Apartment Offering Memorandum
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Apartment Offering Memorandum Document Transcript

  • 1. E x clusive Offering Package5 1 50 Du ke Elli ngton Way, L as Vegas, N eva da 8 9 1 1 9 Doug Schuster Senior Vice President S.0049235 Curt Allsop Senior Associate S.0078569Grubb & Ellis|Las Vegas Vittal Ram3930 Howard Hughes Pkwy, Ste 180 Associate S.0054580Las Vegas, NV 89169P (702) 733-7500F (702) 862-8242 Suzanne Sprengerwww.gelasvegas.com Marketing Assistant S.0077740
  • 2. Table of Con tent sDisclaimer/Offering Summary SECTION 1operations SECTION 2 Proforma Operating Statement 4 Lease-Up Plan with Expenditures & Revenue 5 - 11Pr operty Summary SECTION 3 Property Highlights & Amenities 12 - 13 Las Vegas Valley Map 14 Wide Aerial 15 Close Aerial 16 Site Plan 17 Assessor’s Parcel Map 18 Soil Type Map 19 Photographs 20 Floor Plans 21 - 24 1, 3, & 5 Mile Radius Demographics 25 - 27 Business Summary Profile 28The Market  SECTION 4 Las Vegas Market Overview 29 - 30 Las Vegas Convention & Visitors Authority Visitor Stats 31 Lease Comparables 32 - 45 Sale Comparables 46 - 60Team R esumes SECTION 5
  • 3. disclaimer/offering summary 1Confidential memorandum & DisclaimerGrubb & Ellis|Las Vegas (”Agent”) has been engaged as the exclusive agent for the sale of The Onyx in Las Vegas, Nevada (the“Property’), by the Owner of the Property (“Seller”).The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or war-ranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highlyconfidential information and are being furnished solely for the purpose of review by prospective purchasers of the interestdescribed herein. Neither the enclosed materials nor any information contained herein is to be used for any other purposeor made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite toreceiving the enclosed, should be registered with Grubb & Ellis|Las Vegas as a “Registered Potential Investor” or as the “Buyer’sAgent” for an identified “Registered Potential Investor.” The use of this Offering Memorandum and the information providedherein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to deliveryof this Offering Memorandum.The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shallbe fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, butno representation of warranty, express or implied, is being made by Agent or Seller or any of their respective representatives,affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the informationcontained herein. Summaries contained herein or any other written or oral communication or information transmitted ormade available or any action taken or decision made by the recipient with respect to the Property. Interested parties are tomake their own investigations, projections and conclusions without reliance upon the material contained herein.Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at anytime and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject anyand all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time,with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, priorsale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements onbehalf of Seller.Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing ad-ditional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for thepurchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligationsthereunder have been satisfied or waived.By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materialsand their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be re-turned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Propertydirectly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of theSeller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior writtenauthorization of Seller or Agent or as otherwise provided in the Confidentiality and/or Registration Agreement executed anddelivered by the recipient(s) to Grubb & Ellis|Las Vegas. If you have no interest in the Property at this time, please return this Offering Memorandum immediately to: Grubb & Ellis|Las Vegas 3930 Howard Hughes Pkwy, Suite 180 Las Vegas, Nevada 89169 Doug Schuster · Curt Allsop · Vittal Ram · Suzanne Sprenger 702.733.7500
  • 4. disclaimer/offering summary 2Offering SummaryGrubb & Ellis|Las Vegas, as the exclusive advisor to the Owner, is pleased to present the opportunity to acquire thefee simple interest in The Onyx (“The Property”), a 63 unit, four story luxury condominium building with 77,646rentable square feet located at 5150 Duke Ellington Way, Las Vegas, Nevada. The property represents a tremendouslong-term investment opportunity with condo conversion potential.The owner, MIC-Sonoran, LLC (the “Owner”), a single purpose limited liability company, has agreed to exclusivelylist the 63 unit Property for sale. Outsource Services Management d/b/a Presidium Asset Solutions (the “Servicer”)is the managing member of MIC-Sonoran, LLC. The owner members of MIC-Sonoran, LLC consist of 34 banks andother financial institutions (some of which currently include the FDIC as Receiver for failed institutions) who par-ticipated in a loan that was made to Tropicana Inn Investors. MIC-Sonoran was created to own the Property, whichacquired the Property via foreclosure action in June 2009.The Onyx is a trophy asset ideally situated approximately three miles from McCarran International Airport and justblocks from the Las Vegas Boulevard and casinos such as Mandalay Bay, Tropicana, Hooters, and MGM. Amenitiesinclude spa, pool, fitness center, locker room, business center, outdoor kitchen, stainless steel appliances in kitchens,granite countertops, 10 foot ceilings and private balconies. Average unit size equals 1,197 square feet. The Propertyalso includes a 144-stall, two level parking garage which is enclosed and provides protection from heat and otherelements.The Property offers a unique mix of floor plans including lofts and townhome-style residences. For a more completelist of unit mix and square footages, please refer to the Proforma Operating Statement on page 4.Construction of the Onyx began in 2006 and was not completed until 2008 because of delays caused by the generalcontractor, architect, and developer. The Property received certificate of occupancy in 2008 while under the controlof a court appointed receiver, based out of Chicago, Illinois. At this time, the Property is still managed by the Chicagobased management company, but the Owner is currently negotiating terms and conditions of a property manage-ment agreement with a reputable, third party property management company (local) to oversee daily operations ofthe Property. The management agreement currently being negotiated can be terminated upon sale of the Propertyat buyer’s request.Current occupancy is 40%. The Servicer has approved a variety of expenditures that will facilitate the leasing ofthe remaining units. When the Property becomes stabilized, there is potential through Freddie Mac to secure a$7,100,000 loan assuming the current interest rate of 4.75%, with 1.25 DSC, 30 year amortization, with a 10 yearcall.Currently, a better located luxury rental project does not exist in the Las Vegas Valley.The new property management company is projecting an initial rental rate of $1.06/SF/month in order to lease upvacant units. However, this rate is greatly under current market rents and will be adjusted once the building hasstabilized. Current comparable rents at properties located near the Strip and on S Las Vegas Blvd are as follows: Property Rental Rate/SF/month Comments Allure $1.34 1,118 SF hi-rise located on Sahara Boca Raton $1.13 average unit size is 1,006 SF - STRONG COMP Juhl $1.36 mid-rise product located Downtown ONE Las Vegas $1.15 average unit size is 1,263 SF; located on S Las Vegas Blvd Panorama Towers $1.59 average unit size is 1,570 SF Sky Las Vegas $1.66 average unit size is 1,216 SF
  • 5. disclaimer/offering summary 3Offering Summary continuedUpon stabilization, rental rates increase to $1.13 per square foot, which is comparable to rental rates at Boca Ra-ton; NOI will increase to $67,000/year with occupancy estimated to be 90%. Based on the foregoing, the propertyvalue is projected to increase by more then $1million.Similar observations hold true with sales comps at high end Strip properties. The current asking price at Onyx is$128/SF, while similar properties located on the famed Las Vegas Blvd. are selling between $124 - $289/SF. With-out question, the Las Vegas real estate market will recover and when it does, Onyx will be perfectly positioned forcondo sales, fractional interests, or even time share ventures. Final Call for offers date is October 15, 2010 by 3:00 p.m. PST. Offering Price: $9,995,000 $128.72/square foot Condition: As-Is Offering Terms: All Cash – 25 Day Escrow – 15 Day DD
  • 6. ope r a t i o n s 4Proforma operating statement Model No. Size Rents Total 1BD/1BA 15 774 $750-$1000 1BD/1BA 1 780 $950 1BD/1BA 1 922 $850 1BD/1BA 1 984 $950 2BD/2BA 1 994 $1,200 2BD/2BA 22 1,169 $1200-$1450 2BD/2BA 2 1,263 $1235-$1450 2BD/2BA 1 1,368 $1,400 2BD/2BA 2 1,410 $1500-$1600 2BD/2BA/DEN 2 1,387 $1,600 2BD/2BA/DEN 11 1,714 $1450-$1650 2BD/2.5BA 1 1,815 $1,900 2BD/2.5BA 1 2,012 $1,950 2BD/2.5BA 1 2,209 $1,675 2BD/2.5BA 1 2,276 $1,950 63 77,646 $81,525 Rent/foot $1.05 Vacancy proforma ($4,076) Loss-to Lease 0.0% current $0 Misc. Income/Expense Fees $470 Concessions ($2,750) RUBS $0 $0 Bad Debt ($408) ($2,688) Monthly Income $74,761 Annualized $897,132 Operating expenses: Payroll $1,397 $88,020 Mgmnt. 3% $26,913 Utilities $1,168 $73,500 R/M $500 $49,930 Marketing $378 $23,813 Taxes $1,000 $63,000 Insurance $150 $9,456 Admin. $335 $21,116 Cap. Res. $275 $17,325 ($373,073) Expense/unit $5,921 Expense/SF $4.73 NOI $524,059
  • 7. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------3000-000 REVENUE3100-000 RENTAL INCOME3110-000 Gross Rental Income 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 978,300.00 15,528.57 10.053160-000 Loss to Old Lease 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003180-000 Vacancy Loss (52,176.00) (44,023.50) (35,871.00) (29,349.00) (22,827.00) (14,674.50) (8,152.50) (4,076.25) (4,076.25) (4,076.25) (4,076.25) (4,076.25) (227,454.75) (3,610.39) (2.34)3270-000 Bad Debt 0.00 (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (4,483.88) (71.17) (0.05)3300-000 Rental Concessions 600.00 (4,000.00) (4,000.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (32,150.00) (510.32) (0.33)3460-000 TOTAL RENTAL INCOME 29,949.00 33,093.88 41,246.38 49,018.38 55,540.38 63,692.88 70,214.88 74,291.13 74,291.13 74,291.13 74,291.13 74,291.13 714,211.38 11,336.69 7.343500-000 OTHER INCOME3502-000 Forfeited Security Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003512-000 Non Refundable Admin Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003514-000 Non Refundable Cleaning Fees 0.00 800.00 800.00 800.00 400.00 400.00 300.00 300.00 300.00 300.00 300.00 300.00 5,000.00 79.37 0.053516-000 Pet Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003520-000 Application Fees 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00 840.00 13.33 0.013524-000 Late Fees 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,200.00 19.05 0.013525-000 Month to Month Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003526-000 NSF Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003528-000 Lease Termination Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003546-000 Garage Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003558-000 Other Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003566-000 Vending Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Lease-Up Plan with expenditures & revenue3567-000 Laundry Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003578-000 Bad Debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003582-000 Tenant Damage Payment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003584-000 Eviction Charge 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003580-000 Bad Debt Recovery 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003586-000 Furnished Suites 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003597-000 Billback - Water/Sewer/Garbage 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003650-000 TOTAL OTHER INCOME 170.00 970.00 970.00 970.00 570.00 570.00 470.00 470.00 470.00 470.00 470.00 470.00 7,040.00 111.75 0.073700-000 TOTAL REVENUE 30,119.00 34,063.88 42,216.38 49,988.38 56,110.38 64,262.88 70,684.88 74,761.13 74,761.13 74,761.13 74,761.13 74,761.13 721,251.38 11,448.43 7.41 ope r a t i o n s 5
  • 8. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------4000-000 OPERATING EXPENSES4010-000 ADMINISTRATIVE PAYROLL EXPENSES4012-000 Manager Salary 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 33,276.00 528.19 0.344018-000 Leasing Agent Salary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004020-000 Administrative Rent Allowance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004020-800 Assistant / Compliance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004020-800 Assistant Manager Salary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004021-200 Leasing Bonuses 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 4,800.00 76.19 0.054021-800 Group Insurance 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 9,336.00 148.19 0.104023-200 Payroll Taxes 490.26 490.26 490.26 490.26 490.26 490.26 490.26 490.26 490.26 490.26 490.26 490.26 5,883.15 93.38 0.064026-000 Workers Compensation 464.18 464.18 464.18 464.18 464.18 464.18 464.18 464.18 464.18 464.18 464.18 464.18 5,570.16 88.42 0.064029-000 TOTAL ADMININSTRATIVE PAYROLL EXPENSES 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 58,865.31 934.37 0.604030-000 REPAIRS & MAINTENANCE PAYROLL EXPENSES4030-100 Maintenance Supervisor Salary 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 29,160.00 462.86 0.304030-400 Maintenance Assistant Salary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004031-200 R&M Rent Allowance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004030-800 Maintenance - Porters Salary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004039-000 TOTAL REPAIRS & MAINT PAYROLL EXPENSES 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 29,160.00 462.86 0.304060-000 JANITORIAL PAYROLL EXPENSE4061-000 Housekeeping Salary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004064-000 TOTAL JANITORIAL 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 0.00 0.00 0.00 Lease-Up Plan with expenditures & revenue continued4095-000 TOTAL PAYROLL EXPENSES 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 88,025.31 1,397.23 0.90 ope r a t i o n s 6
  • 9. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------4100-000 ADMINISTRATIVE EXPENSES4148-000 Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004144-000 Employee Sreening 0.00 450.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 450.00 7.14 0.004158-000 Payroll Fee 156.09 156.09 156.09 156.09 156.09 156.09 156.09 156.09 156.09 156.09 156.09 156.09 1,873.08 29.73 0.024158-500 Compliance fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004161-000 Permits and Licenses 0.00 0.00 0.00 0.00 0.00 0.00 500.00 0.00 0.00 0.00 250.00 0.00 750.00 11.90 0.014166-000 Cable Television 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004174-000 Telephone 880.00 880.00 880.00 880.00 880.00 880.00 880.00 880.00 880.00 880.00 880.00 880.00 10,560.00 167.62 0.114184-000 Furniture/Equipment Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004192-000 Legal-Evictions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004196-000 Credit/Eviction/Collection Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004210-000 Accounting 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 0.004211-000 Audit 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 0.00 0.00 0.004212-000 Other Professional Services 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004232-000 Equipment - Lease/Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004234-000 Equipment - Repair 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004246-000 Printed Forms/Copies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004248-000 Other Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004250-000 Office Supplies 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 600.00 9.52 0.014252-000 Overnight Mail 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 900.00 14.29 0.014256-000 Postage 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 540.00 8.57 0.014262-000 Answering Service 54.00 54.00 54.00 54.00 54.00 54.00 54.00 54.00 54.00 54.00 54.00 54.00 648.00 10.29 0.014264-000 Computer Software/Modem 2,880.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 3,595.00 57.06 0.044267-000 Pagers 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004270-000 Copier expense 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 900.00 14.29 0.014278-000 Storage 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 0.00 0.00 0.004280-000 Travel Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004290-000 Misc. Administrative Expense 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 300.00 4.76 0.00 Lease-Up Plan with expenditures & revenue continued4295-000 TOTAL ADMINISTRATIVE EXPENSES 4,240.09 1,875.09 1,425.09 1,425.09 1,425.09 1,425.09 1,925.09 1,425.09 1,425.09 1,425.09 1,675.09 1,425.09 21,116.08 335.18 0.22 MANAGEMENT / ASSET FEE4223-000 Management Fee 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 26,400.00 419.05 0.274224-000 Asset Management Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL MANAGEMENT / ASSET FEE 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 26,400.00 419.05 0.27 ope r a t i o n s 7
  • 10. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------4300-000 MARKETING AND RETENTION4304-000 Apartment Guide 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004310-000 For Rent 665.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 11,775.00 186.90 0.124311-000 Internet/On-Line Advertising 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 3,000.00 47.62 0.034312-000 Newspaper 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004315-000 Advertising/Promotion 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 900.00 14.29 0.014318-000 Sign and Banners/Flags 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004334-000 Resident Activity/Hospitality 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 780.00 12.38 0.014338-000 Promotion / Newsletters 750.00 750.00 0.00 0.00 350.00 0.00 0.00 0.00 0.00 0.00 0.00 60.00 1,910.00 30.32 0.024355-000 Model 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 0.00 0.00 0.004358-000 Training 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,200.00 19.05 0.014362-000 Apartment Locator Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004366-000 Referral Fees 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,200.00 19.05 0.014382-000 Brochures 0.00 1,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,500.00 23.81 0.024391-000 Uniforms/Laundry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004394-000 Credit Report Expense 79.00 79.00 79.00 79.00 79.00 79.00 79.00 79.00 79.00 79.00 79.00 79.00 948.00 15.05 0.014395-000 Misc. Marketing Expense 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 600.00 9.52 0.014397-000 TOTAL MARKETING/RETENTION 2,134.00 3,979.00 1,729.00 1,729.00 2,079.00 1,729.00 1,729.00 1,729.00 1,729.00 1,729.00 1,729.00 1,789.00 23,813.00 377.98 0.24 Lease-Up Plan with expenditures & revenue continued ope r a t i o n s 8
  • 11. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------4400-000 MAINTENANCE AND REPAIRS4431-000 Repairs/Maint Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004432-000 Appliance Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004434-000 Cleaning Supplies 250.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,350.00 21.43 0.014435-000 Wiindows and Doors 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 300.00 4.76 0.004436-000 Electrical Supplies 235.00 235.00 235.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 1,155.00 18.33 0.014439-000 Fire/Alarm System 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,750.00 0.00 0.00 1,750.00 27.78 0.024442-000 Hardware Supplies 275.00 275.00 275.00 275.00 275.00 275.00 275.00 275.00 275.00 275.00 275.00 275.00 3,300.00 52.38 0.034444-000 HVAC Supplies 50.00 50.00 50.00 50.00 50.00 50.00 50.00 100.00 200.00 200.00 300.00 300.00 1,450.00 23.02 0.014446-000 Locks and Keys 100.00 150.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,250.00 19.84 0.014448-000 Paint Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004452-000 Pest Control 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004454-000 Plumbing Supplies 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 1,500.00 23.81 0.024469-000 Countertop 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Elevator contract 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 9,000.00 142.86 0.094472-000 Appliance Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004475-000 Occupied Carpet Cleaning 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004484-000 Electrical Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004488-000 HVAC Repairs 75.00 200.00 200.00 200.00 200.00 200.00 500.00 500.00 500.00 500.00 500.00 200.00 3,775.00 59.92 0.044490-000 Miscellaneous Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004494-000 Pest Control service 225.00 225.00 225.00 225.00 225.00 225.00 225.00 225.00 225.00 225.00 225.00 225.00 2,700.00 42.86 0.034496-000 Plumbing 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 0.004503-000 Resident Retention 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004552-000 Grounds - Contract 0.00 0.00 500.00 0.00 0.00 500.00 0.00 0.00 500.00 0.00 0.00 500.00 2,000.00 31.75 0.024560-000 Grounds - Supplies 125.00 125.00 125.00 125.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 900.00 14.29 0.014572-000 Pool and Patio Supplies 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 1,800.00 28.57 0.024576-000 Pool Maintenance and Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004578-000 Pool Operating Contract 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Lease-Up Plan with expenditures & revenue continued4622-000 Security - Contract 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 0.004632-000 Alarm Monitoring 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 1,500.00 23.81 0.024695-000 TOTAL MAINTENANCE & REPAIR 2,510.00 2,535.00 2,985.00 2,300.00 2,225.00 2,725.00 2,525.00 2,575.00 3,175.00 4,425.00 2,775.00 2,975.00 33,730.00 535.40 0.354700-000 TURNOVER EXPENSES4701-000 Blind Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004702-000 Carpet Cleaning 1,000.00 1,000.00 1,000.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 4,800.00 76.19 0.054713-000 Contract Cleaning 1,500.00 1,500.00 1,500.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 7,200.00 114.29 0.074724-500 Painting/Turn Supplies 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 4,200.00 66.67 0.044724-000 Painting- Turnover/Contract 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004795-000 TOTAL TURNOVER EXPENSES 2,850.00 2,850.00 2,850.00 850.00 850.00 850.00 850.00 850.00 850.00 850.00 850.00 850.00 16,200.00 257.14 0.17 ope r a t i o n s 9
  • 12. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------4800-000 UTILITIES4802-000 Electricity - Common Area 1,700.00 2,150.00 2,150.00 2,450.00 2,250.00 1,850.00 1,850.00 1,850.00 1,850.00 1,850.00 1,850.00 1,850.00 23,650.00 375.40 0.244804-000 Electricity - Vacant Units 200.00 200.00 200.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,500.00 23.81 0.024812-000 Gas - Common Area 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 19,800.00 314.29 0.204814-000 Gas - Pool/Spa 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004817-000 Gas - Vacant Units 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004820-000 Sewer 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 12,600.00 200.00 0.134844-000 Waste Removal 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 6,600.00 104.76 0.074852-000 Water 650.00 650.00 650.00 700.00 750.00 850.00 850.00 850.00 850.00 850.00 850.00 850.00 9,350.00 148.41 0.104895-000 TOTAL UTILITIES 5,800.00 6,250.00 6,250.00 6,500.00 6,350.00 6,050.00 6,050.00 6,050.00 6,050.00 6,050.00 6,050.00 6,050.00 73,500.00 1,166.67 0.755000-000 TAXES & INSURANCE5004-100 Insurance - Liability 788.00 788.00 788.00 788.00 788.00 788.00 788.00 788.00 788.00 788.00 788.00 788.00 9,456.00 150.10 0.105006-000 Property Taxes 5,250.00 5,250.00 5,250.00 5,250.00 5,250.00 5,250.00 5,250.00 5,250.00 5,250.00 5,250.00 5,250.00 5,250.00 63,000.00 1,000.00 0.655018-000 Personal Property Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 750.00 0.00 750.00 11.90 0.015023-000 Taxes - Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.005199-1000 TOTAL TAXES & INSURANCE 6,038.00 6,038.00 6,038.00 6,038.00 6,038.00 6,038.00 6,038.00 6,038.00 6,038.00 6,038.00 6,788.00 6,038.00 73,206.00 1,162.00 0.755350-000 TOTAL OPERATING EXPENSES 33,107.53 33,062.53 30,812.53 28,377.53 28,502.53 28,352.53 28,652.53 28,202.53 28,802.53 30,052.53 29,402.53 28,662.53 355,990.39 5,650.64 3.665400-000 NET OPERATING INCOME -2,988.53 1,001.34 11,403.84 21,610.84 27,607.84 35,910.34 42,032.34 46,558.59 45,958.59 44,708.59 45,358.59 46,098.59 365,260.99 5,797.79 3.756511-000 REPLACEMENT RESERVES 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Lease-Up Plan with expenditures & revenue continued6503-000 Principal- Reduction 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.006504-000 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 0.004895-000 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 0.007100-000 OTHER MISCELLANEOUS EXPENSES7216-000 Replacement Reserve 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.007220-000 Replacement-Requested Lender 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL OTHER/MISCELLANEOUS 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 0.007500-000 NET CASH FLOW BEFORE CAPITAL EXPENSES -2,988.53 1,001.34 11,403.84 21,610.84 27,607.84 35,910.34 42,032.34 46,558.59 45,958.59 44,708.59 45,358.59 46,098.59 365,260.99 5,797.79 3.75 ope r a t i o n s 10
  • 13. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------8000-000 CAPITAL EXPENDITURES8010-000 Appliance Replacement 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 4,200.00 66.67 0.048010-175 Appliance - Disposal 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 600.00 9.52 0.018025-000 Bike Racks / Park Benches 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008090-000 Carpet Replacement 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 9,000.00 142.86 0.098140-000 Model rental / office 800.00 800.00 800.00 800.00 800.00 800.00 800.00 800.00 800.00 800.00 800.00 800.00 9,600.00 152.38 0.108170-000 Countertop Resurfacing 0.00 0.00 0.00 0.00 0.00 310.00 0.00 0.00 0.00 0.00 0.00 310.00 620.00 9.84 0.018175-000 Cabinets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008200-000 Doors/Hardware Knobs 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 600.00 9.52 0.018100-000 Clubhouse Restoration/carpet repair 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008210-000 Blind Replacement 3,000.00 3,000.00 3,000.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 10,350.00 164.29 0.118245-000 Electrical 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008260-000 Office Equipment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008260-300 Equipment Purchase 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008270-000 Exterior Upgrades 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008280-000 Fences 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008290-000 Furniture / Clubhouse 0.00 0.00 1,000.00 1,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,000.00 31.75 0.028320-000 HVAC / Water Heater Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008300-000 Garage / Carport 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008330-000 Interior Upgrades 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008350-000 Landscape Improvement 0.00 5,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,000.00 79.37 0.058370-000 Light Fixtures / Exterior 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008380-000 Ceiling Fans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008430-000 Exterior Paint 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008440-000 Parking Lot Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008460-000 Permanent Signage 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008480-000 Plumbing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Lease-Up Plan with expenditures & revenue continued8500-000 Pool / Spa 0.00 3,000.00 3,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,000.00 95.24 0.068550-000 Roofs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008585-000 Signs / Flagpoles 0.00 5,100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,100.00 80.95 0.058605-000 Vinyl/Tile Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008610-000 Washer / Dryer Purchase 0.00 0.00 800.00 0.00 0.00 800.00 0.00 0.00 800.00 0.00 0.00 800.00 3,200.00 50.79 0.038620-00 Window Replacements 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008650-000 TOTAL CAPITAL EXPENDITURES 5,000.00 18,100.00 9,800.00 3,150.00 2,150.00 3,260.00 2,150.00 2,150.00 2,950.00 2,150.00 2,150.00 3,260.00 56,270.00 893.17 893.179200-000 BALANCE SHEET ADJUSTMENTS9220-000 Principal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.008650-000 TOTAL BALANCE SHEET ADJUSTMENTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.009200-000 TOTAL NET INCOME -7,988.53 -17,098.66 1,603.84 18,460.84 25,457.84 32,650.34 39,882.34 44,408.59 43,008.59 42,558.59 43,208.59 42,838.59 308,990.99 4,904.62 3.17 Open AP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ope r a t i o n s 11
  • 14. p r ope r t y s u m m a r y 12Property Highlights & Amenitiesaddress 5150 Duke Ellington Way, Las Vegas, Nevada 89119Parcel Number 162-28-111-001 through 162-28-111-063Net Site Acres 1.61Net Development Density 39 units/acreConstruction Year 2008number of buildings 1total units 63rentable square feet 77,646average unit size 1,233 sq. ft.condo mapped YesParking Gated parking garage with approximately 144 parking spacesLocated in Flood Zone The subject property is not located within the 100-year flood zoneCommon area/ExteriorAmenities • Controlled access • 24 hour fitness center • Swimming pool & spa with cabanas and lounge chairs • Community clubhouse with full kitchen & wine cooler refrigerator • Balconies with views of the Las Vegas Strip & numerous Casinos • Walking distance to MGM, Mandalay, Excalibur, & more • Climate controlled interior hallwaysInterior Amenities • Travertine tile in entry, kitchen, living room and bathrooms • Upgraded carpet in bedrooms, closets and hall ways (per plan) • Gas forced air heating and electric central air conditioning • Tankless hot water heater system • Smoke detector (per code) • Walk-in closets (per plan) • Decorator coordinated light fixtures • 10 foot ceilings with recessed lighting (per plan) • Decorative door hardware • Designer European cherry cabinetry • Expansive dual pane, energy rated Low E windows • Granite countertops • Stainless steel appliances
  • 15. p r ope r t y s u m m a r y 13Property Highlights & Amenities continuedNearby Schools • Gene Ward Elementary School - Adequate • Helen C. Cannon Junior High School - Need Improvement • Del Sol High School - Need Improvement
  • 16. p r ope r t y s u m m a r y 14Las Vegas Valley Map GRAND TETON DR DECATUR BLVD JONES BLVD RAINBOW BLVD AL IA TENAYA WAY NT BUFFALO DR ELKHORN DR. E PK LAMB BLVD RANGE RD W Y DEER SPRINGS WAY 215 CENTENNIAL PKWY CENTENNIAL PKWY SP EE D O AD 95 W LOSEE RD AY SIMMONS ST OR D TROPICAL PARKWAY EL 5TH ST PECOS CAMINO DURANGO DR ANN RD 93 TENAYA WAY COMMERCE ST WASHBURN ALNORTE Nellis Air LONE MOUNTAIN RD LONE MOUNTAIN RD Force Base DECATUR BLVD BUFFALO DR O L R L KE N HE MI EA CA TC CRAIG RD CRAIG RD CRAIG RD MI Y W SIMMONS ST CLAYTON ST AEROJET WAY MARTIN L. KING BLVD ARCATA WALNUT TORREY PINES DR ALEXANDER RD HUALAPAI WAY JONES BLVD CAMPUS DR GOWAN RD GOWAN RD GOWAN RD VD RA BL 5TH ST S NC GA HO VE AS DR CHEYENNE AVE L CHEYENNE ALTO North LAMB BLVD RD TENAYA WAY Las Vegas CENTER DR EE NELLIS PECOS Airport S LO RAINBOW BLVD MARINER DEL WEBB SMOKE RANCH RD CAREY AVE CAREY DOLLY DR C LOS FELIZ JUDSON VI RADWICK CI HILLS CENTER LAKE MEAD 215 BUFFALO DR LAKE MEAD BLVD TONOPAH BLVD 15 LINN LANE CHRISTY VEGAS DR OWENS AVE RAMPART G E CE MONROE BENEDICT TEMPLE VIEW EASTERN AVE VIL A WASHINGTON AVE WASHINGTON AVE N TE R L HARRIS AVE C IR HOLLYWOOD BLVD R. SUMMERLIN PKWY BONANZA SD BONANZA LOS FELIZ DR ILL 95 WESTCLIFF DESERT FOOTH TER 93 LORENZI BONNIE LN ALTA STEWART AVE 95 CEN ANTELOPE MOJAVE ALTA DOWNTOWN MABEL RD N TOW RANCHO DR CHARLESTON BLVD CHARLESTON BLVD TREELINE DR PALM ST BUFFALO DR SLOAN LN OAKEY BLVD WILDCAT WY VALLEY VIEW BLVD OAKEY BLVD ST. LOUIS AVE D GRAND CANYON DR LR SAHARA AVE SAHARA AVE SAHARA AVE RIA JONES BLVD MOJAVE RD McLEOD DR HUALAPAI WAY ST LAMB BLVD MARYLAND PKWY DU CIMARRON RD IN TORREY PINES DR PENNWOOD AVE P FORT APACHE RD DESERT INN RD DESERT INN RD TRI SWENSON ST TENAYA WAY B O U THE S LD SPRING MOUNTAIN RD ER TWAIN AVE TWAIN AVE H KOVAL LN PARADISE RD ARVILLE ST IG VIKING RD H W AY JIM FLAMINGO RD FLAMINGO RD R ER D MY UNLV D RA SPENCER ST HARMON AVE McLEOD DR HARMON AVE NT U LAS VEGAS BLVD HARMON AVE NT E CE BL VD N TROPICANA AVE W TO VE TROPICANA AVE IA SANDHILL RD UR RENO AVE RENO AVE SO HACIENDA AVE MIS HACIENDA AVE GRAND CANYON DR 95 MOUNTAIN VISTA ST ANNIE OAKLEY DR RUSSELL RD RUSSELL RD RUSSELL RD DECATUR BLVD RUSSELL RD HUALAPAI WAY GALLERIA DR EASTERN AVE McCarran PATRICK LN INDUSTRIAL RD BUFFALO DR PATRICK LN International EY RANCH Airport SUNSET RD SUNSET RD SUNSET RD EVELYN AVE MERZE AVE PABCO RD PECOS RD WHITN PARADISE RD T KS S 215 TENAYA WAY MAR PUEBLO MAULE AVE FOSTER AVE FORT APACHE RD WARM SPRINGS RD WARM SPRINGS RD CENTER ST ARROYO GRANDE BLVD VALLE VERDE DR ROBINDALE RD ROBINDALE RD RAINBOW BLVD AMERICAN PACIFIC DR EASTERN AVE DURANGO DR STEPHANIE ST GIBSON RD WINDMILL LN WINDMILL LN PALO VERDE DR BERMUDA RD 15 E W AV AD AT RD RACETRACK RD ME ER R E C WIGWAM AVE LAK SI JO WIGWAM AVE VA ST N BA ALBANY WY WA MA MARYLAND PKWY G JONES BLVD EN EN PACIFIC AVE PEBBLE RD ST INDUSTRIAL RD PEBBLE RD Y KW BLUE DIAMOND RD 215 EY P SERENE AVE GREEN VALL HORIZON DR LAS VEGAS BLVD W Y Y RD PASEO VERDE PK COLLEGE DR T MOUNTAIN’S EDGE PKWY SOMERSE SILVERADO RANCH BLVD SO U GREENWA TH HO ERN H IG RIZ KWY HORIZON RIDGE P ON H CACTUS AVE LA RID N Y. SEV DS P WY KW EIGHTS GE H EP GE MISSION DR OS SUNRID EN PK K .R ST W HIL Y PARADISE HILLS LS Henderson ANTHEM PKWY Airport
  • 17. MGM Wide AerialNEW YORKNEW YORK TROPICANA AVE HOOTERS MOTEL 6 AMERICA’S TROPICANA BESTEXCALIBUR VALUE KOVAL LN DESERT INN TRAVELODGE ROSE RESORT LAS VEGAS BLVD DUKE ELLINGTON WY RENO AVE SITE SHRINE of RIBEIRO the MOST AIRPORT HOLY REDEEMER EXECUTIVE SUITES McCARRAN LUXOR QUAIL INTERNATIONAL GILES ST AIR AIRPORT CENTER MANDALAY BAY RD p r ope r t y s u m m a r y OASISMANDALAY APARTMENTS BAY 15
  • 18. Close aerial HOOTERS MOTEL 6 AMERICA’STROPICANA BEST VALUE KOVAL LN INN DUKE ELLINGTON WY DESERT ROSE TRAVELODGE RESORT McCARRAN RENO AVE SITE INTERNATIONAL AIRPORT RIBEIRO SHRINE of AIRPORT the MOST EXECUTIVE HOLY REDEEMER SUITES QUAIL GILES ST AIR p r ope r t y s u m m a r y CENTER 16
  • 19. p r ope r t y s u m m a r y 17site plan
  • 20. p r ope r t y s u m m a r y 18Assessor’s Parcel Map
  • 21. p r ope r t y s u m m a r y 19Soil Type Map
  • 22. p r ope r t y s u m m a r y 20eXTERIOR Photographs
  • 23. p r ope r t y s u m m a r y 21Sample Floor Plans CONDO A 1 BEDROOM KITCHEN BATHROOM DINING ROOM BEDROOM LIVING ROOM
  • 24. p r ope r t y s u m m a r y 22Sample Floor Plans continued CONDO B 2 BEDROOMS BATHROOM KITCHEN BATHROOM MASTER DINING ROOM MASTER BEDROOM 2 BEDROOM LIVING ROOM
  • 25. p r ope r t y s u m m a r y 23Sample Floor Plans continued CONDO C 2 BEDROOMS BATHROOM BEDROOM 2 LIVING DINING ROOM ROOM KITCHEN MASTER BEDROOM MASTER BATHROOM
  • 26. p r ope r t y s u m m a r y 24Sample Floor Plans continued CONDO D 2 BEDROOMS + Bonus Room MASTER BATHROOM BATHROOM MASTER BEDROOM KITCHEN DINING ROOM LIVING ROOM BEDROOM 2 BONUS ROOM
  • 27. p r ope r t y s u m m a r y 251, 3, & 5 mile Radius demographics FULL PROFILE 1990 - 2000 Census, 2009 Estimates with 2014 Projections Calculated using Proportional Block Groups Lat/Lon: 36.09815/-115.1663 5150 Duke Ellington Way 1 Mile 3 Miles 5 Miles las vegas, NV This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. 2009 Estimated Population 4,666 111,242 352,563 POPULATION 2014 Projected Population 6,003 125,915 391,076 2000 Census Population 5,788 110,782 325,763 1990 Census Population 6,498 87,632 248,691 Historical Annual Growth 1990 to 2009 -1.5% 1.4% 2.2% Projected Annual Growth 2014 to 2009 5.7% 2.6% 2.2% 2009 Est. Households 2,504 49,254 142,155 HOUSEHOLDS 2014 Proj. Households 2,873 53,798 152,408 2000 Census Households 2,958 50,079 135,659 1990 Census Households 3,617 44,391 110,625 Historical Annual Growth 1990 to 2009 -1.6% 0.6% 1.5% Projected Annual Growth 2014 to 2009 2.9% 1.8% 1.4% 2009 Est. Population 0 to 9 Years 9.7% 12.8% 12.5% 2009 Est. Population 10 to 19 Years 8.4% 11.2% 12.4% 2009 Est. Population 20 to 29 Years 14.1% 17.7% 14.2% 2009 Est. Population 30 to 44 Years 26.3% 23.0% 22.0% AGE 2009 Est. Population 45 to 59 Years 25.0% 18.5% 20.4% 2009 Est. Population 60 to 74 Years 11.9% 11.1% 12.4% 2009 Est. Population 75 Years Plus 4.6% 5.7% 6.1% 2009 Est. Median Age 39.4 34.5 36.9 2009 Est. Male Population 59.2% 53.8% 51.8% MARITAL STATUS 2009 Est. Female Population 40.8% 46.2% 48.2% & SEX 2009 Est. Never Married 39.0% 34.5% 28.6% 2009 Est. Now Married 26.7% 34.7% 42.7% 2009 Est. Separated or Divorced 28.8% 25.2% 22.3% 2009 Est. Widowed 5.5% 5.7% 6.4% 2009 Est. HH Income $200,000 or More 1.2% 1.5% 3.3% 2009 Est. HH Income $150,000 to $199,999 1.2% 1.4% 3.0% 2009 Est. HH Income $100,000 to $149,999 4.1% 5.9% 10.5% 2009 Est. HH Income $75,000 to $99,999 6.9% 8.1% 11.2% 2009 Est. HH Income $50,000 to $74,999 14.3% 18.5% 19.6% INCOME 2009 Est. HH Income $35,000 to $49,999 17.2% 19.1% 16.5% 2009 Est. HH Income $25,000 to $34,999 20.4% 15.8% 12.1% 2009 Est. HH Income $15,000 to $24,999 15.2% 14.6% 11.8% 2009 Est. HH Income $0 to $14,999 19.5% 15.3% 11.9% 2009 Est. Average Household Income $38,161 $46,148 $60,972 2009 Est. Median HH Income $32,481 $39,605 $51,346 2009 Est. Per Capita Income $20,494 $20,583 $24,953 2009 Est. Number of Businesses 757 13,695 31,415 2009 Est. Total Number of Employees 54,310 344,259 538,015 ©2010, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 3 Demographic Source: Applied Geographic Solutions 7/2009, TIGER Geography
  • 28. p r ope r t y s u m m a r y 261, 3, & 5 mile Radius demographics continued FULL PROFILE 1990 - 2000 Census, 2009 Estimates with 2014 Projections Calculated using Proportional Block Groups Lat/Lon: 36.09815/-115.1663 5150 Duke Ellington Way 1 Mile 3 Miles 5 Miles las vegas, NV This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. 2009 Est. White Population 68.3% 63.5% 69.5% 2009 Est. Black Population 9.8% 10.0% 7.7% RACE 2009 Est. Asian & Pacific Islander 9.0% 10.5% 9.1% 2009 Est. American Indian & Alaska Native 1.1% 1.0% 1.0% 2009 Est. Other Races Population 11.8% 15.1% 12.7% 2009 Est. Hispanic Population 1,434 44,972 119,358 HISPANIC 2009 Est. Hispanic Population Percent 30.7% 40.4% 33.9% 2014 Proj. Hispanic Population Percent 37.8% 43.5% 37.2% 2000 Hispanic Population Percent 2009 Est. Adult Population (25 Years or Older) 3,516 74,577 239,676 (Adults 25 or Older) 2009 Est. Elementary (0 to 8) 10.0% 10.9% 9.1% EDUCATION 2009 Est. Some High School (9 to 11) 12.8% 12.2% 11.0% 2009 Est. High School Graduate (12) 39.2% 33.4% 32.1% 2009 Est. Some College (13 to 16) 16.2% 18.9% 20.4% 2009 Est. Associate Degree Only 6.8% 6.1% 6.5% 2009 Est. Bachelor Degree Only 10.8% 12.3% 13.5% 2009 Est. Graduate Degree 4.2% 6.1% 7.3% 2009 Est. Total Housing Units 3,320 60,108 168,325 HOUSING 2009 Est. Owner Occupied Percent 11.8% 14.9% 31.8% 2009 Est. Renter Occupied Percent 63.6% 67.0% 52.7% 2009 Est. Vacant Housing Percent 24.6% 18.1% 15.5% HOMES BUILT BY YEAR 2000 Homes Built 1999 to 2000 0.5% 1.5% 1.7% 2000 Homes Built 1995 to 1998 1.2% 6.3% 9.9% 2000 Homes Built 1990 to 1994 6.7% 11.7% 13.4% 2000 Homes Built 1980 to 1989 30.4% 28.0% 24.9% 2000 Homes Built 1970 to 1979 37.4% 33.1% 29.3% 2000 Homes Built 1960 to 1969 17.0% 13.8% 13.1% 2000 Homes Built 1950 to 1959 5.6% 4.3% 5.6% 2000 Homes Built Before 1949 1.1% 1.2% 2.1% 2000 Home Value $1,000,000 or More - 0.4% 0.5% 2000 Home Value $500,000 to $999,999 - 0.6% 1.2% 2000 Home Value $400,000 to $499,999 0.6% 0.6% 1.1% 2000 Home Value $300,000 to $399,999 2.5% 2.7% 3.0% HOME VALUES 2000 Home Value $200,000 to $299,999 8.7% 10.1% 10.4% 2000 Home Value $150,000 to $199,999 3.6% 16.5% 19.7% 2000 Home Value $100,000 to $149,999 36.5% 42.2% 46.7% 2000 Home Value $50,000 to $99,999 46.6% 25.8% 16.8% 2000 Home Value $25,000 to $49,999 1.4% 0.7% 0.3% 2000 Home Value $0 to $24,999 - 0.3% 0.2% 2000 Median Home Value $113,581 $137,620 $148,230 2000 Median Rent $573 $604 $653 ©2010, Sites USA, Chandler, Arizona, 480-491-1112 page 2 of 3 Demographic Source: Applied Geographic Solutions 7/2009, TIGER Geography
  • 29. p r ope r t y s u m m a r y 271, 3, & 5 mile Radius demographics continued FULL PROFILE 1990 - 2000 Census, 2009 Estimates with 2014 Projections Calculated using Proportional Block Groups Lat/Lon: 36.09815/-115.1663 5150 Duke Ellington Way 1 Mile 3 Miles 5 Miles las vegas, NV This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. 2009 Est. Labor: Population Age 16+ 3,988 90,495 283,399 2009 Est. Civilian Employed 59.7% 60.5% 60.1% LABOR FORCE 2009 Est. Civilian Unemployed 13.4% 9.2% 7.7% 2009 Est. in Armed Forces 0.1% 0.2% 0.2% 2009 Est. not in Labor Force 26.8% 30.1% 31.9% 2009 Labor Force: Males 60.8% 54.5% 52.1% 2009 Labor Force: Females 39.2% 45.5% 47.9% 2000 Occupation: Population Age 16+ 2,998 55,778 160,509 2000 Mgmt, Business, & Financial Operations 7.4% 7.1% 9.7% 2000 Professional & Related 6.4% 9.1% 11.7% OCCUPATION 2000 Service 42.3% 37.2% 31.6% 2000 Sales and Office 21.1% 25.7% 27.5% 2000 Farming, Fishing, and Forestry - 0.1% 0.1% 2000 Construction, Extraction, & Maintenance 12.7% 10.0% 9.6% 2000 Production, Transport, & Material Moving 10.1% 10.9% 9.8% 2000 Percent White Collar Workers 34.9% 41.9% 48.9% 2000 Percent Blue Collar Workers 65.1% 58.1% 51.1% 2000 Drive to Work Alone 48.7% 59.4% 69.2% TRANSPORTATION 2000 Drive to Work in Carpool 20.2% 16.4% 14.9% TO WORK 2000 Travel to Work by Public Transportation 11.0% 11.8% 7.5% 2000 Drive to Work on Motorcycle 0.8% 0.4% 0.3% 2000 Walk or Bicycle to Work 16.9% 9.4% 5.3% 2000 Other Means 1.2% 0.9% 0.7% 2000 Work at Home 1.2% 1.8% 2.1% 2000 Travel to Work in 14 Minutes or Less 40.3% 31.3% 28.9% TRAVEL TIME 2000 Travel to Work in 15 to 29 Minutes 38.8% 43.7% 48.4% 2000 Travel to Work in 30 to 59 Minutes 16.6% 19.3% 18.1% 2000 Travel to Work in 60 Minutes or More 4.3% 5.7% 4.6% 2000 Average Travel Time to Work 18.7 21.3 20.7 2009 Est. Total Household Expenditure $92.1 M $2.04 B $7.05 B 2009 Est. Apparel $4.39 M $97.5 M $338 M CONSUMER EXPENDITURE 2009 Est. Contributions & Gifts $5.40 M $120 M $443 M 2009 Est. Education & Reading $2.40 M $53.0 M $193 M 2009 Est. Entertainment $5.02 M $112 M $392 M 2009 Est. Food, Beverages & Tobacco $15.3 M $336 M $1.13 B 2009 Est. Furnishings & Equipment $3.80 M $85.5 M $307 M 2009 Est. Health Care & Insurance $6.97 M $151 M $508 M 2009 Est. Household Operations & Shelter & Utilities $27.6 M $609 M $2.11 B 2009 Est. Miscellaneous Expenses $1.64 M $35.6 M $119 M 2009 Est. Personal Care $1.36 M $30.0 M $103 M 2009 Est. Transportation $18.2 M $407 M $1.41 B ©2010, Sites USA, Chandler, Arizona, 480-491-1112 page 3 of 3 Demographic Source: Applied Geographic Solutions 7/2009, TIGER Geography
  • 30. p r ope r t y s u m m a r y 28Business summary report BUSINESS SUMMARY PROFILE 1990 - 2000 Census, 2009 Estimates with 2014 Projections Calculated using Proportional Block Groups Lat/Lon: 36.09815/-115.1663 5150 Duke Ellington Way 1 Mile 3 Miles 5 Miles las vegas, NV This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. Total Businesses / Total Employees 757/54,310 13,695/344,259 31,415/538,015 Retail Trade 387/8,513 3,513/71,968 6,792/110,561 Home Improvement Stores 4 / 49 187 / 2,647 311 / 3,915 General Merchandise Stores 7 / 286 90 / 3,957 166 / 6,609 Food Stores 15 / 137 236 / 2,774 541 / 7,260 Auto Dealers & Gas Stations 11 / 92 178 / 1,268 448 / 6,907 Apparel & Accessory Stores 69 / 715 556 / 7,089 874 / 9,054 Furniture & Home Furnishings 8 / 72 334 / 3,275 737 / 6,285 Eating & Drinking Places 172 / 6,363 1,046 / 43,877 1,892 / 56,328 Miscellaneous Retail Stores 102 / 798 886 / 7,081 1,823 / 14,204 Finance - Insurance - Real Estate 30/385 1,753/13,269 4,315/33,727 Banks, Savings & Lending Institutions 9 / 72 956 / 6,185 2,019 / 16,337 Insurance Carriers & Agencies 1 /7 179 / 946 705 / 3,699 Real Estate - Trust - Holding Companies 20 / 307 618 / 6,138 1,590 / 13,691 Services 199/42,409 4,699/188,451 12,900/272,333 Hotels & Lodging 27 / 20,238 149 / 76,532 226 / 84,198 Personal Services 56 / 3,030 1,123 / 11,160 2,604 / 19,178 Professional Services 12 / 97 692 / 9,446 1,797 / 18,099 Business Services 27 / 263 1,060 / 15,856 2,423 / 27,994 Motion Picture & Amusement 47 / 18,479 540 / 61,352 984 / 66,073 Health Services 21 / 161 615 / 7,904 2,619 / 33,923 Legal Services 1 /4 240 / 1,666 1,165 / 6,600 Education Services - /3 37 / 2,144 147 / 7,587 Social Services 2 / 100 105 / 1,262 452 / 5,448 Other Services 6 / 34 139 / 1,129 482 / 3,232 Agriculture 1/51 98/2,642 289/4,360 Mining -/2 13/94 30/263 Construction 30/695 998/22,183 1,823/33,024 Manufacturing 10/167 494/8,673 877/16,556 Transportation, Communications & Utilities 33/1,566 535/20,238 1,063/35,036 Wholesale Trade 25/308 866/12,050 1,575/19,960 Government 3/59 65/1,684 278/6,632 Nonclassifiable 37/151 610/2,462 1,320/4,445 ©2010, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 7/2009, TIGER Geography
  • 31. the market 29Las Vegas Market overview Las Vegas Multi Housing Average Sales Price Per Unit* as lenders take back more apartment buildings, there will be Year-End (In Thousands) tremendous opportunities in the year ahead. $120 $80 For the past two years, apartment common approach used for determining transactions in Las Vegas have slowed the value of an apartment property. In $40 almost to a halt. The average net recent years, a building would sell at a operating income of apartments has low cap rate due to the expectation of $0 01 03 05 07 09P 10F steadily dropped. Average rental rates future rent growth or condo conversion. *Over 50 Units Source: Real Capital Analytics, Grubb & Ellis|Las Vegas per unit have declined 20 to 30 percent In 2009, that same analysis resulted in and concessions are commonly between a potential purchase price so low that 6 and 8 percent of the scheduled gross investors often would ignore the cap income. Vacancy towards the end of rate and chose to buy on a “per pound” 2009 averaged between 10 percent in basis, which is more reflective of the Class A apartments to over 20 percent actual replacement cost of the project. It in Class C apartments. As these trends is likely that many buyers will continue became common, more owners were to value buildings using the price per unable to meet their current debt unit, rather than the assumed cap rate, service demands. as it has become a more realistic means of determining value given the current Newly decreased net operating incomes market conditions. have frequently made property values worth less than their underlying debt. The main challenge in 2010 will be This has been especially prevalent obtaining financing. Since Nevada has among those properties purchased so many foreclosures, the highest in the since 2006. When an owner/borrower nation, obtaining a FNMA or Freddie no longer has any equity in the property, Mac loan is more difficult. In the third is incapable of servicing the debt, or quarter of 2009, most underwriters is incapable of refinancing, the prop- requested three months of stable occu- erty becomes a troubled asset and is pancy of at least 90 percent. Typically, appointed into receivership or foreclosed the deals that have been getting done upon. In the last half of 2009, lenders have had some form of lender provided typically foreclosed on properties and financing. Consequently, it has become put them back on the market for sale more sensible to modify and assume with their original financing in place as an existing loan than shop around for a an assumable loan. new one. Creative negotiations between potential buyers and existing lenders As lenders take back more properties, will be necessary for a substantial there will be tremendous opportunities amount of transactions to close in the in the year ahead. Cap rate analysis is a year ahead. Key Investment Transactions 2009 Sale Price Buyer Seller Property Name Units (millions) Leo Zuckerman RW Selby Summerlin Entrada 352 $15.6 Goodrich Capital Sunvest Communities Pinehurst 193 $12.3 Undisclosed Undisclosed Desert Sky 170 $17.5 BPL Management Philip Donia Wood Creek Villas 75 $7.5 Source: Pierce-Eislen, Inc. 8 | Las Vegas © 2009 Grubb & Ellis Company
  • 32. the market 30Las Vegas Market overview continuedState of the Local economyThe leisure and hospitality industries account for approximately 30% of the employment in the Las Vegas Valley. Asreported by the Nevada Department of Employment, Training & Rehabilitation’s June 2010 press release, leisure &hospitality jobs have only decreased by 1.5% compared to the prior year. Despite that fact, the majority of the com-ponent of the CityCenter project have been completed adding thousands of jobs in an attempt to offset the 14%unemployment rate. Upon completion of the Cosmopolitan hotel in December, there will be an additional 5,000new job openings.While there remains much doom and gloom regarding the Las Vegas economy, the April issue of the Applied Analy-sis Gaming Index reports gaming operators and equipment manufacturers had published an increased investordemand and stock valuation as first quarter earnings reports are released and reports of easing national economicconcerns. Although gaming revenue is down from a peak of $1 billion, revenue has stabilized at $850 million/month.According to monthly tourism indicator published by Las Vegas Convention and Visitors Authority, tourism levelsremain on a steady, but slight, increase in 2010. Las Vegas hosted more than 3.1 million visitors in June, an increaseof 4.3% compared to last year. Monthly visitor volume has surpassed or matched prior year levels since September2009.As demonstrated by the current economic situation, there is a need to diversify the state’s economic base & reducethe dependence upon revenue from sales tax & gaming. The Nevada Commission on Economic Development hasbeen working relentlessly to attract many new businesses, both traditional and green, to the area. These efforts willbring big business and employees to the Las Vegas Valley, thus increasing the population and demand for housing.According to REIS, the population should continue growing and is projected to increase by 1.8% in 2011.State of the Multi Housing MarketAt the mid-year point, evidence of a recovery in the investment markets is visible. Nationally, sales volume continuesto increase as well as broad improvements in prices while cap rates are beginning to fall across all property types.Unfortunately, markets throughout the West have only seen modest gains in both volume and price appreciation.As investor concerns of a double dip recession fade, significant commercial property sales climbed to $9.7 billion inJune; this is the highest recorded level since September 2008. The total sales volume for the second quarter reached$20.6 billion, an increase of 32% from the first quarter and an 86% increase from levels a year ago. Although thenumber of transactions when reviewed on a year-over-year increase just totaled 6%, the increase in deal size is astrong indicator of a stronger marketplace.Such is the case locally, as recent market trends and transactions demonstrate. Investors believe the market hasbottomed out and are becoming much more active. Generally, the local market is gaining momentum especially inthe B+ or better market segment. Last year, a total of 7 apartments closed; this year it is expected that number willbe somewhere near 20.In December of 2009, we sold two A-grade apartment units; Tierra Ridge for $62,000/unit and Tierra Villas for$65,000/unit. In all, we received 43 offers on these listings. Just this month we closed a transaction for SpinnakerVillage. This A-grade townhome development sold for $93,000/unit and received 23 offers.Although recent, local multi housing construction has been limited to condo developments on the Strip, by yearend there will be 1,963 new market rate apartments. These completed units will account for the last of the planneddevelopments. Current Valley-wide vacancy remains at 11.5%, but that rate is still heavily skewed to the C gradeproduct. A grade apartments are renting and seem to be an exception to the Valley vacancy rate. In fact, rental rateshave decreased by 5%, although absorption remains positive. A grade rental rates are averaging $0.90/SF off Stripand $1.00-$1.10/SF for a mid-rise condo rental near the Strip.
  • 33. LVCVA EXECUTIVE SUMMARY of Las Vegas, Laughlin and Mesquite, NV Tourism Indicators June June YTD 2009 2010 Change 2009 2010 Change Visitor Volume 2,980,122 3,106,965 4.3% 18,177,689 18,528,206 1.9% Room Inventory (as of Jun 30) 141,030 148,524 5.3% 141,030 148,524 5.3% Citywide Occupancy 82.2% 82.1% -0.1 82.7% 80.3% -2.4 Hotel Occupancy 86.5% 86.4% -0.1 86.5% 83.7% -2.8 Motel Occupancy 46.9% 43.1% -3.8 51.7% 49.8% -2.0 LAS VEGAS Weekend Occupancy 89.9% 89.7% -0.2 90.0% 88.8% -1.2 Midweek Occupancy 79.4% 79.3% -0.1 79.5% 76.4% -3.1 Average Daily Room Rate $84.50 $89.54 6.0% $95.39 r $95.83 0.5% Total Room Nights Occupied 3,476,544 3,642,610 4.8% 21,076,443 21,509,428 2.1% Convention Attendance 355,436 351,731 -1.0% 2,680,217 2,569,101 -4.1% Conventions & Meetings Held 1,567 1,414 -9.8% 9,957 9,394 -5.7% Total En/Deplaned Air Passengers 3,436,939 3,400,550 -1.1% 20,224,090 r 19,613,828 -3.0% Avg. Daily Auto Traffic: All Major Highways 90,045 94,374 e 4.8% 82,609 84,981 2.9% Avg. Daily Auto Traffic: I-15 at NV/CA Border 41,912 43,587 4.0% 37,882 38,687 2.1% Las Vegas Convention & Visitors Authority visitor Stats Gaming Revenue: Clark County $687,583,000 r $640,096,000 -6.9% $4,448,722,000 r $4,416,387,000 -0.7% Gaming Revenue: Las Vegas Strip $414,543,000 r $382,959,000 -7.6% $2,730,635,000 r $2,800,508,000 2.6% Gaming Revenue: Downtown $45,554,000 $40,237,000 -11.7% $273,230,000 $254,201,000 -7.0% Gaming Revenue: Boulder Strip $68,009,000 r $61,993,000 -8.8% $412,678,000 r $393,464,000 -4.7%NOTES & HIGHLIGHTS: Las Vegas hosted more than 3.1 million visitors in June, an increase of 4.3% compared to last year. Monthly visitor volume has surpassed or matched prior year levels since September 2009. the market At 82.1% citywide occupancy for Las Vegas was down 0.1 percentage points compared to last June which is the smallest year-over- year decline in 2010. Year-to-date citywide occupancy (80.3%) continues to be significantly higher than the U.S. national average (56.4%) reported by Smith Travel Research. ADR continued to show signs of stabilizing and was approximately $90 for the month, up 6% from June 2009.Sources: Las Vegas Convention and Visitors Authority; McCarran International Airport; Nevada Department of Transportation (NDOT); Nevada Gaming Control Board r-revised; e-estimate as partial NDOT data unavailable for June. LVCVA.com Page 1 of 2 31
  • 34. Search Criteria Page: 1Search Name: Boca Raton LeasedDate: 16-Aug-2010 12:26:50 PMSearch Criteria Field Operator Criteria Boca RatonStatus Equals L lease compsSubdivision Name Contains palm beach resortActual Close Date Between 1/1/2010 - 8/16/2010Search Statistics: 19 Listings19 Leased Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 2 3 1,512 $2,000 $1.47 $1,847 $1.40 100% 165Low 1 1 586 $800 $0.96 $800 $0.96 79% 5Average 1 2 1,006 $1,194 $1.20 $1,118 $1.13 94% 55Median 2 2 899 $1,150 $1.16 $1,100 $1.15 96% 38Listing Report: Leased grid# ML # Area Status Address Unit # Beds Baths Total F.Bths SqFt List Price Rented Price ActClosDate DOM1 1057385 303 L 2455 W SERENE AV 750 2 2 2 1187 1,200 1,200 08/12/2010 352 1056135 303 L 2405 W SERENE AV 744 1 1 1 586 800 800 08/06/2010 353 1044196 303 L 2455 W SERENE AV 217 1 1 2 1137 1,125 1,115 07/12/2010 384 1003760 303 L 2405 W SERENE AV 730 2 2 2 784 900 900 07/03/2010 1485 1000858 303 L 2405 W SERENE AV 727 2 2 2 899 1,150 1,000 06/02/2010 1656 982044 303 L 2405 W SERENE AV 522 2 1 2 784 1,150 1,100 05/18/2010 567 1000844 303 L 2455 W SERENE AV 715 2 2 2 1196 1,525 1,200 05/07/2010 1428 1021698 303 L 2455 W SERENE AV 521 2 1 2 899 1,150 1,062 05/04/2010 599 1028718 303 L 2455 W SERENE AV 615 2 2 2 1196 1,150 1,150 04/19/2010 1910 1016443 303 L 2455 W SERENE AV 640 1 1 2 740 1,000 924 04/15/2010 5711 1025692 303 L 2405 W SERENE AV 843 2 1 3 1196 1,300 1,250 04/02/2010 1412 1015602 303 L 2455 W SERENE AV 715 2 1 2 1196 1,199 1,199 04/02/2010 4813 1021706 303 L 2405 W SERENE AV 201 2 1 3 1461 1,700 1,570 03/19/2010 1314 1015609 303 L 2405 W SERENE AV 501 2 2 2 1512 2,000 1,847 03/13/2010 28 the market 15 1010095 303 L 2455 W SERENE AV 835 2 2 3 1196 1,700 1,385 03/04/2010 3716 986811 303 L 2455 W SERENE AV 718 1 1 2 784 995 900 02/09/2010 9317 1010760 303 L 2455 W SERENE AV 742 1 1 2 740 850 850 02/05/2010 518 1001262 303 L 2405 W SERENE AV 620 1 0 2 899 950 950 01/21/2010 3119 997918 303 L 2455 W SERENE AV 742 1 1 2 740 850 850 01/18/2010 39 32 16-Aug-2010
  • 35. Page: 1 JuhlSearch CriteriaSearch Name: Juhl LeasedDate: 16-Aug-2010 12:45:13 PMSearch Criteria Field Operator CriteriaStatus Equals LSubdivision Name Contains juhlActual Close Date Between 1/1/2010 - 8/16/2010Search Statistics: 9 Listings lease comps continued9 Leased Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 1 2 1,332 $1,875 $1.70 $1,550 $1.70 100% 164Low 0 1 620 $850 $1.16 $850 $1.13 80% 12Average 0 1 864 $1,218 $1.43 $1,149 $1.36 95% 85Median 1 1 788 $1,195 $1.41 $1,095 $1.36 100% 81Listing Report: Leased grid# ML # Area Status Address Unit # Beds Baths Total F.Bths SqFt List Price Rented Price ActClosDate DOM1 1063601 201 L 353 E BONNEVILLE AV 912 1 2 2 1332 1,550 1,550 08/08/2010 122 1041972 201 L 353 E BONNEVILLE AV 808 0 1 1 620 875 875 07/05/2010 153 1030654 201 L 353 E BONNEVILLE AV 541 1 1 1 808 1,195 1,095 05/08/2010 304 987919 201 L 353 E BONNEVILLE AV 401 1 1 1 687 850 850 04/21/2010 1645 1005315 201 L 353 E BONNEVILLE AV 912 1 2 2 1332 1,875 1,500 03/31/2010 816 984011 201 L 353 E BONNEVILLE AV 753 1 1 1 780 1,325 1,325 03/18/2010 1507 973391 201 L 353 E BONNEVILLE AV 624 1 1 1 809 1,075 1,000 02/25/2010 1608 995946 201 L 353 E BONNEVILLE AV 527 1 1 1 628 1,025 950 02/01/2010 639 973419 201 L 353 E BONNEVILLE AV 1101 1 1 1 788 1,200 1,200 01/01/2010 92 the market 33 16-Aug-2010
  • 36. Search Criteria Page: 1Search Name: MGM Signature LeasedDate: 16-Aug-2010 01:30:34 PM MeridianSearch Criteria Field Operator CriteriaStatus Equals LSubdivision Name Contains meridian at hughes centerActual Close Date Between 1/1/2010 - 8/16/2010Search Statistics: 121 Listings lease comps continued121 Leased Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 2 2 1,294 $2,000 $800.00 $2,000 $700.00 182% 337Low 0 1 1 $695 $0.92 $650 $0.92 76% 1Average 1 1 854 $1,370 $8.22 $1,373 $7.40 100% 65Median 2 2 974 $1,495 $1.58 $1,450 $1.59 100% 48Listing Report: Leased grid# ML # Area Status Address Unit # Beds Baths Total F.Bths SqFt List Price Rented Price ActClosDate DOM1 1044355 301 L 230 E FLAMINGO RD 137 2 1 2 1294 2,000 1,800 08/13/2010 812 1039276 301 L 230 E FLAMINGO RD 312 2 1 2 974 1,650 1,550 08/11/2010 973 1029865 301 L 220 E FLAMINGO RD 135 1 1 1 727 1,300 1,300 08/11/2010 1284 1032241 301 L 270 E FLAMINGO RD 309 1 1 1 692 1,500 1,500 08/09/2010 1185 1046447 301 L 270 E FLAMINGO RD 415 2 1 2 974 1,800 1,800 08/06/2010 666 1019064 301 L 210 E FLAMINGO RD 312 2 2 2 974 1,650 1,650 08/06/2010 1617 1038274 301 L 210 E FLAMINGO RD 233 2 2 2 974 1,495 1,495 08/01/2010 898 1048150 301 L 260 E FLAMINGO RD 435 1 1 1 727 1,500 1,350 07/23/2010 419 1050667 301 L 270 E FLAMINGO RD 306 2 2 2 1062 1,400 1,400 07/12/2010 2710 1016739 301 L 260 E FLAMINGO RD 337 2 2 2 1294 1,750 1,750 07/08/2010 14111 1039031 301 L 270 E FLAMINGO RD 202 1 1 1 692 900 900 07/07/2010 6212 1041586 301 L 220 E FLAMINGO RD 403 1 1 1 727 1,500 1,500 07/02/2010 4913 1047935 301 L 270 E FLAMINGO RD 108 1 1 1 692 1,100 2,000 07/01/2010 2514 1032178 301 L 270 E FLAMINGO RD 101 2 2 2 1294 1,400 1,400 06/30/2010 7815 1043002 301 L 230 E. FLAMINGO 304 2 2 2 974 1,350 1,495 06/22/2010 34 the market 16 1044465 301 L 270 E FLAMINGO RD 114 2 2 2 974 1,350 1,349 06/22/2010 2817 1048427 301 L 270 E FLAMINGO RD 326 2 1 2 974 1,200 1,100 06/21/2010 1118 951705 301 L 270 E FLAMINGO RD 418 1 1 1 692 950 850 06/16/2010 33719 1027438 301 L 270 E FLAMINGO RD 426 2 1 2 974 1,200 1,100 06/15/2010 7720 935951 301 L 210 E FLAMINGO RD 414 2 2 2 974 1,495 2,000 06/10/2010 33721 1046710 301 L 260 E FLAMINGO RD 434 2 2 2 974 2,000 2,000 06/09/2010 7 34 16-Aug-2010
  • 37. Page: 2# ML # Area Status Address Unit # Beds F.Bths Baths Total SqFt List Price Rented Price ActClosDate DOM22 1029492 301 L 260 E FLAMINGO RD 210 1 1 1 530 750 750 06/03/2010 12 Meridian23 1043185 301 L 270 E FLAMINGO RD 415 2 1 2 974 2,000 2,000 06/01/2010 724 1034403 301 L 220 E FLAMINGO RD 235 1 1 1 727 1,500 1,500 06/01/2010 3625 1037408 301 L 220 E FLAMINGO RD 330 1 1 1 692 1,500 1,500 06/01/2010 2626 1038150 301 L 270 E FLAMINGO RD 207 1 1 1 530 1,500 1,500 06/01/2010 2427 1042446 301 L 270 E FLAMINGO RD 412 2 1 2 974 1,800 1,800 05/28/2010 9 lease comps continued28 1042774 301 L 230 E FLAMINGO RD 218 1 1 1 692 1,700 1,700 05/28/2010 729 1014829 301 L 260 E FLAMINGO RD 415 2 1 2 974 1,295 1,295 05/28/2010 11430 1031308 301 L 210 E FLAMINGO RD 125 2 2 2 974 1,700 1,700 05/26/2010 4731 1022997 301 L 270 E FLAMINGO RD 307 1 1 1 530 1,195 1,195 05/26/2010 7432 1041826 301 L 230 E FLAMINGO RD 105 2 2 2 974 1,100 1,000 05/26/2010 1233 1042528 301 L 230 E FLAMINGO RD 321 2 1 2 1035 1,800 1,800 05/25/2010 734 1008577 301 L 230 E FLAMINGO RD 137 2 1 2 1294 2,000 2,000 05/24/2010 12435 993556 301 L 270 E FLAMINGO RD 232 2 1 2 1062 1,800 1,800 05/24/2010 18636 1012475 301 L 230 E FLAMINGO RD 225 2 1 2 974 1,800 1,800 05/24/2010 11037 1009259 301 L 260 E FLAMINGO RD 125 2 2 2 974 900 900 05/21/2010 11538 1032098 301 L 270 E FLAMINGO RD 217 2 2 2 1035 2,000 2,000 05/20/2010 3739 1029095 301 L 270 E FLAMINGO RD 415 2 1 2 974 2,000 2,000 05/20/2010 4840 1032034 301 L 230 E FLAMINGO RD 217 2 2 2 1035 1,800 1,800 05/20/2010 3741 1028823 301 L 230 E FLAMINGO RD 218 1 1 1 692 1,700 1,700 05/19/2010 4842 952355 301 L 270 E FLAMINGO RD 336 1 1 1 692 1,000 1,000 05/18/2010 4643 999059 301 L 270 E FLAMINGO RD 102 1 1 1 692 750 750 05/17/2010 15244 1028911 301 L 270 E FLAMINGO RD 134 2 2 2 974 1,700 1,700 05/14/2010 5645 1034109 301 L 220 E FLAMINGO RD 412 2 1 2 974 1,150 1,125 05/13/2010 2246 1013317 301 L 220 E FLAMINGO RD 222 1 1 1 727 900 850 05/11/2010 9547 988251 301 L 270 E FLAMINGO RD 215 2 2 2 974 1,499 1,500 05/10/2010 15348 1036285 301 L 260 E FLAMINGO RD 307 1 1 1 530 1,100 1,100 05/06/2010 549 1030410 301 L 210 E FLAMINGO RD 230 1 1 2 692 695 695 05/06/2010 24 the market 50 1003091 301 L 210 E FLAMINGO RD 213 2 2 2 974 995 900 05/04/2010 11851 1033075 301 L 260 E FLAMINGO RD 321 2 2 2 1035 1,495 1,495 04/30/2010 1452 1017110 301 L 260 E FLAMINGO RD 110 1 1 1 530 695 650 04/30/2010 7053 1021501 301 L 270 E FLAMINGO RD 227 2 2 2 1062 1,395 1,395 04/29/2010 3554 1006001 301 L 260 E FLAMINGO RD 436 1 1 1 692 995 900 04/26/2010 10455 1016756 301 L 230 E FLAMINGO RD 219 1 1 1 727 890 875 04/26/2010 6856 1029686 301 L 220 E FLAMINGO RD 403 1 1 1 727 1,500 1,500 04/25/2010 20 35 16-Aug-2010
  • 38. Page: 2# ML # Area Status Address Unit # Beds F.Bths Baths Total SqFt List Price Rented Price ActClosDate DOM22 1029492 301 L 260 E FLAMINGO RD 210 1 1 1 530 750 750 06/03/2010 12 Meridian23 1043185 301 L 270 E FLAMINGO RD 415 2 1 2 974 2,000 2,000 06/01/2010 724 1034403 301 L 220 E FLAMINGO RD 235 1 1 1 727 1,500 1,500 06/01/2010 3625 1037408 301 L 220 E FLAMINGO RD 330 1 1 1 692 1,500 1,500 06/01/2010 2626 1038150 301 L 270 E FLAMINGO RD 207 1 1 1 530 1,500 1,500 06/01/2010 2427 1042446 301 L 270 E FLAMINGO RD 412 2 1 2 974 1,800 1,800 05/28/2010 9 lease comps continued28 1042774 301 L 230 E FLAMINGO RD 218 1 1 1 692 1,700 1,700 05/28/2010 729 1014829 301 L 260 E FLAMINGO RD 415 2 1 2 974 1,295 1,295 05/28/2010 11430 1031308 301 L 210 E FLAMINGO RD 125 2 2 2 974 1,700 1,700 05/26/2010 4731 1022997 301 L 270 E FLAMINGO RD 307 1 1 1 530 1,195 1,195 05/26/2010 7432 1041826 301 L 230 E FLAMINGO RD 105 2 2 2 974 1,100 1,000 05/26/2010 1233 1042528 301 L 230 E FLAMINGO RD 321 2 1 2 1035 1,800 1,800 05/25/2010 734 1008577 301 L 230 E FLAMINGO RD 137 2 1 2 1294 2,000 2,000 05/24/2010 12435 993556 301 L 270 E FLAMINGO RD 232 2 1 2 1062 1,800 1,800 05/24/2010 18636 1012475 301 L 230 E FLAMINGO RD 225 2 1 2 974 1,800 1,800 05/24/2010 11037 1009259 301 L 260 E FLAMINGO RD 125 2 2 2 974 900 900 05/21/2010 11538 1032098 301 L 270 E FLAMINGO RD 217 2 2 2 1035 2,000 2,000 05/20/2010 3739 1029095 301 L 270 E FLAMINGO RD 415 2 1 2 974 2,000 2,000 05/20/2010 4840 1032034 301 L 230 E FLAMINGO RD 217 2 2 2 1035 1,800 1,800 05/20/2010 3741 1028823 301 L 230 E FLAMINGO RD 218 1 1 1 692 1,700 1,700 05/19/2010 4842 952355 301 L 270 E FLAMINGO RD 336 1 1 1 692 1,000 1,000 05/18/2010 4643 999059 301 L 270 E FLAMINGO RD 102 1 1 1 692 750 750 05/17/2010 15244 1028911 301 L 270 E FLAMINGO RD 134 2 2 2 974 1,700 1,700 05/14/2010 5645 1034109 301 L 220 E FLAMINGO RD 412 2 1 2 974 1,150 1,125 05/13/2010 2246 1013317 301 L 220 E FLAMINGO RD 222 1 1 1 727 900 850 05/11/2010 9547 988251 301 L 270 E FLAMINGO RD 215 2 2 2 974 1,499 1,500 05/10/2010 15348 1036285 301 L 260 E FLAMINGO RD 307 1 1 1 530 1,100 1,100 05/06/2010 549 1030410 301 L 210 E FLAMINGO RD 230 1 1 2 692 695 695 05/06/2010 24 the market 50 1003091 301 L 210 E FLAMINGO RD 213 2 2 2 974 995 900 05/04/2010 11851 1033075 301 L 260 E FLAMINGO RD 321 2 2 2 1035 1,495 1,495 04/30/2010 1452 1017110 301 L 260 E FLAMINGO RD 110 1 1 1 530 695 650 04/30/2010 7053 1021501 301 L 270 E FLAMINGO RD 227 2 2 2 1062 1,395 1,395 04/29/2010 3554 1006001 301 L 260 E FLAMINGO RD 436 1 1 1 692 995 900 04/26/2010 10455 1016756 301 L 230 E FLAMINGO RD 219 1 1 1 727 890 875 04/26/2010 6856 1029686 301 L 220 E FLAMINGO RD 403 1 1 1 727 1,500 1,500 04/25/2010 20 36 16-Aug-2010
  • 39. Page: 3# ML # Area Status Address Unit # Beds F.Bths Baths Total SqFt List Price Rented Price ActClosDate DOM57 1023789 301 L 220 E FLAMINGO RD 423 2 2 2 974 1,150 1,150 04/23/2010 41 Meridian58 1030937 301 L 210 E FLAMINGO RD 422 1 1 1 727 1,500 1,500 04/20/2010 1259 1030230 301 L 230 E FLAMINGO RD 129 1 1 1 692 1,500 1,500 04/19/2010 1360 1035164 301 L 220 E FLAMINGO RD 330 1 1 1 692 1,500 1,500 04/19/2010 261 1012507 301 L 270 E FLAMINGO RD 436 1 1 1 692 1,500 1,500 04/16/2010 7262 1028618 301 L 230 E FLAMINGO RD 121 2 1 2 1035 1,800 1,550 04/12/2010 12 lease comps continued63 1021193 301 L 260 E FLAMINGO RD 402 1 1 1 1 800 700 04/12/2010 3964 1025748 301 L 220 E FLAMINGO RD 335 1 1 1 727 1,650 1,695 04/09/2010 2065 1025745 301 L 220 E FLAMINGO RD 2-108 1 1 1 692 1,495 1,495 04/09/2010 2066 996712 301 L 230 E FLAMINGO RD 110 1 1 1 530 695 650 04/09/2010 12767 1010894 301 L 270 E FLAMINGO RD 305 2 1 2 974 1,700 1,800 04/08/2010 7068 1021145 301 L 230 E FLAMINGO RD 115 2 2 2 974 1,800 1,800 04/07/2010 3469 1007730 301 L 210 E FLAMINGO RD 314 2 1 2 974 1,200 1,000 04/07/2010 7970 1004417 301 L 210 E FLAMINGO RD 420 1 1 1 692 800 800 04/04/2010 8671 1016870 301 L 220 E FLAMINGO RD 234 2 2 2 974 1,200 1,100 04/03/2010 172 963180 301 L 260 E FLAMINGO RD 210 1 1 1 530 699 699 04/03/2010 7873 1026764 301 L 230 E FLAMINGO RD 321 2 1 2 1035 1,700 2,000 03/30/2010 674 1019748 301 L 260 E FLAMINGO RD 334 2 2 2 974 1,500 1,700 03/30/2010 2975 1020698 301 L 220 E FLAMINGO RD 332 2 2 2 1062 1,800 1,800 03/17/2010 1476 1018191 301 L 210 E FLAMINGO RD 124 2 2 2 974 1,495 1,495 03/17/2010 2677 1015230 301 L 270 E FLAMINGO RD 412 2 1 2 974 1,700 2,000 03/16/2010 3278 999199 301 L 210 E FLAMINGO RD 210 1 1 1 530 1,200 1,300 03/16/2010 9579 1017594 301 L 210 E FLAMINGO RD 316 1 1 1 727 1,150 1,150 03/13/2010 2080 986663 301 L 270 E FLAMINGO RD 424 2 2 2 974 1,095 1,095 03/12/2010 12681 1015943 301 L 230 E FLAMINGO RD 133 2 1 2 974 995 995 03/11/2010 2482 1009607 301 L 210 E FLAMINGO RD 324 2 1 2 974 1,100 1,100 03/07/2010 483 995183 301 L 260 E FLAMINGO RD 126 2 2 2 974 1,650 1,800 03/05/2010 10184 1007838 301 L 220 E FLAMINGO RD 422 1 1 1 727 1,500 1,500 03/05/2010 29 the market 85 1000633 301 L 220 E FLAMINGO RD 135 1 1 1 727 1,150 1,500 03/05/2010 3986 1003164 301 L 260 E FLAMINGO RD 420 1 1 1 692 900 900 03/04/2010 6387 1018181 301 L 210 E FLAMINGO RD 221 2 2 2 1035 1,195 1,195 03/03/2010 388 1018771 301 L 220 E FLAMINGO RD 330 1 1 1 692 1,500 1,500 03/02/2010 589 1006019 301 L 260 E FLAMINGO RD 117 2 2 2 1035 1,495 1,495 03/02/2010 4990 998378 301 L 260 E FLAMINGO RD 116 1 1 1 727 900 875 03/02/2010 8391 962777 301 L 270 E FLAMINGO RD 234 2 2 2 974 995 995 03/01/2010 199 37 16-Aug-2010
  • 40. Page: 4# ML # Area Status Address Unit # Beds F.Bths Baths Total SqFt List Price Rented Price ActClosDate DOM92 996820 301 L 220 E FLAMINGO RD 113 2 1 2 974 1,850 1,800 02/28/2010 86 Meridian93 1014173 301 L 270 E FLAMINGO RD 320 1 1 1 692 1,300 1,300 02/27/2010 2194 996811 301 L 220 E FLAMINGO RD 433 2 1 2 974 1,400 1,300 02/26/2010 8295 998854 301 L 260 E FLAMINGO RD 217 2 2 2 1035 1,495 1,495 02/25/2010 7796 1012608 301 L 210 E FLAMINGO RD 312 2 2 2 974 1,700 1,800 02/24/2010 2197 969894 301 L 210 E FLAMINGO RD 402 1 1 1 692 900 900 02/24/2010 161 lease comps continued98 992333 301 L 210 E FLAMINGO RD 214 2 2 2 974 1,000 1,000 02/23/2010 10499 1008123 301 L 220 E FLAMINGO RD 435 1 1 1 727 1,500 1,500 02/19/2010 31100 1004541 301 L 220 E FLAMINGO RD 327 1 1 1 796 1,250 1,200 02/19/2010 45101 1007716 301 L 230 E FLAMINGO RD 121 2 1 2 1035 1,800 2,000 02/16/2010 29102 1005596 301 L 230 E FLAMINGO RD 321 2 1 2 1035 1,800 1,800 02/15/2010 35103 988291 301 L 210 E FLAMINGO RD 432 1 1 1 796 1,025 1,025 02/11/2010 89104 979879 301 L 210 E FLAMINGO RD 125 2 2 2 974 1,600 1,800 02/02/2010 120105 985324 301 L 220 E FLAMINGO RD 102 1 1 1 692 800 750 02/01/2010 79106 1009599 301 L 270 E FLAMINGO RD 109 1 1 1 692 800 850 02/01/2010 8107 987746 301 L 270 E FLAMINGO RD 237 2 1 2 1294 1,395 1,350 01/30/2010 83108 986057 301 L 230 E FLAMINGO RD 305 2 1 2 974 1,150 1,100 01/29/2010 79109 1004368 301 L 260 E FLAMINGO RD 215 2 1 2 974 1,600 1,400 01/26/2010 17110 994712 301 L 270 E FLAMINGO RD 128 1 1 1 530 700 650 01/26/2010 64111 1005895 301 L 230 E FLAMINGO RD 109 1 1 1 692 1,200 950 01/23/2010 12112 972962 301 L 230 E FLAMINGO RD 115 2 2 2 974 1,800 1,800 01/21/2010 129113 988962 301 L 270 E FLAMINGO RD 416 1 1 1 727 1,400 1,400 01/18/2010 61114 1001215 301 L 260 E FLAMINGO RD 334 2 2 2 974 1,500 1,650 01/17/2010 25115 960100 301 L 260 E FLAMINGO RD 434 2 2 2 974 1,900 1,450 01/07/2010 156116 960036 301 L 260 E FLAMINGO RD 218 1 1 1 692 1,400 1,400 01/07/2010 156117 965632 301 L 210 E FLAMINGO RD 336 1 1 1 692 950 1,100 01/06/2010 140118 990333 301 L 220 E FLAMINGO RD 110 0 1 1 530 1,500 1,200 01/05/2010 57119 972802 301 L 210 E FLAMINGO RD 323 2 2 2 974 1,600 1,600 01/04/2010 112 the market 120 973511 301 L 230 E FLAMINGO RD 218 1 1 1 692 1,500 1,400 01/04/2010 110121 991630 301 L 230 E FLAMINGO RD 403 1 1 1 727 900 900 01/01/2010 41 38 16-Aug-2010
  • 41. Search Criteria Page: 1Search Name: MGM Signature LeasedDate: 16-Aug-2010 01:26:29 PMSearch Criteria Field Operator CriteriaStatus Equals LSubdivision Name Contains mgmActual Close Date Between 1/1/2010 - 8/16/2010 MGM SignatureSearch Statistics: 1 Listings lease comps continued1 Leased Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 0 1 520 $1,800 $3.46 $1,800 $3.46 100% 83Low 0 1 520 $1,800 $3.46 $1,800 $3.46 100% 83Average 0 1 520 $1,800 $3.46 $1,800 $3.46 100% 83Median 0 1 520 $1,800 $3.46 $1,800 $3.46 100% 83Listing Report: Leased grid# ML # Area Status Address Unit # Beds Baths Total F.Bths SqFt List Price Rented Price ActClosDate DOM1 1010663 302 L 135 E HARMON AV 3507 0 1 1 520 1,800 1,800 05/05/2010 83 the market 39 16-Aug-2010
  • 42. Search Criteria Page: 1Search Name: One Las Vegas LeasedDate: 16-Aug-2010 12:47:21 PMSearch Criteria Field Operator CriteriaStatus Equals LSubdivision Name Contains One Las Vegas One Las VegasActual Close Date Between 1/1/2010 - 8/16/2010Search Statistics: 7 Listings lease comps continued7 Leased Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 2 3 1,573 $1,935 $1.32 $1,850 $1.26 115% 47Low 1 1 836 $1,035 $1.01 $1,035 $1.02 95% 7Average 1 2 1,263 $1,450 $1.16 $1,440 $1.15 99% 20Median 2 2 1,368 $1,435 $1.18 $1,450 $1.16 97% 18Listing Report: Leased grid# ML # Area Status Address Unit # Beds Baths Total F.Bths SqFt List Price Rented Price ActClosDate DOM1 1059421 303 L 8255 S LAS VEGAS BL 419 1 1 1 836 1,100 1,050 07/30/2010 172 1030423 303 L 8255 S LAS VEGAS BL 715 2 2 2 1368 1,500 1,450 06/16/2010 183 1046820 303 L 8255 S LAS VEGAS BL 801 2 2 3 1573 1,850 1,799 06/15/2010 124 1024006 303 L 8255 S LAS VEGAS BL 309 1 1 1 863 1,035 1,035 04/08/2010 185 1024355 303 L 8255 S LAS VEGAS BL 1615 2 2 2 1368 1,435 1,400 03/31/2010 76 1006134 303 L 8255 S LAS VEGAS BL 301 2 2 3 1546 1,935 1,850 03/10/2010 277 1000157 303 L 8255 S LAS VEGAS BL 1220 2 2 2 1291 1,300 1,500 03/07/2010 47 the market 40 16-Aug-2010
  • 43. Search Criteria Page: 1Search Name: panorama towers leasedDate: 16-Aug-2010 12:59:54 PMSearch Criteria Field Operator CriteriaStatus Equals LSubdivision Name Contains panorama towersActual Between 1/1/2010 - 8/16/2010 Panorama TowersSearch Statistics: 58 Listings lease comps continued58 Leased Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 3 4 5,201 $8,000 $2.40 $8,000 $2.46 115% 213Low 0 2 0 $1,250 $1.08 $1,250 $1.07 85% 6Average 1 2 1,570 $2,602 $1.67 $2,482 $1.59 96% 42Median 2 2 1,445 $2,225 $1.66 $2,190 $1.60 96% 30Listing Report: Leased grid# ML # Area Status Address Unit # Beds Baths Total F.Bths SqFt List Price Rented Price ActClosDate DOM1 1054594 503 L 4525 DEAN MARTIN DR 1503 2 2 2 1084 2,100 1,940 08/11/2010 422 1054654 503 L 4525 DEAN MARTIN DR 307 2 1 3 2508 3,500 3,000 08/02/2010 343 1039831 503 L 4525 DEAN MARTIN DR 702 1 0 2 808 1,425 1,325 07/22/2010 424 1053357 503 L 4525 DEAN MARTIN DR 1405 2 1 2 1189 1,900 1,900 07/15/2010 65 1048844 503 L 4525 DEAN MARTIN DR 1607 2 2 3 1640 2,450 2,300 07/05/2010 106 1050042 503 L 4575 DEAN MARTIN DR 702 1 1 2 780 1,295 1,295 07/02/2010 87 1002315 503 L 4525 DEAN MARTIN DR 1612 2 1 3 2189 3,850 3,400 07/01/2010 1858 1042703 503 L 4575 DEAN MARTIN DR 2605 2 1 2 1216 2,300 2,300 07/01/2010 419 1044790 503 L 4575 DEAN MARTIN DR 707 2 1 3 1612 2,200 2,200 06/30/2010 3610 1045249 503 L 4575 DEAN MARTIN DR 508 2 1 2 1460 2,150 1,900 06/21/2010 1411 1044428 503 L 4575 DEAN MARTIN DR 2909 2 2 3 1746 3,500 3,000 06/14/2010 1812 1043587 503 L 1009 DEAN MARTIN DR 1009 2 1 3 1726 2,650 2,500 06/10/2010 1713 1042645 503 L 4525 DEAN MARTIN DR 1112 2 2 2 0 2,600 3,000 06/04/2010 1614 1034807 503 L 4525 DEAN MARTIN DR 1706 2 2 3 2347 2,599 2,500 05/27/2010 3615 1034929 503 L 4575 DEAN MARTIN DR 1401 1 1 2 955 2,200 2,100 05/27/2010 18 the market 16 1037483 503 L 4575 DEAN MARTIN DR 2805 2 0 2 1226 2,200 2,000 05/27/2010 2717 1024332 503 L 4575 DEAN MARTIN DR 2406 2 2 2 2324 2,500 2,500 05/20/2010 818 986719 503 L 4525 DEAN MARTIN DR 406 2 2 2 1376 2,180 2,180 05/17/2010 16619 1021798 503 L 4575 DEAN MARTIN DR 501 1 1 2 955 1,400 1,400 05/13/2010 6020 1038127 503 L 4525 DEAN MARTIN DR 701 1 1 2 923 1,650 1,650 05/07/2010 721 1033369 503 L 4525 DEAN MARTIN DR 1507 2 1 3 1640 2,500 2,400 05/06/2010 20 41 16-Aug-2010
  • 44. Page: 2# ML # Area Status Address Unit # Beds F.Bths Baths Total SqFt List Price Rented Price ActClosDate DOM22 1033705 503 L 4575 DEAN MARTIN DR 1603 2 2 3 3330 8,000 8,000 05/04/2010 1523 1023053 503 L 4525 DEAN MARTIN DR 1008 2 2 2 1446 1,675 1,675 05/04/2010 1524 1031649 503 L 4525 DEAN MARTIN DR 1412 2 2 3 2189 3,250 3,100 04/30/2010 1925 1017638 503 L 4575 DEAN MARTIN DR 810 1 0 2 733 1,350 1,300 04/16/2010 5326 1022015 503 L 4575 DEAN MARTIN DR 2805 2 0 2 1226 2,200 2,000 04/14/2010 30 Panorama Towers27 1002451 503 L 4525 DEAN MARTIN DR 3011 2 1 2 1144 2,600 2,200 04/09/2010 102 lease comps continued28 1017399 503 L 4525 DEAN MARTIN DR 3304 3 3 4 5201 7,000 6,250 04/06/2010 4029 1020861 503 L 4575 DEAN MARTIN DR 2309 2 2 3 1746 3,400 3,200 04/06/2010 3330 1025189 503 L 4535 DEAN MARTIN DR 2-107 2 1 2 1644 2,500 2,500 04/03/2010 1631 987102 503 L 4575 DEAN MARTIN DR 402 0 1 2 780 1,250 1,250 03/30/2010 7832 917439 503 L 4575 DEAN MARTIN DR 2406 2 2 3 2324 2,500 2,500 03/24/2010 6333 1014790 503 L 4575 DEAN MARTIN DR 2812 2 2 3 2173 3,100 3,100 03/22/2010 1834 1016812 503 L 4575 DEAN MARTIN DR 2705 2 2 2 1226 2,250 2,000 03/21/2010 3135 992366 503 L 4525 DEAN MARTIN DR #409 409 2 2 3 1747 2,150 2,150 03/18/2010 10636 1014275 503 L 4565 DEAN MARTIN DR 2-101 2 2 3 1793 1,999 1,999 03/17/2010 3637 1015201 503 L 4525 DEAN MARTIN DR 1907 2 1 3 1640 3,700 3,700 03/15/2010 2238 1014616 503 L 4525 DEAN MARTIN DR 2411 2 2 2 1136 2,499 2,800 03/15/2010 3339 1015786 503 L 4525 DEAN MARTIN DR 1104 2 2 2 946 1,495 1,495 03/15/2010 1940 1013491 503 L 4575 DEAN MARTIN DR 3009 2 2 3 1746 2,400 2,250 03/12/2010 1241 1002450 503 L 4525 DEAN MARTIN DR 2504 2 1 2 1632 3,500 3,300 03/09/2010 5842 985975 503 L 4575 DEAN MARTIN DR 3302 2 2 3 2953 4,500 4,000 03/03/2010 11243 1010048 503 L 4535 DEAN MARTIN DR 106 1 1 2 1419 1,800 1,750 03/01/2010 2444 1010745 503 L 4525 DEAN MARTIN DR 408 2 2 2 1444 1,800 1,700 03/01/2010 1145 1016702 503 L 4525 DEAN MARTIN DR 1011 2 2 2 1134 2,150 2,000 02/28/2010 1146 1008297 503 L 4575 DEAN MARTIN DR 3112 2 2 3 2173 4,750 4,600 02/20/2010 3147 1009806 503 L 4575 DEAN MARTIN DR 300 2 2 3 2086 2,500 2,500 02/19/2010 2148 1012108 503 L 4525 DEAN MARTIN DR 801 1 1 2 923 1,700 1,650 02/10/2010 649 1000183 503 L 4575 DEAN MARTIN DR 2012 2 2 3 2173 3,250 2,800 02/08/2010 41 the market 50 967434 503 L 4515 DEAN MARTIN DR 203 1 1 2 1270 1,550 1,450 02/08/2010 14751 991105 503 L 4525 DEAN MARTIN DR 3207 2 1 3 1618 3,500 3,000 02/05/2010 7352 1005313 503 L 4575 DEAN MARTIN DR 2801 1 1 2 987 1,795 1,700 02/01/2010 1653 946835 503 L 4575 DEAN MARTIN DR 1203 2 1 2 1054 1,895 1,800 01/22/2010 21354 1002339 503 L 4525 DEAN MARTIN DR 3003 2 1 2 1085 2,000 2,000 01/21/2010 2355 998593 503 L 4575 DEAN MARTIN DR 3200 3 1 3 2372 4,500 4,250 01/08/2010 3356 973774 503 L 4575 DEAN MARTIN DR 2711 2 1 2 1126 2,100 2,050 01/08/2010 61 42 16-Aug-2010
  • 45. Page: 3# ML # Area Status Address Unit # Beds F.Bths Baths Total SqFt List Price Rented Price ActClosDate DOM57 996351 503 L 4575 DEAN MARTIN DR 2201 1 1 2 987 1,700 1,700 01/08/2010 2258 996271 503 L 4525 DEAN MARTIN DR 410 1 0 2 759 1,500 1,500 01/08/2010 38 Panorama Towers lease comps continued the market 43 16-Aug-2010
  • 46. Search Criteria Page: 1Search Name: sky las vegas leasedDate: 16-Aug-2010 01:05:49 PMSearch Criteria Field Operator CriteriaStatus Equals LSubdivision Name Contains sky las vegas Sky Las VegasActual Between 1/1/2010 - 8/16/2010Search Statistics: 50 Listings lease comps continued50 Leased Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 3 3 2,996 $5,000 $2.44 $5,000 $2.44 117% 218Low 1 1 0 $1,100 $1.25 $1,100 $1.13 80% 2Average 1 2 1,216 $2,066 $1.66 $1,990 $1.60 96% 70Median 2 2 1,100 $1,897 $1.67 $1,847 $1.58 98% 55Listing Report: Leased grid# ML # Area Status Address Unit # Beds Baths Total F.Bths SqFt List Price Rented Price ActClosDate DOM1 1020220 301 L 2700 S LAS VEGAS BL 3901 2 2 3 1476 2,730 2,700 08/10/2010 1612 1058720 301 L 2700 S LAS VEGAS BL 1005 1 1 1 778 1,250 1,250 08/03/2010 213 1006888 301 L 2700 S LAS VEGAS BL 3508 2 2 3 1467 2,595 2,595 07/20/2010 1644 1050758 301 L 2700 S LAS VEGAS BL 1604 2 1 2 1100 1,550 1,550 07/19/2010 45 1041038 301 L 2700 S LAS VEGAS BL 2506 1 1 1 778 1,595 1,450 07/15/2010 576 1047225 301 L 2700 S LAS VEGAS BL 3804 2 2 2 1100 1,695 1,550 07/13/2010 187 1012152 301 L 2700 S LAS VEGAS BL 904 2 2 2 1100 1,995 1,995 07/01/2010 1288 1026585 301 L 2700 S LAS VEGAS BL #2411 2411 1 1 1 985 1,450 1,400 06/24/2010 929 1038627 301 L 2700 S LAS VEGAS BL 2206 1 1 1 778 1,495 1,400 06/23/2010 5010 1044954 301 L 2700 S LAS VEGAS BL 2103 2 1 3 1467 1,950 1,900 06/21/2010 2611 1044938 301 L 2700 S LAS VEGAS BL 3201 2 1 3 1329 2,050 2,000 06/08/2010 1312 1034812 301 L 2700 S LAS VEGAS BL 2908 2 1 3 1467 2,799 2,700 06/07/2010 4713 1042943 301 L 2700 S LAS VEGAS BL 2704 2 2 2 0 2,400 2,800 06/07/2010 1914 1008303 301 L 2700 S LAS VEGAS BL #1904 1904 2 1 2 1100 1,700 1,700 06/07/2010 13815 1036996 301 L 2700 S LAS VEGAS BL 505 1 1 1 876 1,495 1,495 06/07/2010 29 the market 16 1032652 301 L 2700 S LAS VEGAS BL 3704 2 1 2 1100 1,700 1,700 05/28/2010 3717 1027995 301 L 2700 S LAS VEGAS BL 4109 2 1 2 1476 2,800 2,700 05/27/2010 4818 1030132 301 L 2700 S LAS VEGAS BL 3105 1 1 1 778 1,400 1,400 05/27/2010 4519 1036918 301 L 2700 S LAS VEGAS BL #3206 3206 1 1 1 778 1,395 1,395 05/21/2010 2320 1020007 301 L 2700 S LAS VEGAS BL 703 2 1 3 1467 1,900 1,900 05/17/2010 7421 1034180 301 L 2700 S LAS VEGAS BL 701 2 2 3 1329 1,800 1,600 05/17/2010 27 44 16-Aug-2010
  • 47. Page: 2# ML # Area Status Address Unit # Beds F.Bths Baths Total SqFt List Price Rented Price ActClosDate DOM22 992937 301 L 2700 S LAS VEGAS BL 704 2 1 2 1100 1,450 1,450 05/13/2010 17623 1014375 301 L 2700 S LAS VEGAS BL 3205 1 1 1 0 1,550 1,300 05/01/2010 5424 1011705 301 L 2700 S LAS VEGAS BL 607 2 2 2 1100 1,995 1,800 04/30/2010 89 Sky Las Vegas25 972059 301 L 2700 S LAS VEGAS BL 2009 2 1 3 1766 2,899 2,899 04/27/2010 17426 1023900 301 L 2700 S LAS VEGAS BL 2509 2 1 3 1766 3,000 3,000 04/23/2010 3527 1000487 301 L 2700 S LAS VEGAS BL 2810 2 1 2 1248 1,700 1,600 04/07/2010 111 lease comps continued28 1018163 301 L 2700 S LAS VEGAS BL 606 1 1 1 778 1,250 1,200 04/02/2010 1929 998625 301 L 2700 S LAS VEGAS BL 1505 1 1 1 778 1,100 1,100 04/02/2010 9930 1023906 301 L 2700 S LAS VEGAS BL 508 2 2 3 1651 2,750 2,400 03/26/2010 231 988445 301 L 2700 S LAS VEGAS BL 2109 2 2 3 1766 2,200 2,000 03/25/2010 13632 1004471 301 L 2700 S LAS VEGAS BL 2210 2 2 2 1248 2,500 2,700 03/22/2010 7533 1011704 301 L 2700 S LAS VEGAS BL 806 1 1 1 778 1,895 1,895 03/17/2010 4534 999911 301 L 2700 S LAS VEGAS BL 901 2 1 3 1329 1,800 1,650 03/16/2010 8635 1021913 301 L 2700 S LAS VEGAS BL 3505 1 1 1 778 1,150 1,150 03/16/2010 836 998000 301 L 2700 S LAS VEGAS BL 1411 1 1 1 985 1,600 1,500 03/15/2010 9337 1003135 301 L 2700 S LAS VEGAS BL 1711 1 1 1 985 1,750 1,600 03/09/2010 6438 998732 301 L 2700 S LAS VEGAS BL 2806 1 1 1 778 1,450 1,400 03/08/2010 8439 1012007 301 L 2700 S LAS VEGAS BL 3507 2 2 2 1100 2,150 2,400 03/02/2010 2940 987469 301 L 2700 S LAS VEGAS BL 1708 2 1 3 1467 2,500 2,500 03/01/2010 12241 990151 301 L 2700 S LAS VEGAS BL 1501 2 2 3 1329 2,300 1,900 02/24/2010 10442 987523 301 L 2700 S LAS VEGAS BL 4203 3 2 3 2996 3,999 3,600 02/12/2010 10543 1009694 301 L 2700 S LAS VEGAS BL 2911 1 1 1 985 1,675 1,675 02/12/2010 1044 990045 301 L 2700 S LAS VEGAS BL 2309 2 2 3 1766 2,800 2,500 02/08/2010 6945 938115 301 L 2700 S LAS VEGAS BL 4201 2 2 3 2991 5,000 5,000 02/01/2010 21846 999778 301 L 2700 S LAS VEGAS BL 3303 2 1 3 1467 2,000 1,900 02/01/2010 3847 986551 301 L 2700 S LAS VEGAS BL 3008 2 1 3 1467 2,250 2,250 01/29/2010 9348 999161 301 L 2700 S LAS VEGAS BL 3010 2 1 2 1329 2,500 2,000 01/26/2010 4849 942705 301 L 2700 S LAS VEGAS BL 1706 1 1 1 900 1,500 1,500 01/15/2010 21 the market 50 976003 301 L 2700 S LAS VEGAS BL 4109 2 1 2 1476 2,850 2,500 01/08/2010 75 45 16-Aug-2010
  • 48. Search Criteria Page: 1Search Name: Boca Raton SoldsDate: 16-Aug-2010 12:35:22 PM Sale comps BoCa RatonSearch Criteria Field Operator CriteriaStatus Equals SSubdivision Name Contains Palm Beach ResortActual Between 1/1/2010 - 8/16/2010Search Statistics: 8 Listings8 Closed Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 2 3 1,646 $169,000 $133.77 $178,250 $122.53 111% 210Low 2 2 899 $89,900 $98.58 $100,000 $96.15 88% 4Average 2 2 1,140 $124,073 $109.23 $123,832 $109.15 100% 50Median 2 3 1,196 $118,450 $104.81 $117,500 $109.76 100% 40Listing Report: price per sqft# ML # Area Stat Address UnitNumber List Price Sale Price PSType Bdrs BthsTot SqFt LP/SqFt SP/SqFt YearBlt Act Close Date1 1003667 303 S 2405 W SERENE AV 735 119,000 115,000 CON 2 3 1196 99 96 2007 08/02/20102 1043671 303 S 2405 W SERENE AV 516 103,900 110,150 CON 2 2 899 115 122 2007 07/30/20103 1002888 303 S 2405 W SERENE AV 521 117,900 120,000 CON 2 3 1196 98 100 2007 06/04/20104 1026377 303 S 2405 W SERENE AV 909 169,000 178,250 CON 2 3 1646 102 108 2007 05/28/20105 1024016 303 S 2405 W SERENE AV 535 127,900 127,260 CON 2 3 1196 106 106 2007 04/27/20106 1006708 303 S 2405 W SERENE AV 518 105,000 100,000 CON 2 2 899 116 111 2007 03/30/20107 981937 303 S 2455 W SERENE AV 834 89,900 100,000 CON 2 2 899 100 111 2007 03/12/20108 995565 303 S 2455 W SERENE AV 819 159,990 140,000 CON 2 3 1196 133 117 2007 02/03/2010 the market 16-Aug-2010 46
  • 49. Search Criteria Page: 1 MeridianSearch Name: GLVAR RES Simple SearchDate: 16-Aug-2010 01:36:59 PMSearch Criteria Field Operator CriteriaStatus Equals SSubdivision Name Contains Meridian at hughes centerActual Close Date Between 1/1/2010 - 8/16/2010 Sale comps continuedSearch Statistics: 62 Listings62 Closed Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 2 2 1,294 $179,000 $172.95 $170,000 $164.27 175% 343Low 1 1 530 $48,000 $68.69 $54,900 $82.53 69% 0Average 1 1 881 $105,398 $119.15 $110,680 $124.87 107% 44Median 2 2 974 $110,400 $117.66 $112,450 $122.83 100% 17Listing Report: price per sqft# ML # Area Stat Address UnitNumber List Price Sale Price PSType Bdrs BthsTot SqFt LP/SqFt SP/SqFt YearBlt Act Close Date1 1009854 301 S 270 E FLAMINGO RD 137 125,000 150,000 CON 2 2 1294 96 115 1992 08/13/20102 1024494 301 S 220 E FLAMINGO RD 125 134,000 132,000 CON 2 2 974 137 135 1992 08/06/20103 1057998 301 S 270 E FLAMINGO RD 321 135,900 145,000 CON 2 2 1035 131 140 1992 08/03/20104 1038947 301 S 270 E FLAMINGO RD 113 115,000 110,000 CON 2 2 974 118 112 1992 07/30/20105 1030420 301 S 230 E FLAMINGO RD 124 134,900 134,900 CON 2 2 974 138 138 1992 07/29/20106 1024897 301 S 230 E FLAMINGO RD 320 70,000 75,000 CON 1 1 692 101 108 1992 07/29/20107 1009824 301 S 270 E FLAMINGO RD 134 125,000 132,000 CON 2 2 974 128 135 1992 07/22/20108 1019842 301 S 210 E FLAMINGO RD 125 119,000 132,000 CON 2 2 974 122 135 1992 07/19/20109 1045761 301 S 270 E FLAMINGO RD 336 89,900 86,000 CON 1 1 692 129 124 1992 07/16/201010 1024642 301 S 270 E FLAMINGO RD 202 80,000 68,200 CON 1 1 692 115 98 1992 07/14/201011 1044336 301 S 220 E FLAMINGO RD 129 104,900 104,900 CON 1 1 692 151 151 1992 07/07/201012 1046814 301 S 210 E FLAMINGO RD 216 67,900 85,000 CON 1 1 727 93 116 1992 07/02/201013 986346 301 S 270 E FLAMINGO RD 107 55,000 60,000 CON 1 1 530 103 113 1992 07/01/201014 1038973 301 S 260 E FLAMINGO RD 232 107,900 150,000 CON 2 2 1062 101 141 1992 06/24/201015 1043230 301 S 270 E FLAMINGO RD 301 164,500 157,500 CON 2 2 1294 127 121 1992 06/23/2010 the market 16 1038668 301 S 270 E FLAMINGO RD 413 160,000 160,000 CON 2 2 974 164 164 1992 06/15/201017 1041469 301 S 230 E FLAMINGO RD 337 124,900 109,000 CON 2 2 1294 96 84 1992 06/14/201018 1019213 301 S 260 E FLAMINGO RD 312 109,900 138,000 CON 2 2 974 112 141 1992 06/14/201019 1039004 301 S 210 E FLAMINGO RD 413 129,900 147,100 CON 2 2 974 133 151 1992 06/08/201020 1036339 301 S 230 E FLAMINGO RD 128 84,900 79,900 CON 1 1 530 160 150 1992 06/08/201021 1034323 301 S 260 E FLAMINGO RD 417 149,000 147,000 CON 2 2 1035 143 142 1992 06/04/2010 16-Aug-2010 47
  • 50. Page: 3 Meridian# ML # Area Stat Address UnitNumber List Price Sale Price PSType Bdrs BthsTot SqFt LP/SqFt SP/SqFt YearBlt Act Close Date22 1032668 301 S 260 E FLAMINGO RD 335 115,000 115,000 CON 1 1 727 158 158 1992 06/01/201023 1028430 301 S 210 E FLAMINGO RD 136 79,900 81,100 CON 1 1 692 115 117 1992 06/01/201024 1035218 301 S 210 E FLAMINGO RD 333 110,900 155,000 CON 2 2 974 113 159 1992 05/28/201025 1034535 301 S 220 E FLAMINGO RD 422 66,900 103,000 CON 1 1 727 92 141 1992 05/26/2010 Sale comps continued26 1011946 301 S 220 E FLAMINGO RD 211 113,000 113,000 CON 2 2 1062 106 106 1992 05/14/201027 1024676 301 S 270 E FLAMINGO RD 111 124,900 124,900 CON 2 2 1062 117 117 1992 05/13/201028 944199 301 S 210 E FLAMINGO RD 433 84,900 110,000 CON 2 2 974 87 112 1992 05/10/201029 1020304 301 S 270 E FLAMINGO RD 228 54,900 54,900 CON 1 1 530 103 103 1992 05/03/201030 1013699 301 S 210 E FLAMINGO RD 202 65,000 85,000 CON 1 1 692 93 122 1992 04/30/201031 1030694 301 S 270 E FLAMINGO RD 114 140,000 140,000 CON 2 2 974 143 143 1992 04/30/201032 1026757 301 S 230 E FLAMINGO RD 120 90,000 90,000 CON 1 1 692 130 130 1992 04/29/201033 891292 301 S 220 E FLAMINGO RD 226 125,000 115,000 CON 2 2 974 128 118 1992 04/21/201034 1029410 301 S 260 E FLAMINGO RD 316 72,100 60,000 CON 1 1 727 99 82 1992 04/16/201035 1020422 301 S 260 E FLAMINGO RD 132 119,900 125,000 CON 2 2 1062 112 117 1992 04/15/201036 1019273 301 S 270 E FLAMINGO RD 422 84,900 105,000 CON 1 1 727 116 144 1992 04/15/201037 968012 301 S 210 E FLAMINGO RD 423 99,000 110,000 CON 2 2 974 101 112 1992 04/12/201038 1019198 301 S 220 E FLAMINGO RD 2-232 112,000 135,000 CON 2 2 1062 105 127 1992 04/09/201039 1004952 301 S 230 E FLAMINGO RD 327 129,900 111,900 CON 1 1 796 163 140 1992 04/07/201040 961558 301 S 260 E FLAMINGO RD 130 65,000 65,000 CON 1 1 692 93 93 1992 04/02/201041 1014464 301 S 260 E FLAMINGO RD 121 132,000 125,000 CON 2 2 1035 127 120 1992 03/31/201042 1012587 301 S 230 E FLAMINGO RD 236 48,000 60,000 CON 1 1 692 69 86 1992 03/23/201043 1008103 301 S 220 E FLAMINGO RD 417 119,900 147,000 CON 2 2 1035 115 142 1992 03/19/201044 1003751 301 S 270 E FLAMINGO RD 133 149,900 133,000 CON 2 2 974 153 136 1992 03/19/201045 909995 301 S 270 E FLAMINGO RD 333 124,999 108,000 CON 2 2 974 128 110 1992 03/16/201046 1002416 301 S 230 E FLAMINGO RD 103 90,000 88,000 CON 1 1 727 123 121 1992 03/05/201047 1002460 301 S 270 E FLAMINGO RD 118 68,900 70,000 CON 1 1 692 99 101 1992 03/04/201048 1008520 301 S 210 E FLAMINGO RD 102 65,900 85,000 CON 1 1 692 95 122 1992 02/26/201049 1012297 301 S 210 E FLAMINGO RD 108 90,000 87,000 CON 1 1 692 130 125 1992 02/24/2010 the market 50 950997 301 S 210 E FLAMINGO RD 307 79,900 55,000 CON 1 1 530 150 103 1992 02/17/201051 964347 301 S 220 E FLAMINGO RD 415 66,900 117,000 CON 2 2 974 68 120 1992 02/02/201052 1001921 301 S 260 E FLAMINGO RD 337 170,000 160,000 CON 2 2 1294 131 123 1992 01/29/201053 1002025 301 S 220 E FLAMINGO RD 304 149,900 145,000 CON 2 2 974 153 148 1992 01/29/201054 986988 301 S 220 E FLAMINGO RD 111 125,000 116,000 CON 2 2 1062 117 109 1992 01/27/201055 992990 301 S 270 E FLAMINGO RD 122 86,500 94,000 CON 1 1 727 118 129 1992 01/27/201056 932321 301 S 230 E FLAMINGO RD 230 55,000 60,000 CON 1 1 692 79 86 1992 01/25/2010 16-Aug-2010 48
  • 51. 5 Meridian# ML # Area Stat Address UnitNumber List Price Sale Price PSType Bdrs BthsTot SqFt LP/SqFt SP/SqFt YearBlt Act Close Date57 992187 301 S 230 E FLAMINGO RD 314 134,900 135,000 CON 2 2 974 138 138 1992 01/22/201058 999212 301 S 260 E FLAMINGO RD 221 179,000 170,000 CON 2 2 1035 172 164 1992 01/22/201059 991233 301 S 260 E FLAMINGO RD 402 65,000 80,000 CON 1 2 692 93 115 1992 01/19/201060 947945 301 S 230 E FLAMINGO RD 104 82,900 115,000 CON 2 2 974 85 118 1992 01/15/2010 Sale comps continued61 999837 301 S 210 E FLAMINGO RD 219 74,500 75,000 CON 1 1 727 102 103 1992 01/14/201062 994253 301 S 270 E FLAMINGO RD 114 134,900 134,900 CON 2 2 974 138 138 1992 01/13/2010 the market 16-Aug-2010 49
  • 52. Search Criteria Page: 1Search Name: Sky Las Vegas Solds HighriseDate: 16-Aug-2010 01:16:07 PMSearch Criteria Field Operator CriteriaStatus Equals SProject Name Equals MGMSIG MGM SignatureActual Close Date Between 1/1/2010 - 8/16/2010 Sale comps continuedSearch Statistics: 148 Listings148 Closed Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 2 3 1,394 $650,000 $671.15 $540,000 $482.69 151% 777Low 0 1 520 $100,000 $192.31 $100,000 $192.31 50% 0Average 0 1 643 $189,766 $298.03 $184,735 $289.94 99% 89Median 1 1 520 $169,894 $284.77 $167,500 $276.92 98% 31Listing Report: price per sqft# ML # Area Stat Address UnitNumber List Price Sale Price Bdrs BthsTot SqFt LP/SqFt SP/SqFt Act Close Date DOM1 1052803 302 S 145 E HARMON AV 3820 324,888 310,000 1 2 874 371 354 08/13/2010 22 1058781 302 S 135 E HARMON AV 3820 324,888 313,500 1 2 874 371 358 08/12/2010 103 1056878 302 S 145 E HARMON AV 815 159,000 152,500 0 1 520 305 293 08/11/2010 194 978154 302 S 145 E HARMON AVE 2608 215,888 200,000 1 2 847 254 236 08/10/2010 6055 1010873 302 S 135 E HARMON AV 1018 125,000 123,000 0 1 520 240 236 08/06/2010 776 1015865 302 S 125 E HARMON AVENUE 3807 250,000 251,000 0 1 520 480 482 08/06/2010 1377 1005695 302 S 135 E HARMON AV 316 130,000 130,000 1 1 520 250 250 08/05/2010 1888 977733 302 S 125 E HARMON AV 1609 139,000 139,000 0 1 520 267 267 08/02/2010 959 975459 302 S 125 E HARMON AVE 1611 140,888 140,000 0 1 520 270 269 07/30/2010 48810 1022461 302 S 125 E HARMON AV 2821 249,900 247,400 1 2 874 285 283 07/30/2010 12811 1042285 302 S 125 E HARMON AV 3805 175,000 215,000 1 1 520 336 413 07/30/2010 312 1050814 302 S 125 E HARMON AV 1501 268,000 262,500 1 2 874 306 300 07/29/2010 913 1055043 302 S 125 E HARMON AV #607 607 138,600 140,000 0 1 520 266 269 07/28/2010 914 1056321 302 S 145 E HARMON AV #3215 3215 137,610 201,000 0 1 520 264 386 07/28/2010 1315 1056946 302 S 125 E HARMON AV 1718 133,650 133,650 0 1 520 257 257 07/28/2010 6 the market 16 868805 302 S 145 E HARMON AV 1809 149,000 140,000 0 1 520 286 269 07/26/2010 59317 1018414 302 S 145 E HARMON AV 306 115,000 120,000 0 1 520 221 230 07/26/2010 8518 1056950 302 S 135 E HARMON AV #517 517 130,700 136,000 0 1 520 251 261 07/26/2010 619 1041733 302 S 135 E HARMON AV 3015 170,000 179,500 1 1 520 326 345 07/23/2010 1120 1048572 302 S 135 E HARMON AV 1521 209,900 225,100 1 2 874 240 257 07/23/2010 921 998913 302 S 125 E HARMON AV 1821 248,888 230,000 1 2 874 284 263 07/22/2010 141 16-Aug-2010 50
  • 53. Page: 2# ML # Area Stat Address UnitNumber List Price Sale Price Bdrs BthsTot SqFt LP/SqFt SP/SqFt Act Close Date DOM22 1007753 302 S 135 E HARMON AV 721 210,888 200,000 1 2 874 241 228 07/22/2010 8023 1051685 302 S 135 E HARMON AV #1709 1709 148,500 136,000 0 1 520 285 261 07/22/2010 2124 1039730 302 S 145 E HARMON AV 308 195,000 195,000 1 2 847 230 230 07/21/2010 34 MGM Signature25 1028801 302 S 145 E HARMON AV 3207 224,900 224,900 0 1 520 432 432 07/16/2010 7026 1048324 302 S 145 E HARMON AV 3809 249,999 235,000 0 1 520 480 451 07/13/2010 18 Sale comps continued27 1051076 302 S 135 E HARMON AV 515 149,999 140,000 0 1 520 288 269 07/13/2010 528 1051535 302 S 125 E HARMON AV 2215 166,000 170,000 0 1 520 319 326 07/13/2010 429 1025293 302 S 135 E HARMON AV 3820 210,000 200,000 1 2 874 240 228 07/09/2010 530 1035127 302 S 135 E HARMON AV 2802 247,000 240,000 1 2 874 282 274 07/09/2010 6331 977308 302 S 135 E HARMON AVENUE 3509 250,000 190,000 0 1 520 480 365 07/07/2010 1132 990630 302 S 125 E HARMON AV 1617 149,990 140,000 1 1 520 288 269 07/06/2010 8233 999181 302 S 125 E HARMON AV 2009 148,888 137,000 0 1 520 286 263 07/06/2010 8134 1026271 302 S 125 E HARMON AV 1418 149,900 145,500 0 1 520 288 279 07/02/2010 9835 1045594 302 S 125 E HARMON AV #303 303 133,700 135,000 0 1 520 257 259 07/02/2010 1736 1027534 302 S 125 E HARMON AV 2917 148,000 201,250 0 1 520 284 387 07/01/2010 2437 976196 302 S 125 E HARMON AVENUE 1011 205,000 140,000 0 1 520 394 269 06/30/2010 22338 977094 302 S 145 E HARMON AVENUE 1420 248,888 200,000 1 2 874 284 228 06/30/2010 28539 977897 302 S 125 E HARMON E 3119 169,888 155,000 0 1 520 326 298 06/29/2010 18140 975506 302 S 125 E HARMON AVE 1419 142,888 140,000 0 1 520 274 269 06/28/2010 19441 992416 302 S 145 E HARMON AV 3811 349,000 175,000 0 1 520 671 336 06/28/2010 7142 1049361 302 S 135 E HARMON AV #414 414 165,400 170,000 1 2 847 195 200 06/25/2010 643 1007565 302 S 135 E HARMON AV 2504 125,000 131,425 1 1 520 240 252 06/24/2010 10644 981827 302 S 145 E HARMON AV 1111 150,000 142,000 1 1 520 288 273 06/22/2010 17845 1018679 302 S 135 E HARMON AV 519 135,000 135,000 1 1 520 259 259 06/22/2010 5346 1035107 302 S 145 E HARMON AV 3204 159,000 157,000 1 1 520 305 301 06/22/2010 4847 1027244 302 S 135 E HARMON AV 2719 156,420 157,000 0 1 520 300 301 06/21/2010 6348 993723 302 S 135 E HARMON AV 317 150,000 140,000 1 1 520 288 269 06/18/2010 1249 992326 302 S 145 HARMON AVENUE 1520 199,888 190,000 1 2 874 228 217 06/16/2010 65 the market 50 1000357 302 S 145 E HARMON AV 3820 269,888 210,000 1 2 874 308 240 06/15/2010 9351 1005844 302 S 135 E HARMON AV 915 140,000 155,000 1 1 520 269 298 06/15/2010 752 1025130 302 S 135 E HARMON AV 2721 262,500 260,000 1 2 874 300 297 06/15/2010 6753 1043646 302 S 135 E HARMON AV 607 154,995 154,995 0 1 520 298 298 06/10/2010 1754 1035302 302 S 135 E HARMON AV 1720 199,900 220,000 1 2 874 228 251 06/09/2010 1855 978148 302 S 125 E HARMON AV 1203 140,000 128,000 1 1 520 269 246 06/08/2010 19856 992137 302 S 145 E HARMON AV 3809 349,000 180,000 1 1 520 671 346 06/07/2010 69 16-Aug-2010 51
  • 54. Page: 3# ML # Area Stat Address UnitNumber List Price Sale Price Bdrs BthsTot SqFt LP/SqFt SP/SqFt Act Close Date DOM57 1023212 302 S 125 E HARMON AV 2007 150,000 145,000 0 1 520 288 278 06/01/2010 058 981802 302 S 145 E HARMON AV 3118 150,000 150,000 1 1 520 288 288 05/31/2010 14959 1036634 302 S 125 E HARMON AV 2207 178,000 180,000 0 1 520 342 346 05/28/2010 9 MGM Signature60 1028937 302 S 135 E HARMON AV 214 179,888 175,000 1 2 847 212 206 05/26/2010 3961 1015733 302 S 145 E HARMON AV 3815 186,000 205,000 1 1 520 357 394 05/25/2010 5 Sale comps continued62 1025522 302 S 125 E HARMON AV 1517 169,999 165,000 0 1 520 326 317 05/25/2010 4663 975356 302 S 135 E HARMON AV 211 128,888 125,000 0 1 520 247 240 05/24/2010 41364 979183 302 S 135 E HARMON AV 602 190,000 190,000 1 2 874 217 217 05/21/2010 30165 1022379 302 S 125 E HARMON AV 1702 249,900 234,000 1 2 874 285 267 05/21/2010 6166 1019699 302 S 135 E HARMON AV 607 134,900 134,900 1 1 520 259 259 05/19/2010 367 1033913 302 S 145 E HARMON AV 2420 204,500 238,000 1 2 874 233 272 05/18/2010 1168 1023057 302 S 145 E HARMON AV 1501,1503 499,888 450,000 2 3 1394 358 322 05/17/2010 5569 1034665 302 S 135 E HARMON AV 2320 169,900 179,000 1 2 874 194 204 05/12/2010 670 1017763 302 S 145 E HARMON AV 1109 137,000 135,000 0 1 520 263 259 05/10/2010 1171 975824 302 S 135 E HARMON AVENUE 3403 189,888 189,888 0 1 520 365 365 05/07/2010 4472 977466 302 S 135 E HARMON AVENUE 3401 324,888 324,888 1 2 874 371 371 05/07/2010 53173 1026252 302 S 145 E HARMON AV 1406 164,900 160,000 0 1 520 317 307 05/05/2010 3074 1026720 302 S 145 E HARMON AV 3008 236,115 251,000 1 2 847 278 296 05/04/2010 1975 975443 302 S 145 E HARMON AVE 403 122,888 100,000 0 1 520 236 192 04/30/2010 11176 977149 302 S 135 E HARMON AVENUE 3511 250,000 180,000 0 1 520 480 346 04/30/2010 14077 1030556 302 S 125 E HARMON AV 3015 219,901 210,000 0 1 520 422 403 04/30/2010 1278 1026219 302 S 135 E HARMON AV 3405 189,000 200,000 1 1 520 363 384 04/28/2010 679 1027440 302 S 125 E HARMON AV 3401 215,000 280,000 1 2 874 245 320 04/27/2010 1980 1003328 302 S 145 E HARMON AV 3006 155,000 148,000 0 1 520 298 284 04/26/2010 9381 978213 302 S 125 E HARMON AV 3117 199,000 200,000 1 1 520 382 384 04/23/2010 29782 1027861 302 S 135 E HARMON AV 805 169,000 155,000 1 1 520 325 298 04/22/2010 1583 1013342 302 S 125 E HARMON AV 218 117,900 106,000 0 1 520 226 203 04/21/2010 4784 1003127 302 S 135 E HARMON AV #2514 2514 187,500 187,500 1 2 847 221 221 04/16/2010 34 the market 85 1006514 302 S 135 E HARMON AV 2809 165,000 158,000 0 1 520 317 303 04/16/2010 7686 1023550 302 S 135 E HARMON AV 2918 159,900 153,000 0 1 520 307 294 04/16/2010 2087 975489 302 S 135 E HARMON AVE 1409 142,888 135,000 0 1 520 274 259 04/15/2010 15288 975770 302 S 125 E HARMON AVE 2309 145,888 145,000 0 1 520 280 278 04/15/2010 74889 987803 302 S 135 E HARMON AV 220 170,500 170,000 1 2 874 195 194 04/14/2010 12590 1003543 302 S 145 E HARMON AV 3307 175,000 171,500 1 1 520 336 329 04/12/2010 1191 1003900 302 S 145 E HARMON AV 2408 250,000 250,000 1 2 847 295 295 04/09/2010 69 16-Aug-2010 52
  • 55. Page: 4# ML # Area Stat Address UnitNumber List Price Sale Price Bdrs BthsTot SqFt LP/SqFt SP/SqFt Act Close Date DOM92 1019670 302 S 125 E HARMON AV 20-820 209,750 209,750 1 2 874 239 239 04/09/2010 1293 978406 302 S 135 E HARMON AV 3216 140,000 140,000 1 1 520 269 269 04/08/2010 8894 1019115 302 S 125 E HARMON AV 2820 188,900 211,111 1 2 874 216 241 04/07/2010 11 MGM Signature95 1003005 302 S 125 E HARMON AV 209 134,900 138,000 1 1 520 259 265 04/06/2010 6296 942809 302 S 125 E HARMON AV 1920 200,000 200,000 1 2 874 228 228 04/02/2010 129 Sale comps continued97 977991 302 S 135 E HARMON AVE 320 192,000 192,000 1 2 874 219 219 04/01/2010 30598 991445 302 S 135 E HARMON AV 2621 259,000 248,000 1 2 874 296 283 04/01/2010 13199 1010265 302 S 125 E HARMON AV 1409 154,900 155,000 0 1 520 297 298 03/31/2010 47100 975402 302 S 125 E HARMON AVE 205 138,888 114,000 0 1 520 267 219 03/30/2010 231101 919757 302 S 145 E HARMON AV 703 139,000 150,000 0 1 520 267 288 03/26/2010 238102 979118 302 S 125 E HARMON AV 3719&3721 650,000 540,000 2 3 1394 466 387 03/24/2010 528103 985093 302 S 125 E HARMON AV 1209 125,000 125,000 1 1 520 240 240 03/24/2010 0104 985106 302 S 125 E HARMON AV 1211 125,000 125,000 0 1 520 240 240 03/24/2010 71105 985214 302 S 125 E HARMON AV 714 164,900 165,000 1 2 847 194 194 03/23/2010 127106 1011267 302 S 125 E HARMON AV 3121 219,900 260,000 1 2 874 251 297 03/23/2010 29107 1014766 302 S 135 E HARMON AV 903 135,900 134,500 1 1 520 261 258 03/23/2010 15108 987287 302 S 145 E HARMON AV 2505 100,000 151,100 0 1 520 192 290 03/19/2010 7109 1006591 302 S 145 E HARMON AV 1902 205,888 205,000 1 2 874 235 234 03/19/2010 27110 1006608 302 S 145 E HARMON AV 1904 152,888 140,000 1 1 520 294 269 03/19/2010 27111 1014794 302 S 135 E HARMON AV 1703 137,000 137,000 0 1 520 263 263 03/19/2010 9112 1015462 302 S 145 E HARMON AV 3707 205,000 213,000 1 1 520 394 409 03/18/2010 2113 1006683 302 S 145 E HARMON AV #808 808 194,900 195,000 1 2 847 230 230 03/16/2010 53114 975697 302 S 135 E HARMON AVENUE 1905 174,888 165,000 0 1 520 336 317 03/12/2010 51115 1010308 302 S 145 E HARMON AV 3105 235,888 218,000 1 1 520 453 419 03/11/2010 20116 975474 302 S 125 E HARMON AVE 1119 139,888 132,800 0 1 520 269 255 03/09/2010 165117 976315 302 S 135 E HARMON AV 1107 150,000 140,000 0 1 520 288 269 03/09/2010 11118 989922 302 S 135 E HARMON AV 319 139,000 130,000 0 2 520 267 250 03/05/2010 140119 1005217 302 S 135 E HARMON AVENUE 3207 224,888 210,250 0 1 520 432 404 03/04/2010 11 the market 120 1003194 302 S 125 E HARMON AV 3217 169,900 201,000 1 1 520 326 386 03/02/2010 14121 975719 302 S 145 E HARMON AVENUE 1905 178,888 160,000 0 1 520 344 307 03/01/2010 21122 1009128 302 S 125 E HARMON AV #805 805 123,800 137,500 0 1 520 238 264 02/25/2010 10123 1010094 302 S 125 E HARMON AV 2721 182,500 245,500 1 2 874 208 280 02/23/2010 8124 1004053 302 S 145 E HARMON AV 1505 170,000 170,000 0 1 520 326 326 02/19/2010 6125 1007514 302 S 135 E HARMON AV 1721 240,000 242,500 1 2 874 274 277 02/19/2010 19126 1010089 302 S 125 E HARMON AV #2301 2301 187,100 238,000 1 2 874 214 272 02/19/2010 9 16-Aug-2010 53
  • 56. Page: 5# ML # Area Stat Address UnitNumber List Price Sale Price Bdrs BthsTot SqFt LP/SqFt SP/SqFt Act Close Date DOM127 859712 302 S 145 E HARMON AV 1019 150,000 143,721 0 1 520 288 276 02/17/2010 270128 1008304 302 S 125 E HARMON AV #804 804 136,700 130,250 0 1 520 262 250 02/17/2010 13129 1005224 302 S 135 E HARMON AV 2016 159,900 145,000 1 1 520 307 278 02/16/2010 19 MGM Signature130 977741 302 S 145 E HARMON AV 3020 265,000 260,000 1 2 874 303 297 02/10/2010 19131 975905 302 S 145 E HARMON AVE 2209 164,888 150,000 0 1 520 317 288 02/09/2010 28 Sale comps continued132 975930 302 S 135 E HARMON AV 3718 164,888 160,000 0 1 520 317 307 02/09/2010 42133 977690 302 S 125 E HARMON AV 3001 299,888 271,500 1 2 874 343 310 02/09/2010 32134 981662 302 S 135 E HARMON AVE 3605 199,888 160,000 0 1 520 384 307 02/09/2010 68135 1002241 302 S 125 E HARMON AV 707 150,000 146,500 1 1 520 288 281 02/08/2010 11136 1000444 302 S 135 E HARMON AV 2414 210,000 210,000 1 2 847 247 247 02/04/2010 21137 906450 302 S 145 E HARMON AV 317 140,000 135,000 0 1 520 269 259 02/03/2010 242138 1004051 302 S 135 E HARMON AV 2107 175,000 175,000 0 1 520 336 336 02/03/2010 18139 997693 302 S 135 E HARMON AV 311 144,500 140,000 0 1 520 277 269 02/01/2010 21140 1000419 302 S 135 E HARMON AV 2521 239,900 230,000 1 2 874 274 263 02/01/2010 21141 975807 302 S 145 E HARMON AVE 1919 148,888 145,000 0 1 520 286 278 01/22/2010 25142 1002634 302 S 135 E HARMON AV #3609 3609 137,125 201,880 0 1 520 263 388 01/22/2010 16143 976458 302 S 145 E HARMON AVENUE 3601,3603 595,888 535,000 2 3 1394 427 383 01/19/2010 777144 999664 302 S 125 E HARMON AV 1403 144,900 157,600 1 1 520 278 303 01/13/2010 7145 985708 302 S 145 E HARMON AV 2118 132,500 148,000 0 1 520 254 284 01/11/2010 30146 989864 302 S 125 E HARMON AV 1604 139,900 135,000 0 1 520 269 259 01/07/2010 34147 999004 302 S 125 E HARMON AV 2914 225,000 217,500 1 2 847 265 256 01/07/2010 14148 998947 302 S 135 E HARMON AV 3009 199,999 205,000 0 1 520 384 394 01/06/2010 7 the market 16-Aug-2010 54
  • 57. Search Criteria Page: 1Search Name: One LV Solds HighriseDate: 16-Aug-2010 12:52:03 PMSearch Criteria Field Operator CriteriaStatus Equals S One Las VegasProject Name Equals ONELVActual Close Date Between 1/1/2010 - 8/16/2010 Sale comps continuedSearch Statistics: 2 Listings2 Closed Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 1 2 863 $182,820 $218.68 $172,000 $205.74 101% 7Low 1 1 836 $119,900 $138.93 $120,500 $139.63 94% 4Average 1 1 849 $151,360 $178.81 $146,250 $172.69 97% 5Median 1 1 849 $151,360 $178.81 $146,250 $172.69 97% 5Listing Report: price per sqft# ML # Area Stat Address UnitNumber List Price Sale Price Bdrs BthsTot SqFt LP/SqFt SP/SqFt Act Close Date DOM1 1031712 303 S 8255 S LAS VEGAS BL 1419 182,820 172,000 1 1 836 218 205 05/04/2010 42 1015194 303 S 8255 S LAS VEGAS BL 1209 119,900 120,500 1 2 863 138 139 03/16/2010 7 the market 16-Aug-2010 55
  • 58. Search Criteria Page: 1Search Name: Panorama Towers soldsDate: 16-Aug-2010 01:02:17 PMSearch Criteria Field Operator CriteriaStatus Equals SSubdivision Name Contains panorama towers Panorama TowersActual Between 1/1/2010 - 8/16/2010 Sale comps continuedSearch Statistics: 1 Listings1 Closed Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 2 2 1,808 $254,700 $140.87 $250,000 $138.27 98% 48Low 2 2 1,808 $254,700 $140.87 $250,000 $138.27 98% 48Average 2 2 1,808 $254,700 $140.87 $250,000 $138.27 98% 48Median 2 2 1,808 $254,700 $140.87 $250,000 $138.27 98% 48Listing Report: price per sqft# ML # Area Stat Address UnitNumber List Price Sale Price PSType Bdrs BthsTot SqFt LP/SqFt SP/SqFt YearBlt Act Close Date1 1004992 503 S 4535 DEAN MARTIN DR 104 254,700 250,000 TWH 2 2 1808 140 138 2008 03/17/2010 the market 16-Aug-2010 56
  • 59. Search Criteria Page: 1Search Name: Panorama Towers HighriseDate: 16-Aug-2010 12:56:13 PMSearch Criteria Field Operator CriteriaStatus Equals SProject Name Equals PANORAActual Close Date Between 1/1/2010 - 8/16/2010 Panorama Towers Sale comps continuedSearch Statistics: 49 Listings49 Closed Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 3 3 2,469 $775,000 $331.80 $731,250 $313.36 117% 433Low 1 2 753 $105,000 $111.11 $115,000 $112.44 65% 0Average 1 2 1,517 $308,622 $203.07 $290,818 $189.98 94% 68Median 2 2 1,488 $299,000 $194.46 $290,000 $183.24 95% 44Listing Report: price per sqft# ML # Area Stat Address UnitNumber List Price Sale Price Bdrs BthsTot SqFt LP/SqFt SP/SqFt Act Close Date DOM1 1062115 503 S 4525 DEAN MARTIN DR 1807 299,900 306,000 2 2 1640 182 186 08/11/2010 32 1040146 503 S 4575 DEAN MARTIN DR 2208 240,000 238,000 2 2 1463 164 162 07/29/2010 583 1036992 503 S 4575 DEAN MARTIN DR 2612 549,999 525,000 2 3 2169 253 242 07/26/2010 274 1038510 503 S 4575 DEAN MARTIN DR 1209 379,000 332,000 2 3 1726 219 192 07/19/2010 445 1009612 503 S 4525 DEAN MARTIN DR 2500 399,999 400,000 2 3 2057 194 194 07/16/2010 116 1038602 503 S 4575 DEAN MARTIN DR 2411 289,900 245,600 2 2 1126 257 218 07/16/2010 567 1047115 503 S 4575 DEAN MARTIN DR 601 168,500 160,000 1 2 955 176 167 06/30/2010 78 999879 503 S 4575 DEAN MARTIN DR 2501 225,000 190,000 1 2 987 227 192 06/29/2010 1089 1054576 503 S 4525 DEAN MARTIN DR 610 120,000 121,101 1 2 753 159 160 06/28/2010 010 1009891 503 S 4525 DEAN MARTIN DR 500 299,900 290,000 2 2 1582 189 183 06/25/2010 8211 1003376 503 S 4575 DEAN MARTIN DR 1011 255,000 248,000 2 2 1128 226 219 06/20/2010 15812 1041433 503 S 4525 DEAN MARTIN DR 404 105,000 115,000 2 2 945 111 121 06/18/2010 413 1036560 503 S 4575 DEAN MARTIN DR 1409 339,900 325,000 2 3 1726 196 188 06/16/2010 614 1005147 503 S 4525 DEAN MARTIN DR 1506 376,000 338,500 2 3 2347 160 144 06/14/2010 12215 1042664 503 S 4525 DEAN MARTIN DR 1112 329,900 327,000 2 2 1406 234 232 06/10/2010 16 the market 16 994329 503 S 4525 DEAN MARTIN DR 2701 700,000 660,000 2 3 2469 283 267 06/07/2010 5117 996967 503 S 4525 DEAN MARTIN DR 1908 248,900 226,000 2 2 1445 172 156 05/28/2010 15918 1032199 503 S 4525 DEAN MARTIN DR 302 199,900 200,000 2 2 1488 134 134 05/25/2010 2119 983518 503 S 4575 DEAN MARTIN DR 1407 359,990 359,900 2 3 1612 223 223 05/21/2010 13920 1011220 503 S 4525 DEAN MARTIN DR 1607 350,000 300,000 2 3 1640 213 182 05/13/2010 1221 980258 503 S 4575 DEAN MARTIN DR 2005 299,000 275,000 2 2 1226 243 224 05/12/2010 181 16-Aug-2010 57
  • 60. Page: 2# ML # Area Stat Address UnitNumber List Price Sale Price Bdrs BthsTot SqFt LP/SqFt SP/SqFt Act Close Date DOM22 1013883 503 S 4525 DEAN MARTIN DR 1707 395,000 350,000 2 3 1640 240 213 05/11/2010 2623 1023657 503 S 4575 DEAN MARTIN DR 1211 289,000 275,000 2 2 1128 256 243 05/10/2010 4624 1032865 503 S 4525 DEAN MARTIN DR 3206 404,900 390,000 2 3 2291 176 170 05/05/2010 2025 983517 503 S 4575 DEAN MARTIN DR 1002 199,990 130,000 1 2 780 256 166 05/03/2010 433 Panorama Towers26 1027888 503 S 4525 DEAN MARTIN DR 1112 255,000 255,000 2 2 1406 181 181 04/30/2010 0 Sale comps continued27 986972 503 S 4575 DEAN MARTIN DR 704 196,000 141,750 2 2 946 207 149 04/22/2010 17428 985044 503 S 4525 DEAN MARTIN DR 401 174,900 128,625 1 2 929 188 138 04/21/2010 15529 987942 503 S 4575 DEAN MARTIN DR 904 179,000 160,000 2 2 946 189 169 04/21/2010 14730 994130 503 S 4575 DEAN MARTIN DR 2605 299,000 292,200 2 2 1216 245 240 04/12/2010 6731 992379 503 S 4525 DEAN MARTIN DR 1412 399,000 350,000 3 2 2189 182 159 03/31/2010 2632 1000801 503 S 4575 DEAN MARTIN DR 907 349,990 340,000 2 3 1612 217 210 03/31/2010 3233 992048 503 S 4525 DEAN MARTIN DR 300 249,900 235,000 2 3 2090 119 112 03/24/2010 10934 1013533 503 S 4525 DEAN MARTIN DR 1212 232,600 258,000 1 2 1408 165 183 03/19/2010 1435 1016579 503 S 4525 DEAN MARTIN DR 1906 329,000 330,000 2 3 2347 140 140 03/18/2010 536 1003747 503 S 4575 DEAN MARTIN DR 2400 775,000 731,250 2 3 2372 326 308 03/17/2010 5537 999682 503 S 4525 DEAN MARTIN DR 1507 299,900 290,000 2 3 1640 182 176 03/16/2010 5038 1009888 503 S 4525 DEAN MARTIN DR 3105 297,000 277,000 2 2 1201 247 230 03/04/2010 739 978508 503 S 4565 DEAN MARTIN DR 102 349,000 302,500 2 2 1770 197 170 02/12/2010 11140 994648 503 S 4575 DEAN MARTIN DR 500 249,900 249,900 2 2 1579 158 158 02/10/2010 4541 990671 503 S 4525 DEAN MARTIN DR 412 212,900 212,900 1 2 1405 151 151 02/02/2010 1442 906909 503 S 4575 DEAN MARTIN DR 1606 550,000 500,000 3 3 2170 253 230 01/29/2010 28143 1008375 503 S 4565 DEAN MARTIN DR 101 275,000 260,000 2 2 1793 153 145 01/29/2010 244 978518 503 S 4525 DEAN MARTIN DR 3203 360,000 340,000 2 2 1085 331 313 01/28/2010 10445 997037 503 S 4525 DEAN MARTIN DR 405 185,900 160,000 2 2 1194 155 134 01/28/2010 4246 988695 503 S 4525 DEAN MARTIN DR 702 122,000 117,000 1 2 808 150 144 01/25/2010 5847 993468 503 S 4575 DEAN MARTIN DR 1100 319,950 300,000 1 2 1579 202 189 01/19/2010 4148 998171 503 S 4525 DEAN MARTIN DR 2209 320,000 375,000 2 3 1724 185 217 01/08/2010 1349 982570 503 S 4575 DEAN MARTIN DR 1005 316,900 316,900 2 2 1212 261 261 01/07/2010 29 the market 16-Aug-2010 58
  • 61. Search Criteria Page: 1Search Name: sky las vegas soldsDate: 16-Aug-2010 01:08:23 PM Sky Las VegasSearch Criteria Field Operator CriteriaStatus Equals SSubdivision Name Contains sky las vegasActual Between 1/1/2010 - 8/16/2010 Sale comps continuedSearch Statistics: 1 Listings1 Closed Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 1 1 876 $171,000 $195.21 $175,000 $199.77 102% 8Low 1 1 876 $171,000 $195.21 $175,000 $199.77 102% 8Average 1 1 876 $171,000 $195.21 $175,000 $199.77 102% 8Median 1 1 876 $171,000 $195.21 $175,000 $199.77 102% 8Listing Report: price per sqft# ML # Area Stat Address UnitNumber List Price Sale Price PSType Bdrs BthsTot SqFt LP/SqFt SP/SqFt YearBlt Act Close Date1 1021780 301 S 2700 S LAS VEGAS BL 505 171,000 175,000 CON 1 1 876 195 199 2006 03/25/2010 the market 16-Aug-2010 59
  • 62. Search Criteria Page: 1Search Name: Sky Las Vegas Solds HighriseDate: 16-Aug-2010 01:10:21 PMSearch Criteria Field Operator CriteriaStatus Equals S Sky Las VegasProject Name Equals SKYLVActual Close Date Between 1/1/2010 - 8/16/2010 Sale comps continuedSearch Statistics: 9 Listings9 Closed Listings Beds Baths Sq Ft LP LP/Sq Ft SP SP/Sq Ft SP/LP DOMHigh 2 3 1,329 $272,300 $256.94 $275,000 $220.30 106% 98Low 0 1 778 $174,900 $202.03 $144,900 $172.59 72% 6Average 1 1 1,044 $228,672 $220.63 $211,322 $201.63 91% 44Median 2 2 1,100 $229,500 $218.09 $222,500 $204.37 91% 37Listing Report: price per sqft# ML # Area Stat Address UnitNumber List Price Sale Price Bdrs BthsTot SqFt LP/SqFt SP/SqFt Act Close Date DOM1 1041560 301 S 2700 S LAS VEGAS BL 611 199,000 170,000 1 1 985 202 172 08/11/2010 732 1019281 301 S 2700 S LAS VEGAS BL 2905 174,900 159,000 1 1 778 224 204 08/02/2010 983 1017658 301 S 2700 S LAS VEGAS BL 3506 199,900 144,900 0 1 778 256 186 05/21/2010 884 1030061 301 S 2700 S LAS VEGAS BL 3804 222,750 236,000 2 2 1100 202 214 05/20/2010 95 1029202 301 S 2700 S LAS VEGAS BL 2704 249,900 222,500 2 2 1100 227 202 05/12/2010 66 1008145 301 S 2700 S LAS VEGAS BL 610 269,900 247,500 2 2 1248 216 198 03/23/2010 377 1003101 301 S 2700 S LAS VEGAS BL 1111 229,500 217,000 1 1 985 232 220 03/11/2010 298 1008791 301 S 2700 S LAS VEGAS BL #2401 2401 272,300 275,000 2 3 1329 204 206 02/11/2010 69 992634 301 S 2700 S LAS VEGAS BL 3207 239,900 230,000 2 2 1100 218 209 01/29/2010 51 the market 16-Aug-2010 60
  • 63. team resumes 61Professional Profile DOUGLAS S. SCHUSTER Senior Vice President, Multihousing Investment Doug.Schuster@grubb-ellis.com 702.733.7500 ext. 273CURRENT RESPONSIBILITIESDouglas S. Schuster is Senior Vice President, Multihousing Investment Group. He is responsible for directing allactivities of the group which specializes in the acquisition and disposition of income producing multi-familyproperties. Over the past year, Doug has also provided a variety of services such as valuation, consulting andwork out disposition for assorted groups such as City National Bank, Wells Fargo, Bank of America, Key Bank,C.W. Capital, LNR and American Capital.CAREER SUMMARYDoug has over 27 years of commercial real estate experience in Las Vegas, Portland, San Diego, Phoenix andSalt Lake City. Prior to joining Grubb & Ellis|Las Vegas in April 2008, Doug was Senior Vice President, Multi-Family Investments for NAI Horizon. At NAI, he was responsible for the acquisition and disposition of over onebillion dollars worth of apartment complexes. He also assembled local mixed-use projects, refinanced apartmentswith problematic loan structures, and identified and managed rehabilitation projects and condo conversions. Inaddition, he was responsible for establishing a property management firm with over 1100 units. His transaction listis extensive and includes such multi-family projects as Carefree Senior Living, Desert and Cedar Springs, CopperSands, Amber Ridge, The Enclaves, Copper Palms, Courtyard Village and Emerald Gardens.EDUCATION Bachelor of Arts – University of California, Los Angeles, CAPROFESSIONAL AFFILIATIONS Nevada Development Authority (NDA) Las Vegas Chamber of Commerce (LVCC)AWARDS 2009 CoStar Power BrokerGrubb & Ellis|Las Vegas | 3930 Howard Hughes Parkway, Suite 180 | Las Vegas, Nevada 89169 | 702.733.7500 | www.gelasvegas.com
  • 64. team resumes 62Professional Profile CURTIS R. ALLSOP Senior Associate, Land Group Curt.Allsop@grubb-ellis.com 702.733.7500 ext. 279CURRENT RESPONSIBILITIESCurt Allsop is Senior Associate, Land Group at Grubb & Ellis|Las Vegas. Curt has over 20 years of commercialand residential land acquisition and development experience. His experience includes land identification, contractnegotiation, feasibility, due diligence and purchase efforts for sites that range from less than five acres to morethan a thousand acres. Curt’s strong technical background and management experience has allowed him tosuccessfully manage the entitlements and the overall development process for various types of projects. Over thepast year, Curt has also provided a variety of services such as valuation, consulting and work out disposition forassorted groups such as City National Bank, Wells Fargo, Bank of America, Key Bank, C.W. Capital, LNR andAmerican Capital.CAREER SUMMARYPrior to joining Grubb & Ellis|Las Vegas, Curt was Advisor, Land Group at NAI Horizon. At NAI he wasresponsible for identifying residential land investment opportunities. Before joining NAI Horizon, Curt worked forvarious regional, national and local homebuilders in the land development and acquisition sector. In addition toland acquisition, some of his responsibilities included managing consultants and contractors, implementing newland development strategies and analyzing all current land deals in the Las Vegas market and other geographicalareas. He also revised and improved the financial tools used to determine community profitability.EDUCATION Master of Business Administration – University of Utah Bachelor of Science in Mechanical Engineering – Brigham Young UniversityPROFESSIONAL AFFILIATIONS NAIOP – Active Member – Since 2002AWARDS 2009 CoStar Power BrokerGrubb & Ellis|Las Vegas | 3930 Howard Hughes Parkway, Suite 180 | Las Vegas, Nevada 89169 | 702.733.7500 | www.gelasvegas.com
  • 65. Professional Profile team resumes 63 VITTAL RAM Associate, Multihousing Investment Group Vittal.Ram@grubb-ellis.com 702.733.7500 ext. 290CURRENT RESPONSIBILITIESVittal Ram joined Grubb & Ellis|Las Vegas in April, 2008. In his position as Associate, Multihousing InvestmentGroup, he is responsible for directing activities of the group which specializes in the acquisition and disposition ofincome producing multi-family properties.CAREER SUMMARYPrior to joining Grubb & Ellis|Las Vegas, Vittal was Specialist, Multi-Family Investments at NAI Horizon. There, heassisted in the acquisition and disposition of apartment complexes, coordinated due diligence, provided client andcustomer service, and updated client and property databases. Before joining the Multi-Family Investments team,Vittal worked as a Marketing Assistant at NAI. In this position, he assisted in all aspects of marketing for theagents at NAI Horizon.EDUCATION Attended Loyola Marymount University Attended A.I.M.S. Medical College, IndiaAWARDS 2009 CoStar Power BrokerGrubb & Ellis|Las Vegas | 3930 Howard Hughes Parkway, Suite 180 | Las Vegas, Nevada 89169 | 702.733.7500 | www.gelasvegas.com
  • 66. team resumes 64Professional Profile SUZANNE M. SPRENGER Marketing Assistant, Transaction Services Suzanne.Sprenger@grubb-ellis.com 702.733.7500 ext. 282CURRENT RESPONSIBILITIESSuzanne joined Grubb & Ellis|Las Vegas in May of 2007 as the Marketing Assistant for the Kammerling RetailTeam and the Schuster Multihousing Team. Her responsibilities include the preparation and distribution of allmarketing materials.CAREER SUMMARYPrior to relocating to Las Vegas, Suzanne was an Administrative Assistant, Marketing and Advertising Managerand Property Manager/Leasing Agent for CHASE Property Management, Inc., in Peoria, Illinois.Suzanne began her career in the industry as a Marketing and Advertising Assistant for Jim Maloof/Realtor, a localreal estate company, in Peoria, Illinois.EDUCATION Bachelor of Arts, Communication with an emphasis in Organizational/Corporate Communication – NorthernIllinois UniversityACCOMPLISHMENTS Nevada Real Estate Salesperson LicenseGrubb & Ellis|Las Vegas | 3930 Howard Hughes Parkway, Suite 180 | Las Vegas, Nevada 89169 | 702.733.7500 | www.gelasvegas.com