George B. Saxe
2600 El Camino Real, Suite 205
Palo Alto, CA 94306

November 1, 2005

To Whom It May Concern:

To Whom It May Concern: This is a letter of recommendation for David Silver, Senior Sales Associate of Arroyo & Coates. I recently closed escrow with David on the sale of an apartment property for a price north of Twenty Million Dollars.

In 1969, I developed and built 124 apartments in Mountain View, CA. During my 35+ years of ownership this property was one of the gems of my portfolio. Believing the market timing was right, I enlisted David Silver to help me and my partners with its marketing and sale.

David and his team took great care to present the property in its best light, to reach out to the appropriate buyers in the marketplace, and to control the sales process to limit the potential for surprises. Within a relatively short period of time, David collected 22 offers from credible West Coast buyers, one of whom agreed to pay almost 10% more than our asking price. From that point forward David helped our partnership navigate a complicated contract negotiation, a very short due diligence period, and a successful close of escrow.

This process and the outcome David achieved were very satisfying. If asked whom I would recommend to broker the sale of an income property, I would put David Silver at the top of my list.

George B. Saxe