Document:

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                                                                   EXHIBIT 10.13

                          PROPERTY MANAGEMENT AGREEMENT

         This Agreement (the "Agreement") is made as of June 20, 2001 by and
between CAC V Limited Partnership, a Virginia limited partnership (the "Owner"),
and Apple General, Inc., a Virginia corporation (the "Manager").

                                    RECITALS:

         Owner is the owner of the apartment communities listed on Schedule A
                                                                   ----------
hereto (collectively, the "Properties"). Owner has selected Manager to manage
the Properties on the terms and conditions set forth in this Agreement.

         NOW THEREFORE, for good and valuable consideration, receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

         1. Designation of Property Manager. Owner hereby engages Manager as the
            -------------------------------
sole and exclusive manager to rent, manage and operate the Properties, upon the
conditions and for the term and compensation herein set forth. All or a portion
of the services being performed by Manager may be contracted or subcontracted to
another property management company, provided that such company agrees in
writing to be bound by the terms of this Agreement.

         2. Term of Agreement. This Agreement shall be valid for an initial term
            -----------------
of two (2) years. In the event Owner sells its interest in a Property, this
Agreement will terminate as to such Property upon the date of such sale. This
Agreement shall renew automatically for successive terms of two (2) years, on
the same terms and conditions as set forth in this Agreement, unless a party
elects not to renew this Agreement by delivering written notice to the other
party at least sixty (60) calendar days before the end of any two-year term.

         3. Acceptance of Engagement. Manager hereby accepts its engagement as
            ------------------------
the manager of the Properties and agrees to perform all services necessary for
the care, protection, maintenance and operation of the Properties. Without
limiting the scope of the foregoing:

            (a) Manager shall collect all rents and other income from the
Properties, provided that nothing herein contained shall constitute a guarantee
by Manager of the payment of rent by tenants.

            (b) Manager shall purchase, at the expense of Owner, all equipment,
tools, appliances, materials, supplies and uniforms necessary for the
maintenance or operation of the Properties.

            (c) Manager shall contract on behalf of Owner for water, gas,
electricity and other services necessary for the operation and maintenance of
the Properties.

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          (d) Manager shall advertise for the rental of units at the Properties,
the cost of which shall be paid by Owner.

          (e) Manager shall use all reasonable efforts to keep the Properties
rented by procuring tenants for the Properties and negotiating and executing on
behalf of Owner all leases for units at the Properties.

          (f) Manager shall hire, evaluate, supervise, discharge and pay all
employees or contractors necessary for the management and operation of the
Properties. Owner agrees that all wages and compensation (and federal and state
unemployment insurance and other required charges) with respect to such
employees and contractors shall be paid from Owner's funds.

          (g) Manager shall prepare and file all returns and other documents
(other than promissory notes, mortgages, deeds of trust or other documents or
instruments which would encumber the Properties) required under the Federal
Insurance Contributions Act and the Federal Unemployment Tax Act, or any similar
federal or state legislation. Manager also shall file returns and reports, and
pay from Owner's funds, all sums as may be required from time to time by the
states or localities in which the Properties are located.

          (h) Manager shall maintain accurate and complete books of account with
entries for all receipts and expenditures, and such books of account shall be
the property of Owner and shall at all times be open to the inspection of Owner,
or any of its employees or duly authorized agents.

          (i) Manager shall deliver to Owner of all lenders' annual property
inspection letters regarding repairs necessary to avoid mortgage loan defaults.
Manager shall deliver a detailed monthly statement of all receipts and
disbursements on or before the 20th day of each month for the preceding month.
Such statement shall show the status of collections, shall be supported by
cancelled checks, vouchers, duplicate invoices and similar documentation
covering all items of income and expense, and shall be kept in Manager's office
and shall be available for inspection by Owner's representatives at all times.
Manager also shall deliver a monthly operating statement showing the income and
expense for the month, for the year-to-date and for the same month of the
preceding year. The cost of performing the accounting functions outlined in
paragraph (h) and this paragraph (i) shall be paid by Owner pursuant to the
terms of this Agreement.

          (j) Manager shall deliver to Owner annual reports containing a
composite financial report of the monthly statements provided in accordance with
paragraph (i), plus a statement by Manager as to the operations of the
Properties during the previous year and recommendations, if any, as to necessary
policy changes or improvements for the forthcoming year, accompanied by an
estimated budget for such items.

          (k) Manager shall deliver to Owner from time to time, and at least
semi-annually, a tentative budget of expenses.

          (l) Manager shall deliver to Owner from time to time, and at least
annually, the following schedules with respect to the Properties: (1) forecast
of rental and occupancy changes;

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(2) review of lease negotiations; (3) annual analysis of leases; and (4)
schedule of capital improvements and method of financing such improvements.

          (m) Manager shall deliver to Owner, on a regular basis, all forms
necessary to operate and lease the Properties and manage the personnel,
including but not limited to form leases, contracts and management policies.

          (n) During the initial term of this Agreement, Manager shall supervise
the transition from the former owners of the Properties and shall, to the extent
necessary, implement new management systems with respect to the operation of the
Properties.

     4.   Deposits of Rent and Other Income. All sums received from rents,
          ---------------------------------
tenant security deposits or other deposits on units at the Properties, deposits
on keys and other income from the Properties, shall be deposited as collected by
Manager to the credit of Owner in such bank or banks as may be designated by
Owner from time to time. Such funds shall be disbursed only in accordance with
the terms of each particular lease and any applicable federal, state or local
laws, regulations or ordinances.

     5.   Insurance. Owner shall place all insurance policies with respect to
          ---------
the Properties and their operation. Manager shall be included as an insured in
the policies covering general liability, public liability and workers'
compensation insurance. In the event Manager is authorized by Owner to place
insurance policies, the companies, the general agents, the amounts of coverage
and the risks insured shall be subject to the approval of Owner.

     6.   Indemnification. Owner hereby agrees to indemnify Manager against, and
          ---------------
to hold Manager harmless from, any loss, cost or expense (including reasonable
investigative expenses and legal fees), judgment, award, settlement, fine,
penalty and liability of any kind incurred by or asserted against Manager by
reason of, or in connection with, the engagement of Manager hereunder, the
performance by Manager of the services described herein or the occurrence or
existence of any event or circumstance which results or is alleged to have
resulted in any death or injury to any person, any destruction of, or damage to,
any of the Properties, or any suit, action or proceeding (whether threatened,
initiated or completed) arising from any of the foregoing. Notwithstanding the
preceding, however, no such indemnification of Manager shall be made, and
Manager shall indemnify Owner against, and shall hold Owner harmless from, any
loss that a court of competent jurisdiction shall determine, by final
adjudication, to have resulted from willful misconduct, gross negligence or
fraud by or on the part of Manager.

     7.   Compensation of Manager for Managing the Properties. Owner shall pay
          ---------------------------------------------------
to Manager a "Property Management Fee" for management of the Properties pursuant
to this Agreement in an amount equal to five percent (5%) of the monthly gross
revenues from the Properties. The Property Management Fee shall be paid to
Manager on or before the 10th day of each month and shall be based upon the
income from the Properties received by Owner (for such month) by such date. If
additional income from the Properties is received by Owner after such date, the
sum due to Manager with respect to such additional income shall be paid to
Manager when Manager is paid its fees for the next succeeding month.

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     8.  Reimbursement of Expenses. Owner shall reimburse Manager for Manager's
         -------------------------
expenses, including salaries and related overhead expenses, associated with
bookkeeping, accounting and financial reporting services pertaining to the
Properties.

     9.  Reserves for Capital Items. Owner acknowledges that the budget of
         --------------------------
expenses prepared by Manager, pursuant to paragraph 3(k), shall contain a
category labeled "Reserve for Capital Items." Owner agrees to place rents and
other income in a bank account, or to permit Manager to transfer Owner's funds
to such account, in sufficient amounts to meet the needs reflected in such
budget. Such funds shall be placed in the account on a monthly basis as
reflected in the budget.

     10. Cash Flow. Owner acknowledges that the budget of expenses prepared by
         ---------
Manager, pursuant to paragraph 3(k), shall contain a category labeled "Cash
Flow." Owner agrees, in the event that the budgeted cash flow for the Properties
is negative in any month covered by the budget, to place sufficient funds in a
bank account, or to permit Manager to transfer Owner's funds to such account, to
correct the budgeted operating deficit. Such funds shall be placed in such
account at least forty-five (45) calendar days before the budgeted deficit is to
occur.

     11. Power of Attorney. Owner hereby makes, constitutes and appoints Manager
         -----------------
as Owner's true and lawful attorney-in-fact, for Owner and in its name, place
and stead and for its use and benefit, to sign, acknowledge and file all
documents and agreements (other than promissory notes, mortgages, deeds of trust
or other documents or instruments which would encumber the Properties) necessary
to perform or effect the duties and obligations of Manager under the terms of
this Agreement. The foregoing power of attorney is a special power of attorney
coupled with an interest, and may only be terminated by canceling this Agreement
as provided herein.

     12. Relationship of Parties. The parties agree and acknowledge that Manager
         -----------------------
is, and shall operate as, an independent contractor in performing duties and
services under this Agreement, and shall not be deemed an employee or agent of
Owner.

     13. Entire Agreement. This Agreement represents the entire understanding
         ----------------
between the parties hereto with regard to the transactions described herein and
may only be amended by a written instrument signed by the party against whom
enforcement is sought.

     14. Governing Law. This Agreement shall be construed in accordance with,
         -------------
and be governed by, the laws of the Commonwealth of Virginia, without regard to
any rules or principles thereof regarding choice or conflicts of laws.

                          (next page is signature page)

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WITNESS the following signatures:

OWNER:                              CAC V Limited Partnership
-----                               a Virginia limited partnership

                                    By:    CAC V Special General, Inc.
                                           a Virginia corporation
                                    Title: General Partner

                                           By:  /s/ Stanley J. Olander, Jr.
                                               ---------------------------------
                                               Stanley J. Olander, Jr.,
                                               Vice President

MANAGER:                            Apple General, Inc.
-------                             a Virginia corporation

                                    By:     /s/ Stanley J. Olander, Jr.
                                           ----------------------------------
                                           Stanley J. Olander, Jr.,
                                           Vice President

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                                   Schedule A

                              (List of Properties)

The Properties consist of those real properties, together with all improvements
thereon, that are located at the following addresses:

         Cottonwood Crossing Apartments
         2103 Cottonwood Club
         Arlington, Texas 76010

         Main Park Apartments
         1303 S. Main Street
         Duncanville, Texas 75137

         Paces Cove Apartments
         13100 Pandora Drive
         Dallas, Texas 75238

         WildWood Apartments
         200 Bear Creek Drive
         Euless, Texas 76039

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                                                                   EXHIBIT 10.14

                          CAC IV SPECIAL GENERAL, INC.

                            ARTICLES OF INCORPORATION

                                    ARTICLE I
                                      Name

     1.   Name. The name of the Corporation is CAC IV Special General, Inc.
          ----

                                   ARTICLE II
                                     Purpose

     2.   Purpose. Notwithstanding any provision hereof to the contrary, the
          -------
business, operations and purposes of the Corporation are limited solely to the
following:

          (a) To serve as the general partner of, and to have a general
partnership interest in, CAC IV Limited Partnership, a Virginia limited
partnership (the "Partnership"), in accordance with the provisions hereof and
the Partnership's Limited Partnership Agreement, which by its terms limits the
business of the Partnership to the ownership, operation and management of that
certain parcel of real property specified below, together with all improvements
located thereon (the "Property"):

                           Burney Oaks Apartments
                           2502 Burney Oaks Lane
                           Arlington, Texas  76006

          (b) To exercise all powers that are enumerated in the Virginia Stock
Corporation Act and that are necessary or convenient for the business,
operations or purposes of the Corporation as set forth herein.

                                   ARTICLE III
                                Authorized Shares

     3.1. Number and Designation. The number of shares the Corporation is
          ----------------------
authorized to issue is set forth below, together with the designation thereof
and the par value per share:

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                  Number of Shares  Class Designation  Par Value Per Share
                  ----------------  -----------------  -------------------
                  5,000             Common             no par value

         3.2 Preemptive Rights. No holder of outstanding shares shall have any
             -----------------
preemptive right with respect to: (a) any shares of any class of the
Corporation, whether now or hereafter authorized; (b) any warrants, rights or
options to purchase any such shares; or (c) any obligations convertible into any
such shares or into warrants, rights or options to purchase any such shares.

         3.3 Voting and Distributions. The holders of the Common Shares shall
             ------------------------
have unlimited voting rights and shall be entitled to receive the net assets of
the Corporation upon the liquidation of the Corporation, its dissolution or the
winding up of its affairs.

                                   ARTICLE IV
                       Initial Registered Office and Agent

     4.1 Initial Registered Office. The initial registered office of the
         -------------------------
Corporation is located in the City of Richmond, Virginia, at the following
address:

                                    McGuireWoods LLP
                                    One James Center
                                    901 East Cary Street
                                    Richmond, Virginia  23219

     4.2 Initial Registered Agent. The initial registered agent of the
         ------------------------
Corporation is Martin B. Richards, Esquire, whose business office is identical
with the initial registered office and who is a resident of Virginia and a
member of the Virginia State Bar.

                                    ARTICLE V
                     Limit on Liability and Indemnification

     5.1 Limit on Liability. To the maximum extent that the Virginia Stock
         ------------------
Corporation Act, as it exists on the date hereof or may hereafter be amended,
permits elimination of, or

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limitations upon, the liability of a director or officer of a corporation, the
directors and officers of the Corporation shall have, as applicable, no
liability or limited liability to the Corporation or its shareholders.

         5.2 Indemnification, Advancement of Expenses and Related Matters.
             ------------------------------------------------------------

             (a) The Corporation, in accordance with the mandatory
indemnification provisions of the Virginia Stock Corporation Act, shall
indemnify a director who entirely prevails in the defense of any proceeding to
which he was a party because he is or was a director of the Corporation against
reasonable expenses incurred by him in connection with the proceeding. An
officer of the Corporation shall be entitled to such mandatory indemnification
to the same extent as a director.

             (b) In addition to any mandatory indemnification, the Corporation
shall provide the maximum indemnification permitted by law to any director,
officer, employee or agent of the Corporation in connection with any proceeding
(including any proceeding by or in the right of the Corporation) that is brought
against such person and that is based on the actions taken or not taken by such
person on behalf of the Corporation, or on the status of such person as a
director, officer, employee or agent of the Corporation, except to the extent
that such person has engaged in (i) willful misconduct, or (ii) a knowing
violation of the criminal law.

             (c) The provisions of this Article shall not be deemed to prevent,
deny or limit (i) the indemnification or insurance permitted under applicable
law to the directors, officers, employees or agents of the Corporation, or (ii)
the authority of the Corporation under applicable law to advance, reimburse or
pay expenses for the benefit of any director, officer, employee or agent.

             (d) The determination of whether the Corporation is required or
permitted, in a particular case, to indemnify a director, officer, employee or
agent (or to provide such person with related advances, reimbursements or other
payments of expenses) shall be conducted in

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accordance with Section 13.1-701 of the Virginia Stock Corporation Act, or any
successor provision.

         5.3 Amendments. No amendment, modification or repeal of this Article
             ----------
shall diminish the rights provided hereunder to any person arising from conduct
or events occurring before the adoption of such amendment, modification or
repeal.

Dated:   June 7, 2001

                                       By:  /s/ William D. James
                                            ---------------------------------
                                                William D. James, Incorporator

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