CVS pharmacy store and additional land
The Fund purchased 14.8 acres of land in November 2008. The land is located on the far north side of San Antonio, Texas, on the northwest corner of Stone Oak Parkway and Canyon Golf Road.

In April 2010 the finished CVS / pharmacy store and 2 acres of adjacent land was sold to a private investor.
We currently hold 11 Acres of additional land.

On the additional land, Sun Belt is currently evaluating the prospect of (I) designing and building a retail center in the next two to three years, (II) selling the remaining land or (III) ground leasing path sites to package and sell.
University Oaks and Loop 1604
In May 18, 2010 we closed the acquisition of this property, which comprises 50 Acres. The Property is strategically located on the north side of San Antonio, Texas and is suitable for light industrial purposes.

This site is the only area on the North side available for this use. Since most of entitlement work was done, we began development of the site in July 2010. We expect to conclude development by December 2010.
UTSA Boulevard and I- H 10 West
The Fund purchased 3.3 acres of land in December 2009. This site is located in the Northeast corner of UTSA Boulevard and IH-10 West access Road in San Antonio, Texas, within 2 miles of The Shops at La Cantera.

It has 460 feet of frontage on UTSA Boulevard and two entries. There is an existing bank branch (Wachovia) located adjacent to the property.

The site is for commercial purposes, suitable for office and retail space. The Management Team believes this site is key to the successful development of the corner.

One Village Place - Truckee, California / North Star Resort at Lake Tahoe
One Village Place is situated at the Northstar-at-Tahoe Village, a 10-minute drive from Lake Tahoe and the historic town of Truckee.

One Village Place (“OVP”) was built in 2006 and comprises 21 fully furnished one to three bedroom residential units.

The Property is a “Best- in-Class” property given its superior construction, attention to architectural detail, extensive on-site amenities and ideal location within the Village at Northstar. One Village Place is the launch point for Big Springs Express Gondola.

The building has 5 levels; (i) First Floor Front Desk and Lobby, (ii) Second Floor Fitness center and Spa, (iii) Third, Fourth and Fifth floor apartment units. Each floor has four 3 bedroom units, two 2 bedroom units and one 1 bedroom unit. Each floor has 11,738 square feet.

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