Usa Courtney Downs April 2007
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Apr 2007
ASSETS Cash Operating Cash Money Market Security Deposits Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets Total ASSETS
61,251.31 0.00 48,774.71 $110,026.02
17,944.59 39,821.79 357,011.77 68,630.43 200,000.00 683,408.58 793,434.60
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
28,723.55 782,153.37 450,480.43 8,717.77 48,774.71 (1,909.19) 1,316,940.64
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (523,606.04) (523,506.04) 793,434.60
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2007 Jan 2007 Actual
Account
Feb 2007 Actual
Mar 2007 Actual
Apr 2007 Actual
May 2007 Budget
Jun 2007 Budget
Jul 2007 Budget
Aug 2007 Budget
Sep 2007 Budget
Oct 2007 Budget
Nov 2007 Budget
Dec 2007 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
4,176,274 (454,702) (706,492) (65,523) 2,949,556
12,211.33 (1,329.54) (2,065.77) (191.59) 8,624.43
13.31 (1.45) (2.25) (0.21) 9.40
364,160 (43,000) (80,000) (6,085) 235,075
20,195 280,823
263,827 3,213,383
771.43 9,395.86
0.84 10.24
30,347 3,665 6,394 2,828 2,425 1,835 17,301 8,051 32,739
344,596 41,993 89,632 48,107 40,762 56,179 201,648 130,661 399,974
1,007.59 122.79 262.08 140.66 119.19 164.27 589.61 382.05 1,169.52
1.10 0.13 0.29 0.15 0.13 0.18 0.64 0.42 1.27
108,332 170,086
105,585 175,237
1,353,551 1,859,832
3,957.75 5,438.11
4.31 5.93
193,253 415 4,900
193,253 415 4,900
3,320 83,027 0
9.71 242.77 0.00
0.01 0.26 0.00
(28,483)
(23,331)
1,773,485
5,185.63
5.65
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
352,560 (34,193) (77,240) (5,251) 235,876
345,950 (31,453) (77,177) (7,154) 230,165
343,190 (33,657) (74,811) (5,738) 228,984
338,114 (26,399) (68,736) (5,449) 237,529
351,675 (37,000) (57,000) (5,211) 252,464
351,070 (40,000) (59,743) (5,231) 246,096
350,465 (42,000) (58,387) (5,235) 244,843
349,860 (42,000) (54,989) (5,242) 247,629
349,255 (42,000) (49,108) (5,252) 252,895
348,650 (42,000) (46,826) (5,250) 254,573
348,045 (42,000) (42,919) (5,253) 257,873
347,440 (42,000) (39,555) (5,257) 260,628
Other Income Total Revenue
27,580 263,457
21,616 251,781
22,944 251,928
22,832 260,361
16,000 268,464
24,415 270,511
24,915 269,758
21,695 269,324
20,545 273,440
20,545 275,118
20,545 278,418
33,611 2,710 6,159 3,805 2,027 6,403 15,368 9,370 37,910
20,391 2,821 5,921 2,722 1,541 10,329 15,798 15,941 33,542
30,933 2,230 9,117 3,636 2,485 1,917 15,451 12,794 33,143
32,195 3,652 4,298 6,647 2,639 3,299 15,440 6,685 33,465
26,715 4,025 9,990 4,095 2,425 5,585 16,789 8,463 32,739
30,089 3,905 8,791 4,095 2,425 3,085 17,048 12,763 32,739
28,026 3,965 9,390 4,875 2,425 3,085 19,640 13,713 32,739
27,426 3,845 8,192 4,095 2,425 3,085 17,122 13,713 32,739
30,872 3,725 7,393 3,803 2,425 5,585 17,235 12,776 32,739
26,976 3,725 6,993 3,705 15,095 5,585 17,209 8,388 32,739
27,014 3,725 6,993 3,803 2,425 6,385 17,247 8,001 32,739
Total Operating Exp. Net Operating Income
117,362 146,094
109,007 142,774
111,705 140,223
108,319 152,043
110,826 157,638
114,941 155,570
117,860 151,898
112,644 156,680
116,553 156,887
120,416 154,702
Rent Expense Partnership Expense Capital Expense
193,253 0 1,601
193,253 0 4,113
193,253 0 10,791
193,253 0 8,376
193,253 415 7,446
193,253 415 21,300
193,253 415 4,900
193,253 415 4,900
193,253 415 4,900
193,253 415 4,900
Cash Flow Frm Operations
(48,760)
(54,592)
(63,822)
(49,586)
(43,477)
(59,398)
(46,670)
(41,888)
(41,681)
(43,867)
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Taxes & Insurance
$/ Unit
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
5,248,144 (583,033) (871,035) (82,310) 3,711,766
15,345.45 (1,704.78) (2,546.89) (240.67) 10,853.12
16.73 (1.86) (2.78) (0.26) 11.83
19,000 254,075
324,340 4,036,105
948.36 11,801.48
1.03 12.86
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
440,724 52,536 110,167 62,378 48,026 66,959 251,755 157,995 401,145 37,237
1,288.67 153.61 322.13 182.39 140.43 195.79 736.13 461.97 1,172.94 108.88
1.40 0.17 0.35 0.20 0.15 0.21 0.80 0.50 1.28 0.12
122,970 131,106
1,628,922 2,407,184
4,762.93 7,038.55
5.19 7.67
193,254 0 3,300
277,354 9,800 3,300
810.98 28.65 9.65
0.88 0.03 0.01
2,116,730
6,189.27
6.75
(65,449) Rental Guarantees
7,543
(3,489)
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (4,571) (7,749) (30,394)
0 (717) 3,588 (34,568)
Cash Increase (Decreae) From Assets
0
0
0
0
0
0
0
0
0
0
0 250,000
4,562 131,540 6,328 (34,568)
4,374 (134,406) (4,460) (34,822)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
(8,155) (2,293) (191,351) 0
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(201,800)
(42,714)
(31,697)
107,861
(169,314)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
36,334 41,830 (1,829) 0
64,458 25,859 (1,300) (11,458)
(135,734) 110,449 (1,433) (5,571)
185,452 36,480 (4,374) 15,448
Cash Increase (Decrease) From Liab.
76,334
77,559
(32,289)
233,006
NET CASH FLOW CUMM. NET CASH FLOW
(7,597) 47,614
(12,219) 35,395
11,751 47,146
14,106 61,251
0 0 0 0 0
0 0 0 0
0 0 0 0
0
0 0 0 0
0
0
0 0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0 0
0
0
214,618 (8,936) (1,581) 0
(66,523) (55,873)
(53,795) (109,669)
(49,013) (158,682)
(48,806) (207,488)
(50,992) (258,480)
(35,608) (294,087)
(30,456) (324,543)
(2,293) (191,351) (14,250) (2,951)
(2,951)
(210,846)
0 0 0 0
204,101
181,601 181,601
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000)
Feb 2007
Mar 2007
Apr 2007
May 2007
Jun 2007
Row 59
Jul 2007
Aug 2007
Sep 2007
Oct 2007
Nov 2007
(8,936) (1,581) 0 0 (10,517)
1,775,786
55210.94
$(300,000) Jan 2007
250,000
0 0 0 (2,951)
0 (50,602) 10,650
12 Month Total
Dec 2007
Row 60
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
2,145,367
$/ Unit
W30:
administrator: assume insurance increases by 50%
W47:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending April 30, 2007
Account Revenue Market Rent
Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
294,410.00
352,280.00
43,704.00
0.00
$ Variance MTD Variance Comment
YTD Actual
YTD Budget
$ Variance
Annual Budget
(57,870.00) Variance due to concessions no longer being offered, market rents changed to reflect lower rents. 43,704.00 Variance due to the changing the budget to reflect lower market rents. This will continue to reduce over time as last years concessions deplete.
1,199,370.00
1,412,750.00
(213,380.00)
4,209,210.00
180,444.00
0.00
180,444.00
0.00
(14,166.00) 0.00 0.00 4,386.29 Vacncy averaged 8%, budgeted 9%. 3,817.30 Current up front specials is $350.00 off first months rent, only with look and lease. 0.00 0.00 96.64 (355.00) Current market rent on the model unit floorplan.
1,379,814.00 0.00 0.00 (125,702.30)
1,412,750.00 0.00 0.00 (113,260.42)
(32,936.00) 0.00 0.00 (12,441.88)
4,209,210.00 0.00 0.00 (325,479.64)
(14,245.34)
(20,880.00)
6,634.66
(59,160.00)
0.00 0.00 (3,909.49) (7,920.00)
0.00 0.00 (2,511.16) (6,500.00)
0.00 0.00 (1,398.33) (1,420.00)
0.00 0.00 (7,841.82) (19,500.00)
0.00 (7,123.20) 0.00 (4,640.00) (283,718.60)
0.00 (8,200.00) 0.00 (3,600.00) (255,845.45)
0.00 1,076.80 0.00 (1,040.00) (27,873.15)
0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $932,555.07
0.00 0.00 0.00 0.00 $1,001,952.97
0.00 0.00 0.00 0.00 $(69,397.90)
0.00 0.00 0.00 0.00 $3,128,885.55
338,114.00 0.00 0.00 (26,399.09)
352,280.00 0.00 0.00 (30,785.38)
Upfront Rent Concessions
(4,012.70)
(7,830.00)
Corporate Discount Delinquent Rent Adjustments & W/O Model Units
0.00 0.00 (528.67) (1,980.00)
0.00 0.00 (625.31) (1,625.00)
0.00 (1,780.80) 0.00 (1,160.00) (64,723.49)
0.00 (2,050.00) 0.00 (900.00) (58,967.45)
0.00 0.00 0.00 0.00 $237,529.25
0.00 0.00 0.00 0.00 $249,496.86
0.00 0.00 0.00 1,570.84 460.00 869.69 0.00 1,360.00 (615.31)
0.00 68.00 0.00 1,650.00 200.00 960.00 0.00 1,050.00 1,000.00
0.00 (68.00) 0.00 (79.16) 260.00 (90.31) 0.00 310.00 (1,615.31) Residents not paying at the time of move-out, however all residents are being turned over to the collection agency.
0.00 0.00 0.00 4,840.84 2,716.29 3,205.73 0.00 5,150.00 2,824.43
0.00 272.00 0.00 6,600.00 800.00 3,840.00 0.00 2,950.00 4,000.00
0.00 (272.00) 0.00 (1,759.16) 1,916.29 (634.27) 0.00 2,200.00 (1,175.57)
0.00 816.00 0.00 19,800.00 2,400.00 11,520.00 0.00 10,250.00 12,000.00
605.21
1,160.00
(554.79) Credit card convenience fees collected as well as utility transfer fees.
2,840.41
4,640.00
(1,799.59)
13,920.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 3,568.57
0.00 0.00 2,456.00
0.00 3,488.53 12,471.96
0.00 0.00 9,824.00
0.00 3,488.53 2,647.96
0.00 0.00 29,472.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 0.00 6,654.00 0.00 1,117.00 0.00 0.00 1,262.50 0.00 0.00 0.00 3,150.00
0.00 0.00 0.00 0.00 6,650.00 0.00 1,006.00 0.00 0.00 90.00 0.00 0.00 0.00 3,600.00
0.00 0.00 1,112.57 Variance due to eight pet fees budgeted for and actual collected where eleven. 0.00 0.00 0.00 0.00 4.00 0.00 111.00 0.00 0.00 1,172.50 Retained six deposits. 0.00 0.00 0.00 (450.00) Variance due to budgeted for 24 administration fees, and actual collected was 21.
0.00 0.00 0.00 0.00 26,684.14 0.00 4,570.00 0.00 0.00 2,162.50 0.00 0.00 0.00 11,250.00
0.00 0.00 0.00 0.00 26,600.00 0.00 4,024.00 0.00 0.00 360.00 0.00 0.00 0.00 9,400.00
0.00 0.00 0.00 0.00 84.14 0.00 546.00 0.00 0.00 1,802.50 0.00 0.00 0.00 1,850.00
0.00 0.00 0.00 0.00 79,800.00 0.00 12,072.00 0.00 0.00 1,080.00 0.00 0.00 0.00 33,800.00
Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions
Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
Miscellaneous Income
0.00 269.20 0.00 (260.00) (5,756.04) Variance due to concessions no longer being offered, this will reduce over time. 0.00 0.00 0.00 0.00 $(11,967.61)
Move-Out Charges
2,369.53
5,550.00
(3,180.47) Variance due to apartments being left in better condition resulting in fewer fees charged.
12,103.99
15,540.00
(3,436.01)
48,840.00
460.00 0.00 0.00 0.00
450.00 0.00 425.00 (1,750.00)
10.00 0.00 (425.00) 1,750.00 Property maintains a two bedroom guest suite.
663.57 0.00 0.00 0.00
1,500.00 0.00 1,700.00 (7,000.00)
(836.43) 0.00 (1,700.00) 7,000.00
3,600.00 0.00 5,100.00 (21,000.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22,832.03
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24,565.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,732.97)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 94,972.39
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 85,050.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,922.39
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 263,470.00
$260,361.28
$274,061.86
$(13,700.58)
$1,027,527.46
$1,087,002.97
$(59,475.51)
$3,392,355.55
11,113.54
12,013.16
44,791.64
48,052.64
3,261.00
147,761.88
0.00 12,676.07
0.00 11,223.48
0.00 54,006.96
0.00 44,893.92
0.00 (9,113.04)
0.00 138,048.78
Salary - Administrative Commissions & Bonus
0.00 6,687.03
0.00 2,700.00
0.00 11,816.11
0.00 10,649.09
0.00 (1,167.02)
0.00 39,026.28
Payroll Taxes Group Insurance
0.00 1,596.00
0.00 778.00
0.00 6,393.50
0.00 3,112.00
0.00 (3,281.50)
0.00 9,336.00
0.00 0.00 122.50 0.00 32,195.14
0.00 0.00 0.00 0.00 26,714.64
0.00 0.00 122.50 0.00 117,130.71
0.00 0.00 0.00 0.00 106,707.65
0.00 0.00 (122.50) 0.00 (10,423.06)
0.00 0.00 0.00 0.00 334,172.94
Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training
607.04 728.77 69.00 287.38 0.00 0.00 0.00 0.00 438.27
1,000.00 1,100.00 100.00 170.00 0.00 0.00 90.00 0.00 115.00
1,971.84 2,886.87 379.06 944.93 0.00 0.00 0.00 0.00 1,412.79
4,000.00 4,400.00 400.00 680.00 0.00 0.00 360.00 0.00 460.00
2,028.16 1,513.13 20.94 (264.93) 0.00 0.00 360.00 0.00 (952.79)
12,000.00 13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00
Furniture Rental Car Expenses
0.00 248.32
0.00 25.00
0.00 385.44
0.00 100.00
0.00 (285.44)
0.00 300.00
0.00 588.50 684.31 0.00 3,651.59
25.00 630.00 650.00 0.00 3,905.00
0.00 1,141.50 2,290.40 0.00 11,412.83
100.00 1,770.00 2,600.00 0.00 14,870.00
100.00 628.50 309.60 0.00 3,457.17
300.00 6,150.00 7,800.00 0.00 45,450.00
3,516.42
2,600.00
(916.42) Purchased marketing collateral not anticipated. To be used for outside marketing and resident retention. Includes print advertising in local apt guide, also grocery store ads.
15,828.51
15,700.00
(128.51)
36,900.00
Resident Promotions
226.30
798.00
1,682.73
3,192.00
1,509.27
9,576.00
Locators
555.00
2,603.16
5,383.39
6,797.14
1,413.75
24,440.78
0.00 4,297.72
2,790.00 8,791.16
571.70 Includes tow months billing for monthly newsletter. 2,048.16 Budgeted eight fees, actual reflects three fees. 2,790.00 No refferals at this time. 4,493.44
2,600.00 25,494.63
7,285.00 32,974.14
4,685.00 7,479.51
26,195.00 97,111.78
310.52
900.00
570.96
2,430.00
1,859.04
7,852.50
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
Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense Advertising & Promotions
Resident Referrals Total Advertising Expense Paint & Drywall
899.62 Includes payroll accrual thru 3/31. 0.00 (1,452.59) Includes payroll accrual thru 3/31. 0.00 (3,987.03) Includes payroll accrual thru 3/31. 0.00 (818.00) Includes one pay period accrual. 0.00 0.00 (122.50) 0.00 (5,480.50) 392.96 371.23 31.00 (117.38) 0.00 0.00 90.00 0.00 (323.27) Variance due to Dec 2006 expense. 0.00 (223.32) Booking of January's, February's and March mileage riembursement for associates. 25.00 41.50 (34.31) 0.00 253.41
589.48
Contract Cleaning Svcs.
3,440.00
250.00
Carpet Cleaning & Repairs
2,431.00
3,000.00
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing
295.50 0.00 144.54 0.00
100.00 0.00 50.00 416.67
Other Redecorating Cleaning Supplies Total Make Ready Expense
0.00 24.95 6,646.51
25.00 133.33 4,875.00
General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
980.13 0.00 43.26 0.00 0.00 362.09 0.00 0.00 179.95 73.56 0.00 1,000.00 0.00 0.00 0.00 0.00 0.00 2,638.99
700.00 100.00 140.00 150.00 0.00 450.00 0.00 160.00 450.00 75.00 25.00 1,000.00 0.00 175.00 0.00 0.00 0.00 3,425.00
Landscape & Grounds Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
2,500.00 486.19 100.00 0.00 0.00 0.00 0.00 212.50 3,298.69
9,345.00
1,000.00
(8,345.00)
3,000.00
5,666.00
8,100.00
2,434.00
26,175.00
659.83 0.00 341.31 75.00
400.00 0.00 200.00 1,666.68
(259.83) 0.00 (141.31) 1,591.68
1,200.00 0.00 600.00 5,000.04
0.00 151.15 16,809.25
100.00 533.32 14,430.00
100.00 382.17 (2,379.25)
300.00 1,599.96 45,727.50
(280.13) 100.00 96.74 150.00 0.00 87.91 0.00 160.00 270.05 1.44 25.00 0.00 0.00 175.00 0.00 0.00 0.00 786.01
2,261.19 1,039.72 336.25 0.00 270.00 596.58 0.00 500.48 660.46 149.87 355.34 1,045.40 0.00 1,476.52 0.00 0.00 0.00 8,691.81
2,800.00 400.00 560.00 600.00 0.00 1,800.00 0.00 640.00 2,250.00 300.00 100.00 1,000.00 0.00 700.00 0.00 0.00 0.00 11,150.00
538.81 (639.72) 223.75 600.00 (270.00) 1,203.42 0.00 139.52 1,589.54 150.13 (255.34) (45.40) 0.00 (776.52) 0.00 0.00 0.00 2,458.19
8,400.00 1,200.00 5,055.00 1,800.00 0.00 5,400.00 0.00 1,920.00 5,850.00 900.00 300.00 2,000.00 0.00 10,395.00 0.00 0.00 0.00 43,220.00
2,500.00 510.00 75.24 0.00 0.00 0.00 0.00 500.00 3,585.24
0.00 23.81 (24.76) 0.00 0.00 0.00 0.00 287.50 286.55
2,500.00 2,751.51 325.00 0.00 0.00 0.00 0.00 16,370.42 21,946.93
2,500.00 2,040.00 300.96 0.00 0.00 0.00 0.00 3,800.00 8,640.96
0.00 (711.51) (24.04) 0.00 0.00 0.00 0.00 (12,570.42) (13,305.97)
30,000.00 6,120.00 902.88 0.00 0.00 0.00 0.00 5,850.00 42,872.88
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
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
Management Fees Asset Management Fees Investor Administration Fee Legal Fees
10,897.31 1,000.00 3,250.00 292.80
10,962.47 1,000.00 3,300.00 1,300.00
42,418.60 4,000.00 13,000.00 2,514.50
43,480.11 4,000.00 13,200.00 5,200.00
1,061.51 0.00 200.00 2,685.50
135,694.22 12,000.00 39,600.00 15,600.00
Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,440.11
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,572.05
0.00 0.00 0.00 0.00 0.00 0.00 123.71 0.00 0.00 0.00 0.00 0.00 62,056.81
0.00 0.00 38.32 0.00 0.00 0.00 0.00 0.00 0.00 2,624.00 0.00 0.00 68,542.43
0.00 0.00 38.32 0.00 0.00 0.00 (123.71) 0.00 0.00 2,624.00 0.00 0.00 6,485.62
0.00 0.00 114.96 0.00 0.00 0.00 0.00 0.00 0.00 5,124.00 0.00 0.00 208,133.18
2,993.46
3,340.00
10,202.09
13,360.00
3,157.91
40,080.00
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
Electricity
(3,190.00) We did not insert the correct budget number. Should be $2500. 569.00 Budgeted for 17 carpet cleans and actual cleaned 14. (195.50) 0.00 (94.54) 416.67 No services needed this month. 25.00 108.38 (1,771.51)
65.16 0.00 50.00 1,007.20 Actual reflects two evictions filed. 0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,131.94 346.54 Usuage less than anticipated for bldg services.
Electricity Gas - Resident Natural Gas Water & Sewer
0.00 2,897.29 10,962.30
0.00 2,565.00 8,965.00
Water & Sewer - Resident Reimb
(9,940.53)
(6,275.50)
22.26
500.00
0.00 (2,098.56) 0.00 1,849.21
0.00 (2,011.00) 0.00 887.94
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas
0.00 (332.29) (1,997.30) Rate increase from Arapahoe County exceeded the anticipated 5%. Actual increase was 20%. 3,665.03 Variance due to aggressive in house collections on water bills. Collected 90%. 477.74 Variance due to only meter two being turned on. 0.00 87.56 0.00 (961.27) Usuage was more than anticipated. Includes final bills. 591.96 Did not receive invoice prior to ACME. 0.00 1,877.97
0.00 11,254.86 57,770.11
0.00 10,260.00 35,860.00
0.00 (994.86) (21,910.11)
0.00 30,780.00 107,580.00
(31,994.00)
(25,102.00)
6,892.00
(75,306.00)
500.00
477.74
23,500.00
0.00 (10,467.48) 0.00 4,701.70
0.00 (8,044.00) 0.00 3,266.76
0.00 2,423.48 0.00 (1,434.94)
0.00 (24,132.00) 0.00 9,387.78
3,301.28
2,177.84
(1,123.44)
6,258.52
0.00 44,790.82
0.00 32,278.60
0.00 (12,512.22)
0.00 118,148.30
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
115,693.82 0.00 22,365.52
110,466.00 0.00 20,292.00
(5,227.82) 0.00 (2,073.52)
331,398.00 0.00 60,876.00
0.00 0.00 138,059.34 446,393.13 581,134.33
199.52 0.00 130,957.52 420,551.30 666,451.67
199.52 0.00 (7,101.82) (25,841.83) (85,317.34)
598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
426,346.68 0.00 346,666.84 0.00 773,013.52
426,346.68 0.00 346,666.68 0.00 773,013.36
0.00 0.00 (0.16) 0.00 (0.16)
1,279,040.04 0.00 1,040,000.04 0.00 2,319,040.08
22.26
0.00
591.96
0.00 6,685.43
0.00 8,563.40
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
27,873.21 0.00 5,591.36
27,616.50 0.00 5,073.00
Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 0.00 33,464.57 108,318.75 152,042.53
49.88 0.00 32,739.38 109,170.87 164,890.99
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,586.67 0.00 86,666.71 0.00 193,253.38
106,586.67 0.00 86,666.67 0.00 193,253.34
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service
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
Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Partnership Exp- Leaseup Costs Total Partnership Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
680.00 680.00 300.00 0.00 0.00 0.00 0.00 0.00 0.00 1,660.00
680.00 680.00 300.00 0.00 0.00 0.00 0.00 0.00 0.00 1,660.00
2,040.00 2,040.00 900.00 0.00 0.00 0.00 0.00 0.00 0.00 4,980.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 6,547.82
0.00 0.00 0.00 4,900.00
0.00 0.00 0.00 20,386.39
0.00 3,250.00 0.00 19,600.00
0.00 3,250.00 0.00 (786.39)
18,946.00 3,250.00 0.00 58,800.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements
0.00 0.00 0.00 0.00 1,827.74
0.00 0.00 0.00 0.00 0.00
585.06 0.00 0.00 0.00 3,909.53
600.00 0.00 0.00 0.00 3,713.00
14.94 0.00 0.00 0.00 (196.53)
600.00 0.00 0.00 0.00 3,713.00
0.00 0.00 8,375.56
0.00 0.00 4,900.00
0.00 0.00 24,880.98
0.00 0.00 27,163.00
0.00 0.00 2,282.02
0.00 0.00 85,309.00
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 Property Taxes Franchise Tax Insurance
Boiler Replacement Roof Replacement Total Capital Expenses
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 (256.71) 0.00 (518.36) Based on actual expense. 49.88 0.00 (725.19) 852.12 (12,848.46) 0.00 0.00 (0.04) 0.00 (0.04)
0.00 0.00 0.00 (1,647.82) Replaced six carpets this month. 0.00 0.00 0.00 0.00 (1,827.74) Repairs to the trash compactor. Repairs were not anticipated. 0.00 0.00 (3,475.56)
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
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (49,586.41)
0.00 0.00 0.00 (33,677.35)
0.00 0.00 0.00 (15,909.06)
0.00 0.00 0.00 (216,760.17)
0.00 0.00 0.00 (135,384.69)
0.00 0.00 0.00 (81,375.48)
0.00 0.00 0.00 (344,682.67)
Rental Guarantee
0.00 (49,586.41)
0.00 (33,677.35)
0.00 (15,909.06)
4,054.35 (212,705.82)
0.00 (135,384.69)
4,054.35 (77,321.13)
0.00 (344,682.67)
YTD Variance Comment
Filter 0.01 ###
###
### 0.00 0.00 ### ###
0.00 0.00 ### ### 0.00 ### 0.00 ### ###
0.00 0.00 0.00 0.00 ### 1.00 0.00 340.00 0.00 ### 4,176.29 8,875.42 0.00 ### 7,209.12
9,245.62
0.00 3,488.53 ###
0.00 0.00 0.00 0.00 ### 0.00 ### 0.00 0.00 3,875.00 0.00 0.00 0.00 ###
###
3,073.57 0.00 2,125.00 ###
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### 1.00 ### 1.00 1.00 ### 0.00 ### 0.00 ### 0.00 ### 0.00 0.00 245.00 0.00 ### 1.00 7,578.88 9,115.64 948.06 2,082.31 0.00 0.00 450.00 0.00 2,426.06 0.00 758.76
125.00 4,130.00 6,224.71 0.00 ### 1.00 ###
5,899.03 ### ### ### 1.00 4,211.48
### ###
1,455.33 0.00 735.85 2,158.35 125.00 842.75 ### 1.00 6,741.32 1,539.72 1,079.51 750.00 270.00 3,208.67 0.00 1,300.48 3,540.41 598.43 480.34 4,045.40 0.00 2,351.52 0.00 0.00 0.00 ### 1.00 ### 5,787.70 801.20 0.00 0.00 0.00 0.00 ### ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### ### ### 9,307.30 0.00 0.00 47.90 0.00 0.00 0.00 123.71 0.00 0.00 2,624.00 0.00 0.00 ### 1.00 ###
0.00 ### ###
###
1,044.52 0.00 ### 0.00 ### ### 0.00 ### 1.00 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 ### 249.40 0.00 ### ### ### 1.00 ### 0.00 ### 0.00 ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 850.00 850.00 375.00 0.00 0.00 0.00 0.00 0.00 0.00 2,075.00 1.00 0.00 3,250.00 0.00 ### 1,185.06 0.00 0.00 0.00 9,450.27 0.00 0.00 ###
1.00 0.00 0.00 0.00 ### 1.00 4,054.35 1.00
A16:
deparker: What is our current Up Front Special?
A104:
deparker: Where is this invoice?
A133:
deparker: Did the glass break twice in #3201, both invoices $250.25
A184:
deparker: What was this refund for?
A187:
deparker: We need to notify the PUC of this HUGE increase. Oublic Utility Commission, it may be illegal for the big increase.
A191:
deparker: Not complaining but how can we collect more than we billed out in trash, are they coding the resident paid fees for the billing service to this account as well?
Courtney Downs Apartments Apr-07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
21 17 4
OCCUPIED/LEASED %:
92.7%, 88.3%
SOURCE OF TRAFFIC:
$260,361.28 $251,928.23 8433.05
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 117 98%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 17 0 0 29 0 19 7 5 11 0 16 0
Leased 0 2 0 0 8 0 9 1 1 0 0 3 0
TOTALS
104
24
CLOSING RATIO:
33%
APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
6 17 0 19 7 6 5 7 9 0 0 0 4 0 80
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took brochures to Regal Entertainment for preferred employer program. * Took flyers and brochures to Sky Ridge Human Resources for new employees to the area. * Took flyers to Parker Adventist Hospital. * Took locators lunch and new prices for the month. * Updated all internet ads with new pricing and specials for the month of April . * Brochures and lunch were taken to Direct TV Human Resources. * Met with Metro Brokers sales team with options of temporary housing for new home buyers. * Dropped off cookie basket and brochures to Nextel. * Dropped off doughnuts and brochures to Marriott extended stay hotels. * Took cookie and candy bag with flyer's to Ryland Homes team. * Took cookie bag and brochures to Ford dealership. * Took cookie and candy bag to Richmond homes. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering heavy concessions or discounted rents on selected units. This translates into one bedroom effective rents of $695, two bedrooms at $805and three bedrooms starting at $1110. Look and leases are being locked in with $500.00 gift cards to local malls or a $500.00 flight voucher as well as prorating concessions on a 12 to 13 month lease with most of our competitors. RESIDENT RETENTION: We had 32 leases expiring in the month of April. Five are moving due to purchasing a home and/or condo. One is moving due to relocating, one is loosing their roommate, two are moving back home, two are moving closer to work. Overall our 21 renewals had an average increase of $31.92 per renewal. INCIDENTS ON THE PROPERTY: Gutters by Building 12 have been damaged by weather conditions and we are currently getting bids to fix them.
Bld 19 has had many leaks in the riser room, AAA is in the process of repairing system.
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 22 37 15 23 65 0 7 0 169
PLUMBING LEAKS
Number of: 15 8 7 169 0 22 37 15 23 65 0 7 0 169 0
0
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
BLINDS TUBS RESURFACED TUB TILES
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: We will be painting the pool fence this month as it is fading and peeling and is in need of a touch up.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Jessica Branch Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Golf carts are repaired and in good working order. Flowers have been planted in the pool area and in the pots by the office, all other flowers are scheduled for planting this month. Sprinkler system is up and working.
Number Replaced 0 0 0 0 0 0 0 0 0 7 0 0 0 0 0
27 0 0
Apt. #
4107, 6206, 10208, 12101, 14202, 14201, 9212.
10105-1, 6202-4, 14201-4, 142027, 16106-2, 6206-1, 4308-1, 123072, 16108-2, 10205-2, 1201-1.
Courtney Downs RENTAL SCHEDULE
April 2007
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 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 725 725 850 750 750 875 900 900 875 925 925 1150 1150 $867
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.22 $27,520 1.03 $15,300 1.11 $18,000 1.14 $24,000 1.16 $36,750 1.12 $39,600 1.15 $19,800 1.18 $21,000 0.90 $14,800 0.90 $18,500 1.01 $27,600 1.01 $4,600 $0.94
$296,470
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $288,000 $441,000 $475,200 $237,600 $252,000 $177,600 $222,000 $331,200 $55,200 $3,557,640
EFFECTIVE CONCESSION RENTS* 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
CONCESSION PER UNIT 725.00 55.00 850.00 750.00 750.00 875.00 900.00 900.00 875.00 925.00 925.00 1,150.00 1,150.00
$* Net of Concessions
$833
EFFECTIVE PER S/F
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
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
$$$$$$$$$$$-
0 0 1 0 0 5 7 0 0 2 0 1 0
1 0 2 0 0 2 3 0 0 0 0 1 0
6 0 0 4 0 5 6 0 0 2 0 2 0
1 0 1 3 0 1 0 0 0 0 0 0 0
4 0 2 1 0 13 12 0 0 5 0 3 0
$-
16
9
25
6
40
EFFECTIVE MONTHLY GROSS $-
MARKET SURVEY Courtney Downs April-07 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 4 4 $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 yes 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 5 $30.00 yes yes 300-500 99 no yes 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 303-805-7220 Parker, Co 80134 380 4 $35.00 yes yes 400-500 100-200 no yes 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 5 $40.00 yes yes 300 100 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs April-07
(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
715 910
PRICE
779 853
0.92 1.07
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
725 850
704 808
1.03 1.05
680 740
627 701
1.08 1.06
659 684
685 705
0.96 0.97
720 730
768 842
750
910
0.82
840
811
0.91
709
760
0.96
895
992
820 920
956 1044
0.86 0.88
809
1051
845 935
1120 888
0.77 0.75
1084
1230
94
96.00%
875
977
0.90
975
1105
0.88
900 925
1030 1030
0.87 0.90
1120
1192
0.94
1060 1090
1196 1180
0.89 0.92
1,160
1140
1.02
1275
1398
0.91
1320
1330
0.99
93 1 884 342
88.30%
0
0% 0.95
91% 0.94
40
96.1 1114 507
99.6
98% 0.94
18
Special: look and lease special $150 security deposit waived and $350 off first Special: Reduced pricing Rates months rent. for all floor plans. reflect these rates:1 Bd $725 1 BD $715 to $910 specials: 2 Bd $875 2BD $975 to $1120 3 Bd $1160 3BD $1275
Ren: $25 to $50 increase.
Ren.: Keep all residents 4% under all new residents.
994 653
808 216
0.88
94% 0.88
20
PRICE
0.94 0.87
Cherrywood Village SIZE PSF
675 708
707 796
729
916
741
763
0.97
965
1037
0.93
1195
1257
885
1115
0.79
925
1033
0.90
970
1220
0.80
975
1093
0.89
1100
1356
0.81
1040
1235
0.84
93.0 883 312
91
93% 0.84
13
94.7 1131 360
97
43
94% 0.90 0
Special:waive security deposit and $150.00 gift Sepcial:None card to any location. $680 1/1 $820 2/2 $1320 3/2 1 Bd $659 to $719 special was pulled off the internet 2 Bd $809 to $1046 due to property will not give info. 3BD $1084 to $1179
Special: $400.00 off 1st month rent look and lease Special: Up to 3 months special. free on a 12 month lease. 1 Bd $720 to $895 1 Bd $675 to $729 2 Bd $885 to $970 2 Bd $925 to $975 3 Bd $1100 3 Bd $1040
Ren: Info not avail per corporate
Ren: $30 increas for 12 month lease
Ren:Per corporate
Reserve@South Creek SIZE PSF
PRICE
0.95
Ren: Average $10 to $25 increase.
97.0 995 168
96
0.95
98% 0.95
4
Special: Discounts on all available rents.
Ren: Free carpet cleaning with 12mo.
ASSETS Cash Operating Cash Money Market Security Deposits Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets Total ASSETS
61,251.31 0.00 48,774.71 $110,026.02
17,944.59 39,821.79 357,011.77 68,630.43 200,000.00 683,408.58 793,434.60
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
28,723.55 782,153.37 450,480.43 8,717.77 48,774.71 (1,909.19) 1,316,940.64
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (523,606.04) (523,506.04) 793,434.60
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2007 Jan 2007 Actual
Account
Feb 2007 Actual
Mar 2007 Actual
Apr 2007 Actual
May 2007 Budget
Jun 2007 Budget
Jul 2007 Budget
Aug 2007 Budget
Sep 2007 Budget
Oct 2007 Budget
Nov 2007 Budget
Dec 2007 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
4,176,274 (454,702) (706,492) (65,523) 2,949,556
12,211.33 (1,329.54) (2,065.77) (191.59) 8,624.43
13.31 (1.45) (2.25) (0.21) 9.40
364,160 (43,000) (80,000) (6,085) 235,075
20,195 280,823
263,827 3,213,383
771.43 9,395.86
0.84 10.24
30,347 3,665 6,394 2,828 2,425 1,835 17,301 8,051 32,739
344,596 41,993 89,632 48,107 40,762 56,179 201,648 130,661 399,974
1,007.59 122.79 262.08 140.66 119.19 164.27 589.61 382.05 1,169.52
1.10 0.13 0.29 0.15 0.13 0.18 0.64 0.42 1.27
108,332 170,086
105,585 175,237
1,353,551 1,859,832
3,957.75 5,438.11
4.31 5.93
193,253 415 4,900
193,253 415 4,900
3,320 83,027 0
9.71 242.77 0.00
0.01 0.26 0.00
(28,483)
(23,331)
1,773,485
5,185.63
5.65
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
352,560 (34,193) (77,240) (5,251) 235,876
345,950 (31,453) (77,177) (7,154) 230,165
343,190 (33,657) (74,811) (5,738) 228,984
338,114 (26,399) (68,736) (5,449) 237,529
351,675 (37,000) (57,000) (5,211) 252,464
351,070 (40,000) (59,743) (5,231) 246,096
350,465 (42,000) (58,387) (5,235) 244,843
349,860 (42,000) (54,989) (5,242) 247,629
349,255 (42,000) (49,108) (5,252) 252,895
348,650 (42,000) (46,826) (5,250) 254,573
348,045 (42,000) (42,919) (5,253) 257,873
347,440 (42,000) (39,555) (5,257) 260,628
Other Income Total Revenue
27,580 263,457
21,616 251,781
22,944 251,928
22,832 260,361
16,000 268,464
24,415 270,511
24,915 269,758
21,695 269,324
20,545 273,440
20,545 275,118
20,545 278,418
33,611 2,710 6,159 3,805 2,027 6,403 15,368 9,370 37,910
20,391 2,821 5,921 2,722 1,541 10,329 15,798 15,941 33,542
30,933 2,230 9,117 3,636 2,485 1,917 15,451 12,794 33,143
32,195 3,652 4,298 6,647 2,639 3,299 15,440 6,685 33,465
26,715 4,025 9,990 4,095 2,425 5,585 16,789 8,463 32,739
30,089 3,905 8,791 4,095 2,425 3,085 17,048 12,763 32,739
28,026 3,965 9,390 4,875 2,425 3,085 19,640 13,713 32,739
27,426 3,845 8,192 4,095 2,425 3,085 17,122 13,713 32,739
30,872 3,725 7,393 3,803 2,425 5,585 17,235 12,776 32,739
26,976 3,725 6,993 3,705 15,095 5,585 17,209 8,388 32,739
27,014 3,725 6,993 3,803 2,425 6,385 17,247 8,001 32,739
Total Operating Exp. Net Operating Income
117,362 146,094
109,007 142,774
111,705 140,223
108,319 152,043
110,826 157,638
114,941 155,570
117,860 151,898
112,644 156,680
116,553 156,887
120,416 154,702
Rent Expense Partnership Expense Capital Expense
193,253 0 1,601
193,253 0 4,113
193,253 0 10,791
193,253 0 8,376
193,253 415 7,446
193,253 415 21,300
193,253 415 4,900
193,253 415 4,900
193,253 415 4,900
193,253 415 4,900
Cash Flow Frm Operations
(48,760)
(54,592)
(63,822)
(49,586)
(43,477)
(59,398)
(46,670)
(41,888)
(41,681)
(43,867)
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Taxes & Insurance
$/ Unit
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
5,248,144 (583,033) (871,035) (82,310) 3,711,766
15,345.45 (1,704.78) (2,546.89) (240.67) 10,853.12
16.73 (1.86) (2.78) (0.26) 11.83
19,000 254,075
324,340 4,036,105
948.36 11,801.48
1.03 12.86
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
440,724 52,536 110,167 62,378 48,026 66,959 251,755 157,995 401,145 37,237
1,288.67 153.61 322.13 182.39 140.43 195.79 736.13 461.97 1,172.94 108.88
1.40 0.17 0.35 0.20 0.15 0.21 0.80 0.50 1.28 0.12
122,970 131,106
1,628,922 2,407,184
4,762.93 7,038.55
5.19 7.67
193,254 0 3,300
277,354 9,800 3,300
810.98 28.65 9.65
0.88 0.03 0.01
2,116,730
6,189.27
6.75
(65,449) Rental Guarantees
7,543
(3,489)
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (4,571) (7,749) (30,394)
0 (717) 3,588 (34,568)
Cash Increase (Decreae) From Assets
0
0
0
0
0
0
0
0
0
0
0 250,000
4,562 131,540 6,328 (34,568)
4,374 (134,406) (4,460) (34,822)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
(8,155) (2,293) (191,351) 0
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(201,800)
(42,714)
(31,697)
107,861
(169,314)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
36,334 41,830 (1,829) 0
64,458 25,859 (1,300) (11,458)
(135,734) 110,449 (1,433) (5,571)
185,452 36,480 (4,374) 15,448
Cash Increase (Decrease) From Liab.
76,334
77,559
(32,289)
233,006
NET CASH FLOW CUMM. NET CASH FLOW
(7,597) 47,614
(12,219) 35,395
11,751 47,146
14,106 61,251
0 0 0 0 0
0 0 0 0
0 0 0 0
0
0 0 0 0
0
0
0 0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0 0
0
0
214,618 (8,936) (1,581) 0
(66,523) (55,873)
(53,795) (109,669)
(49,013) (158,682)
(48,806) (207,488)
(50,992) (258,480)
(35,608) (294,087)
(30,456) (324,543)
(2,293) (191,351) (14,250) (2,951)
(2,951)
(210,846)
0 0 0 0
204,101
181,601 181,601
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000)
Feb 2007
Mar 2007
Apr 2007
May 2007
Jun 2007
Row 59
Jul 2007
Aug 2007
Sep 2007
Oct 2007
Nov 2007
(8,936) (1,581) 0 0 (10,517)
1,775,786
55210.94
$(300,000) Jan 2007
250,000
0 0 0 (2,951)
0 (50,602) 10,650
12 Month Total
Dec 2007
Row 60
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
2,145,367
$/ Unit
W30:
administrator: assume insurance increases by 50%
W47:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending April 30, 2007
Account Revenue Market Rent
Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
294,410.00
352,280.00
43,704.00
0.00
$ Variance MTD Variance Comment
YTD Actual
YTD Budget
$ Variance
Annual Budget
(57,870.00) Variance due to concessions no longer being offered, market rents changed to reflect lower rents. 43,704.00 Variance due to the changing the budget to reflect lower market rents. This will continue to reduce over time as last years concessions deplete.
1,199,370.00
1,412,750.00
(213,380.00)
4,209,210.00
180,444.00
0.00
180,444.00
0.00
(14,166.00) 0.00 0.00 4,386.29 Vacncy averaged 8%, budgeted 9%. 3,817.30 Current up front specials is $350.00 off first months rent, only with look and lease. 0.00 0.00 96.64 (355.00) Current market rent on the model unit floorplan.
1,379,814.00 0.00 0.00 (125,702.30)
1,412,750.00 0.00 0.00 (113,260.42)
(32,936.00) 0.00 0.00 (12,441.88)
4,209,210.00 0.00 0.00 (325,479.64)
(14,245.34)
(20,880.00)
6,634.66
(59,160.00)
0.00 0.00 (3,909.49) (7,920.00)
0.00 0.00 (2,511.16) (6,500.00)
0.00 0.00 (1,398.33) (1,420.00)
0.00 0.00 (7,841.82) (19,500.00)
0.00 (7,123.20) 0.00 (4,640.00) (283,718.60)
0.00 (8,200.00) 0.00 (3,600.00) (255,845.45)
0.00 1,076.80 0.00 (1,040.00) (27,873.15)
0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $932,555.07
0.00 0.00 0.00 0.00 $1,001,952.97
0.00 0.00 0.00 0.00 $(69,397.90)
0.00 0.00 0.00 0.00 $3,128,885.55
338,114.00 0.00 0.00 (26,399.09)
352,280.00 0.00 0.00 (30,785.38)
Upfront Rent Concessions
(4,012.70)
(7,830.00)
Corporate Discount Delinquent Rent Adjustments & W/O Model Units
0.00 0.00 (528.67) (1,980.00)
0.00 0.00 (625.31) (1,625.00)
0.00 (1,780.80) 0.00 (1,160.00) (64,723.49)
0.00 (2,050.00) 0.00 (900.00) (58,967.45)
0.00 0.00 0.00 0.00 $237,529.25
0.00 0.00 0.00 0.00 $249,496.86
0.00 0.00 0.00 1,570.84 460.00 869.69 0.00 1,360.00 (615.31)
0.00 68.00 0.00 1,650.00 200.00 960.00 0.00 1,050.00 1,000.00
0.00 (68.00) 0.00 (79.16) 260.00 (90.31) 0.00 310.00 (1,615.31) Residents not paying at the time of move-out, however all residents are being turned over to the collection agency.
0.00 0.00 0.00 4,840.84 2,716.29 3,205.73 0.00 5,150.00 2,824.43
0.00 272.00 0.00 6,600.00 800.00 3,840.00 0.00 2,950.00 4,000.00
0.00 (272.00) 0.00 (1,759.16) 1,916.29 (634.27) 0.00 2,200.00 (1,175.57)
0.00 816.00 0.00 19,800.00 2,400.00 11,520.00 0.00 10,250.00 12,000.00
605.21
1,160.00
(554.79) Credit card convenience fees collected as well as utility transfer fees.
2,840.41
4,640.00
(1,799.59)
13,920.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 3,568.57
0.00 0.00 2,456.00
0.00 3,488.53 12,471.96
0.00 0.00 9,824.00
0.00 3,488.53 2,647.96
0.00 0.00 29,472.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 0.00 6,654.00 0.00 1,117.00 0.00 0.00 1,262.50 0.00 0.00 0.00 3,150.00
0.00 0.00 0.00 0.00 6,650.00 0.00 1,006.00 0.00 0.00 90.00 0.00 0.00 0.00 3,600.00
0.00 0.00 1,112.57 Variance due to eight pet fees budgeted for and actual collected where eleven. 0.00 0.00 0.00 0.00 4.00 0.00 111.00 0.00 0.00 1,172.50 Retained six deposits. 0.00 0.00 0.00 (450.00) Variance due to budgeted for 24 administration fees, and actual collected was 21.
0.00 0.00 0.00 0.00 26,684.14 0.00 4,570.00 0.00 0.00 2,162.50 0.00 0.00 0.00 11,250.00
0.00 0.00 0.00 0.00 26,600.00 0.00 4,024.00 0.00 0.00 360.00 0.00 0.00 0.00 9,400.00
0.00 0.00 0.00 0.00 84.14 0.00 546.00 0.00 0.00 1,802.50 0.00 0.00 0.00 1,850.00
0.00 0.00 0.00 0.00 79,800.00 0.00 12,072.00 0.00 0.00 1,080.00 0.00 0.00 0.00 33,800.00
Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions
Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
Miscellaneous Income
0.00 269.20 0.00 (260.00) (5,756.04) Variance due to concessions no longer being offered, this will reduce over time. 0.00 0.00 0.00 0.00 $(11,967.61)
Move-Out Charges
2,369.53
5,550.00
(3,180.47) Variance due to apartments being left in better condition resulting in fewer fees charged.
12,103.99
15,540.00
(3,436.01)
48,840.00
460.00 0.00 0.00 0.00
450.00 0.00 425.00 (1,750.00)
10.00 0.00 (425.00) 1,750.00 Property maintains a two bedroom guest suite.
663.57 0.00 0.00 0.00
1,500.00 0.00 1,700.00 (7,000.00)
(836.43) 0.00 (1,700.00) 7,000.00
3,600.00 0.00 5,100.00 (21,000.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22,832.03
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24,565.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,732.97)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 94,972.39
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 85,050.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,922.39
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 263,470.00
$260,361.28
$274,061.86
$(13,700.58)
$1,027,527.46
$1,087,002.97
$(59,475.51)
$3,392,355.55
11,113.54
12,013.16
44,791.64
48,052.64
3,261.00
147,761.88
0.00 12,676.07
0.00 11,223.48
0.00 54,006.96
0.00 44,893.92
0.00 (9,113.04)
0.00 138,048.78
Salary - Administrative Commissions & Bonus
0.00 6,687.03
0.00 2,700.00
0.00 11,816.11
0.00 10,649.09
0.00 (1,167.02)
0.00 39,026.28
Payroll Taxes Group Insurance
0.00 1,596.00
0.00 778.00
0.00 6,393.50
0.00 3,112.00
0.00 (3,281.50)
0.00 9,336.00
0.00 0.00 122.50 0.00 32,195.14
0.00 0.00 0.00 0.00 26,714.64
0.00 0.00 122.50 0.00 117,130.71
0.00 0.00 0.00 0.00 106,707.65
0.00 0.00 (122.50) 0.00 (10,423.06)
0.00 0.00 0.00 0.00 334,172.94
Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training
607.04 728.77 69.00 287.38 0.00 0.00 0.00 0.00 438.27
1,000.00 1,100.00 100.00 170.00 0.00 0.00 90.00 0.00 115.00
1,971.84 2,886.87 379.06 944.93 0.00 0.00 0.00 0.00 1,412.79
4,000.00 4,400.00 400.00 680.00 0.00 0.00 360.00 0.00 460.00
2,028.16 1,513.13 20.94 (264.93) 0.00 0.00 360.00 0.00 (952.79)
12,000.00 13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00
Furniture Rental Car Expenses
0.00 248.32
0.00 25.00
0.00 385.44
0.00 100.00
0.00 (285.44)
0.00 300.00
0.00 588.50 684.31 0.00 3,651.59
25.00 630.00 650.00 0.00 3,905.00
0.00 1,141.50 2,290.40 0.00 11,412.83
100.00 1,770.00 2,600.00 0.00 14,870.00
100.00 628.50 309.60 0.00 3,457.17
300.00 6,150.00 7,800.00 0.00 45,450.00
3,516.42
2,600.00
(916.42) Purchased marketing collateral not anticipated. To be used for outside marketing and resident retention. Includes print advertising in local apt guide, also grocery store ads.
15,828.51
15,700.00
(128.51)
36,900.00
Resident Promotions
226.30
798.00
1,682.73
3,192.00
1,509.27
9,576.00
Locators
555.00
2,603.16
5,383.39
6,797.14
1,413.75
24,440.78
0.00 4,297.72
2,790.00 8,791.16
571.70 Includes tow months billing for monthly newsletter. 2,048.16 Budgeted eight fees, actual reflects three fees. 2,790.00 No refferals at this time. 4,493.44
2,600.00 25,494.63
7,285.00 32,974.14
4,685.00 7,479.51
26,195.00 97,111.78
310.52
900.00
570.96
2,430.00
1,859.04
7,852.50
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
Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense Advertising & Promotions
Resident Referrals Total Advertising Expense Paint & Drywall
899.62 Includes payroll accrual thru 3/31. 0.00 (1,452.59) Includes payroll accrual thru 3/31. 0.00 (3,987.03) Includes payroll accrual thru 3/31. 0.00 (818.00) Includes one pay period accrual. 0.00 0.00 (122.50) 0.00 (5,480.50) 392.96 371.23 31.00 (117.38) 0.00 0.00 90.00 0.00 (323.27) Variance due to Dec 2006 expense. 0.00 (223.32) Booking of January's, February's and March mileage riembursement for associates. 25.00 41.50 (34.31) 0.00 253.41
589.48
Contract Cleaning Svcs.
3,440.00
250.00
Carpet Cleaning & Repairs
2,431.00
3,000.00
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing
295.50 0.00 144.54 0.00
100.00 0.00 50.00 416.67
Other Redecorating Cleaning Supplies Total Make Ready Expense
0.00 24.95 6,646.51
25.00 133.33 4,875.00
General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
980.13 0.00 43.26 0.00 0.00 362.09 0.00 0.00 179.95 73.56 0.00 1,000.00 0.00 0.00 0.00 0.00 0.00 2,638.99
700.00 100.00 140.00 150.00 0.00 450.00 0.00 160.00 450.00 75.00 25.00 1,000.00 0.00 175.00 0.00 0.00 0.00 3,425.00
Landscape & Grounds Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
2,500.00 486.19 100.00 0.00 0.00 0.00 0.00 212.50 3,298.69
9,345.00
1,000.00
(8,345.00)
3,000.00
5,666.00
8,100.00
2,434.00
26,175.00
659.83 0.00 341.31 75.00
400.00 0.00 200.00 1,666.68
(259.83) 0.00 (141.31) 1,591.68
1,200.00 0.00 600.00 5,000.04
0.00 151.15 16,809.25
100.00 533.32 14,430.00
100.00 382.17 (2,379.25)
300.00 1,599.96 45,727.50
(280.13) 100.00 96.74 150.00 0.00 87.91 0.00 160.00 270.05 1.44 25.00 0.00 0.00 175.00 0.00 0.00 0.00 786.01
2,261.19 1,039.72 336.25 0.00 270.00 596.58 0.00 500.48 660.46 149.87 355.34 1,045.40 0.00 1,476.52 0.00 0.00 0.00 8,691.81
2,800.00 400.00 560.00 600.00 0.00 1,800.00 0.00 640.00 2,250.00 300.00 100.00 1,000.00 0.00 700.00 0.00 0.00 0.00 11,150.00
538.81 (639.72) 223.75 600.00 (270.00) 1,203.42 0.00 139.52 1,589.54 150.13 (255.34) (45.40) 0.00 (776.52) 0.00 0.00 0.00 2,458.19
8,400.00 1,200.00 5,055.00 1,800.00 0.00 5,400.00 0.00 1,920.00 5,850.00 900.00 300.00 2,000.00 0.00 10,395.00 0.00 0.00 0.00 43,220.00
2,500.00 510.00 75.24 0.00 0.00 0.00 0.00 500.00 3,585.24
0.00 23.81 (24.76) 0.00 0.00 0.00 0.00 287.50 286.55
2,500.00 2,751.51 325.00 0.00 0.00 0.00 0.00 16,370.42 21,946.93
2,500.00 2,040.00 300.96 0.00 0.00 0.00 0.00 3,800.00 8,640.96
0.00 (711.51) (24.04) 0.00 0.00 0.00 0.00 (12,570.42) (13,305.97)
30,000.00 6,120.00 902.88 0.00 0.00 0.00 0.00 5,850.00 42,872.88
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
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
Management Fees Asset Management Fees Investor Administration Fee Legal Fees
10,897.31 1,000.00 3,250.00 292.80
10,962.47 1,000.00 3,300.00 1,300.00
42,418.60 4,000.00 13,000.00 2,514.50
43,480.11 4,000.00 13,200.00 5,200.00
1,061.51 0.00 200.00 2,685.50
135,694.22 12,000.00 39,600.00 15,600.00
Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,440.11
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,572.05
0.00 0.00 0.00 0.00 0.00 0.00 123.71 0.00 0.00 0.00 0.00 0.00 62,056.81
0.00 0.00 38.32 0.00 0.00 0.00 0.00 0.00 0.00 2,624.00 0.00 0.00 68,542.43
0.00 0.00 38.32 0.00 0.00 0.00 (123.71) 0.00 0.00 2,624.00 0.00 0.00 6,485.62
0.00 0.00 114.96 0.00 0.00 0.00 0.00 0.00 0.00 5,124.00 0.00 0.00 208,133.18
2,993.46
3,340.00
10,202.09
13,360.00
3,157.91
40,080.00
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
Electricity
(3,190.00) We did not insert the correct budget number. Should be $2500. 569.00 Budgeted for 17 carpet cleans and actual cleaned 14. (195.50) 0.00 (94.54) 416.67 No services needed this month. 25.00 108.38 (1,771.51)
65.16 0.00 50.00 1,007.20 Actual reflects two evictions filed. 0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,131.94 346.54 Usuage less than anticipated for bldg services.
Electricity Gas - Resident Natural Gas Water & Sewer
0.00 2,897.29 10,962.30
0.00 2,565.00 8,965.00
Water & Sewer - Resident Reimb
(9,940.53)
(6,275.50)
22.26
500.00
0.00 (2,098.56) 0.00 1,849.21
0.00 (2,011.00) 0.00 887.94
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas
0.00 (332.29) (1,997.30) Rate increase from Arapahoe County exceeded the anticipated 5%. Actual increase was 20%. 3,665.03 Variance due to aggressive in house collections on water bills. Collected 90%. 477.74 Variance due to only meter two being turned on. 0.00 87.56 0.00 (961.27) Usuage was more than anticipated. Includes final bills. 591.96 Did not receive invoice prior to ACME. 0.00 1,877.97
0.00 11,254.86 57,770.11
0.00 10,260.00 35,860.00
0.00 (994.86) (21,910.11)
0.00 30,780.00 107,580.00
(31,994.00)
(25,102.00)
6,892.00
(75,306.00)
500.00
477.74
23,500.00
0.00 (10,467.48) 0.00 4,701.70
0.00 (8,044.00) 0.00 3,266.76
0.00 2,423.48 0.00 (1,434.94)
0.00 (24,132.00) 0.00 9,387.78
3,301.28
2,177.84
(1,123.44)
6,258.52
0.00 44,790.82
0.00 32,278.60
0.00 (12,512.22)
0.00 118,148.30
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
115,693.82 0.00 22,365.52
110,466.00 0.00 20,292.00
(5,227.82) 0.00 (2,073.52)
331,398.00 0.00 60,876.00
0.00 0.00 138,059.34 446,393.13 581,134.33
199.52 0.00 130,957.52 420,551.30 666,451.67
199.52 0.00 (7,101.82) (25,841.83) (85,317.34)
598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
426,346.68 0.00 346,666.84 0.00 773,013.52
426,346.68 0.00 346,666.68 0.00 773,013.36
0.00 0.00 (0.16) 0.00 (0.16)
1,279,040.04 0.00 1,040,000.04 0.00 2,319,040.08
22.26
0.00
591.96
0.00 6,685.43
0.00 8,563.40
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
27,873.21 0.00 5,591.36
27,616.50 0.00 5,073.00
Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 0.00 33,464.57 108,318.75 152,042.53
49.88 0.00 32,739.38 109,170.87 164,890.99
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,586.67 0.00 86,666.71 0.00 193,253.38
106,586.67 0.00 86,666.67 0.00 193,253.34
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service
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
Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Partnership Exp- Leaseup Costs Total Partnership Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
680.00 680.00 300.00 0.00 0.00 0.00 0.00 0.00 0.00 1,660.00
680.00 680.00 300.00 0.00 0.00 0.00 0.00 0.00 0.00 1,660.00
2,040.00 2,040.00 900.00 0.00 0.00 0.00 0.00 0.00 0.00 4,980.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 6,547.82
0.00 0.00 0.00 4,900.00
0.00 0.00 0.00 20,386.39
0.00 3,250.00 0.00 19,600.00
0.00 3,250.00 0.00 (786.39)
18,946.00 3,250.00 0.00 58,800.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements
0.00 0.00 0.00 0.00 1,827.74
0.00 0.00 0.00 0.00 0.00
585.06 0.00 0.00 0.00 3,909.53
600.00 0.00 0.00 0.00 3,713.00
14.94 0.00 0.00 0.00 (196.53)
600.00 0.00 0.00 0.00 3,713.00
0.00 0.00 8,375.56
0.00 0.00 4,900.00
0.00 0.00 24,880.98
0.00 0.00 27,163.00
0.00 0.00 2,282.02
0.00 0.00 85,309.00
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 Property Taxes Franchise Tax Insurance
Boiler Replacement Roof Replacement Total Capital Expenses
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 (256.71) 0.00 (518.36) Based on actual expense. 49.88 0.00 (725.19) 852.12 (12,848.46) 0.00 0.00 (0.04) 0.00 (0.04)
0.00 0.00 0.00 (1,647.82) Replaced six carpets this month. 0.00 0.00 0.00 0.00 (1,827.74) Repairs to the trash compactor. Repairs were not anticipated. 0.00 0.00 (3,475.56)
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
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (49,586.41)
0.00 0.00 0.00 (33,677.35)
0.00 0.00 0.00 (15,909.06)
0.00 0.00 0.00 (216,760.17)
0.00 0.00 0.00 (135,384.69)
0.00 0.00 0.00 (81,375.48)
0.00 0.00 0.00 (344,682.67)
Rental Guarantee
0.00 (49,586.41)
0.00 (33,677.35)
0.00 (15,909.06)
4,054.35 (212,705.82)
0.00 (135,384.69)
4,054.35 (77,321.13)
0.00 (344,682.67)
YTD Variance Comment
Filter 0.01 ###
###
### 0.00 0.00 ### ###
0.00 0.00 ### ### 0.00 ### 0.00 ### ###
0.00 0.00 0.00 0.00 ### 1.00 0.00 340.00 0.00 ### 4,176.29 8,875.42 0.00 ### 7,209.12
9,245.62
0.00 3,488.53 ###
0.00 0.00 0.00 0.00 ### 0.00 ### 0.00 0.00 3,875.00 0.00 0.00 0.00 ###
###
3,073.57 0.00 2,125.00 ###
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### 1.00 ### 1.00 1.00 ### 0.00 ### 0.00 ### 0.00 ### 0.00 0.00 245.00 0.00 ### 1.00 7,578.88 9,115.64 948.06 2,082.31 0.00 0.00 450.00 0.00 2,426.06 0.00 758.76
125.00 4,130.00 6,224.71 0.00 ### 1.00 ###
5,899.03 ### ### ### 1.00 4,211.48
### ###
1,455.33 0.00 735.85 2,158.35 125.00 842.75 ### 1.00 6,741.32 1,539.72 1,079.51 750.00 270.00 3,208.67 0.00 1,300.48 3,540.41 598.43 480.34 4,045.40 0.00 2,351.52 0.00 0.00 0.00 ### 1.00 ### 5,787.70 801.20 0.00 0.00 0.00 0.00 ### ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### ### ### 9,307.30 0.00 0.00 47.90 0.00 0.00 0.00 123.71 0.00 0.00 2,624.00 0.00 0.00 ### 1.00 ###
0.00 ### ###
###
1,044.52 0.00 ### 0.00 ### ### 0.00 ### 1.00 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 ### 249.40 0.00 ### ### ### 1.00 ### 0.00 ### 0.00 ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 850.00 850.00 375.00 0.00 0.00 0.00 0.00 0.00 0.00 2,075.00 1.00 0.00 3,250.00 0.00 ### 1,185.06 0.00 0.00 0.00 9,450.27 0.00 0.00 ###
1.00 0.00 0.00 0.00 ### 1.00 4,054.35 1.00
A16:
deparker: What is our current Up Front Special?
A104:
deparker: Where is this invoice?
A133:
deparker: Did the glass break twice in #3201, both invoices $250.25
A184:
deparker: What was this refund for?
A187:
deparker: We need to notify the PUC of this HUGE increase. Oublic Utility Commission, it may be illegal for the big increase.
A191:
deparker: Not complaining but how can we collect more than we billed out in trash, are they coding the resident paid fees for the billing service to this account as well?
Courtney Downs Apartments Apr-07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
21 17 4
OCCUPIED/LEASED %:
92.7%, 88.3%
SOURCE OF TRAFFIC:
$260,361.28 $251,928.23 8433.05
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 117 98%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 17 0 0 29 0 19 7 5 11 0 16 0
Leased 0 2 0 0 8 0 9 1 1 0 0 3 0
TOTALS
104
24
CLOSING RATIO:
33%
APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
6 17 0 19 7 6 5 7 9 0 0 0 4 0 80
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took brochures to Regal Entertainment for preferred employer program. * Took flyers and brochures to Sky Ridge Human Resources for new employees to the area. * Took flyers to Parker Adventist Hospital. * Took locators lunch and new prices for the month. * Updated all internet ads with new pricing and specials for the month of April . * Brochures and lunch were taken to Direct TV Human Resources. * Met with Metro Brokers sales team with options of temporary housing for new home buyers. * Dropped off cookie basket and brochures to Nextel. * Dropped off doughnuts and brochures to Marriott extended stay hotels. * Took cookie and candy bag with flyer's to Ryland Homes team. * Took cookie bag and brochures to Ford dealership. * Took cookie and candy bag to Richmond homes. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering heavy concessions or discounted rents on selected units. This translates into one bedroom effective rents of $695, two bedrooms at $805and three bedrooms starting at $1110. Look and leases are being locked in with $500.00 gift cards to local malls or a $500.00 flight voucher as well as prorating concessions on a 12 to 13 month lease with most of our competitors. RESIDENT RETENTION: We had 32 leases expiring in the month of April. Five are moving due to purchasing a home and/or condo. One is moving due to relocating, one is loosing their roommate, two are moving back home, two are moving closer to work. Overall our 21 renewals had an average increase of $31.92 per renewal. INCIDENTS ON THE PROPERTY: Gutters by Building 12 have been damaged by weather conditions and we are currently getting bids to fix them.
Bld 19 has had many leaks in the riser room, AAA is in the process of repairing system.
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 22 37 15 23 65 0 7 0 169
PLUMBING LEAKS
Number of: 15 8 7 169 0 22 37 15 23 65 0 7 0 169 0
0
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
BLINDS TUBS RESURFACED TUB TILES
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: We will be painting the pool fence this month as it is fading and peeling and is in need of a touch up.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Jessica Branch Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Golf carts are repaired and in good working order. Flowers have been planted in the pool area and in the pots by the office, all other flowers are scheduled for planting this month. Sprinkler system is up and working.
Number Replaced 0 0 0 0 0 0 0 0 0 7 0 0 0 0 0
27 0 0
Apt. #
4107, 6206, 10208, 12101, 14202, 14201, 9212.
10105-1, 6202-4, 14201-4, 142027, 16106-2, 6206-1, 4308-1, 123072, 16108-2, 10205-2, 1201-1.
Courtney Downs RENTAL SCHEDULE
April 2007
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 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 725 725 850 750 750 875 900 900 875 925 925 1150 1150 $867
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.22 $27,520 1.03 $15,300 1.11 $18,000 1.14 $24,000 1.16 $36,750 1.12 $39,600 1.15 $19,800 1.18 $21,000 0.90 $14,800 0.90 $18,500 1.01 $27,600 1.01 $4,600 $0.94
$296,470
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $288,000 $441,000 $475,200 $237,600 $252,000 $177,600 $222,000 $331,200 $55,200 $3,557,640
EFFECTIVE CONCESSION RENTS* 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
CONCESSION PER UNIT 725.00 55.00 850.00 750.00 750.00 875.00 900.00 900.00 875.00 925.00 925.00 1,150.00 1,150.00
$* Net of Concessions
$833
EFFECTIVE PER S/F
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
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
$$$$$$$$$$$-
0 0 1 0 0 5 7 0 0 2 0 1 0
1 0 2 0 0 2 3 0 0 0 0 1 0
6 0 0 4 0 5 6 0 0 2 0 2 0
1 0 1 3 0 1 0 0 0 0 0 0 0
4 0 2 1 0 13 12 0 0 5 0 3 0
$-
16
9
25
6
40
EFFECTIVE MONTHLY GROSS $-
MARKET SURVEY Courtney Downs April-07 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 4 4 $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 yes 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 5 $30.00 yes yes 300-500 99 no yes 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 303-805-7220 Parker, Co 80134 380 4 $35.00 yes yes 400-500 100-200 no yes 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 5 $40.00 yes yes 300 100 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs April-07
(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
715 910
PRICE
779 853
0.92 1.07
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
725 850
704 808
1.03 1.05
680 740
627 701
1.08 1.06
659 684
685 705
0.96 0.97
720 730
768 842
750
910
0.82
840
811
0.91
709
760
0.96
895
992
820 920
956 1044
0.86 0.88
809
1051
845 935
1120 888
0.77 0.75
1084
1230
94
96.00%
875
977
0.90
975
1105
0.88
900 925
1030 1030
0.87 0.90
1120
1192
0.94
1060 1090
1196 1180
0.89 0.92
1,160
1140
1.02
1275
1398
0.91
1320
1330
0.99
93 1 884 342
88.30%
0
0% 0.95
91% 0.94
40
96.1 1114 507
99.6
98% 0.94
18
Special: look and lease special $150 security deposit waived and $350 off first Special: Reduced pricing Rates months rent. for all floor plans. reflect these rates:1 Bd $725 1 BD $715 to $910 specials: 2 Bd $875 2BD $975 to $1120 3 Bd $1160 3BD $1275
Ren: $25 to $50 increase.
Ren.: Keep all residents 4% under all new residents.
994 653
808 216
0.88
94% 0.88
20
PRICE
0.94 0.87
Cherrywood Village SIZE PSF
675 708
707 796
729
916
741
763
0.97
965
1037
0.93
1195
1257
885
1115
0.79
925
1033
0.90
970
1220
0.80
975
1093
0.89
1100
1356
0.81
1040
1235
0.84
93.0 883 312
91
93% 0.84
13
94.7 1131 360
97
43
94% 0.90 0
Special:waive security deposit and $150.00 gift Sepcial:None card to any location. $680 1/1 $820 2/2 $1320 3/2 1 Bd $659 to $719 special was pulled off the internet 2 Bd $809 to $1046 due to property will not give info. 3BD $1084 to $1179
Special: $400.00 off 1st month rent look and lease Special: Up to 3 months special. free on a 12 month lease. 1 Bd $720 to $895 1 Bd $675 to $729 2 Bd $885 to $970 2 Bd $925 to $975 3 Bd $1100 3 Bd $1040
Ren: Info not avail per corporate
Ren: $30 increas for 12 month lease
Ren:Per corporate
Reserve@South Creek SIZE PSF
PRICE
0.95
Ren: Average $10 to $25 increase.
97.0 995 168
96
0.95
98% 0.95
4
Special: Discounts on all available rents.
Ren: Free carpet cleaning with 12mo.
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