SHERMAN RESIDENTIAL
2009 MULTIFAMILY ACQUISITION CRITERIA

The objective of the real estate group at Sherman Residential is to acquire multifamily apartment communities in designated markets throughout the United States. The following information outlines our current general criteria:

PROPERTY DESCRIPTION:

• Garden-style, mid-rise and high-rise apartment communities
• 150 units minimum, built after 1990
• Attractive grounds, comprehensive amenity package, good unit mix
• Strong locations in designated markets

GEOGRAPHICAL LOCATION:

The following metropolitan areas:

• Phoenix, Arizona
• Tampa, Florida
• Atlanta, Georgia
• Chicago, Illinois
• Las Vegas, Nevada
• Austin, Texas
• Dallas, Texas

PRICING:

• Below comparative replacement cost.
• Anticipated return in the first year of 6% or greater.

SUBMISSION REQUIREMENTS:

All submissions must have the following items to be expeditiously considered:

• Current rent roll
• YTD financial statements and prior two years
• Complete physical description of improvements
• Site plan, floor plans, amenities and unit mix
• Complete color photos - aerial if possible
• Market data on comparable rental properties and recent sales
• Current concessions and concession history
• Resident profile report