Student Housing Management Proposal for the Courts at Riverbend >San Marcos, TX >

Student housing management proposal for The Courts at Riverbend >San Marcos, TX >

Student housing management proposal for The Courts at Riverbend

contents >1.0 executive summary >2.0 qualifications

2.1 experience 2.2 select executive résumés >3.0 approach to needs 3.1 housing administration 3.2 housing operations 3.3 building operations >4.0 comprehensive plan for management

4.1 human resources and development 4.2 comprehensive plan for marketing 4.3 facilities 4.4 safety and security 4.5 residence life program 4.6 financial and accounting >5.0 sample marketing plan

>6.0 sample monthly financial reports

>7.0 fee proposal

7.1 pre-marketing fee proposal 7.2 management fee proposal

> Potomac Heights - George Mason University > New Residence Hall - Rogers State University > University Village - University of Nebraska at Omaha

CLV is proud to submit this a result, CLV has developed Clearly we are qualified. I assure proposal to manage. At proprietary “opening” manuals, you we are eager to work with you about 35,000 beds, CLV is the check-lists and processes. and to make your student housing global leader in the privatized Needless to say, the occupancy program exemplary. management of student housing of every facility is critical and CLV with 42 student communities in 3 employs aggressive marketing countries. strategies to achieve the highest Respectfully submitted, initial occupancy possible.

Of the locations managed by CLV, 37 involved opening newly Additionally, CLV developed its Geoff R. Eisenacher constructed or renovated facilities. operating platform to manage our Assistant Vice President The size of the opening ranged owned facilties. CLV makes certain from 218 beds serving Louisiana that we apply the same care and State University Eunice to, 1456 supervision to our third party beds serving the University of locations, so that the NOI of each Texas at San Antonio, with the asset is maximized. average being 500 beds. As

> Alpine Village - University of Colorado > University of Canterbury Villages - University Hall > Cokesbury Court - Oklahoma City University Colorado Springs Christchurch, New Zealand

The mission of Campus culture. Our directors frequently sit and student affairs expertise. Living Villages (CLV) is to on selection and other committees Finally we pride ourselves in create exceptional student and participate in staff meetings. creating seamless environments accommodations by providing a Because of our unique history, with our partners providing a comfortable learning environment, we are aware of, and sensitive to, dynamic collegiate experience for by providing outstanding customer university operations, processes the students. service and by providing attractive, and politics. clean, well-maintained facilities, all CLV is a fully-integrated company tempered with the application of with employee expertise in human sound ethical business practices. resources, legal, construction CLV has been managing student and development, finance and accommodations, for 17 years. administration, and information Our management portfolio has technology systems. The increased over that time period management team is the primary from 634 beds to over 34,000 contact. Our strength is our beds. employee talent pool with an In most of these locations, we are operations team offering greater fully-integrated into the university than 300 years of student housing

College/University - Manage Entire Campus Housing Units Beds On-Campus Off-Campus Developed

Louisiana State University at Shreveport - University Court Apts. – Shreveport, LA 140 480 >> University of Houston-Clear Lake - University Forest Apts. - Clear Lake, TX 136 288 >> George Mason University – Entire Campus Housing – Fairfax, VA 1,763 4,870 > Arizona State University's Polytechnic Campus - Williams Campus Housing – Mesa, AZ 982 1,108 >> Weber State University – Ogden, Utah 232 668 > Louisiana State University at Eunice – Bengal Village - Eunice, LA 58 218 >> Illinois Central College – WoodView Commons - East Peoria, IL 120 330 >> Academy of Art University - San Francisco, CA 800 1500 > SUBTOTAL: 4,231 9,462 805

College/University - Manage Housing in Conjunction w/ other University Housing

University of Houston - Cambridge Oaks Apts. – Houston, TX 210 634 >> Texas Southern University - Greystone Apts. – Houston, TX 180 424 >> Texas State Technical College - Village Oaks Apts. – Waco, TX 272 976 >> University of Texas-San Antonio - University Oaks Apts. (3 Phases) – San Antonio, TX 600 1,456 >> University of Texas at Tyler - University Pines Apts. – Tyler, TX 160 384 >> Oklahoma City University - Cokesbury Court Apts. – Oklahoma City, OK 200 488 >> Northwestern State University - University Columns Apts. – Natchitoches, LA 160 512 >> Abilene Christian University - University Park Apts. – Abilene, TX 200 488 >> University of Texas-Arlington - Centennial Court Apts. (2 Phases) – Arlington, TX 368 960 >> University of Texas-San Antonio - Chisholm Hall Residence Hall – San Antonio, TX 260 509 >> University of Missouri-St. Louis - University Meadows Apts. - St. Louis, MO 200 504 >> Henderson State University - Whispering Oaks Apts. – Arkadelphia, AR 120 288 >> University of New Orleans Privateer Place Apts. (2 Phases) – New Orleans, LA 348 816 >> Webster University - Webster Village Apts. – St. Louis, MO 116 280 >> University of Nebraska-Omaha - University Village – Omaha, NE 144 576 >> Arizona State University – Adelphi Commons - Tempe, AZ 166 332 >> Arizona State University – Adelphi Commons II – Tempe, AZ 73 265 >> McMurry University – Renovation - Hunt and Martin Halls – Abilene, TX 88 302 >> Northwestern State University – University Place (2 Phases) – Natchitoches, LA 324 784 >> Hawaii Pacific University and University of Hawaii at Manoa - Hawaiian Island Student Suites 352 844 > Southern University and A&M College – The Palisades - Baton Rouge, LA 276 564 > University of Denver - Vista Loft - Denver, CO 86 317 > University of Southern Mississippi - University Edge - Hattiesburg, MS 156 552 > University of Advancing Technology – Founder's Hall - Tempe, AZ 94 260 >> Temple University - The Edge - Philadelphia, PA 240 1,207 > Florida State University - Studio Green - Tallahassee, FL 372 688 > Texas A&M - Gateway - College Station, TX 292 960 > Florida State University - Colony Club - Tallahassee, FL 178 266 > Florida State University - High Point - Tallahassee, FL 150 150 > University of Florida - University Glades - Gainesville, FL 120 432 > University of Florida - Campus Club - Gainseville, FL 252 924 > SUBTOTAL: 6,757 18,142 21 10 20 TOTAL: 10,988 27,188 29 8 25 management experience: Australia & New Zealand

College/University served Beds Owned Third Party Developed

Griffith University Vilalge - Gold Coast, Australia 517 >> Kelvin Grove, QUT Village - Brisbane, Australia 455 >> Sydney University Village - Sydney Australia 650 > Macquarie University Village - Sydney, Australia 894 >> RMIT Village Old Melbourne - Melbourne Australia 454 > Murdoch University Village - Perth, Australia 525 > Massey University Halls - Palmerston North, New Zealand 1005 > Canterbury University Villages - Christchurch, New Zealand 1550 >> Victoria University - New Zealand 525 >

TOTAL: 6,575 724

The following pages in this section provide professional credentials for our senior management team.

Jim Short Bachelor of Science Tel: 713-871-5132 Business Administration - Accounting Cell: 713-320-3039 University of Arkansas [email protected] Licensed Real Estate Broker Arizona, Hawaii, Missouri, Nebraska and Texas

Certified Public Accountant

Certified Property Manager Jim Short

Relevant Experience: Memberships: Selected Presentations: • 1993 - Present • ACUHO-I • ACUHO-I President and Chief Executive Officer • SWACUHO • NACUBO Campus Living Villages • Institute of Real Estate Management • NACAS • 1990 - 1993 • American Institute of Certified Public • SUNY Housing System General Manager Accountants Publications: • Texas Society of Certified Public Koll/Rubloff Chapter co-author: “Privatized and Accountants • 1990 Off-campus Housing Relationships” Foundations: Strategies for the Future of Director of Marketing Committees: Collegiate Housing, ACUHO-I 2006. Century Development Corporation • Host Committee 2006 - Chairman • 1989 - 1990 SWACUHO Chief Financial Officer • Scholarship Committee - Chairman American Medical Technology, Inc. Arkansas Alumni Association • 1983 - 1989 • Academic Recruiting - Chairman Chief Financial Officer Arkansas Alumni Association Carma Developers, Inc. • Legislative Affairs - Institute of Real Estate Management

René Bell Juris Doctor Tel: 713-871-5155 Master of Business Administration [email protected] The University of Texas at Austin

Bachelor of Arts Business Administration Austin College

Certified in Real Estate Law by the Texas Board of Legal Specialization

René Bell

Relevant Experience: Memberships: • 1993 - Present • Texas Bar Association Vice President and General Counsel • Houston Bar Association Campus Living Villages • Real Estate Section (board member) • 1984 - 1993 • Construction Law Section Associate Attorney • Corporate Law Section Wilson, Cribbs & Goren • Fellow, Houston Bar Foundation

Publications: Thesis: Blue Sky Regulation of Promoter Compensation in Offerings of Real Estate Securities.

Pamela J. Thayer Juris Doctor (summa cum laude) Tel: 713-871-5138 University of Miami [email protected] Bachelor of Science Marketing Florida State University

Admitted to Practice Law: Texas - 1999 Florida - 1997

Pamela J. Thayer

Relevant Experience: Memberships: • 2000 - Present • Texas Bar Association Development Manager, Associate • Houston Bar Association Counsel • Florida Bar Association Campus Living Villages • 1999 - 2000 Associate Counsel Landry's Restaurants, Inc. • 1996 - 1999 Law Clerk / Associate Counsel Greenspoon, Marder, et al

John Iannuzzo Master of Education Tel: 713-871-5167 Student Pesonnel Services Cell: 832-264-2456 University of South Carolina [email protected] Bachelor of Science Psychology Ursinus College

Accredited Residential Manager Institute of Real Estate Management

Licensed Real Estate Broker - Texas John Iannuzzo

Relevant Experience: • 1986 Memberships: • 2001 - Present Resident Hall Director • Institute of Real Estate Management Vice President - Operations California State University at Sacramento • Accredited Resident Manager Campus Living Villages • 1998 - 2001 Committees: Senior Regional Manager • SWACUHO - 2006 Host Committee Campus Living Villages • 1996 - 1998 Regional Manager Campus Living Villages • 1990 - 1996 Managing Director Cambridge Oaks Campus Living Villages • 1988 - 1990 Area Coordinator Trinity University, San Antonio, TX • 1986 - 1998 Resident Student Development Program Coordinator Univerity of South Carolina

Carlette Woods Master of Business Administration Tel: 713-871-5174 Finance [email protected] University of St. Thomas

Bachelor of Business Administration Accounting University of Southern Mississippi

Certified Public Accountant

Carlette Woods

Relevant Experience: • 1985 - 1989 Memberships: • 2003 - Present Assistant Controller • Texas Society of CPAs Vice President - Finance Kettle Restaurants Campus Living Villages • 1983 - 1985 • 1997 - 2003 Chief Accountant Financial Controller Kettle Restaurants Marriott Senior Living Services • 1981 - 1983 • 1996 - 1997 Chief Accountant Consultant Kettle Restaurants Kettle Restaurants • 1993 - 1996 Vice President Finance, Secretary, Treasurer and Director Kettle Restaurants • 1989 - 1993 Vice President Controller Kettle Restaurants • 1989 - 1992 Instructor San Jacinto College

Roger Phillips Bachelor of Science Tel: 713-871-5125 Business Administration Cell: 832-434-7994 Louisiana State University - Shreveport [email protected]

Roger Phillips

Relevant Experience: • 1995 - 2000 • 2006 - Present Partner / Asset Manager Vice President - Development Emerald Management Campus Living Villages • 1993 - 1994 • 2005 - 2006 Commercial Real Estate Fee Appraiser Vice President - Development Keith Holbrook and Co., Inc. American Campus Communites • 1987 - 1993 • 2004 - 2005 Agent's Representative Development Project Manager State Farm Insurance Companies JPI Development Services • 1986 - 1987 • 2002 - 2004 Commercial Retail Leasing Business Development Carlisle Property Company JPI Campus Quarters • 1985 - 1986 JPI Development Commercial Office / Retail Leasing • 2001 - 2002 Sealy Realty, Inc. Business Development Ambling Companies • 2000 - 2001 Regional Director National United Properties

Connie Hansen Bachelor of Arts Tel: 713-871-5156 Sociology [email protected] University of South Alabama

Associate Accounting Houston Community College Systems

Connie Hansen

Relevant Experience: • 2007 - Present Controller Campus Living Villages • 2001 - 2007 Project Manager Strategic Capital Corp. • 2000 - 2001 Project Accountant Paper Group Holding • 1999 - 2000 Project Accountant Antone's • 1998 - 1999 Assistant Controller The Powell Group, LLC • 1981 - 1998 Controller, Accounting Manager and Junior Accountant Ninfa's

Stephanie Ornelas Bachelor of Business Administration Tel: 713-871-5145 Accounting [email protected] Southwest Texas State University

Stephanie Ornelas

Relevant Experience: • 1998 - 1999 • 2007 - Present Project Manager Accounting Manager Texas State Parks and Wildlife Dept. Campus Living Villages • 1997 - 1998 • 2006 - 2007 Accounting Intern Senior Assistant Controller Texas State Parks and Wildlife Dept. Dallas Marriott Suites Market Center • 2004 - 2006 Senior Assistant Controller Renaissance Worthington Hotel • 2003 - 2004 Senior Assistant Controller Houston Marriott Medical Center • 2001 - 2003 Assistant Controller Houston Marriott Medical Center • 1999 - 2001 Senior Accountant National Guest Homes

Jamie Chambers Bachelor of Business Administration Tel: 713-871-5111 Texas Tech University [email protected]

Jamie Chambers

Relevant Experience: Memberships: • 2001 - Present • Society of Human Resources Vice President, Human Resources and Management Administration • HR Houston Campus Living Villages • 1998 - 2001 Committees: • Legislative Action Committee: Director of Human Resources HR Houston Bayshore Medical Center • Workforce Development Committee (Columbia HCA Healthcare) Greater Houston Partnership (previous) • 1993 - 1998 Director of Human Resources Houston Northwest Medical Center (Tenet Healthcare) • 1991 - 1993 Human Resources Generalist Division of Nursing M.D. Anderson Cancer Center

John Chachere Master of Architecture / Tel: 713-871-5117 Construction Management [email protected] Texas A&M University

Bachelor of Environmental Design Texas A&M University

General Contractor License: Louisiana and Arizona

John Chachere

Relevant Experience: • 1978 - 1980 • 2002 - Present Estimator / Project Manager Vice President - Construction Pence Campus Living Villages • 1974 - 1978 • 1991 - 2002 Sr. Estimator Sr. Project Manager Linbeck Construction Campus Living Villages • 1989 - 1991 President Partner's Construction (CLV subsidiary) • 1988 - 1989 Sr. Project Manager Campus Living Villages • 1984 - 1988 Vice President of Estimating and Project Management Liggin • 1980 - 1984 Vice President McGregor

Bob Talutis Bachelor of Business Management Tel: 713-871-5152 University of Massachusettes [email protected] Licensed Real Estate Agent - Texas

Texas Contractors License

Bob Talutis

Relevant Experience: • 2000 - present Senior Construction Manager and Facilities Director Campus Living Villages • 1987 - 2000 Owner - Res-Com Builders & Developers • 1986 - 1987 Project Superintendent Juniper Construction • 1981 - 1986 Contractor / Construction Supervisor Suffolk Builders • 1979 - 1981 Manager of Construction & Maintenance Purcell Homes • 1978 - 1979 Construction Manager Purcell Homes • 1973 - 1978 Contractor / Construction Supervisor Countryside Contractors

Geoff Eisenacher Bachelor of Arts Tel: 713-871-5114 Psychology Cell: 832-512-4787 Minor Business Administration [email protected] Ohio University

Licensed Real Estate Agent - Texas

Geoff Eisenacher

Relevant Experience: • 1995 -1996 Committees: • 2006 - present Resident Director • SWACUHO - 2006 Host Committee Assistant Vice President The Bromley Companies Selected Presentations: of Business Development • 1994 - 1995 • NMHC Campus Living Villages Resident Advisor • 2003 - 2006 Allen & O’Hara, Inc. Division Director - Special Projects Campus Living Villages • 2001 - 2003 Director of Special Projects Campus Living Villages • 1999 - 2001 Director of Housing The Bromley Companies • 1997 - 1999 General Manager The Bromley Companies • 1996 - 1997 Assistant General Manager The Bromley Companies

David Timmerman Master of Education Tel: 713-871-5142 Student Personnel in Higher Education Cell: 832-368-6948 The University of Georgia [email protected] Bachelor of Science Psychology Texas A&M University

David Timmerman

Relevant Experience: • 1997 - 1998 Memberships: • 2006 - present Director of Training • ACUHO-I Assistant Vice President of Operations Campus Living Villages • SWACUHO Campus Living Villages • 1996 - 1997 Committees: • 2001 - 2006 Managing Director • SWACUHO - 2006 Host Committee Division Director - Western Assets Centennial Court • SWACUHO - 2004 - Present Annual Campus Living Villages The University of Texas at Arlington Conference Committee • 2000 - 2001 Campus Living Villages • SWACUHO - 1999 - 2001 Research & Information Committee Chair Regional Manager • 1995 - 1996 • SWACUHO - 2002 - 2004 Treasurer Campus Living Villages Managing Director • 1999 - 2000 University Park Selected Presentations: Managing Director Abilene Christian University • SWACUHO University Oaks & Chisholm Hall Campus Living Villages The University of Texas at San Antonio • 1994 - 1995 Campus Living Villages Assistant Director • 1998 - 1999 Cokesbury Court Associate Director Oklahoma City University University Oaks & Chisholm Hall Campus Living Villages The University of Texas at San Antonio • 1992 - 1993 Campus Living Villages Assistant Director / Resident Director Southwestern University

Troy Bayham Master of Arts Tel: 713-871-5166 Industrial / Organizational Psychology Cell: 832-264-2432 Louisiana Tech University [email protected] Bachelor of Science Education Louisiana Tech University

Licensed Real Estate Broker - Texas

Troy Bayham

Relevant Experience: Memberships: • 2006 - present • ACUHO-I Assistant Vice President of Operations • SEAHO Campus Living Villages Committees: • 2003 - 2006 • SWACUHO - 2006 Host Committee Division Director - Eastern Assets • ACUHO-I - Marketing Strategies Campus Living Villages Workshop Program Committee • 2002 - 2003 • SEAHO - 2002 Governing Council Regional Manager • LAHO - Past President Campus Living Villages • 1997 - 2002 Selected Presentations: Assistant Director • ACUHO-I - Best of Conference Presentation Department of Residential Life • ACUHO-I - Markets Workshop Louisiana State University • SEAHO • 1996-1997 • LACUSPA Facilities Coordinator Louisiana State University • 1994 - 1996 Hall Director Louisiana State University

Josie Dykes Bachelor of Science Architectus Brisbane Sam Sample Tel: 832-202-6041 Education Tel: 61 7 3221 6077 Bachelor of Urban Design, QUT 2001 [email protected] [email protected] Bachelor of Architecture (hons) Division of Real Estate Management University(IREM) of Queensland, 1998 BachelorVarious Certificates of Design Studies University of Queensland, 1994

SamJosie SampleDykes

Relevant Experience: • 1991 - 1992 • 2007 - present Leasing Director Regional Director Shey Associates Campus Living Villages • 1987 - 1991 • 2005 - 2006 Regional Director Consultant The Hoyt Group Edwards Companies • 2006 - 2007 Marketing Specialist United Campus Housing • 1997 - 2004 Executive Vice President Campus Development Group/Suite USA., Inc. • 1996 - 1997 Director Butler Enterprises, Inc. • 1992 -1996 Property Manager Epoch Management, Inc.

Lori Nantkes Bachelor of Science Tel: 314-516-7528 Music and Business Administration [email protected] Miliken University

Accredited Residential Management Certification, (ARM)

M-100 Essentials of Community Association Management Certification

Certified Apartment Manager Certification, (CAM) Lori Nantkes

Relevant Experience: • 2004 - present Regional Director Campus Living Villages • 2002 - 2004 Property Manager Draper and Kramer • 1999 - 2002 Portfolio Property Manager Condominium Property Management, Inc. • 1998 - 1999 Property Manager The Michelson Realty Organization • 1997 - 1998 Property Manager The R.E. Jones Management Company • 1996 -1997 Property Manager The Mills Group, Inc. • 1994 - 1996 Property Manager The Sexton Company

Julie Budge Bachelor of Science Tel: 713-747-3770 Business Administration [email protected] Tarleton State University

Julie Budge

Relevant Experience: • 2004 - present Regional Director Campus Living Villages • 2002 - 2004 Multi-Site Property Manager Walden Management Company • 2000 - 2002 Multi-Site Property Manager Lincoln Property Company • 1999 - 2000 Human Resource Manager Texas Hydraulics • 1998 - 1999 Regional Supervisor / Controller Barge Properties • 1995 - 1998 Property Manager Wiston/Anterra Management

Jennifer Casey Master of Arts Tel: 832-264-2389 College Student Personnel [email protected] Ball State University

Bachelor of Arts English Bowling Green State University

Jennifer Casey

Relevant Experience: • 1996 - 1997 • 2007 - present Recruitment Assistant Regional Director Vanderbilt University Campus Living Villages • 1995 - 1996 • 2004 - 2007 Graduate Assistant for the Office of Director of Residence Life Leadership & Service Programs St. Edward’s University Ball State University

• 2000 - 2004 Memberships: Director of Residence Life • ACPA Millsaps College • ACUHO-I • 1999 - 2000 • NASPA Area Director for the Office of • SEAHO Residence Life • SWACUHO

Emory University Committees: • 1998 - 1999 • State Representative to the SEAHO RA Assistant Director of Housing and Task Summit - 2001 Residential Education Vanderbilt University • 1997 - 1998 Admissions Counselor Vanderbilt University

Melodie Raab-Wanner Master of Education Tel: 480-965-2160 College Student Personnel [email protected] Kent State University

Bachelor of Education Elementary Education University of Toledo

Melodie Raab-Wanner

Relevant Experience: Memberships: • 2005 - present • ACPA Regional Director • NRHH Campus Living Villages • 2001 - 2005 Selected Presentations: Managing Director • NMHC Adelphi Commons Campus Living Villages • 1998 - 2001 Resident Director Case Western Reserve University • 1996 - 1998 Teacher, Day School Cleveland Music School Settlement • 1994 - 1995 Resident Advisor University of Toledo • 1993 - 1994 Greek Village House Manager University of Toledo

Kirby Hargis Master of Education Tel: 713-871-5191 Texas Tech University [email protected] Bachelor of Science Agricultural Economics Texas Tech University

Bachelor of Science Agricultural Education Texas Tech University

Kirby Hargis

Relevant Experience: Committees: • 2006 - present • NACE - National Association for Regional Director Colleges and Employers Campus Living Villages • ASJA - Association of Student Judicial Affairs • 2000 - 2006 • SWACUHO Assistant VP for Student Affairs • ACSD - Association for Christians in Houston Baptist University Student Development • 1987 - 2000 Selected Presentations: Multiple Engineering roles • Behavioral Interviewing - SWACUHO, Conoco Inc. ASJA and NACE • 1985 - 1987 Resident Director Texas Tech University

Mili Arguello Master of Arts Tel: 210-577-4000 College Student Personnel Administration Cel: 210-669-5227 Columbia University, Teachers College [email protected] Bachelor of Arts Sociology Princeton University

Mili Arguello

Relevant Experience: Memberships: • 2007 - present • ACUHO-I Regional Director • NASPA Campus Living Villages • SWACUHO • 2004 - 2007 Committees: Director • Diversity Committee 2007 - SWACUHO University of Texas at San Antonio • San Antonio Princeton Alumni Association - Schools Comm. Campus Living Villages • 2002 - 2004 Selected Presentations: Director of Residential Life • ACUHO-I Boston College • SWACUHO • 1996 - 1998 • San Antonio Housing Officers Assistant Director of Residence Life University of Texas at San Antonio Campus Living Villages

Cherie Barbee Dale Carnegie - Leader to Leader Tel: 713-871-5164 [email protected] Certified Accounting Software Trainer - GEAC\AMSI

HUD Accounting Progran

Cherie Barbee

Relevant Experience: • 1996 • 2004 - present Property Accountant Director of Marketing and Leasing Hanover Management Campus Living Villages • 1992 - 1996 • 2003 - 2004 Accounting Supervisor / Regional Property Manager Manager Archon Residential Management Barron Builders & Management • 2002 - 2003 Regional Property Supervisor Kaplan Management Corp. • 2001 - 2002 Asset Manager Forest Equites, Inc. • 1998 - 2001 Regional Training Director Greystar Management Services • 1996 - 1998 Property Accountant Greystar Management Services

Katie Kubiak Bachelor of Science Architectus Brisbane Sam Sample Tel: 832-202-6041 Business Administration/Marketing and Tel: 61 7 3221 6077 Bachelor of Urban Design, QUT 2001 [email protected] Management [email protected] Bachelor of Architecture (hons) UniversityAssociates of Degree Queensland, 1998 BachelorBusiness ofAdministration Design Studies University of Queensland, 1994 Member Mu Aplha Sorority

Member Phi Theta Kappa

Member American Marketing Association SamKatie SampleKubiak

Relevant Experience: • 2007 - present Marketing and Leasing Specialist Campus Living Villages • 2005 - 2007 Leasing Director Campus Living Villages • 2003 - 2005 Teacher University of St. Louis/Child Development Center

Katie Moring Master of Education Tel: 713-871-5119 Counseling and Guidance (Student Affairs) [email protected] Texas State University

Bachelor of Arts Psychology of Organizations and Development University of the Incarnate Word

Katie Moring

Relevant Experience: • 2007 - present Director of Special Projects Campus Living Villages • 2003 - 2007 Coordinator of Special Projects Campus Living Villages • 2003 Intern - Ofiice of Counseling Services Texas Lutheran University • 2003 Intern - Ofiice of Career Services Texas Lutheran University • 2000 - 2002 Residence Life Coordinator University of the Incarnate Word • 1999 - 2000 Housing Assistant University of the Incarnate Word • 1997 - 2000 Senior Resident Assistant University of the Incarnate Word

CLV agrees to provide the services outlined. The following expounds upon our expertise and experience in student accommodations.

Administrative Management: CLV’s day-to-day operations. All planning is Olympic Games in Salt Lake City, Utah, primary goal is always to operate a done in the context of supporting the and NASA interns in Houston. Also, successful housing program in regards owners mission and vision, and meeting in February of 2006 CLV hosted the to student life, fiscal responsibility, and the needs of students. Core to the Southwest Association of College and facility management. strategic planning process is feedback University Housing Officers (SWACUHO), from students and staff. Feedback is earning the distinction of being the obtained via focus groups and surveys. only private company to serve as host Pricing: CLV currently operates in 30 CLV employs a number of different survey to a professional student housing different markets across the United instruments to evaluate and enhance organization’s annual conference. States. Each market is unique in the the total housing operation. Once survey CLV generated in excess of $2 million socio-economic makeup, level of data is obtained, results are circulated competition, and total demand of student in conference housing income for fiscal and focus groups come together in year 2005-06. Much of the success with housing. In order to maintain the highest the development of the Annual Plan. possible occupancy at the optimal rate, this program is a result of becoming The Annual Plan then becomes the involved in the community and forging CLV carefully studies the competition and operational guide for the year. takes proactive measures prior to the relationships with community and start of the leasing season to ensure our business leaders. product is the best value in the market. Conference Housing: CLV recognizes Historically, these efforts include preparing the importance of a well run conference Marketing: CLV places special market studies of off campus products housing program especially as it relates emphasis on retention. Retention efforts and competing universities’ housing, and to student recruitment and the financial begin the minute students and parents acquiring feedback from existing students benefit to the housing program. CLV arrive for move-in day. CLV maintains (surveys and focus groups). administers conference programs at all communication with students and of its 27 locations. A few of the more parents through student newsletters, notable conferences in which CLV has parent newsletters, broadcast email Planning: CLV believes strategic and been involved include the 2002 Winter deliberate planning is essential to drive and the Internet. In addition, because

© 2008 > campus living villages > century > commercial in confidence 32 >3.1 we market to, and sign leases with over community and if they lease within a 34,000 students every year, we are in specified period of time, they receive close touch with what amenities and a Visa/Mastercard/American Express programs appeal to today’s students. A gift card in the amount of $100-$300 sample marketing plan has been included (depending on demand and program at the end of this proposal. budget).

CLV has created a number of effective Key to Free Rent: When a prospect marketing strategies that were designed tours the community they get to choose for both established and new operations. a key from a fishbowl full of keys located However, the use of these existing in the leasing office. If the key unlocks the strategies and programs are not universal. model unit, they win FREE rent for a full Careful consideration needs to be given semester! to demand, student population and competition in order to create a effective schedule of programs and activities. The Raffles: Raffles are a popular and programs listed are a sample of some effective means of generating traffic. of the programs that are currently being Communities often hold raffles where used at our CLV locations. prospects are entered into various drawings by completing a lease or touring a community within a specific period of Buzz Buttons: CLV created this program time. Prizes can be i-Pods, books at the for a competitive market that was heavily bookstore, DVD players, gift cards, or driven by groups of students looking to even money towards a meal plan at the move together in the same community. campus dining hall(s). When a resident signs a lease, they immediately receive 3 Buzz Buttons to pass along to friends. When a friend “Catches the Buzz” from someone else, the Buzz Button is attached to the new lease and the person who “Gave the Buzz” gets $50-$200 (depending on the site and approved budget). If a resident runs out of Buzz Buttons, they can stop by the leasing office and pick up more at anytime.

Look and Lease: Converting a prospect to a lease is crucial. The “Look and Lease” program offers a $0 security deposit and $50 non-refundable application fee with a completed lease within 48 hours of a tour.

Holiday Cash: The holiday cash program can be implemented a variety of different ways, but primarily is used to maintain Spring occupancy. Prospects tour the

> Macquarie University Village Sydney, Australia

Database Management: CLV has Training. Once selected, these manuals compliance with Federal, State, and experience utilizing a number of data will be customized for the specific local laws in each venue in which CLV systems that are critical in property operation. All staff will be trained in the operates. CLV recognizes the value of on- operations. These systems include contents and use of the manuals. going training programs and professional complex accounting programs (MRI), development of every employee. In work order systems and total residential addition to the leadership provided by the management systems (OneSite, RMS Purchasing: CLV utilizes its national direct supervisor, CLV hosts two training and StarRez etc.). These programs are buying power to secure the lowest retreats on an annual basis for managing utilized to process applications, conduct possible pricing in a number of areas. In directors and encourages all employees room assignments, match roommates addition, CLV requires its managers to to participate in relevant professional (by request or like characteristics) and take advantage of competitive pricing development opportunities (ACUHO-I, manage facility repairs. when appropriate. ACPA, and NASPA). CLV also has a well developed employee Financial Management: CLV is Room Assignments: CLV routinely handbook which serves as a guide accustomed to developing and managing processes room assignments for all in addressing employee recognition, budgets in excess of $13 million. In academic terms. CLV sets priorities retention, and behavior. This handbook is addition, CLV currently works with a around roommate choice, then like reviewed on an annual basis and updated number of owners, investors and bond characteristics by using a roommate as needed. insurers that all have varying reporting matching process. and budgeting requirements. Residence Life: CLV believes that the Human Resources and Development: cornerstone to any housing program is Operational Management: CLV has CLV employs over 700 professional and its residence life program. CLV seeks to proprietary manuals covering Operations, student staff at its various locations. A establish exemplary programs at each of Emergency Procedures, Human critical component of the CLV Human its locations. Resources, OSHA Training, and RA Resources Department is ensuring

CLV also recognizes the importance to correct behavior. This information of practicing sound judicial principles. will also be shared with the university One of the most vital components of for its use in fulfilling Clery Act reporting any residence life program is the ability obligations. to educate students in situations where a community policy was violated. CLV holds true to the principles of educational Assessment/Evaluation sanctions that encourage students to be Responsibilities: CLV recognizes the positive members of the community. importance of continual assessment and evaluation of its programs and practices. CLV utilizes focus groups and online Programming Requirements: In surveys to evaluate everything from a addition to the efforts listed in the prospect’s first impressions to overall previous section, CLV seeks to provide educational enhancement. social and educational opportunities that transcend classroom learning. These objectives are met by rigorous programming requirements, student surveys and assessment efforts.

Student Behavior/Emergency Responsibilities: CLV works to ensure that students are aware of community standards. On or before move-in each student is required to sign an acknowledgement form stating they are aware of and will abide by the community standards. After move-in, timely reminders are communicated through the RA staff and various publications including electronic media. CLV is also adept at tracking the behavioral history of a student in order that appropriate educational sanctions may be employed

Construction, Renovation and Repair: recognizes the importance of a quality marketing. Our training programs, CLV is well positioned to provide the housekeeping program. recognition programs, and property owner with recommendations regarding reviews all include an emphasis on the construction, renovations and repairs. proper care and maintenance of the Inventory Management: CLV utilizes physical assets. CLV utilizes it’s Vice President of a number of documents and software Construction, Construction Manager systems to maintain adequate inventory and Director of Facilities to assist in the records of all fixed assets. CLV uses a variety of systems to track evaluation and development of plans. and evaluate building maintenance. CLV routinely makes recommendations to These systems allow students to enter third-party owners. Key Control: CLV believes key control work orders on-line from the convenience is the responsibility of every staff of their rooms. In addition, CLV also member. Each employee is required to Basic Horticultural Services has experience working with PDAs to acknowledge a key policy prior to his communicate with the maintenance staff. Specification: CLV understands that or her first day of work. CLV also has landscaping makes an impression experience with manual and electronic To assist the housing director in on visitors. To ensure curb appeal, key tracking systems. managing the preventive maintenance CLV employs a variety of experts, to program, we will develop a preventative supplement its staff. maintenance checklist. The maintenance Maintenance: CLV strongly believes technicians will complete the checklists that a director should have control on a contemporaneous basis and the Housekeeping: CLV staff employs staff over maintenance and housekeeping. checklists will be available for review by at all locations whose sole purpose is Keeping the facilities attractive, clean and senior staff. Housekeeping. These staff members well-maintained is as critical to keeping are supplemented when necessary with residents satisfied, as is the development contract labor. Just as CLV recognizes of a good community. Satisfied residents the importance of curb appeal, CLV also increase retention and word-of-mouth

The following is a comprehensive plan for management for a student housing project managed by CLV.

Site Supervision: The strength of our Prior to employment, candidates must management operations team is our pass a drug screen and a background people and is best described by their check. In addition, key full-time staff are behaviors. A diverse team of talented subject to owner approval. individuals has progressively evolved with a proud track record for both contributing and enlivening the collegiate landscape. CLV is committed to creating a top quality housing program. CLV understands the importance of the planning and preparation that must begin “immediately” in order to ensure a successful fall opening. CLV is proposing to dedicate an Assistant Vice President, Regional Director and a Marketing and Leasing Specialist during critical transition periods.

New Staff Hire: Employees are recuited from a number of candidate pools including, but not limited to; The Chronicle of Higher Education, ACUHO-I, studentaffairs.com, local newspapers, national and local recruiting agencies and our own company website.

Below are sample job descriptions for • Senior resident assistants; resident likely positions at most student housing assistants; community assistants: locations. Some properties have special A compliment of these positions will needs based on size, demographics and support the professional staff and interact certain site goals. with the residents on a daily basis. These staff will also serve office hours doing filing and other administrative tasks so > Director: The management team they remain in touch with office policy and will be lead by the director. A Bachelors procedures. degree is desired and appropriate experience will be required. The owner will have input on the selection of this > Marketing coordinator: The ideal person, and on all that report to him/her. candidate will hold an undergraduate The director will be responsible for the degree, and preferably, will have worked interface with the owner and with the in a student housing operation. He/she CLV home office. The director will be must be able to “close” and to work charged with developing the overall plans cooperatively on a daily basis with a for staffing, training, marketing, student number of university and community development, budgeting and reporting, members. The compensation package facilities, and discipline. The following for this position may include monetary positions will report to the director: incentives for attaining occupancy thresholds. Assistant Director This person will provide customer service Bookkeeper/Office Manager and increased attention to marketing. He/ Marketing Director she will report to the director. Leasing Assistants • Leasing assistants: Part-time leasing assistants will be employed to support Maintenance Supervisor the marketing coordinator with improved customer service and increased focus on > Assistant director: The assistant leasing. director will be responsible for community and student development, staff training > Maintenance supervisor: This and discipline, marketing and/or facilities person will oversee all contractor facility (depending on candadite skills and site responsibilities. The requirements for needs). An undergraduate degree and this position will include experience in appropriate experience will be required. managing facilities, systems or real estate operations. He/she will be responsible > Bookkeeper: The prefered candidate for negotiating vendor contracts and will hold an undergraduate degree, ideally supervision of facility staff. in accounting or business administration. • Maintenance technicians: Lead by a This person will also be the primary maintenance supervisor, staff will rotate liaison with the owner on integration after-hour on-call duty and will be the of all existing software packages to be primary employees responsible for repairs used by the housing staff. This person to the facility. will also perform all site level A/P, A/R and accounting duties as well as compile regular reporting requirements. He/she will report to the director.

CLV has a history of producing successful Review and Assessment: The first step to get the word out about the new new project openings under a variety of of our successful transition plan will be a housing. CLV has had success with these different circumstances. As a result, CLV thorough and comprehensive review of and other types of community activities has developed proprietary “opening” the project, the community, competition that help increase marketing exposure marketing plans, manuals, check-lists and most important the university. beyond the campus. and processes. Needless to say, the initial occupancy of each new facility is critical and CLV employs aggressive marketing Project: In order to create a marketing Competition: CLV will perform a strategies to achieve the highest initial plan, we have to understand the comprehensive market study of all direct occupancy possible. project and what the project offers in and indirect competition in the local area. comparison to competition. We also need This market study will evaluate all housing to understand our target population and opportunities available to students and CLV strongly believes that the single what areas we need to focus on in order how the rental accommodations, rents, most important opportunity to execute to reach that target population. amenities, rules and policies compare to its marketing plan and marketing those offered in town and on-campus. activities outlined below, is to have a daily presence around the campus and Community: CLV will identify where and community at which the project serves. how we can obtain access to our target Temporary Staff: CLV will provide a CLV site and corporate marketing staff student population via active and passive corporate transition team who will be the will identify strategic locations around marketing within the local community. first “boots on the ground”. This team is the campus and community where staff These efforts might involve a co-vending made up of an Assistant Vice President can interact in high traffic areas where partnerships with a local coffee house to of Business Development, floating students pass or congregate on a regular sponsor in-store marketing (coffee mugs, managing director staff and a corporate basis. This regular interaction will create coasters, table tents, pens) participation director of marketing and leasing. This more awareness of the project and reach in local community or athletic events, or team will perform many of the initial students that otherwise would not have hosting a marketing/information table at tasks until fulltime staff is hired, trained taken the time to visit. targeted locations within the community and able to carry out the pre-operational

© 2008 > campus living villages > century > commercial in confidence 40 >4.2 plans as outlined. In some cases, CLV community and product type. This will have internal candidates hired for the process will be carefully created around position(s) already versed in our transition feedback from residents and students program who are able to hit the ground via focus groups and surveys so that we running. In this case, the transition don’t establish a brand for the students, team will continue to work with this staff but rather with. and supplement their efforts to ensure seamless execution. Marketing Material and Collateral: Marketing brochures, banners, postcards, CLV is unique in that we maintain a staff informational displays, give-aways and of 5-6 floating managing director staff tour gifts are all important parts of the whose sole purpose is to provide interim leasing process. CLV marketing staff will or supplemental leadership at any CLV design these items to fit the approved site, due to staff turnover, special projects brand and theme. or any other operational need. These Groundbreaking and Ribbon staff are fully tained in all CLV processes Cutting Events: CLV is experienced Website Development: One of the and are prepared to travel and remain in coordinating and scheduling ribbon single most important tools in our installed at any location, with minimal cutting events that help gain attention marketing and leasing program is an notice. and support of prospective residents, attractive and interactive website. CLV parents and community officials. will assist in designing a website that is Staff Recruitment: In the event that informative and attractive to the target internal candidates do not exist for the audience. The site will have marketing New Prospects: CLV recognizes various fulltime positions, CLV will initiate and leasing functions with virtual tours, the importance of developing and our recruitment program. CLV uses a information request links, FAQ’s and implementing a system to track and variety of proven recruitment sources amenity lists. Current residents will also communicate with prospects requesting such as local and regional newspapers, have a section that will allow them to housing information. The following are internal job postings, national recruiting access a resident portal, online work tactics we will employ in the pursuit of web resources and references from our order requests, community photos, converting prospects into residents: own staff and others within the industry. and activity calendars. One of the most We also realize that owners might have useful aspects of the online presence is • Traffic Log: existing staff or candidates in mind and the creation of our online lease contract. Record number of phone calls received we are certainly willing and capable of CLV is the only student housing operator requesting housing information per day. who have had success in creating and hiring those candidates if the situation Record number of housing tours using this leasing process. The process warrants. provided per day. streamlines the entire leasing process to one consolidated step, allowing the • Mailings: Initiate Presence: More important prospect to lease from A-Z in one step, Distribute housing packets to new than just boots on the ground is an 100% online. This system has been in admits and other prospects established daily marketing presence. use at all CLV locations for four years and Distribute postcards/flyers for special We will immediately begin to execute our has proven to be a resounding success. promotions prospect and leasing program, providing By leasing online, we effectively increase tours and interacting with prospects in our business hours to 24/7 allowing Send follow-up “thank you” notes. person, on the phone or via the web. students to lease from the comfort of • Phone calls: their own home, day or night. Place follow-up calls confirming Branding Identity: In the event that a housing status brand or identity has not already been created, CLV will create a logo, tagline and image that is congruent with the

Address housing concerns or Residence Life programming & questions development Complete information request card • On-Line Renewal Process: • Tours: Choose room on-line Designate a model to show prospects Choose roommate on-line Complete guest card Renewal Plans are very detailed plans Prospects preview housing facilities that start before the holidays and typically have an ending date around the end of Discuss all aspects of housing March. The intent is to create a sense of (accommodations, residence urgency with current residents to renew life experience, social and wellness with the community, thereby reducing the activities) amount of time and money spent on new Provide small give-aways (pens, mugs, student recruitment. t-shirts, etc.) Renewal Plans are designed around a • Database: “theme”, such as; Process guest card from prospects. Follow housing status of prospects. • I love the 80’s • CyberMarketing: • We want YOU! (back) Military Theme Maintain a student-friendly website • Win BIG, Live LARGE! Las Vegas - previewing housing project Casino Theme Respond to requests for additional information from parents and/or The Leasing Office and community are prospective residents via online forms decorated with thematic decorations Maintain a virtual tour of all housing during the renewal period and a full areas and interior units calendar of programs are created to fulfill social, academic, educational and wellness requirements. Renewal Returning Residents: One of the best newsletters are published on a monthly methods of marketing is word-of-mouth. basis with updates on programs and CLV focuses on customer satisfaction, events, renewal notes from staff and developing a housing community that additional specials when applicable. allows current residents to feel comfortable Renewal specials can be discounted and confident in making the decision monthly rent, drawings, raffles, or the to continue to reside with us. This is special with the most impact, renew at strongly influenced by the quality and the same rate. This special has a number implementation of the residence life and of requirements and deadlines, but is very facilities maintenance programs. effective in resident retention. • Renewal Campaign Incentives (financial, priority assignment, etc.).

Special promotional programs.

• Resident Satisfaction: Satisfaction survey

Resident recognition

Facilities: Our philosophy is to keep Basic Horticulture Service the facilities clean and well-maintained. Specification: Our management style is motivational We propose to outsource the services so that all staff members take pride and duties defined. We have been in the appearance of the facilities and successful in providing a better level of understand the effect of maintenance and service and at a competitive price at most housekeeping on resident satisfaction. all our locations and feel this is the best We believe that we can institute a culture course of action. that increases productivity which will allow the savings in the facilities area to be re-deployed into other areas of the project. CLV proposes to implement a web-based maintenance work order system that students may access 24 hours a day. This increases customer satisfaction and helps maintain the community at a high level of repair.

Public Safety: CLV agrees to take If a crime does occur at the community, prudent steps consistent with property CLV, often in conjunction with campus management practices which should representatives, may institute a serve to reduce the instances of criminal community alert. In the event of a violent activity. However, we do not suggest crime, CLV and the campus resource that crime will be non-existent nor will we team join together and provide counseling assure that all residents and property will services at the community. be “safe and secure.” The director of each community is also CLV begins the safety education encouraged to create an ad-hoc safety program before students move in to committee. This committee focuses on the new community. Awareness and safety issues pertaining to the physical safety tips are listed in the Community condition of the facility. Periodically, the Policies each resident must sign prior to committee walks the facilities looking for taking occupancy. On move-in day, an potentially hazardous conditions such Emergency Instruction & Important Safety as uneven turf, sharp edges, obscured Tip brochure is distributed that is tailored shrubbery, etc. At least twice weekly, a to each specific community. lighting audit is conducted throughout Additionally, CLV often works with the facilties and lights are replaced as campus and/or local police to organize needed. “Operation ID” in which students can engrave and register personal items of value. Once students occupy the community, CLV conveys additional safety information in monthly newsletters and through resident programming.

Residence Life Program: RA’s also assist in the housing office that will enable him or her to assume The CLV residence life programming with day-to-day clerical operations and future roles as an adult. has evolved over many years due to leasing responsibilities in order to have a CLV will design an effective peer, faculty, our experience with all types of student better understanding of the entire housing and/or administrative disciplinary process populations. Each assignment is operation. that achieves the goals listed above. unique. CLV staff assess the attributes We also support community billing as a and interests of each community and Community Responsibility: CLV’s means to effectively develop responsibility develops programming accordingly. Each procedures for student discipline are among community members. These resident is provided a copy of community educational. The goal in disciplinary responsibilities are cleary outlined policies as well as a copy of a “Residence counseling is to acquaint all students with for each member of the community Life Handbook,” which is customized for the rules and deal with violations in the through a Residence Life Handbook or every community we manage. following manner: Community Policies. In addition, CLV • Explain the rationale for the community proposes creating an incentive program. Resident Assistants: To assist with standards and elicit the student’s This program will recognize the floor or our community development and cooperation. area of the community with the least programming, we recruit student leaders amount of common-area damage and • Have the student accept accountability provide an award through programming to serve as resident assistants. Student for his or her behavior. leaders typically are close in age and have funds. similar life experiences, which uniquely • Assess and implement sanctions, as necessary. positions them to develop nurturing peer Resident Programming: relationships with residents. Many of • Introduce peer “disapproval factor” these student leaders find the experience into the student’s awareness for non- Residents may be students who are just rewarding enough to seek out a career conforming behavior. beginning their college experience. They in student services. In addition to may be away from home for the first time. • Assist the student in making choices community development responsibilities, Many adjustment problems in the initial

© 2008 > campus living villages > century > commercial in confidence 45 >4.5 college years center on the uncertainty Professional Skills and unfamiliarity of the environment. • On and Off-Campus Job Search Skills Students also frequently are under stress to meet their own expectations as well as • Summer Job Opportunities the expectations of parents, instructors, • Internship Programs/Student Teaching and peers. CLV’s programming takes all Opportunities of these considerations into account. In assessing the interests and needs Life Away From Home of the residents, the CLV programming model: • Basic Car Maintenance • Sets program objectives • Laundry and Cleaning Tips • Involves the community (provides • Healthy Cooking on a Budget leadership opportunities)

• Prepares event plans Financial Skills > University of Canterbury Villages - Ilam Village • Publicizes events • Balancing a Checkbook Christchurch, New Zealand • Evaluates program effectiveness • Financial Aid/Scholarship Programs Programming is active and passive, • Living on a Budget structured and unstructured in order to • Tax Preparation encourage maximum participation and deliver value to both the students and the larger community. Personal Skills - Relationship While specific programming is tailored • Adapting to a New Environment to your student population, the following • Living With a Roommate - Negotiating is an example of successful programs Skills similar to other on-campus communities: • Time Management

Academic Initiatives Diversity Programming • Faculty Receptions • Cultural/ Domestic Exploration • Lectures • Religious Exploration • Faculty Mentoring/Advising • Sex Roles/Sexuality Identification • “Fireside Faculty Chats”

Environmental Awareness Health & Fitness • Recycling • Drug and Alcohol Education, Effects of Social Drinking • Energy Conservation • Organized Teams with Campus • Nature Appreciation Recreation

• Diet/Nutrition and Eating Disorders Community Service Initiatives • Date Rape Awareness • Resident Community Council • HIV and Dating • Safety Committee • Blood Drives • Voter Registration

Move-in Process: CLV’s move-in Roommate Matching: Residents process is centered on the principals are assigned to rooms and paired of efficiency and convenience for the with roommates based on information student and parent customers. they provide on their lease contract. Prior to move-in day, residents are Typically, gender, class standing, smoking contacted regarding room assignment preference, study habits and major field and roommate contact information. of study are used to make roommate Future residents are encouraged to matches. complete all outstanding paperwork CLV believes in the educational value of and make all financial payments prior learning to live with a roommate in an to arrival. These students may then use on-campus community. As such, CLV the EXPRESS CHECK-IN line at move- works with students to help them reach in. EXPRESS CHECK-IN includes being compromise in the event of roommate greeted with a huge welcome, signing for conflicts. A professional staff member keys and receiving a move-in gift…this sits down with each student and works year, the “Naked Roommate” by Harlan through points of concern and may ask Cohen. Those residents not eligible for the residents to sign a formal roommate EXPRESS CHECK-IN are greeted with agreement. the same excitement and courtesy.

Prior to move-in day, CLV staff meet to Resident Satisfaction Survey: CLV develop a plan which addresses parking constantly integrates new programming needs, traffic flow to avoid congestion based on experiences in other student and time constraints needed to schedule communities and resident input. In order elevator use. Staff assignments are made to assist us in eliciting student response, so that all components of the plan are we distribute a Resident Satisfaction covered and executed efficiently. Survey to each student every semester. On move-in day, it is common for a DJ to provide music and a light-hearted atmosphere. Often community service organizations assist parents and students with luggage, distribute refreshments and compliment the services the RA’s provide. At some locations a lounge is created to provide an area for rest and refreshments.

Routine Bookkeeping: The accounting should be able to deliver the routine Thus, at least preliminary budgets should system we propose to use is called monthly reports no later that the be submitted along with rental rate MRI. It is a typical multifamily accounting 20th of each month. Reports can be recommendations. We would collaborate system that we have adapted for student provided electronically or posted to on the preliminary budget with the owner housing (by-the-bedroom). The data our partner website via Peracon (online gaining support before submission for is kept on home-office servers allowing data warehouse) for easy transfer and final approval. Normally, our budget for nightly back-ups for security. Each archiving years begin on 7/1 or 9/1, but we can site will have an MRI license and will accommodate any fiscal year. enter data live via a high-speed Internet connection to Houston. Thus, site-level Additional Reporting: To the extent staff can have instant access to the that additional accounting and reporting Account Collection: What follows is status of any resident account. is required (GAAP basis statements, typical, but can be modified to meet projections, continuing disclosure Owner preferences. We don’t typically Site-level bookkeepers will enter the documents, audit support, etc.), check each applicant’s credit history resident management data (which accounting professionals in the home – most students haven’t established any student lives in which bedroom), post office will be involved. We are currently credit record. However, we do at some revenue billings and collections, make managing 14 third-party projects, each locations. If the student is under the age bank deposits, and prepare checks for having its own accounting and reporting of 23, we require a parental guaranty or disbursement. A monthly package, requirements. We have never delivered proof of independence. If independent, including bank reconciliations, will be sent any required report/audit beyond the or over the age of 22, we perform a to the Houston home office for review. deadline as a result of items within our credit check. If a student indicates that The site directors will prepare a monthly control. the source of funds to pay rent is from variance report detailing variances from financial aid, we require evidence of the the approved budget. After a review in award of aid. Houston, the reports will be provided to Budgeting: Generally, rental rates for those that require them (Owner, bond the upcoming academic year need to insurers, trustee, underwriters). We be established by sometime in January.

Near the end of each month, we generate a monthly statement for delivery to each resident. The statement details the amounts owed on the 1st day of the next month. Rent is due on the 1st and past due on the 2nd of each month, when a late fee is assessed. Late letters are generated on about the 5th of each month. Then a “pay or quit” letter is generated on about the 10th of each month. On about the 15th, an eviction letter is prepared and delivered. If payment is not forthcoming within 10-15 days, formal eviction proceedings are initiated.

After a resident has vacated with a balance owing, a series of dunning letters will be sent to them and to their guarantors. Eventually (by approximately the end of 3 months), the account will be turned over to a collection agency.

We have provided samples of our reporting packages at the end of this proposal. We can have further meetings to determine your specific accounting and/or reporting needs.

The following marketing plan is a sample of what CLV staff complete for all sites on an annual basis. The plans are created at the site then reviewed and progress tracked by the CLV corporate director of marketing assigned to each specific location. The marketing plans are living documents are are constantly being updated based on new market information.

Marketing Plan September 2008 – September 2009

Cherie Barbee Marketing Coordinator Vistaloft 1920 S. University Blvd Denver, CO 80210 Off Campus – University of Denver General Property Information

Rent Summary Estimated Pricing per Term Projected proforma per Unit Type and Term Bed Mix Occupancy 7/17/07 per month Approved month Revenue $ 2 Bed 773 sq ft Shared - Silverton 4 100% $ 9,600 $ 800 $ 9,600 800 $ 38,400

Premium Floor 3-9 20 100% 9,600 800 9,720 810 194,400

2 Bed 773 sq ft Private - Monarch 4 100% 19,200 1,600 16,200 1,350 64,800

Premium Floor 3-9 12 100% 19,200 1,600 16,320 1,360 195,840

3 Bed 992 sq ft - Aspen 6 100% 12,000 1,000 11,940 995 71,640

Premium Floor 3-9 21 95% 12,000 1,000 12,060 1,005 240,597

3 bed 1018 sq ft - Aspen 6 100% 12,000 1,000 11,940 995 71,640

Premium Floor 3-9 21 95% 12,000 1,000 12,060 1,005 240,597

3 Bed 1080 sq ft - Telluride 6 100% 12,000 1,000 12,180 1,015 73,080

Premium Floor 3-9 21 95% 12,000 1,000 12,300 1,025 245,385

4 Bed 1212 sq ft - Breckenridge 16 100% 11,820 985 11,820 985 189,120

Premium Floor 3-9 56 96% 11,820 985 11,940 995 641,894

4 bed 1224 sq ft - Breckenridge 8 100% 11,820 985 11,820 985 94,560

Premium Floor 3-9 28 100% 11,820 985 11,940 995 334,320

4 Bed 1245 sq ft - Vail 16 100% 11,820 985 12,000 1,000 192,000

Premium Floor 3-9 56 95% 11,820 985 12,120 1,010 644,784 $ 3,533,057 Adjusted Bed Capacity 301 Designed Bed Capacity 317

12 month Occupancy 97.3%

Amenities Included in Rent x Furnished private bedrooms & bathrooms x Water, gas, and electricity allowance x Wireless internet access x Cable T.V. in every bedroom and living room x LCD flat panel T.V.’s in living room x Clubhouse x Laundry facility on every floor x Clubhouse x Bike Storage x Three terraces with panoramic views Property Staff

The staffing layout for Vistaloft is as follows: x Leasing Specialist January 2008 x Director July 2008 (mid) x Assistant/Bookkeeper August 2008 (mid) x Maintenance Technician August 2008 (mid) x Part-Time Desk Helper September 2008

SWOT Summary (Strengths & Services; Weaknesses; Opportunities and Threats)

Strengths & Services

Location to Denver University x Location to Light Rail Station x DU Neighborhood x Student Only Housing x Fully Furnished x Private Bed/Bath x Individual lease liability

Weaknesses x Ratio of parking spaces/beds x Access to student/parent addresses x Access to sophomore dorms x Full term leases x Student market is new to off campus housing x Combating the stigma from previous off campus housing failures

Opportunities x Homecoming marketing table x Marketing table at the Driscoll Center x Off Campus Housing Activities Fair x Partnership with local establishments x Marketing through student organizations x Student newspaper advertisements x Utilizing university connections

Threats x 138 new beds for upper class students in the new hall x Current vacancy rate in the off campus housing market Unit Mix Fall 2008 Leasing Projections

x January 05 or 2% x February 35 or 13% x March 50 or 28% x April 50 or 44% x May 50 or 60% x June 50 or 76% x July 50 or 91% x August 40 or 104% Marketing Summary

Competition

Current Off-Campus Competition Apartment Address Phone Pets Name

Walking distance (1 mile or less) 2040 S. Josephine Apts 2040 S. Josephine (303) 778-5472 Ask 2155 S. Josephine Apts 2155 S. Josephine (720) 436-8949 No 2361 S. Race Apts 2361 S. Race St. (303) 819-3216 Ask 2401 E. Warren Apts 2401 E. Warren St. (303) 722-9551 No Andrew Apartments 2550 S. York St. (303) 758-0058 Cats Ann Manor 2495 S. York St. (303) 758-0058 Cats Arlington Apartments 2390 E. Asbury Ave (303) 722-1893 No Athens Apartments 2441 S. York St. (720) 480-4578 No Avalon Apartments 2075 S. Josephine (303) 471-5884 No Boardwalk Apartments 2455 S. Gaylord St. (303) 740-0567 Cats Brittany Manor 2345 S. York (303) 744-7785 No Campus Apartments 2456 & 75 S. York (303) 740-0567 Cats Campus Manor 1977 S. Josephine (303) 320-1814 No Carriage House Apts 2565 S. University (303) 777-9006 No Columbine Plaza 1998 S. Columbine (303) 257-0045 No Florentine Apartments 2363 S. York St. (303) 758-0058 Cats Garden Apartments 1832 Warren St. (303) 832-0264 Ask Green Door Apartments 2511 S. University (303) 758-0058 Cats Griffin/Delphi Apts 2381 S. Race (303) 777-9077 Cats Harvin Apartments 2101 E. Harvard (303) 740-0567 Cats Josephine Place 2035 S. Josephine (303) 778-5472 No Kara Lynn Apartments 1974 S. University (303) 794-1092 Ask Park Lane Apartments 2495 S. Gaylord (303) 257-0045 No The Savoy 1986 S. University (303) 255-1990 No Scholars Walk 2350 & 60 E. Iliff (303) 901-5100 Yes Skiers Inn Apartments 61 S. Josephine St. (303) 722-7647 Cats South Josephine Apts 2085 S. Josephine (303) 778-5472 No Spartan Apartments 24 S. Gaylord St. (303) 471-5884 Ask Terrace Plaza 1912 S. University (720) 422-9163 Yes University Park Towers 2225 E. Buchtel (303) 906-6677 Ask University Lofts 2351 E. Evans Ave. (303) 503-6610 No ON CAMPUS HOUSING OPTIONS: *Meal plans required for first Residential year. $1602-$3663 per Rates: academic year. First Year Housing Johnson McFarland and Centennial Halls double (shared room) $5,034 academic single $7,023 academic triple (shared bedroom w/ 2 roommates) $4,026 academic Upper Classmen Centennial Towers double (shared bedroom, bathroom, kitchen $6,015 academic Shingle (shared bathroom and kitchen) $7,695 academic Aspen and Hilltop Apartments 1 bed/ furn. (single) $8,184 academic 2 bed/ furn. $6,327 academic Nelson Hall Double Suite (shared bedroom and bathroom) $5,889 academic single Suite (share bathroom) $8,058 academic Double Deluxe Suite $6,489 academic Single Deluxe Suite $9,135 academic Studio (double occ.) $8,220 academic La Chateau, Cavalier, University Apts, Houston &Yorkshire Apt Studio (single occ.)/ Unf. $6,048 academic 1 bd (single occ.)/ unf. $7,554 academic 2bd (double occ.)/ unf. $5,652 academic 2bd (single occ.)/ unf. $9,606 academic Current On-Campus Housing

Rental Housing Caldwell Banker Prestige Realty Group Kitz & Associates Beyond Homes Private Homeowners

DU Student Housing Options *31 apartment facilities available within 1 mile of campus *13 apartment facilities available 1-3 miles of campus. *33 apartment facilities available 3-5 miles of campus. *23 apartment facilities available more than 5 miles of campus. School Demographics

Student Population x Total Student Population: 10,713 x Undergraduates: 4,907 x Graduates: 5,806

Gender x Female Students: 52% x Male Students: 48%

Race/Ethnicity x American Indian or Alaskan Native: 1.2% x Black, non-Hispanic: 2.8% x Asian/Pacific Islander: 6.7% x Hispanic: 7.1% x International: 3.0% x Race/Ethnicity: 0.2% x White, non-Hispanic: 79.1%

Geographic Breakdown x Colorado: 41.7% x West: 15.1% x Southwest: 7.1% x Midwest: 17.7% x Northeast: 9.7% x Southeast: 3.7% x International: 5.0%

Target Markets

The University of Denver has a two year live requirement for freshman and sophomores. Students are eligible to move off campus in their junior year. Sophomores - 2008

It is imperative to target sophomore students who will be eligible in the 2008-2009 school year. These students are anxious to move off campus but are highly attracted to the possibility of living close to campus. For two years they have had the advantage of getting to class in minutes and the use of the amenities the campus has to offer.

Vistaloft will have a marketing table on the bridge at the Driscoll Center on a weekly basis providing information to students. The table will be manned by a professional leasing member from 10-2 and the student can lease at the table if they would like to.

Juniors/Seniors

The upper class student has now lived off campus for one year or more. They have adjusted to living off campus however desire to return to the amenity of location for convenience and cost savings in travel and time

Juniors/Seniors are not known to use the bridge at the Driscoll Center, therefore we will try to reach these students through other avenues such as: student newspaper; student organizations; athletic events; direct mailers; partnerships with local establishments. .

Graduate Students There ten graduate programs in which we will target to capture leases. The graduate enrollment for DU is 50% of the total school enrollment.

Direct marketing to the graduate programs will enhance our opportunity to capture students in this market.

x Business College x Women’s College x Arts, Humanities & Social Sciences x Natural Science & Mathematics x Law School x Engineering & Computer Science x International Studies x Professional Psychology x School of Social Work x Tax Program x Education . School Relationships Off Campus Housing Department

The Off Campus Housing Office is located on the 2nd floor of the Driscoll Center. The Director is Kate Bidstrup. The office has a basket in which we able to leave marketing supplies and small giveaway items. Vistaloft will visit the off campus housing department on a weekly basis. The purpose of the visit is to restock our marketing supplies, review current competitor ads listed and to touch base with the OCH Director.

Vistaloft can be found on the Off-Campus Housing page under useful links.

Athletics

Jennifer Casey; Regional Director will meet directly with the head coaches for the athletic programs to see what opportunities are available to market to the students.

Other ideas: Host athletic banquet; social hour or support fund raisers

Study Abroad Program

Carol Fairweather is the Director and Advisor for International Study Abroad Program at DU. 60% of students at DU participate in this program between their junior and senior year at school. Out of those 60% of students, 90% of them travel in the fall semester from August to December. Unfortunately the department has made a conscious decision not to get involved with off campus housing options for students during the time they are away.

Vistaloft will target these students through student organizations, flyers and newspaper ads. This student will have lease term outside of the proposed lease structure and will pay an up charge to hold their priority space until January.

Student Organizations There are 100 student organizations at DU that we can try to partner with to reach students. Vistaloft has compiled a list of the organizations and will contact the DUPB to get contact names and e-mail addresses. Our efforts will be targeted through:

x Monthly Meetings x Event Sponsorship x Volunteering for Events x Email Correspondence x Marketing Gift Baskets

Denver University Student Organizations x Alpha Gamma Delta x Alpha Kappa Psi x Alpine Club x Amnesty International x Arab Student Association x Asian Student Alliance x Association for Character and Ethics x AUCSA x Baha'i Campus Association x Belay x Beta Alpha Psi x Big Brothers and Big Sisters of DU x Black Student Alliance x Building Tomorrow DU Chapter x Campus Crusade for Christ x Catan Board Game Club x Chabad at the University of Denver x Christ's Rock x Christian Science Organization x Club Sports x Coalition for Progress x Colleges Against Cancer x CSSA (Chinese Student and Scholar Association) x Daniels Christian Community x Daniels Entrepreneurship Society x Delta Sigma Pi x Democracy Matters DU Chapter x Du Anime Club x DU College Republicans x DU Environmental Team x DU Francoscope x DU Motoring Club x DU Off-Road Club x DU Rotaract Club x DU Science Club x DU Volunteers x DU's Big Swing x DUCK x Engineering Club x FOCUS x German Club x Habitat for Humanity-DU Chapter x Hawaii Club x Hillel x HIV/AIDS Awareness Committee x HRTM Society x I-Team (International Orientation Team) x Interfaith Alliance x International Society ABA (Anywhere But Antarctica) x International Student Organization x ISMS x Japanese Student Association x Korean Student Association x Lamont Students of Music Performance Organization x Latino Student Alliance x Model United Nations x Mortar Board National Honor Society x Mothers Against Drunk Driving University of Denver Chapter (UMADD DU) x Muslim Students Association x NARAL Pro-Choice DU x National Residence Hall Honorary x National Society of Collegiate Scholars x National Society of Minorities in Hospitality x Native Student Alliance x Navigators x Never Again! x Phi Alpha Delta Law Fraternity International x Pi Lambda Chi Latina Sorority Inc x Pi Mu Epsilon x Pioneer Book Club x Pioneer Partners x Pioneer Pep Band x Pre-Vet Club x Psi Chi x Psychology Club x Queer Straight Alliance x Rape Awareness and Gender Education (RAGE) x Residence Hall Association x Rho Lambda Greek Women's Honor Society x Roosevelt Institution x Saudi Student Club x Sigma Iota Rho x Society of Physics Students/Physics and Astronomy Club x Spanish Club x Student Gallery x Student Gallery 023 x Students for Positive Social Change x testing x testorg x The DU Student Peace Alliance x The Economics Club x The Order of Omega x The Student Movement For Real Change x The University of Denver Young Democrats x Undergraduate Business Student Association (UBSA) x Undergraduate Women's Council x University of Denver Advertising Society x University of Denver Greek Council x University of Denver Grilling Society x University of Denver MCAT Prep Club x University of Denver Preveterinary and Animal Behavior Club x University of Denver Theatre Ensemble x Up til Dawn x Video Game and Development Club x Vietnamese Student Association x Voltaire Society x Volunteers in Partnership (VIP) Program x Zeta Beta Tau Fraternity, Iota Chapter

School Events x Orientation - DU has a two year live on requirement and does not allow off campus communities to participate in orientations.

x School Visits or Events th th o Homecoming – October 25 – 27 o Vistaloft will have a table at The Alumni Center during homecoming weekend. Information will be passed out to all parents/students that pick up their homecoming event tickets. Giveaways: Thunder sticks for hockey game. th o Panhellic Meeting – January 24 o Vistaloft will present marketing materials to attending Chapter representatives. Brochures, flyers, cups and candy were distributed. o Marketing Table at Driscoll Center (see schedule below) o Our table is staffed 10-2 on approved dates below. Brochures, cups and candy are displayed as well as our standing banner. th o Activities Fair – Off Campus Housing April 15 Guidelines for the Activity Fair have not been distributed. o th rd o May Days – May 19 – 23 o Vistaloft will target student organization partnerships during the week of May Days. o Pioneer Day Event – Labor Day Weekend. Information not yet available.

x Table @ Driscoll Student Center o January 8 10-2 o January 15 10-2 o January 22 10-2 o January 23 10-2 o January 29 10-2 o January 30 10-2 o February 6 10-2 o February 12 10-2 o February 13 10-2 o February 19 10-2 o February 20 10-2 o February 26 10-2 o February 27 10-2 x Stick e Star o January 29 5-7 o March 06 o April 15 o May 22 x Off Campus Housing Activities Fair o Scheduled April 15, 2008 Marketing Materials

Advertising The Clarion has been selected as the newspaper Vistaloft will use to capture the DU students attention.

The Clarion is a weekly, student publication. It is distributed every Tuesday, and 2,000 copies are printed. The online edition of the Clarion debutes every Tuesday evening.

The following dates and sized have been contracted with The Clarion. x 10/23/08 ½ page ad Homecoming Edition x 01/15/08 page ad Now Leasing x 01/22/08 full page ad Now Leasing x 01/29/08 ½ page ad Stick e Star Social x 02/05/08 ½ page ad Opening of the model x 02/12/08 full page ad Valentines Edition x 02/19/08 ½ page ad Study Abroad /Short Term Leases x 02/26/08 ½ page ad Study Abroad/Short Term Leases x 03/04/08 full page ad St. Patrick’s Day

Bulletin Boards Postings

There are bulletin boards located throughout the campus where we are able to post marketing materials and event flyers. Marketing materials can be placed weekly on the bulletin boards but must be approved at The Driscoll Student Center information desk.

Promotions - How will you promote/distribute marketing promotion materials? Marketing Table – Vistaloft will have a marketing table on the bridge at The Driscoll Student Center starting January through March, unless determined otherwise. Brochures, cups and misc giveaways will be distributed.

Site Tours – Prospects will receive a “tote” as a tour gift when visiting our community.

Off Campus Housing Fair – Vistaloft will distribute brochures, cups and misc giveaway promo items. Other activities will be determined once DU has provided us with guidelines for the Activities Fair.

Activities Fair - Vistaloft will distribute brochures, cups and misc giveaways at the off campus housing fair in April 2008. sample monthly financial reports >6.0

The following section is a sample Contents of reporting package of the monthly operations and 1.) Balance sheet financial report package typically provided to third party owners. 2.) Cash statement This package can be customized 3.) Budget variance report and alternative reports requested 4.) Cash flow projection -summary to fit any specific criteria that an owner may need. 5.) Check register 6.) Bank statements and reconciliation reports The blank sample report provided illustrates the format and inventory 7.) Monthly rent roll of the package. Actual copies of 8.) Aged delinquincy - summary the sample financial reports can 9.) Tenant delinquincy report be provided to illustrate format, but we are capable of providing virtually any report in any format that you may require.

FEBRUARY 2008

The Gateway at College Station A 960-bed Student Housing Community

Prepared for: SCI Gateway at College Station Fund, LLC

Prepared By:

The Gateway at College Station Monthly Operating Report for February 2008

Address:

177 Holleman Drive West College Station, TX 77840

Property Management Contact: Campus Living Villages Regional Manager: Geoff Eisenacher 713-871-5114 E-mail: [email protected]

Date Purchased: May, 2006 Acquisition Price: Property Type: Student Housing Original Mortgage: Number of Units: 292 Current Mortgage Balance: Number of Beds: 960 Interest Only Loan: Yes Term: years Loan Rate: 6.32% March 17, 2008 The Gateway at College Station

Financial Performance:

Description YTD Actual YTD Budget YTD Variance Gross Income Expenses Net Operating Income

Capital Expenditures Other Cash Requirements Debt Service Distributions Net Cash Flow

Occupancy %

Variances

Revenue:

Payroll:

Utilities:

Maintenance:

Leasing and Promotion:

Management Fees:

Other Administrative:

Insurance:

Net Operating Income:

Capital Expenditures:

Debt Service:

Net Cash Flow:

Delinquency Report:

Other Comments and Outstanding Issues:

Cash Reserves:

Page 2

March 17, 2008 The Gateway at College Station

Property Description

The Gateway at College Station is a 292 unit (960 bed) Class “A” garden-style student living apartment community, built in two phases in 1998 and 2001. It is situated on approximately 25.41 acres that consists of 20, two and three-story wood frame residential buildings and a single-story central clubhouse/leasing building. The residential buildings contain 315,412 sf of net rentable area, which equates to an average unit size of 1,080 sf. The Gateway at College Station is located within 0.7 miles of Texas A&M University, one of the largest universities in the United States with over 45,000 students. All units offer amenities such as full-size washers and dryers, microwaves, dishwashers, and free high-speed internet and cable access in each bedroom. This upscale apartment community contains all of the latest amenities including two resort-style swimming pools, an oversized hot tub, a basketball court, and a lighted sand volleyball court. Additionally, a free tanning salon and a free DVD rental library are available to all residents. Consistent with offering a quality student lifestyle, The Gateway at College Station boasts a state of the art fitness center, computer lab, and game room with table tennis, billiards and foosball.

Occupancy & Leased Percentages Current Occupancy Trend Property Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 Sept-08 Jun-08 Jul-08 Aug-08 Gateway at College Station 98.56% 96.25% 96.46% 95.52% 96.04% 96.04% 0 0 0 0 0 0 Month to Date Average Occupancy: 96.04% Fall Leased Percentage Trend Property Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Gateway at College Station 98.46% 1.46% 3.65% 8.02% 31.56% 44.69% 0 0 0 0 0 0

Pre-Leasing Activity (Fall 2008) at End of Reporting Period:

Current Current Pre-Leasing for Next Fall (Season-to-Date) Floor Plan Beds Occupancy Avg. Rents Renewals Leases Total Leases Leased % A1 (1/1) B1 (2/2) B2 (2/2 LG) C1 (3/3) D1 (4/2)

Wait List 0

Page 3 March 17, 2008 The Gateway at College Station

Marketing for February 2008:

General Market Conditions:

2008 Submarket Averages (5,980 beds in sample) Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Avg Mkt Rent 472 474 474 474 $474 $474 $0 $0 $0 $0 0 0

Concession $ 000$1 00000000

Concession % 0.00% 0.00% 0.00% 0.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Effective Rent 472 474 474 473 474 474 0 0 0 0 0 0

Gateway at College Station 6-Sep 6-Oct 6-Nov 6-Dec 7-Jan 7-Feb 7-Mar 7-Apr 7-May 7-Jun 7-Jul 7-Aug A1 (1/1) 725 725 725 725 725 725 B1 (2/2) 499 499 499 499 499 499 B2 (2/2 LG) 266 266 266 266 266 266 C1 (3/3) 430 430 430 430 430 430 D1 (4/2) 375 375 375 375 375 375

Avg Mkt Rent 385 385 385 385 385 385 0 0 0 0 0 0 Concession $ 0 0 0 000 $0.00 $0.00 $0.00 $0.00

Concession % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Effective Rent 385 385 385 385 385 385 0 0 0 0 0 0

Page 4

fee proposal >7.0

The following is a fee proposal for the Courts at Riverbend. As discussed, we have broken the proposal into two separte periods of focus, the first being the pre- marketing period and the second being the standard period of operation.

Pre leasing and marketing agreement: Marketing and administration expenses 1.) Completetion of clubhouse and Because Courts at Riverbend is a cover all marketing and related activities amenity package on schedule and in new development, CLV handles the which include but are not limited to: time to capture traffic on January 1, pre-leasing and marketing agreement branding, ads, brochures and other 2009 (or sooner). separate from the ongoing operations print media, marketing campaigns and programs, raffles, gifts, give-aways, management agreement. All marketing 2.) Responce of competitors and and leasing activity prior to July 1, 2009 model units, as well as travel and expenses related CLV home office staff students to market conditions and is covered under a separate marketing market concessions. agreement. traveling to and from the site. Also included is payroll and expenses for any site management and marketing staff Either one of these market factors may that are hired and begin working prior to CLV proposes the following fee and require a shift in marketing plan and the start of the standard management marketing expenses from the date the budgets, however CLV will work diligently agreement on July 1, 2009. The fee contract begins through July 1, 2009. to mitigate any potential impact to the basically supports all preleasing activity, operation and communicate with the expenses and design fees. Monthly Marketing Fee (flat fee) owner in a timley fashion, if we anticipate a variance. - $4,000 monthly Owner and CLV would collaborate and Marketing and Administration Expenses create a marketing budget that supports (includes budget for Monthly Marketing overall marketing needs and goals, Fee, above) expenses are meant to be a guidline. - $150,000 - $200,000 However, this assumption is based on a number of factors that will prove to be critical in the overall pre-leasing success.

CLV is proposing a standard management fee which covers the operation from July 1, 2009 through the agreed upon term of the management agreement.

Management Fee - The greater of 3.5% of Effective Gross Income (EGI) or $9,200, on a monthly basis.