Lennar Homes and Emerald Fund Acquire 188 Units in Benicia, CA for Conversion
April 27, 2006

BENICIA, CA – Arroyo & Coates announced today that it acted as advisor to Cambridge Circle Investments, LLP in the disposition of Cambridge Circle Apartments in Benicia, CA. The property was acquired by Lennar Emerald Cambridge, LLC, a partnership of Emerald Fund and Lennar Homes of California. The 188 unit property was delivered with a recorded condominium map and will be sold as individual condominium units under the name ’The Highlands’.

Originally constructed in 1983, Cambridge Circle is located on Cambridge Drive, near Interstate 780 and Benicia State Park and is adjacent to protected land owned by the Solano Land Trust. The 24 building community includes a mix of one and two bedroom units averaging 830 square feet. Covered and uncovered parking is available.

Financing was handled solely by the acquiring partnership. The purchase price remains confidential.

David Silver of Arroyo & Coates represented all parties in the transaction.