BH Bradley 2008 LLC in an investment in a fund sponsored by BH Equities, a real estate acquisition firm specializing in acquisitions, equity placement, and development of multi-family projects. BH Equities portfolio and management includes more than 90,000 apartment units in 20 states. BH Equities has corporate offices in Texas, Florida and Iowa, and has been involved as a principal co-developer of more than 120 partnerships to acquire or build apartment properties.

This project, through BH Opportunity Fund Partners IX, L.P., was formed to co-invest with other real estate development/investment companies formed for the purpose of acquiring, renovating and owning multi-family housing properties throughout the country. The properties in the fund were purchased at attractive pricing with favorable financing terms. With a strategic upgrade plan, these communities have become competitive with the newer, Class A product in the eyes of many prospective apartment residents.

The fund consists of two apartment portfolios, one in North and South Carolina, and one in Texas. The Carolina portfolio includes 11 properties and 2,300 + units. The Texas portfolio includes 744 units in two communities. The properties were purchased at attractive prices; financed with favorable credit terms; and positioned to outperform their competition upon rehab completion and improved marketing and management teams.

This investment was made in July 2008.