PROPERTY DESCRIPTION
The 170-unit Springs Landing Apartment community was constructed in 1985 and is located on 19.6 acres at 825 Powder Springs Road, Marietta, Georgia. The property has a sales/leasing office and 20, two & three story buildings containing 16 to 28 apartments each.  The amenity package includes a swimming pool, mature landscaping, playground, basketball court, car wash, clubhouse, as well as central laundry and sixty storage units.  There are one-, two- and three-bedroom units with an average size of 1,039 square feet plus a porch or balcony. All apartments have heat, a refrigerator, dishwasher and garbage disposal.   Select units have full size washer and dryer connections, dining room ceiling fans or wood-burning fireplaces.

LOCATION
The City of Marietta is located in Cobb County and is situated about 15 miles northwest of Atlanta and has fully participated in Atlanta’s tremendous growth over the past twenty years.  The neighborhood surrounding Springs Landing is both residential and commercial. Powder Springs Road offers access to various retail centers, restaurants and banks.  The town of Marietta has a picturesque Town Square that offers specialty boutique shopping and quaint restaurants.  Both Interstate 75, with direct access to Atlanta, and the Beltway 285 through Atlanta’s suburbs, are within 10 minutes of Springs Landing.

GOALS
It is the Partnership’s goal, over the holding period, to increase the net operating income of the property by implementing a basic repair and replacement program and upgrading the position of the property in the market place. Management intends to upgrade the property by repairing the wood siding, resealing the asphalt, repairing the concrete walks, replacing the roofs and replacing carpets and appliances.  Exterior painting will be done in coordination with the repair of the wood siding.

The Partnership believes the property can produce attractive operating cash flow and be sold at a gain.  The property is twelve years old and despite deferred maintenance issues, has good curb appeal.

The General Partner 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 that a sale will occur between years five and ten.