Riverstone Investors LLC
8020 Avalon Place
Mercer Island, WA 98040

December 4, 2008

Dear Nathan and David:

I am writing to thank you for the tremendous professionalism and service that I have received from the two of you this last two years. Not only did you both provide exceptional brokerage services in connection with the acquisition of the Loveridge Terrace asset, but you have been there for us each time we have needed objective data and analysis on the Bay Area apartment markets and investment opportunities. You have demonstrated to me a superior understanding of the apartment investment process, and an unmatched ethical approach to your business. I am looking forward to closing many future investments with you, and would be pleased to provide detailed reference information to any potential client that might be considering your services.

Thank you again for everything.

Sincerely,

Brian P. Ward
Managing Principal