PROPERTY DESCRIPTION
The 220-unit Cobblestone Apartment community was constructed in 1989 and is located at 101 Georgetown Boulevard in the Georgetown sub-market of Savannah, GA. The property has a clubhouse/leasing office and 11 two/three story buildings. The amenity package includes outdoor swimming pool, outdoor spa, laundry center, fitness center, tennis courts and picnic areas. There are one and two bedroom units with an average size of 814 heated square feet plus a porch or balcony. All apartments have air conditioning, refrigerator, dishwasher, garbage disposal and porches/balconies with outside storage. All units, except 36 of the smallest one bedrooms, also have dining areas, screened porches/ balconies and washer/dryer hookups Selected apartments have microwaves, fireplaces, vaulted ceilings, ceiling fans and bay windows.

LOCATION
Savannah’s Georgetown area is located six miles west of the historic downtown on Abercorn Street. This area is a growing mix of commercial multi-family and single family properties and is conveniently located within a 30 minute drive to the Savannah International Airport, the Savannah Mall, Hunter Army Airfield and Fort Stewart.

GOALS
It is the Partnership’s goal, over the holding period, to increase the net operating income of the property by offering the tenants an attractive living environment. The property is in excellent physical condition, has curb appeal and is believed to be well positioned within the market.  The Partnership believes the property can produce attractive operating cash flow and be sold at a gain.

The General Partner will determine when the property will be sold and will continually evaluate an appropriate sales strategy. The timing of the sale will depend upon the condition of and prospects for the multi family real estate market, value of the property, need for property repairs and due date of the loans.  It is anticipated a sale will occur between years five and ten.