Low Rise Apartment: CSS Completed for 2005 Tax Year

This six-story building was newly constructed and placed in service in January 2005 with a total depreciable cost basis of $32,799,000. The building is comprised of 55,000 sf and contains 150 apartment units.

• Placed in Service: January 2005
 
• Cost Basis: $32,799,000
 
• Accelerated: $6,002,298 (19.3%)
 
• 1st Year Savings: Over $311,000*
 
• 10-Year NPV Savings: Over $1,200,000**

Garden Style Apartment: CSS Completed for 2005 Tax Year

The facility is consists of 44 two story apartment buildings. The 493 units consist of 200 one bedroom, 281 two bedroom and 12 three bedroom apartments. A leasing office, maintenance shop and fitness center are each located inside three separate apartment buildings. The property has a footprint of approximately 175,569 square feet with a total gross area of approximately 526,707 square feet and occupies a 25.36 acre site.

• Placed in Service: May 2004
 
• Cost Basis: $31,023,670
 
• Accelerated: $9,493,243 (30.6%)
 
• 1st Year Savings: Over $539,000*
 
• 10-Year NPV Savings: Over $2,160,000**

Luxury Apartment: CSS Completed for 2004 Tax Year

The property is a 493,892 SF multi-tenant residential facility built in two phases between 2001 and 2002. The facility consists of mulitiple two-story housing structures and single story support buildings used as the club house, pool cabana, mail kiosks and property maintenance.

• Placed in Service: July 2001 & March 2002
 
• Cost Basis: $30,729,991
 
• Accelerated: $9,899,597 (31%)
 
• 1st Year Savings: Over $648,000*
 
• 10-Year NPV Savings: Over $1,702,000**