An integrated approach to Portfolio Growth		Carmel Partners' approach to development employs a unique balance of strategy and imagination. With every opportunity we strike a successful balance between ambitious development visions and investment fundamentals. We are experts in identify value potential. Value is added through our extensive development and redevelopment experience and the expertise of our in-house construction staff. The development team works with the acquisition team to determine the business plan, scope of work and the required capital budget for improvements. By harnessing in-house talent, we can tailor flexible solutions to specific assets and markets. This depth of multifaceted experience has led to Carmel Partners being recognized as a leading owner and developer in the United States. Pacific Ridge Location: San Diego, CA Site Size: 13.2 acres Number of Units: 533 Status: Under construction with occupancy in August 2012 Website: tbd The Village at San Antonio Center Location: Mountain View, CA Site Size: 5.6 acres Number of Units: 330 Retail: 42,600 sf Status: In design with construction commencing 4th quarter 2011 http://www.sanantoniocenterproject.com/ UC Davis West Village Location: Davis, CA Site Size: 130 acres Number of Units: 660 and 343 single family homes Retail: 42,500 sf Status: Under construction with first occupancy in August 2011 Website: http://www.ucdaviswestvillage.org/ Colfax & Osage Location: Denver, CO Site Size: 3.36 acres Number of Units: 288 Status: In design with construction commencing 4th quarter 2011 Website: tbd Bradburn Row Location: Westminster, CO Site Size: 1.22 acres Number of Units: 325 Status: Project completed in 2004 http://bradburnrow.com Water Tower Flats Acquired: Arvada, CO Site Size: 10.34 acres Number of Units: 324 Status: Sold in 2010 to Cornerstone.

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