TGM Associates L.P.

TGM is a full service, SEC-registered real estate investment advisory firm with a single focus: achieving high rates of return for clients on investments in multifamily-properties. On behalf of its clients, TGM acquires, manages and sells apartment properties throughout the U.S.

Since its formation in July of 1991 through June 30, 2006, TGM has acquired a total of 101 properties made up of 27,658 units in 23 states and 41 cities throughout the continental United States for our clients. This has been accomplished as part of a regular program aimed at maximizing returns through building an optimum portfolio and performing expert property management.

Over the past fourteen years, 46 properties have been sold. This includes one property that was sold in March of 2005. Our portfolio as of June 30, 2006, includes 55 properties in 23 states with over 15,000 units and a total investment of over $885 million.

TGM's approach to both property acquisitions and dispositions is carried out as part of a planned program aimed at maximizing returns.

TGM utilizes a self-contained investment process, including market research, deal sourcing, due diligence, asset management, in-house property management, general contracting capabilities, and dispositions.