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<br />CHAUNCEY BARETT GARDENS I and III <br />2005 CONSOLIDATED BUDGET NOTES <br /> <br />REVENUE <br /> <br />Apartment Rent - Phases I and II <br /> <br />Chauncey Barett Phase I <br /> <br />$455,578 <br /> <br />$144,089 <br /> <br />Apartment rent is based on rents effective in 2004 with a three percent <br />increase at lease renewal in 2005. <br /> <br />Floor Plan <br />IBR <br />1 BR + Den <br />2BR <br /> <br />Chauncey Barett Phase II <br /> <br />Total Units <br />2 <br />6 <br />8 <br /> <br />2004 Rent <br />$639 <br />$715 <br />$775 <br /> <br />Renewal Rate <br />2005 <br />$660 <br />$740 <br />$800 <br /> <br />$311,489 <br /> <br />Apartment rent is start up rates per pro forma with a 3% raise on 25% of the units <br />in December 2005. <br /> <br />Floor Plan <br />I BR HOME <br />IBR <br />1 BR + Den <br />2BR <br /> <br />Total Units <br />2 <br />6 <br />13 <br />10 <br /> <br />2005 Rent <br />$600 <br />$750 <br />$825 <br />$950 <br /> <br />$19,740 <br /> <br />Parking Rent <br />Parking Rent is based on 16 stalls at $35 per month in Phase I <br />and 31 stalls at $35/month in Phase II. <br /> <br />Interest Income- based on historical averages for Chauncey Barett 1. <br /> <br />$1,440 <br /> <br />BRA Levy - $12,800 has been pledged to this property. <br /> <br />$12,800 <br /> <br />Miscellaneous Income - <br /> <br />Gross Revenue <br /> <br />$960 <br /> <br />$490,518 <br /> <br />Rent Concessions ($18,176) <br />Employee rent concession for resident manager on a one bedroom <br />plus den apartment at $715 per month with a three percent increase <br />June, 2005, plus a $825 rent concession for a caretaker/maintenance <br /> <br />Prepared by Greal Lakes Management <br /> <br />Page I <br /> <br />June, 2004 <br />