (0.50) (0.29) 9.99
364,160 (43,000) (80,000) (6,085) 235,075
4,569,562 (292,511) (287,661) (109,600) 3,879,791
13,361.29 (855.29) (841.11) (320.47) 11,344.42
14.56 (0.93) (0.92) (0.35) 12.36
Other Income Total Revenue
27,835 285,435
34,204 297,935
26,056 302,841
32,784 296,878
34,945 300,181
32,874 296,065
37,758 303,340
27,500 294,081
23,739 282,400
22,628 276,720
24,013 274,728
20,220 269,497
344,556 3,480,101
1,007.47 10,175.74
1.10 11.09
19,000 254,075
408,798 4,288,588
1,195.31 12,539.73
1.30 13.67
30,826 3,660 5,531 3,627 1,403 6,708 12,525 4,914 1,416 35,029
28,089 2,832 4,884 3,404 4,261 1,216 11,016 13,395 1,421 35,004
25,841 2,336 4,109 4,423 3,116 1,576 10,864 17,315 0 35,029
26,731 3,352 2,530 7,268 2,525 3,523 12,483 1,952 599 35,029
21,154 3,896 3,632 4,005 1,935 12,678 11,635 12,928 240 35,629
25,364 4,409 5,794 6,515 2,826 3,604 13,235 7,131 191 35,224
41,885 3,795 5,087 6,646 4,624 5,071 14,944 16,813 285 35,029
31,434 3,444 6,227 6,819 2,730 4,985 11,783 16,130 0 35,095
30,692 3,336 5,340 6,289 2,513 3,960 11,496 16,228 0 35,095
29,929 3,264 4,685 5,961 12,210 3,960 11,269 16,240 0 35,095
30,554 3,204 4,731 5,102 2,672 3,960 11,189 11,437 0 35,095
30,059 3,180 4,259 4,850 1,388 3,460 10,980 11,491 0 35,095
352,557 40,707 56,809 64,908 42,203 54,701 143,419 145,974 4,152 421,448
1,030.87 119.03 166.11 189.79 123.40 159.94 419.35 426.82 12.14 1,232.30
1.12 0.13 0.18 0.21 0.13 0.17 0.46 0.47 0.01 1.34
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
451,961 50,241 72,851 82,550 48,681 64,676 180,976 180,229
1,321.52 146.90 213.01 241.37 142.34 189.11 529.17 526.99
1.44 0.16 0.23 0.26 0.16 0.21 0.58 0.57
Total Operating Exp. Net Operating Income
105,638 179,797
105,522 192,412
104,608 198,234
95,992 200,886
107,732 192,449
104,292 191,774
134,180 169,160
118,647 175,434
114,949 167,451
122,613 154,107
107,944 166,784
104,762 164,735
1,326,879 2,153,223
3,879.76 6,295.97
4.23 6.86
Rent Expense Partnership Expense Capital Expense
193,253 4,719 9,734
193,253 4,539 2,903
193,253 4,626 11,566
193,253 4,787 6,943
193,253 4,740 7,872
216,819 4,508 13,807
216,819 4,200 23,117
216,819 4,450 6,600
216,819 4,450 6,259
216,819 4,450 6,000
216,819 4,450 5,000
216,819 4,450 5,000
2,483,999 54,368 104,800
7,263.16 158.97 306.43
7.92 0.17 0.33
Cash Flow Frm Operations
(27,909)
(8,283)
(11,211)
(4,098)
(13,416)
(43,360)
(74,976)
(52,435)
(60,077)
(73,162)
(59,485)
(61,534)
(489,945)
(1,432.59)
(1.56)
0
0
0
0
0
0
0
0
0
0
0
0
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance
Rental Guarantees Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (1,895) (50,394) (35,800)
0 2,740 4,840 (35,800)
0 (9,772) 4,840 (35,800)
Cash Increase (Decreae) From Assets
(88,090)
(28,220)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(22,965) 20,453 920 48,905
2,827 31,811 2,385 (6,027)
47,313
(68,685) 15,378
0
0 8,270 4,840 341,933
0 (2,448) 4,840 (37,985)
0 177 4,840 (38,933)
0 2,774 4,840 (38,933)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 14,250
0 0 0 (7,125)
0 0 0 (7,125)
0 (154) (21,352) 104,430
(40,732)
355,044
(35,592)
(33,916)
(31,319)
(7,125)
(7,125)
14,250
(7,125)
(7,125)
82,925
942 51,607 345 (5,836)
207 (345,380) 1,665 (6,064)
69,651 44,376 (1,490) (6,293)
22,994 16,001 (150) (6,064)
45,880 30,188 2,436 (6,064)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
119,536 (150,942) 6,111 12,556
30,997
47,058
(349,572)
106,245
32,780
72,440
0
0
0
0
0
(12,739)
(5,507) 9,871
(4,886) 4,986
1,374 6,360
57,237 63,597
(44,496) 19,101
(33,854) (14,753)
(59,560) (74,313)
(67,202) (141,515)
(58,912) (200,427)
(66,610) (267,037)
(68,659) (335,696)
(419,759)
0 37,237
422,682 37,237
1,235.91 108.88
1.35 0.12
122,970 131,106
1,592,084 2,696,504
4,655.22 7,884.52
5.07 8.59
193,254 0 3,300
256,681 115,107 3,300
750.53 336.57 9.65
0.82 0.37 0.01
(65,449)
2,321,416
6,787.76
7.40
250,000
250,000
0 0 0 (2,951) (2,951)
Cash Increase (Decrease) From Liab.
0 0 0 0 0
NET CASH FLOW CUMM. NET CASH FLOW
181,601 181,601
84063.14
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2008
Feb 2008
Mar 2008
Apr 2008
May 2008
Jun 2008
Row 60
Jul 2008
Aug 2008
Sep 2008
Oct 2008
Nov 2008
Dec 2008
Row 61
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
(154) (21,352) 90,180 (2,951) 65,724 (150,942) 6,111 12,556 0 (132,275)
2,504,864
W31:
administrator: assume insurance increases by 50%
C35:
rssmith: Stated Rent = $86,667
D35:
rssmith: Stated Rent = $86,667
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending July 31, 2008
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss Upfront Rent Concessions
MTD Actual
MTD Budget
$ Variance
301,250.00 (4,175.00)
301,250.00 4,000.00
297,075.00 0.00 0.00 (16,864.78)
305,250.00 0.00 0.00 (15,591.00)
0.00
(3,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O Model Units
0.00 0.00 (1,188.89) (1,685.00)
0.00 0.00 (1,618.00) (1,980.00)
Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions
0.00 (1,950.80) 0.00 (910.00) (8,894.19)
0.00 (1,935.00) 0.00 (1,160.00) (16,316.00)
0.00 0.00 0.00 0.00 $265,581.34
0.00 0.00 0.00 0.00 $263,650.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 2,374.45
0.00 0.00 0.00 1,925.00
Month to Month Premium
2,206.80
900.00
Storage Fees Repair & Maintenance Fees Application Fees
1,181.51 0.00 2,510.00
1,000.00 0.00 2,205.00
Termination Fees & Damages
2,658.06
0.00
Miscellaneous Income
1,772.95
800.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 4,372.75
0.00 0.00 3,360.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 6,422.57
0.00 0.00 0.00 0.00 6,790.00
0.00 81.23
0.00 475.00
0.00 0.00 0.00 0.00 0.00 0.00 4,200.00 5,659.05
0.00 0.00 500.00 0.00 0.00 0.00 4,200.00 2,400.00
998.00
750.00
0.00 3,320.83
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 37,758.20
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25,305.00
$303,339.54
$288,955.00
17,054.11 0.00 16,394.39 0.00 8,032.50
13,069.00 0.00 11,745.00 0.00 4,900.00
0.00 270.33
0.00 1,720.00
0.00 0.00 133.76 0.00 41,885.09
0.00 0.00 0.00 0.00 31,434.00
Office Operations & Supplies Telephones Answering Svc. & Pagers
758.66 781.26 257.00
850.00 743.00 98.00
Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions
250.34 0.00 0.00 175.00
211.00 0.00 0.00 114.00
Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income
Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee Move-Out Charges
Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue Expense Managers Salary Salaries Maintenance Salary Salary - Administrative Commissions & Bonus
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
MTD Variance Comment
0.00 (8,175.00) Variance reflects market rent verses lease rents. (8,175.00) 0.00 0.00 (1,273.78) Actual vacancy is 5% and budgeted was 4%. 3,000.00 No upfront concessions offered at this time, due to stronger market this month. 0.00 0.00 429.11 295.00 Will adjust market rents on model for August to reflect higher rents. 0.00 (15.80) 0.00 250.00 7,421.81 We have been able to reduce the amount of concessions offered due to higher occupancy. 0.00 0.00 0.00 0.00 $1,931.34 0.00 0.00 0.00 449.45 We had more insufficient fund checks than budgeted. 1,306.80 Two month to month fees budgeted and actual collected was six. 181.51 0.00 305.00 44 applications budgeted and actual collected was 50. 2,658.06 Due to one skip #7111 and one eviction #19205. 972.95 This includes 31 utility transfer fees, 16 credit card convenience fees, two lock changes and three propane tank fines. 0.00 0.00 1,012.75 Eight new pet fees collected and three were budgeted for. 0.00 0.00 0.00 0.00 (367.43) Fewer rentals this month. Average rental is $90. 0.00 (393.77) Cable income check was mistakenly booked to corporate rent. Actual was $3320.83 0.00 0.00 (500.00) No forfeits this month. 0.00 0.00 0.00 0.00 3,259.05 Apartments left in bad condition at the time of move out resulting in more charges and 19 payments made on past due bills. 248.00 We budgeted six short term leases and actual collected was seven. 0.00 3,320.83 Comcast revenue share check was mistakenly booked here. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,453.20 $14,384.54
(3,985.11) We had three payroll in July. 0.00 (4,649.39) We had three payroll in July. 0.00 (3,132.50) We had double commissions paid out on some of our move-ins from our promotions in June. Includes new leases and renewals. We had 30 move ins this month. 0.00 1,449.67 We have less participants for our insurance program than what was anticipated in the budget. 0.00 0.00 (133.76) 0.00 (10,451.09) 91.34 (38.26) (159.00) June & July ansering service paid out this month. (39.34) 0.00 0.00 (61.00)
YTD Actual
YTD Budget
2,071,529.00 1,129.00
2,081,390.00 58,303.00
(9,861.00) (57,174.00)
3,587,640.00 74,283.00
2,072,658.00 0.00 0.00 (105,261.38)
2,139,693.00 0.00 0.00 (155,541.00)
(67,035.00) 0.00 0.00 50,279.62
3,661,923.00 0.00 0.00 (253,425.00)
7,576.58
(27,000.00)
34,576.58
(42,000.00)
0.00 0.00 (26,280.61) (12,895.00)
0.00 0.00 (11,088.00) (13,860.00)
0.00 0.00 (15,192.61) 965.00
0.00 0.00 (18,910.00) (23,760.00)
0.00 (13,936.57) 0.00 (4,670.00) (60,972.04)
0.00 (13,545.00) 0.00 (8,120.00) (104,154.00)
0.00 (391.57) 0.00 3,450.00 43,181.96
0.00 (23,220.00) 0.00 (13,920.00) (205,887.00)
0.00 0.00 0.00 0.00 $1,856,218.98
0.00 0.00 0.00 0.00 $1,806,385.00
0.00 0.00 0.00 0.00 $49,833.98
0.00 0.00 0.00 0.00 $3,080,801.00
0.00 0.00 0.00 15,613.70
0.00 0.00 0.00 12,397.00
0.00 0.00 0.00 3,216.70
0.00 0.00 0.00 21,791.00
8,895.87
4,650.00
4,245.87
9,450.00
8,317.06 0.00 13,310.00
5,960.00 0.00 12,005.00
2,357.06 0.00 1,305.00
11,120.00 0.00 19,796.00
20,950.17
8,100.00
12,850.17
13,500.00
8,295.63
4,300.00
3,995.63
8,000.00
0.00 0.00 25,800.74
0.00 3,489.00 24,360.00
0.00 (3,489.00) 1,440.74
0.00 3,489.00 41,160.00
0.00 0.00 0.00 0.00 48,455.94
0.00 0.00 0.00 0.00 47,530.00
0.00 0.00 0.00 0.00 925.94
0.00 0.00 0.00 0.00 81,480.00
0.00 9,937.72
0.00 3,325.00
0.00 6,612.72
0.00 5,700.00
0.00 0.00 900.00 0.00 0.00 0.00 25,950.00 32,280.65
0.00 0.00 2,700.00 0.00 0.00 0.00 21,140.00 18,000.00
0.00 0.00 (1,800.00) 0.00 0.00 0.00 4,810.00 14,280.65
0.00 0.00 4,100.00 0.00 0.00 0.00 33,880.00 30,000.00
4,342.74
3,625.00
717.74
6,625.00
0.00 3,405.83
0.00 0.00
0.00 3,405.83
0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 226,456.05
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 171,581.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 54,875.05
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 290,091.00
$2,082,675.03
$1,977,966.00
$104,709.03
$3,370,892.00
81,279.04 0.00 82,767.42 0.00 30,290.13
89,203.00 0.00 80,163.00 0.00 28,635.00
7,923.96 0.00 (2,604.42) 0.00 (1,655.13)
154,548.00 0.00 138,888.00 0.00 46,633.00
0.00 3,912.06
0.00 12,040.00
0.00 8,127.94
0.00 20,640.00
0.00 0.00 1,640.79 0.00 199,889.44
0.00 0.00 3,000.00 0.00 213,041.00
0.00 0.00 1,359.21 0.00 13,151.56
0.00 0.00 5,000.00 0.00 365,709.00
4,202.25 6,256.52 942.98
5,950.00 5,201.00 686.00
1,747.75 (1,055.52) (256.98)
10,200.00 8,916.00 1,176.00
1,370.40 0.00 0.00 1,673.08
1,477.00 0.00 0.00 798.00
106.60 0.00 0.00 (875.08)
2,532.00 0.00 0.00 1,368.00
$ Variance
Annual Budget
YTD Variance Comment
Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks
0.00 199.82 0.00 0.00 0.00 835.40
0.00 350.00 0.00 38.00 0.00 540.00
537.40 0.00 3,794.88
600.00 0.00 3,544.00
Advertising & Promotions
3,053.00
3,500.00
Resident Promotions Locators
152.30 1,381.71
500.00 1,827.00
500.00 5,087.01
500.00 6,327.00
425.39
540.00
Guest Suite Expense Parking Cost Total Operating Expense
Resident Referrals Total Advertising Expense Paint & Drywall
0.00 150.18 0.00 38.00 0.00 (295.40) We processed 16 credit checks only budgeted 10. 62.60 0.00 (250.88) 447.00 Savings due to dropping of Apartment Guide subscription. 347.70 445.29 Five locator fees budgeted and actual spent was four. 0.00 1,239.99 114.61
0.00 1,971.50 0.00 0.00 16.00 4,025.95
0.00 2,400.00 0.00 266.00 0.00 2,940.00
0.00 428.50 0.00 266.00 (16.00) (1,085.95)
0.00 4,150.00 0.00 456.00 0.00 4,848.00
3,820.74 0.00 24,279.42
3,950.00 0.00 23,668.00
129.26 0.00 (611.42)
6,450.00 0.00 40,096.00
13,407.54
28,500.00
15,092.46
44,000.00
1,271.22 15,638.53
3,200.00 10,528.00
1,928.78 (5,110.53)
5,400.00 16,070.00
1,250.00 31,567.29
3,500.00 45,728.00
2,250.00 14,160.71
5,500.00 70,970.00
2,262.92
2,421.00
158.08
4,217.00
Contract Cleaning Svcs.
3,845.00
2,859.00
Carpet Cleaning & Repairs
1,103.00
2,490.00
Window Coverings
832.42
270.00
Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies
0.00 26.87 0.00 0.00 413.53
0.00 85.00 417.00 0.00 158.00
Total Make Ready Expense
6,646.21
6,819.00
1,331.54
900.00
HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains
54.23 206.96 0.00 0.00 957.57
350.00 120.00 50.00 0.00 600.00
Gates & Entrances Glass & Screens Appliance Parts & Repairs
0.00 0.00 744.24
20.00 260.00 300.00
Hardware Exterior Painting Uniforms
110.99 0.00 730.84
120.00 0.00 0.00
Elevator Service & Repairs Security & Fire Systems
0.00 487.50
0.00 200.00
Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
0.00 0.00 0.00 4,623.87
0.00 0.00 0.00 2,920.00
Landscape & Grounds
3,235.32
3,000.00
Trash Removal Pest Control
829.87 1,006.00
755.00 305.00
0.00 0.00 0.00 0.00 0.00 5,071.19
925.00 0.00 0.00 0.00 0.00 4,985.00
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 0.00 0.00 0.00 0.00 0.00 0.00
12,133.58 0.00 0.00 608.49
11,558.00 0.00 0.00 200.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,202.01 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
General Maintenance & Supplies
Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees No Name No Name Legal Fees Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost
(986.00) Overage due to many turns this month.We had 30 move ins. Favoarble YTD 1,387.00 Had more carpet replacements this month than cleans. (562.42) WE made ready over 30 units this month. 0.00 58.13 417.00 No repairs needed at this time. 0.00 (255.53) Reflects supplies needed to clean 30 plus units this month plus common areas. WE also use some supplies in move in gifts for new residents. 172.79
19,915.00
20,013.00
98.00
34,308.00
7,889.00
11,166.00
3,277.00
19,446.00
2,636.76
1,890.00
(746.76)
3,240.00
0.00 261.96 1,586.00 0.00 1,335.57
0.00 595.00 2,919.00 0.00 1,106.00
0.00 333.04 1,333.00 0.00 (229.57)
0.00 1,020.00 5,004.00 0.00 1,896.00
35,887.21
40,110.00
4,222.79
69,131.00
(431.54) More supplies needed due to many turns this month. Includes purchase of supplies for make ready and work orders. Also replaced two flags. 295.77 Fewer repairs needed this month. (86.96) 50.00 0.00 (357.57) Extra chlorine needed for the pool this month and three filters needed for the pool. 20.00 260.00 None needing repair at this time. (444.24) More supplies needed due to many turns this month. Includes purchase of drip pans, mocrowave parts and other parts for make ready units and work orders. 9.01 0.00 (730.84) New shirts ordered for the maintenance guys this month. 0.00 (287.50) Service call on office connections needing repair. 0.00 0.00 0.00 (1,703.87)
4,632.75
5,528.00
895.25
8,611.00
578.39 1,241.48 652.35 0.00 2,200.68
1,550.00 840.00 340.00 3,000.00 2,700.00
971.61 (401.48) (312.35) 3,000.00 499.32
2,300.00 1,440.00 540.00 3,000.00 4,200.00
0.00 611.03 3,879.69
110.00 1,040.00 2,100.00
110.00 428.97 (1,779.69)
150.00 1,820.00 3,600.00
569.25 0.00 763.16
840.00 255.00 300.00
270.75 255.00 (463.16)
1,400.00 355.00 600.00
0.00 5,561.14
0.00 2,455.00
0.00 (3,106.14)
0.00 14,555.00
0.00 0.00 0.00 20,689.92
0.00 0.00 0.00 21,058.00
0.00 0.00 0.00 368.08
0.00 0.00 0.00 42,571.00
20,327.81
20,581.00
253.19
29,581.00
5,120.37 1,648.75
5,285.00 1,635.00
164.63 (13.75)
9,060.00 2,760.00
0.00 0.00 0.00 0.00 7,278.72 34,375.65
1,850.00 0.00 0.00 0.00 14,000.00 43,351.00
1,850.00 0.00 0.00 0.00 6,721.28 8,975.35
2,775.00 0.00 0.00 0.00 19,500.00 63,676.00
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 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 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
83,238.25 0.00 0.00 255.45
79,119.00 0.00 0.00 1,800.00
(4,119.25) 0.00 0.00 1,544.55
134,836.00 0.00 0.00 2,800.00
0.00 0.00 952.36 0.00 0.00 0.00 0.00 0.00 0.00 2,255.61 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
0.00 0.00 (952.36) 0.00 0.00 0.00 0.00 0.00 0.00 804.39 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
(235.32) Overage due to replaced sod in the pet kill areas. (74.87) (701.00) Removal of bee hives from building 12 and 13. 925.00 None needed at this time. 0.00 0.00 0.00 0.00 (86.19) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (575.58) Based on % of collections. 0.00 0.00 (408.49) Two evictions fees budgeted for and actual filed was Four. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 857.99 Yardi 2008-2009 licensing fee. 0.00 0.00
Total Admin. Expense
14,944.08
14,818.00
3,031.00
3,500.00
0.00 1,681.68 17,770.67
0.00 1,967.00 20,000.00
(11,088.94)
(13,600.00)
6,140.50
5,800.00
0.00 (2,256.15) 0.00 1,206.08
0.00 (2,012.00) 0.00 797.00
328.48 0.00 16,813.32
478.00 0.00 16,930.00
0.00 0.00 0.00 285.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 285.24
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
Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
30,188.47 0.00 4,840.47 0.00 0.00 35,028.94 134,179.83 169,159.71
30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 122,872.00 166,083.00
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,474.53 23,677.47 86,666.71 0.00 216,818.71
130,152.00 0.00 86,667.00 0.00 216,819.00
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 0.00 0.00 0.00 0.00 0.00 4,200.00 0.00 4,200.00
0.00 0.00 200.00 0.00 0.00 0.00 0.00 0.00 1,000.00 3,250.00 0.00 4,450.00
2,543.08
10,125.00
0.00 0.00 14,854.93
0.00 600.00 6,000.00
Refrigerators
471.71
760.00
Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement
225.00 0.00 0.00
319.00 0.00 0.00
Electricity Electricity Gas - Resident Natural Gas Water & Sewer
Water & Sewer - Resident Reimb
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Asset Management Fees Investor Administration Fee Partnership Exp- Leaseup Costs Total Partnership Expense Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
(126.08)
86,701.67
83,979.00
(2,722.67)
140,696.00
22,292.76
23,750.00
1,457.24
40,500.00
0.00 15,783.67 122,286.73
0.00 13,769.00 140,000.00
0.00 (2,014.67) 17,713.27
0.00 23,604.00 240,000.00
(89,961.94)
(95,200.00)
(5,238.06)
(163,200.00)
10,055.07
22,400.00
12,344.93
37,400.00
0.00 (15,350.96) 0.00 6,152.86
0.00 (15,636.00) 0.00 7,107.00
0.00 (285.04) 0.00 954.14
0.00 (25,696.00) 0.00 12,108.00
3,189.55 0.00 74,447.74
4,837.00 0.00 101,027.00
1,647.45 0.00 26,579.26
7,837.00 0.00 172,553.00
0.00 0.00 1,896.50 2,255.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,152.08
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
0.00 0.00 (1,896.50) (2,255.58) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (4,152.08)
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
(0.47) 0.00 9.53 57.00 0.00 66.06 (11,307.83) 3,076.71
211,319.29 0.00 34,053.99 600.00 0.00 245,973.28 757,963.70 1,324,711.33
211,316.00 0.00 33,950.00 399.00 0.00 245,665.00 817,627.00 1,160,339.00
(3.29) 0.00 (103.99) (201.00) 0.00 (308.28) 59,663.30 164,372.33
362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00
23,677.47 (23,677.47) 0.29 0.00 0.29
745,994.55 47,242.80 606,666.97 0.00 1,399,904.32
769,673.67 23,565.33 606,669.00 0.00 1,399,908.00
23,679.12 (23,677.47) 2.03 0.00 3.68
1,420,433.67 23,565.33 1,040,004.00 0.00 2,484,003.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 200.00 No expense at this time. 0.00 0.00 0.00 0.00 0.00 1,000.00 No expense at this time. (950.00) Investor reporting fee for the month. 0.00 250.00
0.00 540.00 1,898.47 279.81 0.00 0.00 0.00 0.00 4,000.00 25,400.00 0.00 32,118.28
0.00 365.00 1,400.00 0.00 0.00 0.00 0.00 0.00 7,000.00 22,750.00 0.00 31,515.00
0.00 (175.00) (498.47) (279.81) 0.00 0.00 0.00 0.00 3,000.00 (2,650.00) 0.00 (603.28)
0.00 365.00 2,400.00 0.00 0.00 0.00 0.00 0.00 12,000.00 39,000.00 0.00 53,765.00
7,581.92 Sweeping and restripping of the parking lot. 0.00 600.00 No expense at this time. (8,854.93) 14 actual carpets replaced (all were original carpets), six were budgeted for. 288.29 One fridge needed replacement in 10205. 94.00 0.00 0.00
5,395.10
16,846.00
11,450.90
16,846.00
1,021.68 540.47 49,196.53
0.00 1,200.00 38,000.00
(1,021.68) 659.53 (11,196.53)
0.00 1,800.00 66,000.00
1,123.12
1,450.00
326.88
1,450.00
710.32 890.25 0.00
1,475.00 1,017.00 0.00
764.68 126.75 0.00
1,734.00 1,017.00 0.00
469.00 Less usage on common areas and bldg services. 0.00 285.32 Less usage. 2,229.33 Reflects current usage, budget anticipated a higher rate increase and additional fees implemented from Arapahoe county. (2,511.06) Collected @ 62%. We converted billing to collect water at the property. Hoping this will increase. Also includes credits from AUIM for prior payments, also adjustments to some accounts for over charging. (340.50) Based on current usage. YTD is favorable. 0.00 244.15 0.00 (409.08) Occupancy was one percent less than budget and move-ins came late in the month. 149.52 0.00 116.68 0.00 0.00 0.00 (285.24) Credit card fee charged. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (285.24)
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
Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
5,021.89 0.00 0.00 23,116.61
0.00 0.00 0.00 17,804.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (74,975.61)
0.00 0.00 0.00 (72,990.00)
Rental Guarantee
0.00 (74,975.61)
0.00 (72,990.00)
(5,021.89) Pool chair slings and backs replaced. 0.00 0.00 (5,312.61)
17,063.98 0.00 0.00 75,941.45
11,899.00 0.00 0.00 71,887.00
(5,164.98) 0.00 0.00 (4,054.45)
11,899.00 0.00 0.00 100,746.00
0.00 0.00 0.00 (1,985.61)
0.00 0.00 0.00 (183,252.72)
0.00 0.00 0.00 (342,971.00)
0.00 0.00 0.00 159,718.28
0.00 0.00 0.00 (654,164.00)
0.00 (1,985.61)
0.00 (183,252.72)
0.00 (342,971.00)
0.00 159,718.28
0.00 (654,164.00)
Filter 0.01 4,755,419.00 59,257.00 4,814,676.00 0.00 0.00 (293,258.16) (22,423.42)
0.00 0.00 (40,175.50) (30,420.00) 0.00 (31,367.37) 0.00 (14,860.00) (190,336.23)
0.00 0.00 0.00 0.00 4,191,835.32 1.00 0.00 0.00 0.00 32,310.15 16,652.67 16,458.57 0.00 30,030.00 31,708.23 15,168.58
0.00 3,489.00 57,893.49 0.00 0.00 0.00 0.00 109,198.51 0.00 13,818.95 0.00 0.00 4,100.00 0.00 0.00 0.00 55,490.00 58,339.70
9,715.74 0.00 6,726.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 461,100.25 1.00 4,652,935.57 1.00 1.00 200,605.15 0.00 191,069.81 0.00 71,857.63
0.00 17,942.39 0.00 0.00 4,774.55 0.00 486,249.53 1.00 11,760.91 12,981.78 1,983.98 3,308.74 0.00 0.00 2,760.08
0.00 4,921.32 0.00 304.00 16.00 8,341.35 8,908.14 0.00 55,286.30 1.00 48,460.54 5,123.52 29,375.24 5,750.00 88,709.30 1.00 5,649.31
46,632.00 22,648.00 5,629.18 0.00 968.83 4,922.00 0.00 3,013.10
89,462.42 1.00 12,392.29
2,532.62 2,408.44 1,042.35 3,000.00 6,458.25 130.00 1,911.03 7,023.93
1,640.24 255.00 1,794.00 0.00 8,703.64 0.00 0.00 0.00 49,291.79 1.00 47,144.13 11,990.24 4,594.75 2,775.00 0.00 0.00 0.00 21,278.72 87,782.84 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 186,048.83 0.00 0.00 2,863.94 0.00 0.00 952.36 0.00 0.00 0.00 0.00 0.00 0.00 10,577.62 0.00 0.00
200,442.75 1.00 52,573.76 0.00 33,201.35 300,057.40
(209,850.88)
44,395.57 0.00 (35,255.11) 0.00 15,262.94 18,467.00 0.00 209,218.06 1.00 0.00 0.00 1,896.50 2,540.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,437.32 1.00 483,011.76 0.00 77,694.46 1,056.00 0.00 561,762.22 1,832,642.53 2,820,293.04 1.00 1,752,294.75 94,485.60 1,386,669.68 0.00 3,233,450.03 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 905.00 3,498.47 279.81 0.00 0.00 0.00 0.00 12,000.00 55,600.00 0.00 72,283.28 1.00 34,909.18 1,021.68 2,340.47 108,051.46 3,804.83 2,729.32 1,907.25 0.00
33,984.87 0.00 0.00 188,749.06 1.00 0.00 0.00 0.00 (674,189.33) 1.00 0.00 0.00
Courtney Downs Apartments July 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
30 32 -2
OCCUPIED/LEASED %:
95.%98.%
SOURCE OF TRAFFIC: APARTMENT GUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.COM LIVES IN AREA RESIDENT REFERRAL LOCATORS WORD of MOUTH WALK IN SIGNAGE BROCHURE/FLYER TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$303,340.00 $300,181.00 $3,159.00
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 110 92%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 1 0 0 7 3 16 8 3 5 8 0 30 0
Leased 1 0 0 2 2 7 3 3 4 1 0 10 0
81
33
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Breed restrictions Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending Location Rented at Competitor TOTALS
35%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took brochures and price sheets to Mann Theatres. * Took cookie bags with brochures and price sheets to Marriott extend stay. * Updated all internet ads with new pricing and specials for the month of July. * Took donuts with price sheets to Parker Adventist hospital Human Resources. * Took brochures and prices to 24 hour Fitness for employee break room. * Brochures and donuts were taken to Go Motors staff. * Met with Ryland Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to US bank for the break room. * Dropped off doughnuts and brochures to Wells Fargo for break room. * Took cookie and candy bag with flyer's to United Artist Theaters staff. * Took brochures and prices to Nextel Corporation. * Took lunch to locators with updates on specials and prices. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $705, two bedrooms at $835 and three bedrooms starting at $1170. Look and leases specials are 1/2 month to 1 month free off with a 12 to 13 month lease. Overall market is 93.6% average occ.and rental rate of $827 per month. RESIDENT RETENTION: We had 29 leases expiring in the month of July. 13 renewed leases with a $30.46 increase. Notices received; (5) buying homes, (2) out of state, (1) closer to work, (1) closer to school, (2) roommate split (1) out of country, (1) did not like rules, (2) skips, (1) mtm. INCIDENTS ON THE PROPERTY: N/A
0 5 8 9 6 0 0 2 6 0 8 0 4 0 48
MAINTENANCE:
ROUTINE REPLACEMENTS:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing Property Ext. Appliances Safety Total ROOF LEAKS
0 0 0 0 0
Completed 18 32 23 31 61 0 8 12 185
PLUMBING LEAKS
Number of: 23 14 9 185 0 18 32 23 31 61 0 8 12 185 0
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Gypcrete areas needing repair. , which we are receiving bids on. Trickel pans needing repair. Paint peeling and dry rot on some trim, getting bids for next years budget. CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Adreyanna Black Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Soded pet damaged areas. New Flutter flags for the front of property New bearing kit installed for the spa. Dumped and refilled the pool.
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS/vinyl CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 1 0 0 0 0 0 1 0 14 0 0 0 0 0
31 1 0
Apt. # 4308
10211, 2307, 6101, 6310, 6105, 7205, 7306, 12106, 19104, 19312, 4108, 12210, 19205, 2309, 7111,
9207-2, 2211-1, 2307-2, 4206-2, 6101-3, 6105-1, 6310-1, 7301-1, 7306-1, 9303-2, 12106-2, 12110-2, 13308-2,19104-2, 4108-3, 2103-2, 19205-2. 7205
MARKET SURVEY Courtney Downs July-08 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 5 5 $50.00 $35.00 yes yes yes yes 300 n/r 300-600 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 7 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 4 $35.00 no yes $100 $100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 6 $45.00 yes yes 300-500 $199.00 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 6 $50.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Courtney Downs RENTAL SCHEDULE
July 08
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS
SIZE
40 32 18 24 32 42 44 22 24 16 20 24 4
704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
342
917
313,778
MKT RENT PER UNIT 725 725 850 750 760 875 900 925 875 925 925 1160 1160 $870
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.03 $27,520 0.93 $15,300 0.93 $18,000 0.94 $24,320 0.90 $36,750 0.87 $39,600 0.90 $20,350 0.90 $21,000 0.90 $14,800 0.90 $18,500 1.02 $27,840 1.02 $4,640 $0.95
$297,620
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $291,840 $441,000 $475,200 $244,200 $252,000 $177,600 $222,000 $334,080 $55,680 $3,571,440
EFFECTIVE CONCESSION RENTS* 725.00 725.00 850.00 750.00 760.00 875.00 900.00 925.00 875.00 925.00 925.00 1,160.00 1,160.00
CONCESSION PER UNIT
$870 * Net of Concessions
EFFECTIVE PER S/F
1.03 1.03 0.93 0.93 0.94 0.90 0.87 0.90 0.90 0.90 0.90 1.02 1.02 0.95
EFFECTIVE MONTHLY GROSS $29,000 $27,520 $15,300 $18,000 $24,320 $36,750 $39,600 $20,350 $21,000 $14,800 $18,500 $27,840 $4,640 $297,620
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
4 0 1 3 0 1 3 0 0 1 0 3 0
3 0 1 3 0 0 1 0 0 1 0 3 0
8 0 2 6 0 10 13 0 0 2 0 3 0
4 0 1 1 0 1 1 0 0 0 0 0 0
5 0 1 5 0 10 14 0 0 2 0 3 0
16
12
44
8
40
MARKET SURVEY Courtney Downs July-08
(Concessions reduced rates) PROPERTY:
Courtney Downs Apt PRICE
Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B
% occ /leased Avg PSF Avg Rents Units(Total / Avail)
SIZE
Coyote Ranch
PSF
PRICE
SIZE
Windsor at Meridian
PSF
785 805
779 853
PRICE
1.01 0.94
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
SIZE
PSF
PRICE
Cherrywood Village SIZE PSF
1.07 1.08
759 829
627 701
1.21 1.18
685 705
1.09 1.02
705 728
768 842
0.92 0.86
720 750
707 796
1.02 0.94
0.85
899
811
0.91
810
760
1.03
815
992
0.82
805
916
0.88
899 909
956 1044
0.94 0.87
1005
1051
1015
1120
0.96 0.91
895
977
0.92
940
1105
0.85
1030 1030
0.88 0.91
980
1192
0.82
1080 1099
1196 1180
0.90 0.93
1,195
1140
1.05
1190 1255
1398 1398
0.85 0.91
1119
1330
0.84
95% 1 904 342
98.86%
0
0% 0.97
93%
97%
0.96 40
0.90 1114 507
28
Special: Waived security Special: One month free Rates deposit with approved credit. on 12 to 13 month lease. reflect these rates: specials:
Ren: $35 to $75 increase.
Ren.: 15% increase on all renewals.
994 653
1185
1230
94%
98.10%
0.96
763 763
0.92 1.05
1115
0.80
900
1033
0.87
840
1037
0.81
1220
0.82
935
1093
0.86
885
1037
1.23
1190
1356
0.88
1095 1095
1235 1235
0.89 1.04
1100 1195
1257 1257
95.0%
18
705 725
889 999
93%
0.99 808 216
Reserve@South Creek SIZE PSF
PRICE
704 808 910
905 935
745 750
PRICE
755 870 770
93.0%
96%
0.85 888 312
37
93.2%
17
0
0.88 1.10
97%
0.93 1131 360
1.00 995 168
14
Will not give out any information.
Special:1/2 month free with look and lease.
Special: One month free or giftcertificate to the mall Special: 1/2 month off 12 to Special: One month free on a w/look and lese special. 13 month leases. 12 to 13 month special.
Ren: Info not avail per corporate
Ren:Per corporate
Ren: $35 to $80 increas for 12 month lease
Ren: Average $25 to $75 increase.
Ren: Free carpet cleaning with 12mo.
ASSETS Cash Operating Cash Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Cash in Bank-Wrk Cap Reserve Capital / Repair Escrow Total Other Assets Total ASSETS
(14,753.39) $(14,753.39)
496.63 23,964.79 112,265.77 73,094.73 200,000.00 409,821.92 395,068.53
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade A/P - Creekstone Partners LLC A/P - US Advisors Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
118,870.66 322,576.00 322,576.00 345,285.05 211,319.29 34,532.19 44,618.00 14,608.68 1,414,385.87
CAPITAL Creekstone Partners LLC US Advisors LLC Retained Earnings Total Capital Total LIABILITIES & CAPITAL
50.00 50.00 (1,019,417.34) (1,019,317.34) 395,068.53
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2008 Jan 2008 Actual
Account
Feb 2008 Actual
Mar 2008 Actual
Apr 2008 Actual
May 2008 Actual
Jun 2008 Actual
Jul 2008 Actual
Aug 2008 Budget
Sep 2008 Budget
Oct 2008 Budget
Nov 2008 Budget
Dec 2008 Budget
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
297,252 (14,979) (10,069) (14,603) 257,600
295,197 (13,515) (8,145) (9,805) 263,731
294,829 (12,201) (267) (5,576) 276,786
294,994 (15,566) (7,022) (8,312) 264,094
296,658 (15,360) (9,644) (6,419) 265,235
296,653 (16,776) (9,354) (7,331) 263,191
297,075 (16,865) (8,894) (5,735) 265,581
297,075 (15,865) (8,894) (5,735) 266,581
304,686 (16,802) (22,560) (6,663) 258,661
304,342 (19,995) (23,621) (6,634) 254,092
304,117 (22,418) (24,370) (6,614) 250,715
303,954 (23,078) (24,994) (6,605) 249,277
3,586,832 (203,419) (157,835) (90,033) 3,135,545
10,487.81 (594.79) (461.50) (263.25) 9,168.26
11.43 (0.65) (0.50) (0.29) 9.99
364,160 (43,000) (80,000) (6,085) 235,075
4,569,562 (292,511) (287,661) (109,600) 3,879,791
13,361.29 (855.29) (841.11) (320.47) 11,344.42
14.56 (0.93) (0.92) (0.35) 12.36
Other Income Total Revenue
27,835 285,435
34,204 297,935
26,056 302,841
32,784 296,878
34,945 300,181
32,874 296,065
37,758 303,340
27,500 294,081
23,739 282,400
22,628 276,720
24,013 274,728
20,220 269,497
344,556 3,480,101
1,007.47 10,175.74
1.10 11.09
19,000 254,075
408,798 4,288,588
1,195.31 12,539.73
1.30 13.67
30,826 3,660 5,531 3,627 1,403 6,708 12,525 4,914 1,416 35,029
28,089 2,832 4,884 3,404 4,261 1,216 11,016 13,395 1,421 35,004
25,841 2,336 4,109 4,423 3,116 1,576 10,864 17,315 0 35,029
26,731 3,352 2,530 7,268 2,525 3,523 12,483 1,952 599 35,029
21,154 3,896 3,632 4,005 1,935 12,678 11,635 12,928 240 35,629
25,364 4,409 5,794 6,515 2,826 3,604 13,235 7,131 191 35,224
41,885 3,795 5,087 6,646 4,624 5,071 14,944 16,813 285 35,029
31,434 3,444 6,227 6,819 2,730 4,985 11,783 16,130 0 35,095
30,692 3,336 5,340 6,289 2,513 3,960 11,496 16,228 0 35,095
29,929 3,264 4,685 5,961 12,210 3,960 11,269 16,240 0 35,095
30,554 3,204 4,731 5,102 2,672 3,960 11,189 11,437 0 35,095
30,059 3,180 4,259 4,850 1,388 3,460 10,980 11,491 0 35,095
352,557 40,707 56,809 64,908 42,203 54,701 143,419 145,974 4,152 421,448
1,030.87 119.03 166.11 189.79 123.40 159.94 419.35 426.82 12.14 1,232.30
1.12 0.13 0.18 0.21 0.13 0.17 0.46 0.47 0.01 1.34
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
451,961 50,241 72,851 82,550 48,681 64,676 180,976 180,229
1,321.52 146.90 213.01 241.37 142.34 189.11 529.17 526.99
1.44 0.16 0.23 0.26 0.16 0.21 0.58 0.57
Total Operating Exp. Net Operating Income
105,638 179,797
105,522 192,412
104,608 198,234
95,992 200,886
107,732 192,449
104,292 191,774
134,180 169,160
118,647 175,434
114,949 167,451
122,613 154,107
107,944 166,784
104,762 164,735
1,326,879 2,153,223
3,879.76 6,295.97
4.23 6.86
Rent Expense Partnership Expense Capital Expense
193,253 4,719 9,734
193,253 4,539 2,903
193,253 4,626 11,566
193,253 4,787 6,943
193,253 4,740 7,872
216,819 4,508 13,807
216,819 4,200 23,117
216,819 4,450 6,600
216,819 4,450 6,259
216,819 4,450 6,000
216,819 4,450 5,000
216,819 4,450 5,000
2,483,999 54,368 104,800
7,263.16 158.97 306.43
7.92 0.17 0.33
Cash Flow Frm Operations
(27,909)
(8,283)
(11,211)
(4,098)
(13,416)
(43,360)
(74,976)
(52,435)
(60,077)
(73,162)
(59,485)
(61,534)
(489,945)
(1,432.59)
(1.56)
0
0
0
0
0
0
0
0
0
0
0
0
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance
Rental Guarantees Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (1,895) (50,394) (35,800)
0 2,740 4,840 (35,800)
0 (9,772) 4,840 (35,800)
Cash Increase (Decreae) From Assets
(88,090)
(28,220)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(22,965) 20,453 920 48,905
2,827 31,811 2,385 (6,027)
47,313
(68,685) 15,378
0
0 8,270 4,840 341,933
0 (2,448) 4,840 (37,985)
0 177 4,840 (38,933)
0 2,774 4,840 (38,933)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 14,250
0 0 0 (7,125)
0 0 0 (7,125)
0 (154) (21,352) 104,430
(40,732)
355,044
(35,592)
(33,916)
(31,319)
(7,125)
(7,125)
14,250
(7,125)
(7,125)
82,925
942 51,607 345 (5,836)
207 (345,380) 1,665 (6,064)
69,651 44,376 (1,490) (6,293)
22,994 16,001 (150) (6,064)
45,880 30,188 2,436 (6,064)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
119,536 (150,942) 6,111 12,556
30,997
47,058
(349,572)
106,245
32,780
72,440
0
0
0
0
0
(12,739)
(5,507) 9,871
(4,886) 4,986
1,374 6,360
57,237 63,597
(44,496) 19,101
(33,854) (14,753)
(59,560) (74,313)
(67,202) (141,515)
(58,912) (200,427)
(66,610) (267,037)
(68,659) (335,696)
(419,759)
0 37,237
422,682 37,237
1,235.91 108.88
1.35 0.12
122,970 131,106
1,592,084 2,696,504
4,655.22 7,884.52
5.07 8.59
193,254 0 3,300
256,681 115,107 3,300
750.53 336.57 9.65
0.82 0.37 0.01
(65,449)
2,321,416
6,787.76
7.40
250,000
250,000
0 0 0 (2,951) (2,951)
Cash Increase (Decrease) From Liab.
0 0 0 0 0
NET CASH FLOW CUMM. NET CASH FLOW
181,601 181,601
84063.14
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2008
Feb 2008
Mar 2008
Apr 2008
May 2008
Jun 2008
Row 60
Jul 2008
Aug 2008
Sep 2008
Oct 2008
Nov 2008
Dec 2008
Row 61
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
(154) (21,352) 90,180 (2,951) 65,724 (150,942) 6,111 12,556 0 (132,275)
2,504,864
W31:
administrator: assume insurance increases by 50%
C35:
rssmith: Stated Rent = $86,667
D35:
rssmith: Stated Rent = $86,667
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending July 31, 2008
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss Upfront Rent Concessions
MTD Actual
MTD Budget
$ Variance
301,250.00 (4,175.00)
301,250.00 4,000.00
297,075.00 0.00 0.00 (16,864.78)
305,250.00 0.00 0.00 (15,591.00)
0.00
(3,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O Model Units
0.00 0.00 (1,188.89) (1,685.00)
0.00 0.00 (1,618.00) (1,980.00)
Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions
0.00 (1,950.80) 0.00 (910.00) (8,894.19)
0.00 (1,935.00) 0.00 (1,160.00) (16,316.00)
0.00 0.00 0.00 0.00 $265,581.34
0.00 0.00 0.00 0.00 $263,650.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 2,374.45
0.00 0.00 0.00 1,925.00
Month to Month Premium
2,206.80
900.00
Storage Fees Repair & Maintenance Fees Application Fees
1,181.51 0.00 2,510.00
1,000.00 0.00 2,205.00
Termination Fees & Damages
2,658.06
0.00
Miscellaneous Income
1,772.95
800.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 4,372.75
0.00 0.00 3,360.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 6,422.57
0.00 0.00 0.00 0.00 6,790.00
0.00 81.23
0.00 475.00
0.00 0.00 0.00 0.00 0.00 0.00 4,200.00 5,659.05
0.00 0.00 500.00 0.00 0.00 0.00 4,200.00 2,400.00
998.00
750.00
0.00 3,320.83
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 37,758.20
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25,305.00
$303,339.54
$288,955.00
17,054.11 0.00 16,394.39 0.00 8,032.50
13,069.00 0.00 11,745.00 0.00 4,900.00
0.00 270.33
0.00 1,720.00
0.00 0.00 133.76 0.00 41,885.09
0.00 0.00 0.00 0.00 31,434.00
Office Operations & Supplies Telephones Answering Svc. & Pagers
758.66 781.26 257.00
850.00 743.00 98.00
Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions
250.34 0.00 0.00 175.00
211.00 0.00 0.00 114.00
Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income
Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee Move-Out Charges
Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue Expense Managers Salary Salaries Maintenance Salary Salary - Administrative Commissions & Bonus
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
MTD Variance Comment
0.00 (8,175.00) Variance reflects market rent verses lease rents. (8,175.00) 0.00 0.00 (1,273.78) Actual vacancy is 5% and budgeted was 4%. 3,000.00 No upfront concessions offered at this time, due to stronger market this month. 0.00 0.00 429.11 295.00 Will adjust market rents on model for August to reflect higher rents. 0.00 (15.80) 0.00 250.00 7,421.81 We have been able to reduce the amount of concessions offered due to higher occupancy. 0.00 0.00 0.00 0.00 $1,931.34 0.00 0.00 0.00 449.45 We had more insufficient fund checks than budgeted. 1,306.80 Two month to month fees budgeted and actual collected was six. 181.51 0.00 305.00 44 applications budgeted and actual collected was 50. 2,658.06 Due to one skip #7111 and one eviction #19205. 972.95 This includes 31 utility transfer fees, 16 credit card convenience fees, two lock changes and three propane tank fines. 0.00 0.00 1,012.75 Eight new pet fees collected and three were budgeted for. 0.00 0.00 0.00 0.00 (367.43) Fewer rentals this month. Average rental is $90. 0.00 (393.77) Cable income check was mistakenly booked to corporate rent. Actual was $3320.83 0.00 0.00 (500.00) No forfeits this month. 0.00 0.00 0.00 0.00 3,259.05 Apartments left in bad condition at the time of move out resulting in more charges and 19 payments made on past due bills. 248.00 We budgeted six short term leases and actual collected was seven. 0.00 3,320.83 Comcast revenue share check was mistakenly booked here. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,453.20 $14,384.54
(3,985.11) We had three payroll in July. 0.00 (4,649.39) We had three payroll in July. 0.00 (3,132.50) We had double commissions paid out on some of our move-ins from our promotions in June. Includes new leases and renewals. We had 30 move ins this month. 0.00 1,449.67 We have less participants for our insurance program than what was anticipated in the budget. 0.00 0.00 (133.76) 0.00 (10,451.09) 91.34 (38.26) (159.00) June & July ansering service paid out this month. (39.34) 0.00 0.00 (61.00)
YTD Actual
YTD Budget
2,071,529.00 1,129.00
2,081,390.00 58,303.00
(9,861.00) (57,174.00)
3,587,640.00 74,283.00
2,072,658.00 0.00 0.00 (105,261.38)
2,139,693.00 0.00 0.00 (155,541.00)
(67,035.00) 0.00 0.00 50,279.62
3,661,923.00 0.00 0.00 (253,425.00)
7,576.58
(27,000.00)
34,576.58
(42,000.00)
0.00 0.00 (26,280.61) (12,895.00)
0.00 0.00 (11,088.00) (13,860.00)
0.00 0.00 (15,192.61) 965.00
0.00 0.00 (18,910.00) (23,760.00)
0.00 (13,936.57) 0.00 (4,670.00) (60,972.04)
0.00 (13,545.00) 0.00 (8,120.00) (104,154.00)
0.00 (391.57) 0.00 3,450.00 43,181.96
0.00 (23,220.00) 0.00 (13,920.00) (205,887.00)
0.00 0.00 0.00 0.00 $1,856,218.98
0.00 0.00 0.00 0.00 $1,806,385.00
0.00 0.00 0.00 0.00 $49,833.98
0.00 0.00 0.00 0.00 $3,080,801.00
0.00 0.00 0.00 15,613.70
0.00 0.00 0.00 12,397.00
0.00 0.00 0.00 3,216.70
0.00 0.00 0.00 21,791.00
8,895.87
4,650.00
4,245.87
9,450.00
8,317.06 0.00 13,310.00
5,960.00 0.00 12,005.00
2,357.06 0.00 1,305.00
11,120.00 0.00 19,796.00
20,950.17
8,100.00
12,850.17
13,500.00
8,295.63
4,300.00
3,995.63
8,000.00
0.00 0.00 25,800.74
0.00 3,489.00 24,360.00
0.00 (3,489.00) 1,440.74
0.00 3,489.00 41,160.00
0.00 0.00 0.00 0.00 48,455.94
0.00 0.00 0.00 0.00 47,530.00
0.00 0.00 0.00 0.00 925.94
0.00 0.00 0.00 0.00 81,480.00
0.00 9,937.72
0.00 3,325.00
0.00 6,612.72
0.00 5,700.00
0.00 0.00 900.00 0.00 0.00 0.00 25,950.00 32,280.65
0.00 0.00 2,700.00 0.00 0.00 0.00 21,140.00 18,000.00
0.00 0.00 (1,800.00) 0.00 0.00 0.00 4,810.00 14,280.65
0.00 0.00 4,100.00 0.00 0.00 0.00 33,880.00 30,000.00
4,342.74
3,625.00
717.74
6,625.00
0.00 3,405.83
0.00 0.00
0.00 3,405.83
0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 226,456.05
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 171,581.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 54,875.05
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 290,091.00
$2,082,675.03
$1,977,966.00
$104,709.03
$3,370,892.00
81,279.04 0.00 82,767.42 0.00 30,290.13
89,203.00 0.00 80,163.00 0.00 28,635.00
7,923.96 0.00 (2,604.42) 0.00 (1,655.13)
154,548.00 0.00 138,888.00 0.00 46,633.00
0.00 3,912.06
0.00 12,040.00
0.00 8,127.94
0.00 20,640.00
0.00 0.00 1,640.79 0.00 199,889.44
0.00 0.00 3,000.00 0.00 213,041.00
0.00 0.00 1,359.21 0.00 13,151.56
0.00 0.00 5,000.00 0.00 365,709.00
4,202.25 6,256.52 942.98
5,950.00 5,201.00 686.00
1,747.75 (1,055.52) (256.98)
10,200.00 8,916.00 1,176.00
1,370.40 0.00 0.00 1,673.08
1,477.00 0.00 0.00 798.00
106.60 0.00 0.00 (875.08)
2,532.00 0.00 0.00 1,368.00
$ Variance
Annual Budget
YTD Variance Comment
Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks
0.00 199.82 0.00 0.00 0.00 835.40
0.00 350.00 0.00 38.00 0.00 540.00
537.40 0.00 3,794.88
600.00 0.00 3,544.00
Advertising & Promotions
3,053.00
3,500.00
Resident Promotions Locators
152.30 1,381.71
500.00 1,827.00
500.00 5,087.01
500.00 6,327.00
425.39
540.00
Guest Suite Expense Parking Cost Total Operating Expense
Resident Referrals Total Advertising Expense Paint & Drywall
0.00 150.18 0.00 38.00 0.00 (295.40) We processed 16 credit checks only budgeted 10. 62.60 0.00 (250.88) 447.00 Savings due to dropping of Apartment Guide subscription. 347.70 445.29 Five locator fees budgeted and actual spent was four. 0.00 1,239.99 114.61
0.00 1,971.50 0.00 0.00 16.00 4,025.95
0.00 2,400.00 0.00 266.00 0.00 2,940.00
0.00 428.50 0.00 266.00 (16.00) (1,085.95)
0.00 4,150.00 0.00 456.00 0.00 4,848.00
3,820.74 0.00 24,279.42
3,950.00 0.00 23,668.00
129.26 0.00 (611.42)
6,450.00 0.00 40,096.00
13,407.54
28,500.00
15,092.46
44,000.00
1,271.22 15,638.53
3,200.00 10,528.00
1,928.78 (5,110.53)
5,400.00 16,070.00
1,250.00 31,567.29
3,500.00 45,728.00
2,250.00 14,160.71
5,500.00 70,970.00
2,262.92
2,421.00
158.08
4,217.00
Contract Cleaning Svcs.
3,845.00
2,859.00
Carpet Cleaning & Repairs
1,103.00
2,490.00
Window Coverings
832.42
270.00
Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies
0.00 26.87 0.00 0.00 413.53
0.00 85.00 417.00 0.00 158.00
Total Make Ready Expense
6,646.21
6,819.00
1,331.54
900.00
HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains
54.23 206.96 0.00 0.00 957.57
350.00 120.00 50.00 0.00 600.00
Gates & Entrances Glass & Screens Appliance Parts & Repairs
0.00 0.00 744.24
20.00 260.00 300.00
Hardware Exterior Painting Uniforms
110.99 0.00 730.84
120.00 0.00 0.00
Elevator Service & Repairs Security & Fire Systems
0.00 487.50
0.00 200.00
Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
0.00 0.00 0.00 4,623.87
0.00 0.00 0.00 2,920.00
Landscape & Grounds
3,235.32
3,000.00
Trash Removal Pest Control
829.87 1,006.00
755.00 305.00
0.00 0.00 0.00 0.00 0.00 5,071.19
925.00 0.00 0.00 0.00 0.00 4,985.00
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 0.00 0.00 0.00 0.00 0.00 0.00
12,133.58 0.00 0.00 608.49
11,558.00 0.00 0.00 200.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,202.01 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
General Maintenance & Supplies
Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees No Name No Name Legal Fees Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost
(986.00) Overage due to many turns this month.We had 30 move ins. Favoarble YTD 1,387.00 Had more carpet replacements this month than cleans. (562.42) WE made ready over 30 units this month. 0.00 58.13 417.00 No repairs needed at this time. 0.00 (255.53) Reflects supplies needed to clean 30 plus units this month plus common areas. WE also use some supplies in move in gifts for new residents. 172.79
19,915.00
20,013.00
98.00
34,308.00
7,889.00
11,166.00
3,277.00
19,446.00
2,636.76
1,890.00
(746.76)
3,240.00
0.00 261.96 1,586.00 0.00 1,335.57
0.00 595.00 2,919.00 0.00 1,106.00
0.00 333.04 1,333.00 0.00 (229.57)
0.00 1,020.00 5,004.00 0.00 1,896.00
35,887.21
40,110.00
4,222.79
69,131.00
(431.54) More supplies needed due to many turns this month. Includes purchase of supplies for make ready and work orders. Also replaced two flags. 295.77 Fewer repairs needed this month. (86.96) 50.00 0.00 (357.57) Extra chlorine needed for the pool this month and three filters needed for the pool. 20.00 260.00 None needing repair at this time. (444.24) More supplies needed due to many turns this month. Includes purchase of drip pans, mocrowave parts and other parts for make ready units and work orders. 9.01 0.00 (730.84) New shirts ordered for the maintenance guys this month. 0.00 (287.50) Service call on office connections needing repair. 0.00 0.00 0.00 (1,703.87)
4,632.75
5,528.00
895.25
8,611.00
578.39 1,241.48 652.35 0.00 2,200.68
1,550.00 840.00 340.00 3,000.00 2,700.00
971.61 (401.48) (312.35) 3,000.00 499.32
2,300.00 1,440.00 540.00 3,000.00 4,200.00
0.00 611.03 3,879.69
110.00 1,040.00 2,100.00
110.00 428.97 (1,779.69)
150.00 1,820.00 3,600.00
569.25 0.00 763.16
840.00 255.00 300.00
270.75 255.00 (463.16)
1,400.00 355.00 600.00
0.00 5,561.14
0.00 2,455.00
0.00 (3,106.14)
0.00 14,555.00
0.00 0.00 0.00 20,689.92
0.00 0.00 0.00 21,058.00
0.00 0.00 0.00 368.08
0.00 0.00 0.00 42,571.00
20,327.81
20,581.00
253.19
29,581.00
5,120.37 1,648.75
5,285.00 1,635.00
164.63 (13.75)
9,060.00 2,760.00
0.00 0.00 0.00 0.00 7,278.72 34,375.65
1,850.00 0.00 0.00 0.00 14,000.00 43,351.00
1,850.00 0.00 0.00 0.00 6,721.28 8,975.35
2,775.00 0.00 0.00 0.00 19,500.00 63,676.00
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 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 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
83,238.25 0.00 0.00 255.45
79,119.00 0.00 0.00 1,800.00
(4,119.25) 0.00 0.00 1,544.55
134,836.00 0.00 0.00 2,800.00
0.00 0.00 952.36 0.00 0.00 0.00 0.00 0.00 0.00 2,255.61 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
0.00 0.00 (952.36) 0.00 0.00 0.00 0.00 0.00 0.00 804.39 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
(235.32) Overage due to replaced sod in the pet kill areas. (74.87) (701.00) Removal of bee hives from building 12 and 13. 925.00 None needed at this time. 0.00 0.00 0.00 0.00 (86.19) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (575.58) Based on % of collections. 0.00 0.00 (408.49) Two evictions fees budgeted for and actual filed was Four. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 857.99 Yardi 2008-2009 licensing fee. 0.00 0.00
Total Admin. Expense
14,944.08
14,818.00
3,031.00
3,500.00
0.00 1,681.68 17,770.67
0.00 1,967.00 20,000.00
(11,088.94)
(13,600.00)
6,140.50
5,800.00
0.00 (2,256.15) 0.00 1,206.08
0.00 (2,012.00) 0.00 797.00
328.48 0.00 16,813.32
478.00 0.00 16,930.00
0.00 0.00 0.00 285.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 285.24
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
Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
30,188.47 0.00 4,840.47 0.00 0.00 35,028.94 134,179.83 169,159.71
30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 122,872.00 166,083.00
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,474.53 23,677.47 86,666.71 0.00 216,818.71
130,152.00 0.00 86,667.00 0.00 216,819.00
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 0.00 0.00 0.00 0.00 0.00 4,200.00 0.00 4,200.00
0.00 0.00 200.00 0.00 0.00 0.00 0.00 0.00 1,000.00 3,250.00 0.00 4,450.00
2,543.08
10,125.00
0.00 0.00 14,854.93
0.00 600.00 6,000.00
Refrigerators
471.71
760.00
Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement
225.00 0.00 0.00
319.00 0.00 0.00
Electricity Electricity Gas - Resident Natural Gas Water & Sewer
Water & Sewer - Resident Reimb
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Asset Management Fees Investor Administration Fee Partnership Exp- Leaseup Costs Total Partnership Expense Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
(126.08)
86,701.67
83,979.00
(2,722.67)
140,696.00
22,292.76
23,750.00
1,457.24
40,500.00
0.00 15,783.67 122,286.73
0.00 13,769.00 140,000.00
0.00 (2,014.67) 17,713.27
0.00 23,604.00 240,000.00
(89,961.94)
(95,200.00)
(5,238.06)
(163,200.00)
10,055.07
22,400.00
12,344.93
37,400.00
0.00 (15,350.96) 0.00 6,152.86
0.00 (15,636.00) 0.00 7,107.00
0.00 (285.04) 0.00 954.14
0.00 (25,696.00) 0.00 12,108.00
3,189.55 0.00 74,447.74
4,837.00 0.00 101,027.00
1,647.45 0.00 26,579.26
7,837.00 0.00 172,553.00
0.00 0.00 1,896.50 2,255.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,152.08
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
0.00 0.00 (1,896.50) (2,255.58) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (4,152.08)
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
(0.47) 0.00 9.53 57.00 0.00 66.06 (11,307.83) 3,076.71
211,319.29 0.00 34,053.99 600.00 0.00 245,973.28 757,963.70 1,324,711.33
211,316.00 0.00 33,950.00 399.00 0.00 245,665.00 817,627.00 1,160,339.00
(3.29) 0.00 (103.99) (201.00) 0.00 (308.28) 59,663.30 164,372.33
362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00
23,677.47 (23,677.47) 0.29 0.00 0.29
745,994.55 47,242.80 606,666.97 0.00 1,399,904.32
769,673.67 23,565.33 606,669.00 0.00 1,399,908.00
23,679.12 (23,677.47) 2.03 0.00 3.68
1,420,433.67 23,565.33 1,040,004.00 0.00 2,484,003.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 200.00 No expense at this time. 0.00 0.00 0.00 0.00 0.00 1,000.00 No expense at this time. (950.00) Investor reporting fee for the month. 0.00 250.00
0.00 540.00 1,898.47 279.81 0.00 0.00 0.00 0.00 4,000.00 25,400.00 0.00 32,118.28
0.00 365.00 1,400.00 0.00 0.00 0.00 0.00 0.00 7,000.00 22,750.00 0.00 31,515.00
0.00 (175.00) (498.47) (279.81) 0.00 0.00 0.00 0.00 3,000.00 (2,650.00) 0.00 (603.28)
0.00 365.00 2,400.00 0.00 0.00 0.00 0.00 0.00 12,000.00 39,000.00 0.00 53,765.00
7,581.92 Sweeping and restripping of the parking lot. 0.00 600.00 No expense at this time. (8,854.93) 14 actual carpets replaced (all were original carpets), six were budgeted for. 288.29 One fridge needed replacement in 10205. 94.00 0.00 0.00
5,395.10
16,846.00
11,450.90
16,846.00
1,021.68 540.47 49,196.53
0.00 1,200.00 38,000.00
(1,021.68) 659.53 (11,196.53)
0.00 1,800.00 66,000.00
1,123.12
1,450.00
326.88
1,450.00
710.32 890.25 0.00
1,475.00 1,017.00 0.00
764.68 126.75 0.00
1,734.00 1,017.00 0.00
469.00 Less usage on common areas and bldg services. 0.00 285.32 Less usage. 2,229.33 Reflects current usage, budget anticipated a higher rate increase and additional fees implemented from Arapahoe county. (2,511.06) Collected @ 62%. We converted billing to collect water at the property. Hoping this will increase. Also includes credits from AUIM for prior payments, also adjustments to some accounts for over charging. (340.50) Based on current usage. YTD is favorable. 0.00 244.15 0.00 (409.08) Occupancy was one percent less than budget and move-ins came late in the month. 149.52 0.00 116.68 0.00 0.00 0.00 (285.24) Credit card fee charged. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (285.24)
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
Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
5,021.89 0.00 0.00 23,116.61
0.00 0.00 0.00 17,804.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (74,975.61)
0.00 0.00 0.00 (72,990.00)
Rental Guarantee
0.00 (74,975.61)
0.00 (72,990.00)
(5,021.89) Pool chair slings and backs replaced. 0.00 0.00 (5,312.61)
17,063.98 0.00 0.00 75,941.45
11,899.00 0.00 0.00 71,887.00
(5,164.98) 0.00 0.00 (4,054.45)
11,899.00 0.00 0.00 100,746.00
0.00 0.00 0.00 (1,985.61)
0.00 0.00 0.00 (183,252.72)
0.00 0.00 0.00 (342,971.00)
0.00 0.00 0.00 159,718.28
0.00 0.00 0.00 (654,164.00)
0.00 (1,985.61)
0.00 (183,252.72)
0.00 (342,971.00)
0.00 159,718.28
0.00 (654,164.00)
Filter 0.01 4,755,419.00 59,257.00 4,814,676.00 0.00 0.00 (293,258.16) (22,423.42)
0.00 0.00 (40,175.50) (30,420.00) 0.00 (31,367.37) 0.00 (14,860.00) (190,336.23)
0.00 0.00 0.00 0.00 4,191,835.32 1.00 0.00 0.00 0.00 32,310.15 16,652.67 16,458.57 0.00 30,030.00 31,708.23 15,168.58
0.00 3,489.00 57,893.49 0.00 0.00 0.00 0.00 109,198.51 0.00 13,818.95 0.00 0.00 4,100.00 0.00 0.00 0.00 55,490.00 58,339.70
9,715.74 0.00 6,726.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 461,100.25 1.00 4,652,935.57 1.00 1.00 200,605.15 0.00 191,069.81 0.00 71,857.63
0.00 17,942.39 0.00 0.00 4,774.55 0.00 486,249.53 1.00 11,760.91 12,981.78 1,983.98 3,308.74 0.00 0.00 2,760.08
0.00 4,921.32 0.00 304.00 16.00 8,341.35 8,908.14 0.00 55,286.30 1.00 48,460.54 5,123.52 29,375.24 5,750.00 88,709.30 1.00 5,649.31
46,632.00 22,648.00 5,629.18 0.00 968.83 4,922.00 0.00 3,013.10
89,462.42 1.00 12,392.29
2,532.62 2,408.44 1,042.35 3,000.00 6,458.25 130.00 1,911.03 7,023.93
1,640.24 255.00 1,794.00 0.00 8,703.64 0.00 0.00 0.00 49,291.79 1.00 47,144.13 11,990.24 4,594.75 2,775.00 0.00 0.00 0.00 21,278.72 87,782.84 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 186,048.83 0.00 0.00 2,863.94 0.00 0.00 952.36 0.00 0.00 0.00 0.00 0.00 0.00 10,577.62 0.00 0.00
200,442.75 1.00 52,573.76 0.00 33,201.35 300,057.40
(209,850.88)
44,395.57 0.00 (35,255.11) 0.00 15,262.94 18,467.00 0.00 209,218.06 1.00 0.00 0.00 1,896.50 2,540.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,437.32 1.00 483,011.76 0.00 77,694.46 1,056.00 0.00 561,762.22 1,832,642.53 2,820,293.04 1.00 1,752,294.75 94,485.60 1,386,669.68 0.00 3,233,450.03 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 905.00 3,498.47 279.81 0.00 0.00 0.00 0.00 12,000.00 55,600.00 0.00 72,283.28 1.00 34,909.18 1,021.68 2,340.47 108,051.46 3,804.83 2,729.32 1,907.25 0.00
33,984.87 0.00 0.00 188,749.06 1.00 0.00 0.00 0.00 (674,189.33) 1.00 0.00 0.00
Courtney Downs Apartments July 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
30 32 -2
OCCUPIED/LEASED %:
95.%98.%
SOURCE OF TRAFFIC: APARTMENT GUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.COM LIVES IN AREA RESIDENT REFERRAL LOCATORS WORD of MOUTH WALK IN SIGNAGE BROCHURE/FLYER TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$303,340.00 $300,181.00 $3,159.00
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 110 92%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 1 0 0 7 3 16 8 3 5 8 0 30 0
Leased 1 0 0 2 2 7 3 3 4 1 0 10 0
81
33
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Breed restrictions Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending Location Rented at Competitor TOTALS
35%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took brochures and price sheets to Mann Theatres. * Took cookie bags with brochures and price sheets to Marriott extend stay. * Updated all internet ads with new pricing and specials for the month of July. * Took donuts with price sheets to Parker Adventist hospital Human Resources. * Took brochures and prices to 24 hour Fitness for employee break room. * Brochures and donuts were taken to Go Motors staff. * Met with Ryland Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to US bank for the break room. * Dropped off doughnuts and brochures to Wells Fargo for break room. * Took cookie and candy bag with flyer's to United Artist Theaters staff. * Took brochures and prices to Nextel Corporation. * Took lunch to locators with updates on specials and prices. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $705, two bedrooms at $835 and three bedrooms starting at $1170. Look and leases specials are 1/2 month to 1 month free off with a 12 to 13 month lease. Overall market is 93.6% average occ.and rental rate of $827 per month. RESIDENT RETENTION: We had 29 leases expiring in the month of July. 13 renewed leases with a $30.46 increase. Notices received; (5) buying homes, (2) out of state, (1) closer to work, (1) closer to school, (2) roommate split (1) out of country, (1) did not like rules, (2) skips, (1) mtm. INCIDENTS ON THE PROPERTY: N/A
0 5 8 9 6 0 0 2 6 0 8 0 4 0 48
MAINTENANCE:
ROUTINE REPLACEMENTS:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing Property Ext. Appliances Safety Total ROOF LEAKS
0 0 0 0 0
Completed 18 32 23 31 61 0 8 12 185
PLUMBING LEAKS
Number of: 23 14 9 185 0 18 32 23 31 61 0 8 12 185 0
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Gypcrete areas needing repair. , which we are receiving bids on. Trickel pans needing repair. Paint peeling and dry rot on some trim, getting bids for next years budget. CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Adreyanna Black Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Soded pet damaged areas. New Flutter flags for the front of property New bearing kit installed for the spa. Dumped and refilled the pool.
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS/vinyl CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 1 0 0 0 0 0 1 0 14 0 0 0 0 0
31 1 0
Apt. # 4308
10211, 2307, 6101, 6310, 6105, 7205, 7306, 12106, 19104, 19312, 4108, 12210, 19205, 2309, 7111,
9207-2, 2211-1, 2307-2, 4206-2, 6101-3, 6105-1, 6310-1, 7301-1, 7306-1, 9303-2, 12106-2, 12110-2, 13308-2,19104-2, 4108-3, 2103-2, 19205-2. 7205
MARKET SURVEY Courtney Downs July-08 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 5 5 $50.00 $35.00 yes yes yes yes 300 n/r 300-600 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 7 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 4 $35.00 no yes $100 $100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 6 $45.00 yes yes 300-500 $199.00 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 6 $50.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Courtney Downs RENTAL SCHEDULE
July 08
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS
SIZE
40 32 18 24 32 42 44 22 24 16 20 24 4
704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
342
917
313,778
MKT RENT PER UNIT 725 725 850 750 760 875 900 925 875 925 925 1160 1160 $870
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.03 $27,520 0.93 $15,300 0.93 $18,000 0.94 $24,320 0.90 $36,750 0.87 $39,600 0.90 $20,350 0.90 $21,000 0.90 $14,800 0.90 $18,500 1.02 $27,840 1.02 $4,640 $0.95
$297,620
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $291,840 $441,000 $475,200 $244,200 $252,000 $177,600 $222,000 $334,080 $55,680 $3,571,440
EFFECTIVE CONCESSION RENTS* 725.00 725.00 850.00 750.00 760.00 875.00 900.00 925.00 875.00 925.00 925.00 1,160.00 1,160.00
CONCESSION PER UNIT
$870 * Net of Concessions
EFFECTIVE PER S/F
1.03 1.03 0.93 0.93 0.94 0.90 0.87 0.90 0.90 0.90 0.90 1.02 1.02 0.95
EFFECTIVE MONTHLY GROSS $29,000 $27,520 $15,300 $18,000 $24,320 $36,750 $39,600 $20,350 $21,000 $14,800 $18,500 $27,840 $4,640 $297,620
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
4 0 1 3 0 1 3 0 0 1 0 3 0
3 0 1 3 0 0 1 0 0 1 0 3 0
8 0 2 6 0 10 13 0 0 2 0 3 0
4 0 1 1 0 1 1 0 0 0 0 0 0
5 0 1 5 0 10 14 0 0 2 0 3 0
16
12
44
8
40
MARKET SURVEY Courtney Downs July-08
(Concessions reduced rates) PROPERTY:
Courtney Downs Apt PRICE
Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B
% occ /leased Avg PSF Avg Rents Units(Total / Avail)
SIZE
Coyote Ranch
PSF
PRICE
SIZE
Windsor at Meridian
PSF
785 805
779 853
PRICE
1.01 0.94
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
SIZE
PSF
PRICE
Cherrywood Village SIZE PSF
1.07 1.08
759 829
627 701
1.21 1.18
685 705
1.09 1.02
705 728
768 842
0.92 0.86
720 750
707 796
1.02 0.94
0.85
899
811
0.91
810
760
1.03
815
992
0.82
805
916
0.88
899 909
956 1044
0.94 0.87
1005
1051
1015
1120
0.96 0.91
895
977
0.92
940
1105
0.85
1030 1030
0.88 0.91
980
1192
0.82
1080 1099
1196 1180
0.90 0.93
1,195
1140
1.05
1190 1255
1398 1398
0.85 0.91
1119
1330
0.84
95% 1 904 342
98.86%
0
0% 0.97
93%
97%
0.96 40
0.90 1114 507
28
Special: Waived security Special: One month free Rates deposit with approved credit. on 12 to 13 month lease. reflect these rates: specials:
Ren: $35 to $75 increase.
Ren.: 15% increase on all renewals.
994 653
1185
1230
94%
98.10%
0.96
763 763
0.92 1.05
1115
0.80
900
1033
0.87
840
1037
0.81
1220
0.82
935
1093
0.86
885
1037
1.23
1190
1356
0.88
1095 1095
1235 1235
0.89 1.04
1100 1195
1257 1257
95.0%
18
705 725
889 999
93%
0.99 808 216
Reserve@South Creek SIZE PSF
PRICE
704 808 910
905 935
745 750
PRICE
755 870 770
93.0%
96%
0.85 888 312
37
93.2%
17
0
0.88 1.10
97%
0.93 1131 360
1.00 995 168
14
Will not give out any information.
Special:1/2 month free with look and lease.
Special: One month free or giftcertificate to the mall Special: 1/2 month off 12 to Special: One month free on a w/look and lese special. 13 month leases. 12 to 13 month special.
Ren: Info not avail per corporate
Ren:Per corporate
Ren: $35 to $80 increas for 12 month lease
Ren: Average $25 to $75 increase.
Ren: Free carpet cleaning with 12mo.
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