An integrated approach to Portfolio Growth		Carmel Partners' approach to development employs a unique balance of strategy and imagination. With every opportunity we strike a successful balance between ambitious development visions and investment fundamentals. We are experts in identify value potential. Value is added through our extensive development and redevelopment experience and the expertise of our in-house construction staff. The development team works with the acquisition team to determine the business plan, scope of work and the required capital budget for improvements. By harnessing in-house talent, we can tailor flexible solutions to specific assets and markets. This depth of multifaceted experience has led to Carmel Partners being recognized as a leading owner and developer in the United States. Bradburn Row http://bradburnrow.com Acquired: September 2002 Location: Westminster, CO Site Size: Equity Partner: Number of Units: 325 Debt Provider: CB&T Wildhorse http://wildhorsecondos.com Acquired: February 2004 Location: Davis, CA Site Size: 4.27 Acres Equity Partner: CP Investment Fund Number of Units: 78 Units to be built Debt Provider: WF Facility

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