ACQUISITIONS Real estate is a deeply cyclical business. There are certain points in the business and real estate cycle when development is hard to justify, both from an investment standpoint and based on simple supply and demand fundamentals. However, frequently during these down points in the cycle, asset values get depressed to the point where properties can be acquired for well less than replacement cost. At Abbey Road, we are opportunistic investors in existing real estate with sound fundamentals. We seek to acquire properties which offer: Protected, infill locations; Long term balance of supply and demand; Unique or hard to replicate product offerings; Potential for long-term value enhancement through renovation or repositioning Acquisition Portfolio Assets include the following: WOODBERRY PARK APARTMENTS WESTERLY PARK APARTMENTS