Summary

Carrollton Oaks Apartments Homes, formerly known as Homes of Azalea Park, is a class B- apartment complex located in the city of Carrollton, Texas, a close-in suburb in the northern part of the Dallas/Fort Worth (D/FW) metropolitan area. D/FW has enjoyed a strong job growth in the twelve months ending July 2006, adding more than 68,000 jobs. D/FW holds high barriers to entry of no apartments are under construction at this time. Carrollton is home to 118,700 citizens, 5,000 businesses and a daytime workforce of over 71,000. Carrollton, a business-friendly city, ranks among the top three cities in the region in creating the highest number of new jobs, total new development square footage, and the number of businesses moving to Carrollton, including the expansion of current businesses. Numerous assets, such as excellent schools, parks and greenbelts, and convenient services, are available to every neighborhood. The wide variety of housing, community partnerships and civic opportunities enhance Carrollton's diversity, and residents enjoy the award-winning sports complexes, libraries, natural areas, golf courses, lifestyle amenities and community events.

A capital appreciation investment profile; Carrollton Oaks Apartment Homes is situated in a quiet single family neighborhood. The primary strategy is to implement a rehab program, with much of the focus on the exterior enhancement of the property. The rehab expenditures are expected to allow Azalea to compete with other apartment projects in the area and achieve market occupancy levels. Market fundamentals have tightened; the upswing for apartment investing in Dallas is being driven by a combination of employment growth, lack of new construction, and reduced affordability of single family housing.