1. Bay Area Developer Forum 11/30/2011 Bay Area Developer Forum 11/30/2011

3. Garrison Development: The Preserve at Alafia is part of a master planned development which includes Alafia Crossing retail center (60,000 sf) and a 115 room Holiday Inn Express which is in the pipeline for completion in 2012-2013.

4. Bill Diffenderfer, Managing Partner * 2.2 million square feet of office, * 1.5 million square feet of retail * 1,795 hotel rooms * 19,600 multifamily residential units * Georgia Institute of Technology Bachelor of Science, Management Minors - Building Construction Accounting * Georgia licensed real estate broker - 1995 * Florida licensed real estate broker - 2005 * Certified Public Accountant - 1993 * Certified Financial Planner - 1993

5. Scott Baad, Partner * Director of Property Management * 25 years of Property Management experience. * Former Division Vice President for Archstone * 32 properties - 10,000 apartment units throughout Florida * University of South Florida Bachelor of Science, Mechanical Engineering * Certified Property Manager - IREM * Florida State Certified General Contractor

6. Patriot Residential Management Services * Southeast Focus *Current presence in Tampa, Orlando, Fort Lauderdale and Jacksonville.

7. Property Details: 351 units Mix of Garden and Mid-Rise Product One, two and three bedroom floor plans Direct Riverfront on Alafia River Garage and Carports included HUD 221 D4 loan

8. Unit Mix: 56 (16%) – 1/1 @ 805sf 96 (27%) – 1/1 @ 861sf 16 (5%) – 2/1 @ 1040sf 103 (29%)– 2/2 @ 1045sf 72 (20%) – 2/2 @ 1211sf 8 (3%) – 3/2 @ 1359sf

19. Lease-up Statistics: Pre-leasing in temp office in May. Leasing Center opened in June. First Move-ins occurred in July. Currently 61% leased. Expect stabilization in May, 2012.

20. Absorption: Temp leasing office opened in May. Total units leased thus far = 220 Absorption has averaged 31 units per month.

21. Market Rents: 1/1805sf$1,135$1.41/sf 1/1861sf$1,345$1.56/sf 2/11040sf$1,455$1.40/sf 2/21045sf$1,355$1.30/sf 2/21211sf$1,675$1.38/sf 3/21359sf$1,815$1.33/sf Rents include garage and carport charges.

22. Concessions: Concessions vary by floor plan and average 1-2 months.

23. Demographics: Professional57% Skilled27% Military 3% Retired 9% Other 4% Median Household Income = $57,678

24. Questions???