NCM Management Ltd.
160 Sansome Street, 11th Floor
San Francisco, CA 94104

June 12, 2007

To Whom It May Concern:

I have been active in the commercial real estate industry 40 years. Having worked with many brokers through many transactions, I can say with confidence that David Silver and Nathan Blair are among the best in their business.

When Nathan first contacted us in early 2006 we had no immediate interest in selling our last California asset, a 240-unit apartment building that we had held for more than 20 years. However, after several discussions with David and Nathan to review our operating history, the state of the multifamily market, and our own specific goals as a partnership, we decided to take advantage of a window in the market and sell the property. Our primary condition was that we did not want to overexpose the property. We asked David and Nathan to select and approach a short list of whom they felt were the property’s most qualified buyers, with no additional marketing effort.

We were pleased to receive five legitimate offers from their chosen list of six buyers. We closed on time with the first buyer, at a price above $20 Million. This was accomplished despite higher than market vacancy, a considerable amount of deferred maintenance, and a challenging staffing situation. David and Nathan consistently played the role of providing information and options when necessary; they were always respectful of the fact that the decisions were ultimately those of the partnership. They were with us every step of the way. It was a pleasure to work with David Silver and Nathan Blair. I would highly recommend them to anyone considering the sale of apartments in California.

Sincerely,

Herbert J. Jaffe
President