Summary

Lincoln Greens is a 458-unit class B apartment complex located in Oklahoma City, OK.  Constructed in 1984, Lincoln Greens Apartments consists of thirty-nine two-story residential buildings and four free-standing buildings (two offices and two storage/maintenance buildings).  Community features include two swimming pools, an exercise facility, limited access entry gates and two tennis courts.  The Property is located in Northwest Oklahoma City, the submarket at the forefront of revenue and apartment market growth, which is aided by rising demand generated by healthy regional economic conditions and a softening for-sale housing market.

Employment growth in Oklahoma City remains strong as employers created the most new positions in 2007 of the last four years, marking the fourth consecutive year of employment growth.  Nearly all sectors are forecast to expand by year end, with the leisure and hospitality sector, whose employees tend to rent rather than own, climbing a robust five percent, with the addition of 3,000 new jobs.  Spillover demand is also expected to rise from instability in the for-sale market.  Tightening lending standards and market uncertainty are keeping more buyers in apartments, a trend likely to continue well into 2008.

The investment profile consisting of a combination of income and capital appreciation is centered around capitalizing on what is currently a mismanaged and neglected apartment complex.  The Operator will implement a capital improvement program designed to enhance the long term value.  At the time of acquisition, the property was 94% occupied.