Document:

<Page>

                                                                   Exhibit 10.11

PINNACLE                      WELLINGTON APARTMENTS                     PINNACLE
                                OPERATING BUDGET

                       240 APARTMENTS - STABILIZED BUDGET

PROPERTY: WELLINGTON
BUDGET FOR
YEAR ENDING 2003
DATE: 08-02

REVISION

<Table>
<Caption>
                                     MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                   <C>          <C>          <C>          <C>          <C>          <C>          <C>
RENTAL REVENUE:
  Rent Per Schedule                    197513       197513       197513       197513       197513       197513       197513
  Loss To Lease                        -10493        -9948        -9400        -8852        -8302        -7750        -7196
  GROSS RENTS                         187,020      187,565      188,113      188,661      189,211      189,763      190,317
  VACANCY LOSS                         -9,351       -9,378       -9,406       -9,433      -11,353      -11,386      -11,419
  BAD DEBT EXPENSE                       -935         -938         -941         -943         -946         -949         -952
  RENT CREDITS                         -2,160       -2,160       -2,160       -2,160       -2,880       -2,880       -2,880
                                   ----------   ----------   ----------   ----------   ----------   ----------   ----------
 RENT COLLECTIONS                     174,574      175,089      175,606      176,125      174,033      174,549      175,066
                                   ----------   ----------   ----------   ----------   ----------   ----------   ----------
PERCENT OF TOTAL GROSS SCHEDULED
COLLECTED                               93.35%       93.35%       93.35%       93.36%       91.98%       91.98%       91.99%

OTHER REVENUE:
  FORFEITED DEPOSITS                     2664         2664         2664         2664         3108         3552         3552
  NON-REFUNDABLE FEES                    2556         2556         2556         2556         3408         3408         3408
  LAUNDRY                                   0            0            0            0            0            0            0
  CARPORTS                               2915         2915         2915         2915         2915         2915         2915
  GARAGES                                   0            0            0            0            0            0            0
  LATE FEES                              1334         1334         1334         1334         1320         1320         1320
  NSF FEES                                100          100          100          100           99           99           99
  TENANT SCREENING                        950          950          950          950          950          950          950
  BAD DEBT RECOVERY                      1575         1575         1575         1575         1575         1575         1575
  UTILITY FEES                           6900         6900         6900         6900         6900         6900         6900
  MISCELLANEOUS                          1702         1702         1702         1702         1702         1702         1702
                                   ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL OTHER COLLECTION                 20696        20696        20696        20696        21976        22420        22420
                                   ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL COLLECTIONS                     195269       195785       196302       196820       196009       196969       197487
                                   ----------   ----------   ----------   ----------   ----------   ----------   ----------
DIFFERENCE BETWEEN PHYSICAL
AND ECONOMIC VACANCY                     1.65%        1.65%        1.65%        1.64%        2.02%        2.02%        2.01%

<Caption>
                                                                                                      ANNUAL
                                     MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12      TOTALS
<S>                                   <C>          <C>          <C>          <C>          <C>        <C>               <C>
RENTAL REVENUE:
  Rent Per Schedule                    197513       197513       197513       197513       197513      2370156
  Loss To Lease                         -6641        -6084        -5526        -4966        -4405       -89562
  GROSS RENTS                         190,872      191,429      191,987      192,547      193,108      2280594         3110
  VACANCY LOSS                        -11,452       -9,571       -7,679       -7,702       -7,724      -115855         3130
  BAD DEBT EXPENSE                       -954         -957         -960         -963         -966       -11403         3250
  RENT CREDITS                         -3,240       -2,520       -1,800       -1,800       -1,800       -28440         3304
                                   ----------   ----------   ----------   ----------   ----------   ----------
 RENT COLLECTIONS                     175,225      178,380      181,548      182,082      182,619    2,124,896         3460
                                   ----------   ----------   ----------   ----------   ----------   ----------
PERCENT OF TOTAL GROSS SCHEDULED
COLLECTED                               91.80%       93.18%       94.56%       94.57%       94.57%       93.17%

OTHER REVENUE:
  FORFEITED DEPOSITS                     3552         3552         2664         2220         2220        35076         3502
  NON-REFUNDABLE FEES                    3834         2982         2130         2130         2130        33654         3512
  LAUNDRY                                   0            0            0            0            0            0         3520
  CARPORTS                               2915         2915         2915         2915         2915        34980         3532
  GARAGES                                   0            0            0            0            0            0
  LATE FEES                              1320         1334         1348         1348         1348        15992         3540
  NSF FEES                                 99          100          101          101          101         1196         3550
  TENANT SCREENING                        950          950          950          950          950        11400
  BAD DEBT RECOVERY                      1575         1575         1575         1575         1575        18900         3570
  UTILITY FEES                           6900         6900         6900         6900         6900        82800
  MISCELLANEOUS                          1702         1702         1702         1702         1702        20424         3600
                                   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL OTHER COLLECTION                 22846        22010        20285        19841        19841      254,422         3650
                                   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL COLLECTIONS                     198072       200390       201832       201923       202459    2,379,317         3700
                                   ----------   ----------   ----------   ----------   ----------   ----------
DIFFERENCE BETWEEN PHYSICAL
AND ECONOMIC VACANCY                     2.20%        1.82%        1.44%        1.43%        1.43%        1.74%
</Table>

                                        1
<Page>

WELLINGTON PAGE 2

<Table>
<Caption>
YEAR ENDING    2003                 MONTH 1   MONTH 2   MONTH 3   MONTH 4   MONTH 5   MONTH 6   MONTH 7
<S>                                   <C>       <C>       <C>       <C>       <C>       <C>       <C>
ADMINISTRATIVE EXPENSES:
  ADMINISTRATIVE LABOR                 6450      6450      6450      6450      6450      6450      6450
  ADMIN. PAYROLL TAXES                 2363      2363      2363      2363      2363      2363      2363
  ACCOUNTING                            261       261       261       261       261       261       261
  BANK CHARGES                            0         0         0         0         0         0         0
  CHARITABLE CONTRIBUTI                   0         0         0         0         0         0         0
  DUES AND SUBSCRIPTIONS                  0         0         0         0         0         0         0
  FURNISHED SUITES                        0         0         0         0         0         0         0
  FURNITURE RENTAL                        0         0         0         0         0         0         0
  LEGAL                                 138       138       138       138       138       138       138
  TRAINING AND EDUCATIO                  50        50        50        50        50        50        50
  MANAGEMENT FEE                       6834      6852      6871      6889      6860      6894      6912
  OFFICE EQUIPMENT                       40        40        40        40        40        40        40
  OFFICE SUPPLIES                       250       250       250       250       250       250       250
  SHIPPING AND DELIVERY                  60        60        60        60        60        60        60
  TELEPHONE                             645       645       645       645       645       645       645
  OTHER ADMIN.                           30        30        30        30        30        30        30
                                    -------   -------   -------   -------   -------   -------   -------
 TOTAL ADMINISTRATION                 17121     17139     17157     17176     17147     17181     17199

MARKETING AND RETENTION EXPENSES:
  ADVERTISING                          1915      1490      1865      1615      1615      1915      1665
  PROMOTIONS                            288       288       288       338       348       389       389
  DESIGN SERVICES                         0         0         0         0         0         0         0
  LEASING                               504       504       504       504       672       672       672
  REFERRALS                             250       250       250       250       250       250       250
  TENANT SCREENING                        0         0         0         0         0         0         0
  COLLATERAL SUPPLIES                     0         0         0       300         0         0         0
                                    -------   -------   -------   -------   -------   -------   -------
TOTAL MARKETING AND RE                 2957      2532      2907      3007      2885      3226      2976

<Caption>
                                                                                      ANNUAL      % OF
YEAR ENDING    200?                 MONTH 8   MONTH 9   MONTH 10  MONTH 11  MONTH 12  TOTALS     TOT. RE
<S>                                   <C>       <C>       <C>       <C>       <C>      <C>         <C>
ADMINISTRATIVE EXPENSES:
  ADMINISTRATIVE LABOR                 6450      6450      6450      6450      6450     77400      3.25%
  ADMIN. PAYROLL TAXES                 2363      2363      2363      2363      2363     28354      1.19%
  ACCOUNTING                             20        20        20        20        20      1927      0.08%
  BANK CHARGES                            0         0         0         0         0         0      0.00%
  CHARITABLE CONTRIBUTI                   0         0         0         0         0         0      0.00%
  DUES AND SUBSCRIPTIONS                  0         0         0         0         0         0      0.00%
  FURNISHED SUITES                        0         0         0         0         0         0      0.00%
  FURNITURE RENTAL                        0         0         0         0         0         0      0.00%
  LEGAL                                 138       138       138       138       138      1656      0.07%
  TRAINING AND EDUCATIO                   0         0        40         0         0       390      0.02%
  MANAGEMENT FEE                       6933      7014      7064      7067      7086     83276      3.50%
  OFFICE EQUIPMENT                       40        40        40        40        40       480      0.02%
  OFFICE SUPPLIES                       250       250       250       250       250      3000      0.13%
  SHIPPING AND DELIVERY                  60        60        60        60        60       720      0.03%
  TELEPHONE                             645       645       645       645       645      7740      0.33%
  OTHER ADMIN.                           30        30        30        30        30       360      0.02%
                                    -------   -------   -------   -------   -------   -------   -------
 TOTAL ADMINISTRATION                 16928     17009     17100     17063     17082    205303      8.63%

MARKETING AND RETENTION EXPENSES:
  ADVERTISING                          1665      1865      1600      1600      1600     20410      0.86%
  PROMOTIONS                            389       407       346       300       300      4070      0.17%
  DESIGN SERVICES                         0         0         0         0         0         0      0.00%
  LEASING                               756       588       420       420       420      6636      0.28%
  REFERRALS                             250       250       250       250       250      3000      0.13%
  TENANT SCREENING                        0         0         0         0         0         0      0.00%
  COLLATERAL SUPPLIES                     0         0         0         0         0       300      0.01%
                                    -------   -------   -------   -------   -------   -------   -------
TOTAL MARKETING AND RE                 3060      3110      2616      2570      2570     34416      1.45%
</Table>

                                        2
<Page>

WELLINGTON PAGE 3

<Table>
<Caption>
YEAR ENDING    2003                   MONTH 1      MONTH 2     MONTH 3       MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                      <C>          <C>          <C>          <C>          <C>          <C>          <C>
REPAIRS AND MAINTENANCE EXPENSES:
  R & M LABOR                             4700         4700         4700         4700         4700         4700         4700
  R & M PAYROLL TAXES AN                  1492         1492         1492         1492         1492         1492         1492
  R & M SUPPLIES                           820          820          820          820          820          820          820
  R & M SERVICES                          1160         1160         1160         1160         1160         1160         1160
  ELEVATOR                                   0            0            0            0            0            0            0
  LANDSCAPE PAYROLL                          0            0            0            0            0          900          900
  LANDSCAPE PAYROLL TA                       0            0            0            0            0          124          124
  LANDSCAPE SERVICES                      3085         2760         2760         3260         2760         3260         2760
  LANDSCAPE SUPPLIES                         0            0            0            0            0            0            0
  POOLS AND FOUNTAINS                      150          150          150          150          800          600          150
  SECURITY PAYROLL                           0            0            0            0            0            0            0
  SECURITY PAYROLL TAXE                      0            0            0            0            0            0            0
  SECURITY SUPPLIES                          0            0            0            0            0            0            0
  SECURITY SERVICES                          0            0          275            0            0          950            0
  VEHICLE EXPENSE                           95           95           95           95           95           95           95
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL REPAIRS AND MAINT                  11502        11177        11452        11677        11827        14100        12200

TURNOVER MAINTENANCE EXPENSES:
  TURNOVER SUPPLIES                       1051         1051         1051         1051         1226         1402         1402
  TURNOVER SERVICES                       2863         2863         2863         2863         3515         4168         4168
  TURNOVER UTILITIES                       360          360          360          360          432          432          432
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL TURNOVER MAINT.                     4274         4274         4274         4274         5174         6001         6001

<Caption>
                                                                                                       ANNUAL        % OF
YEAR ENDING    2003                  MONTH 8       MONTH 9     MONTH 10     MONTH 11     MONTH 12      TOTALS       TOT. RE
<S>                                      <C>          <C>          <C>          <C>          <C>         <C>            <C>
REPAIRS AND MAINTENANCE EXPENSES:
  R & M LABOR                             4700         4700         4700         4700         4700        56400         2.37%
  R & M PAYROLL TAXES AN                  1492         1492         1492         1492         1492        37901         0.75%
  R & M SUPPLIES                           820          820          820          820          820         9840         0.41%
  R & M SERVICES                          1160         1160         1160         1160         1160        13920         0.59%
  ELEVATOR                                   0            0            0            0            0            0         0.00%
  LANDSCAPE PAYROLL                        900          900            0            0            0         3600         0.15%
  LANDSCAPE PAYROLL TA                     124          124            0            0            0          495         0.02%
  LANDSCAPE SERVICES                      2760         3260         2760         2760         2760        34945         1.47%
  LANDSCAPE SUPPLIES                         0            0            0            0            0            0         0.00%
  POOLS AND FOUNTAINS                      150          150          150          150          150         2900         0.12%
  SECURITY PAYROLL                           0            0            0            0            0            0         0.00%
  SECURITY PAYROLL TAXE                      0            0            0            0            0            0         0.00%
  SECURITY SUPPLIES                          0            0            0            0            0            0         0.00%
  SECURITY SERVICES                        250            0            0            0          950         2425         0.10%
  VEHICLE EXPENSE                           95           95           95           95           95         1140         0.05%
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL REPAIRS AND MAINT                  12450        12700        11177        11177        12127       143566         6.03%

TURNOVER MAINTENANCE EXPENSES:
  TURNOVER SUPPLIES                       1402         1402         1051          876          876        13841         0.58%
  TURNOVER SERVICES                       4168         4168         2863         2211         2211        38924         1.64%
  TURNOVER UTILITIES                       432          360          288          288          288         4392         0.18%
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL TURNOVER MAINT.                     6001         5929         4202         3375         3375        57157         2.40%
</Table>

                                        3
<Page>

WELLINGTON PAGE 4

<Table>
<Caption>
YEAR ENDING    2003                   MONTH 1      MONTH 2      MONTH 3      MONTH 4     MONTH 5       MONTH 6     MONTH 7
<S>                                 <C>          <C>          <C>          <C>          <C>          <C>          <C>
UTILITY EXPENSE:
  ELECTRICITY                              975          875          875          800          760          745          685
  WATER                                   3600         3600         3600         3600         3600         3600         3600
  SEWER                                   8700         8700         8700         8700         8700         8700         8700
  WASTE REMOVAL                           1800         1800         1800         1800         1800         1800         1800
  NATURAL GAS                                0            0            0            0            0            0            0
  CABLE/SATELLITE TV                         0            0            0            0            0            0            0
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL UTILITIES                         15075        14975        14975        14900        14860        14845        14785

TAXES & INSURANCE EXPENSES:
  REAL PROPERTY TAXES                    14384        14384        14384        14384        14384        14384        14384
  PERSONAL PROPERTY TAX                      0            0            0            0            0            0            0
  MIP INSURANCE                              0            0            0            0            0            0            0
  LIABILITY AND CASUALTY                  3230         3230         3230         3230         3230         3230         3230
  SALES TAXES                                0            0            0            0            0            0            0
  PROPERTY ASSESSMENTS                       0            0            0            0            0            0            0
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL TAX & INSURANCE                   17614        17614        17614        17614        17614        17614        17614
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL EXPENSES                           68543        67711        68380        68648        69507        72967        70775
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
NET OPERATING INCOME                $  126,726   $  128,073   $  127,922   $  128,173   $  126,502   $  124,002   $  126,711
                                    ==========   ==========   ==========   ==========   ==========   ==========   ==========

<Caption>
                                                                                                       ANNUAL        % OF
YEAR ENDING    2003                   MONTH 8     MONTH 9      MONTH 10     MONTH 11     MONTH 12      TOTALS       TOT. RE
<S>                                 <C>          <C>          <C>          <C>          <C>          <C>               <C>
UTILITY EXPENSE:
  ELECTRICITY                              685          675          825          875          975          9750        0.41%
  WATER                                   3600         3600         3600         3600         3600         43200        1.82%
  SEWER                                   8700         8700         8700         8700         8700        104400        4.39%
  WASTE REMOVAL                           1800         1800         1800         1800         1800         21600        0.9?%
  NATURAL GAS                                0            0            0            0            0             0        0.00%
  CABLE/SATELLITE TV                         0            0            0            0            0             0        0.00%
                                    ----------   ----------   ----------   ----------   ----------   -----------  ----------
 TOTAL UTILITIES                         14785        14775        14925        14975        15075        178950        7.52%

TAXES & INSURANCE EXPENSES:
  REAL PROPERTY TAXES                    14384        14384        14384        14384        14384        ?72608        7.25%
  PERSONAL PROPERTY TAX                      0            0            0            0            0             0        0.00%
  MIP INSURANCE                              0            0            0            0            0             0
  LIABILITY AND CASUALTY                  3230         3230         3230         3230         3230         38760        1.63%
  SALES TAXES                                0            0            0            0            0             0        0.00%
  PROPERTY ASSESSMENTS                       0            0            0            0            0             0        0.00%
                                    ----------   ----------   ----------   ----------   ----------   -----------  ----------
 TOTAL TAX & INSURANCE                   17614        17614        17614        17614        17614        211368        8.88%
                                    ----------   ----------   ----------   ----------   ----------   -----------  ----------
TOTAL EXPENSES                           70839        71138        67634        66774        67843        830759       34.92%
                                    ----------   ----------   ----------   ----------   ----------   -----------  ----------
NET OPERATING INCOME                $  127,233   $  129,252   $  134,198   $  135,149   $  134,617   $ 1,548,558       65.08%
                                    ==========   ==========   ==========   ==========   ==========   ===========  ==========
</Table>

                                        4
<Page>

WELLINGTON PAGE 5

<Table>
<Caption>
YEAR ENDING 2003                      MONTH 1      MONTH 2     MONTH 3       MONTH 4      MONTH 5     MONTH 6      MONTH 7
<S>                                 <C>          <C>          <C>          <C>          <C>          <C>          <C>
PROPERTY REPLACEMENTS
  APPLIANCE REPLACEMEN                     350          350          350          350          350          350          350
  Capital Reimbursement                      0            0            0            0            0            0            0
  BUILDING IMPROVEMENT                       0            0            0            0            0         3500         3500
  CARPET/VINYL REPLACEME                  3312         3312         3312         3312         3864         4416         4416
  DRAPE/BLIND REPLACEM                     292          292          292          292          340          389          389
  EQUIPMENT PURCHASE                         0            0            0            0            0            0            0
  FURNITURE PURCHASE                         0            0            0            0            0            0            0
  CLUBHOUSE REHAB                            0            0            0            0            0            0            0
  LAND IMPROVEMENTS                          0            0            0            0            0            0            0
  LANDSCAPE IMPROVEME                        0            0            0            0            0            0            0
  DOORS/GLASS/HARDWA                         0            0            0            0            0            0            0
  PERMANENT SIGNAGE                          0            0            0            0            0            0            0
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL CAPITAL IMPROVEME                   3954         3954         3954         3954         4554         8655         8655
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
CASH FLOW AFTER CAPITAL             $  122,772   $  124,120   $  123,969   $  124,219   $  121,948   $  115,347   $  118,056
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
DEBT SERVICE
  DEBT SERVICE - 1ST                         0            0            0            0            0            0            0
  DEBT SERVICE - 2ND                         0            0            0            0            0            0            0
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL DEBT SERVICE                           0            0            0            0            0            0            0

                                             0            0            0            0            0            0            0
                                             0            0            0            0            0            0            0
                                    ----------   ----------   ----------   ----------   ----------   ----------   ----------
OPERATING CASH FLOW                     122772       124120       123969       124219       121948       115347       118056
                                    ==========   ==========   ==========   ==========   ==========   ==========   ==========

<Caption>
                                                                                                       ANNUAL         % OF
YEAR ENDING 2003                      MONTH 8     MONTH 9      MONTH 10     MONTH 11     MONTH 12      TOTALS        TOT.RE
<S>                                 <C>          <C>          <C>          <C>          <C>          <C>                <C>
PROPERTY REPLACEMENTS
  APPLIANCE REPLACEMEN                     350          350          350          350          350          4200         0.18%
  Capital Reimbursement                      0            0            0            0            0             0
  BUILDING IMPROVEMENT                    2500            0            0            0            0          9500         0.40%
  CARPET/VINYL REPLACEME                  4416         4416         3312         2760         2760         43608         1.83%
  DRAPE/BLIND REPLACEM                     389          389          292          243          243          3839         0.16%
  EQUIPMENT PURCHASE                         0            0            0            0            0             0         0.00%
  FURNITURE PURCHASE                         0            0            0            0            0             0         0.00%
  CLUBHOUSE REHAB                            0            0            0            0            0             0         0.00%
  LAND IMPROVEMENTS                          0            0            0            0            0             0         0.00%
  LANDSCAPE IMPROVEME                        0            0            0            0            0             0         0.00%
  DOORS/GLASS/HARDWA                         0            0            0            0            0             0         0.00%
  PERMANENT SIGNAGE                          0            0            0            0            0             0         0.00%
                                    ----------   ----------   ----------   ----------   ----------   -----------   ----------
TOTAL CAPITAL IMPROVEME                   7655         5155         3954         3353         3353         61147         2.57%
                                    ----------   ----------   ----------   ----------   ----------   -----------   ----------
CASH FLOW AFTER CAPITAL             $  119,578   $  124,097   $  130,244   $  131,796   $  131,264   $ 1,487,411        62.51%
                                    ----------   ----------   ----------   ----------   ----------   -----------   ----------
DEBT SERVICE
  DEBT SERVICE - 1ST                         0            0            0            0            0             0         0.00%
  DEBT SERVICE - 2ND                         0            0            0            0            0             0         0.00%
                                    ----------   ----------   ----------   ----------   ----------   -----------   ----------
TOTAL DEBT SERVICE                           0            0            0            0            0             0         0.00%

                                             0            0            0            0            0             0         0.00%
                                             0            0            0            0            0             0         0.00%
                                    ----------   ----------   ----------   ----------   ----------   -----------   ----------
OPERATING CASH FLOW                     119578       124097       130244       131796       131264       1487411        62.51%
                                    ==========   ==========   ==========   ==========   ==========   ===========   ==========
</Table>

THIS INFORMATION IS A PROJECTION OF INCOME AND EXPENSES BASED UPON AN EVALUATION
OF CURRENT MARKET CONDITIONS. IT MAY BE SUBJECT TO ERROR AND OMISSION. THIS
INFORMATION IS VULNERABLE TO ADVERSE CHANGES IN MARKET CONDITIONS AND
OPERATIONAL EXPENSES WHICH ARE NOT PREDICTED HEREIN. THIS BUDGET SHOULD ONLY BE
   A PLANNING AND MANAGERIAL TOOL  IT SHOULD NOT BE TAKEN AS A GUARANTEE OR
WARRANTY AND THE ACCURACY HEREIN IS SPECIFICALLY DISCLAIMED FOR SUCH PURPOSE.

                                        5
<Page>

                                WELLINGTON PAGE 6
                                YEAR ENDING 2003
                               PERFORMANCE REVIEW

<Table>
<Caption>
                                  1ST 6 MONTHS  2ND 6 MONTHS    FOR THE TWELVE
                                     OF BUDGET     OF BUDGET     MONTHS ENDING
<S>                                 <C>           <C>               <C>
ANNUALIZED EXPENSE PER              $    3,465    $    3,458        $    3,461
                                    ==========    ==========        ==========
VARIABLE EXP.                       $      299                      $    1,835
FIXED EXP.                          $      272                      $    1,626

ANNUALIZED EXPENSES AS
A PERCENTAGE OF INCOME                   35.32%        34.52%            34.92%
                                    ==========    ==========        ==========
ANNUALIZED NO                        1,522,798     1,574,318         1,548,558
                                    ==========    ==========        ==========
</Table>

                                        6
<Page>

                             BUDGET VARIABLE SECTION

WELLINGTON FOR PAGE 1

<Table>
<Caption>
 YEAR ENDING 2003
 RENTAL REV. BUDGET VARI              MONTH 1       MONTH 2       MONTH 3       MONTH 4       MONTH 5      MONTH 6        MONTH 7
<S>                                 <C>           <C>           <C>           <C>           <C>           <C>           <C>
*OCCUPANCY PERCENTAGE                       95%           95%           95%           95%           94%           94%           94%
 UNITS OCCUPIED                            228           228           228           228           226           226           226
 UNITS VACANT                               12            12            12            12            14            14            14
*TURNOVER PERCENT  240                      6%            6%            6%            6%            7%            8%            8%
 UNITS TURNED OVER                          14            14            14            14            17            19            19
 UNITS RENTED                               14            14            14            14            19            19            19
 NET ABSORB. BY 1ST OF FOL                   0             0             0            -2             0             0             0
*AVE. RENTAL INCENTIVE PE           $   150.00    $   150.00    $   150.00    $   150.00    $   150.00    $   150.00    $   150.00
*BAD DEBT EXPENSE                         0.50%         0.50%         0.50%         0.50%         0.50%         0.50%         0.50%
*ANNUALIZED % INCREASE                    3.50%         3.50%         3.50%         3.50%         3.50%         3.50%         3.50%

<Caption>
                 # OF     SQ.             UNIT
                 UNITS    FT.             RENT
<S>               <C>    <C>        <C>           <C>           <C>           <C>           <C>           <C>           <C>
*RENT-ST-           0       0       $        0    $        0    $        0    $        0    $        0    $        0    $        0
*AVE RENT-1       116     811       $      690    $      692    $      694    $      696    $      698    $      700    $      702
*AVE RENT-1         0       0       $        0    $        0    $        0    $        0    $        0    $        0    $        0
*AVE RENT-1         0       0       $        0    $        0    $        0    $        0    $        0    $        0    $        0
*AVE RENT-2        16     976       $      795    $      797    $      800    $      802    $      804    $      807    $      809
*AVE RENT-2         0       0       $        0    $        0    $        0    $        0    $        0    $        0    $        0
*AVE RENT-2        68    1017       $      835    $      837    $      840    $      842    $      845    $      847    $      850
*AVE RENT-3        40    1210       $      937    $      940    $      942    $      945    $      948    $      951    $      954

                  240

RENTAL REVENUE KEY IN ITEMS:
* MODEL RENT CREDITS                         0             0             0             0             0             0             0
  (CUMULATIVE NEG. TOTAL RENT
  OF ALL MODELS)

<Caption>
 YEAR ENDING 2003                                                                                           ANNUAL         % OF
 RENTAL RE  BUDGET VARI              MONTH 8        MONTH 9      MONTH 10       MONTH 11     MONTH 12       TOTALS        TOT.RE
<S>                                 <C>           <C>           <C>           <C>           <C>           <C>            <C>
*OCCUPANCY PERCENTAGE                       94%           95%           96%           96%           96%        94.92%    (AVERA
 UNITS OCCUPIED                            226           228           230           230           230           228     (AVERA
 UNITS VACANT                               14            12            10            10            10            12     (AVERA
*TURNOVER PERCENT  240                       8%            8%            6%            5%            5%           79%    (TOTAL)
 UNITS TURNED OVER                          19            19            14            12            12           190     (TOTAL)
 UNITS RENTED                               22            17            12            12            12           190     (TOTAL)
 NET ABSORB. BY 1ST OF FOL                   2             2             0             0             0             2     (TOTAL)
*AVE. RENTAL INCENTIVE PE           $   150.00    $   150.00    $   150.00    $   150.00    $   150.00    $   150.00     (AVERA
*BAD DEBT EXPENSE                         0.50%         0.50%         0.50%         0.50%         0.50%         0.50%    (AVERA
*ANNUALIZED % INCREASE                    3.50%         3.50%         3.50%         3.50%         3.50%         3.50%    (AVERA

<Caption>
                 # OF     SQ.
                 UNITS    FT.
<S>               <C>    <C>        <C>           <C>           <C>           <C>           <C>           <C>            <C>
*RENT-ST-           0       0       $        0    $        0    $        0    $        0    $        0    $        0     (AVERA
*AVE RENT-1       116     811       $      704    $      706    $      708    $      710    $      712    $      701     (AVERA
*AVE RENT-1         0       0       $        0    $        0    $        0    $        0    $        0    $        0     (AVERA
*AVE RENT-1         0       0       $        0    $        0    $        0    $        0    $        0    $        0     (AVERA
*AVE RENT-2        16     976       $      811    $      814    $      816    $      818    $      821    $      808     (AVERA
*AVE RENT-2         0       0       $        0    $        0    $        0    $        0    $        0    $        0     (AVERA
*AVE RENT-2        68    1017       $      852    $      855    $      857    $      860    $      862    $      849     (AVERA
*AVE RENT-3        40    1210       $      956    $      959    $      962    $      965    $      968    $      952     (AVERA

                  240

RENTAL REVENUE KEY IN ITEMS:
* MODEL RENT CREDITS                         0             0             0             0             0             0         0
  (CUMULATIVE NEG. TOTAL RENT
  OF ALL MODELS)
</Table>

                                        7
<Page>

WELLINGTON FOR PAGE 1

<Table>
<Caption>
 YEAR ENDING 2003
 OTHER REVENUE BUDGET.          MONTH 1       MONTH 2       MONTH 3       MONTH 4       MONTH 5      MONTH 6       MONTH 7
<S>                           <C>           <C>           <C>           <C>           <C>           <C>           <C>
*AVE. FOR. S.D.'S PER UNIT TU $   135.00    $   135.00    $   135.00    $   135.00    $   135.00    $   135.00    $   135.00
*AVE. FOR PET DEPOSITS PER    $    50.00    $    50.00    $    50.00    $    50.00    $    50.00    $    50.00    $    50.00
*NON-REF ADMIN. FEES PER U    $   125.00    $   125.00    $   125.00    $   125.00    $   125.00    $   125.00    $   125.00
*NON-REF CLEANING FEES PER    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
*NON-REF PET FEES PER UNIT    $    52.50    $    52.50    $    52.50    $    52.50    $    52.50    $    52.50    $    52.50
*TRANSFER FEES PER MONTH      $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
*LAUNDRY PER OCCUPIED UN      $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
*CARPORT PER MONTH      0          2,915         2,915         2,915         2,915         2,915         2,915         2,915
*                                      0    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
LATE CHARGES
*PERCENTAGE OF OCCUP. UNIT         18.00%        18.00%        18.00%        18.00%        18.00%        18.00%        18.00%
*LATE FEE CHARGED             $    32.50    $    32.50    $    32.50    $    32.50    $    32.50    $    32.50    $    32.50
LATE CHARGES PER MONTH        $ 1,333.80    $ 1,333.80    $ 1,333.80    $ 1,333.80    $ 1,319.76    $ 1,319.76    $ 1,319.76
NSF FEE
*PERCENTAGE OF OCCUP. UNIT          1.75%         1.75%         1.75%         1.75%         1.75%         1.75%         1.75%
*NSF FEE CHARGED              $    25.00    $    25.00    $    25.00    $    25.00    $    25.00    $    25.00    $    25.00
NSF FEES PER MONTH            $    99.75    $    99.75    $    99.75    $    99.75    $    98.70    $    98.70    $    98.70
*TENANT SCREENING - PER       $   950.00    $   950.00    $   950.00    $   950.00    $   950.00    $   950.00    $   950.00
*BAD DEBT RECOVERY PER        $ 1,575.00    $ 1,575.00    $ 1,575.00    $ 1,575.00    $ 1,575.00    $ 1,575.00    $ 1,575.00
*VENDING PER MONTH            $     2.00    $     2.00    $     2.00    $     2.00    $     2.00    $     2.00    $     2.00
*PAY PHONE PER MONTH          $   325.00    $   325.00    $   325.00    $   325.00    $   325.00    $   325.00    $   325.00
*TANNING BED PER MONTH        $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
*FURNITURE RENTAL INC.        $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
*INTEREST PER MONTH           $    75.00    $    75.00    $    75.00    $    75.00    $    75.00    $    75.00    $    75.00
*CABANA RENTAL PER MONTH      $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
*UTILITY FEES PER MONTH       $ 6,900.00    $ 6,900.00    $ 6,900.00    $ 6,900.00    $ 6,900.00    $ 6,900.00    $ 6,900.00
*INSURANCE RECOVERY PER       $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
*STORAGE                      $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
*OTHER PER MONTH              $ 1,300.00    $ 1,300.00    $ 1,300.00    $ 1,300.00    $ 1,300.00    $ 1,300.00    $ 1,300.00

<Caption>
 YEAR ENDING 200
 OTHER REVENUE BUDGET                 MONTH 8       MONTH 9      MONTH 10      MONTH 11      MONTH 12
<S>                                 <C>           <C>           <C>           <C>           <C>          <C>
*AVE. FOR. S.D.'S PER UNIT TU       $   135.00    $   135.00    $   135.00    $   135.00    $   135.00   XX
*AVE. FOR PET DEPOSITS PER          $    50.00    $    50.00    $    50.00    $    50.00    $    50.00   XX
*NON-REF ADMIN. FEES PER U          $   125.00    $   125.00    $   125.00    $   125.00    $   125.00   XX
*NON-REF CLEANING FEES PER          $     0.00    $     0.00    $     0.00    $     0.00    $     0.00   XX
*NON-REF PET FEES PER UNIT          $    52.50    $    52.50    $    52.50    $    52.50    $    52.50   XX
*TRANSFER FEES PER MONTH            $     0.00    $     0.00    $     0.00    $     0.00    $     0.00   XX
*LAUNDRY PER OCCUPIED UN            $     0.00    $     0.00    $     0.00    $     0.00    $     0.00   XX
*CARPORT PER MONTH      0                2,915         2,915         2,915         2,915         2,915   XX
*                                   $     0.00    $     0.00    $     0.00    $     0.00    $     0.00   XX
LATE CHARGES                                                                                             XX
*PERCENTAGE OF OCCUP. UNIT               18.00%        18.00%        18.00%        18.00%        18.00%  XX
*LATE FEE CHARGED                   $    32.50    $    32.50    $    32.50    $    32.50    $    32.50   XX
LATE CHARGES PER MONTH              $ 1,319.76    $ 1,333.80    $ 1,347.84    $ 1,347.84    $ 1,347.84   XX
NSF FEE                                                                                                  XX
*PERCENTAGE OF OCCUP. UNIT                1.75%         1.75%         1.75%         1.75%         1.75%  XX
*NSF FEE CHARGED                    $    25.00    $    25.00    $    25.00    $    25.00    $    25.00   XX
NSF FEES PER MONTH                  $    98.70    $    99.75    $   100.80    $   100.80    $   100.80   XX
*TENANT SCREENING - PER             $   950.00    $   950.00    $   950.00    $   950.00    $   950.00   XX
*BAD DEBT RECOVERY PER              $ 1,575.00    $ 1,575.00    $ 1,575.00    $ 1,575.00    $ 1,575.00   XX
*VENDING PER MONTH                  $     2.00    $     2.00    $     2.00    $     2.00    $     2.00   XX
*PAY PHONE PER MONTH                $   325.00    $   325.00    $   325.00    $   325.00    $   325.00   XX
*TANNING BED PER MONTH              $     0.00    $     0.00    $     0.00    $     0.00    $     0.00   XX
*FURNITURE RENTAL INC.              $     0.00    $     0.00    $     0.00    $     0.00    $     0.00   XX
*INTEREST PER MONTH                 $    75.00    $    75.00    $    75.00    $    75.00    $    75.00   XX
*CABANA RENTAL PER MONTH            $     0.00    $     0.00    $     0.00    $     0.00    $     0.00   XX
*UTILITY FEES PER MONTH             $ 6,900.00    $ 6,900.00    $ 6,900.00    $ 6,900.00    $ 6,900.00   XX
*INSURANCE RECOVERY PER             $     0.00    $     0.00    $     0.00    $     0.00    $     0.00   XX
*STORAGE                            $     0.00    $     0.00    $     0.00    $     0.00    $     0.00   XX
*OTHER PER MONTH                    $ 1,300.00    $ 1,300.00    $ 1,300.00    $ 1,300.00    $ 1,300.00   XX
</Table>

                                        8
<Page>

WELLLINGTON FOR ALL PAYROLL SUPPORT AND PAGE 2 (ADMIN.)
FOR THE YEAR   2003
EXPENSE BUDGET VARIABLES

                              TYPICAL PAYROLL MONTH

<Table>
<Caption>
                                                                      ADMINISTRATIVE PAYROLL
                               ------------------------------------------------------------------
                                                ASST.
                                MANAGER        MANAGER      LEASING       LEASING       LEASING
<S>                            <C>           <C>           <C>           <C>           <C>
*CASH COMPENSATION                   3550          1950           950             0             0
*TOTAL RENT ALLOWANCE                   0             0             0             0             0
*TOTAL UTILITY ALLOWANCE                0             0             0             0             0
                               ----------    ----------    ----------    ----------    ----------
 TOTAL MONTHLY COMPENS               3550          1950           950             0             0
                               ==========    ==========    ==========    ==========    ==========
                               $    20.50    $    12.87    $    12.19    $     0.00    $     0.00
                                      JAN           FEB           MAR           APR           MAY

 AVE. MONTHLY MANAGER BONUS
*EXCLUDING LEASE COMMIS        $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
*AVE. COMMISSION RENTAL        $    35.00    $    35.00    $    35.00    $    35.00    $    35.00
*COMMISSION PER RENEWAL        $    20.00    $    20.00    $    20.00    $    20.00    $    20.00
*NUMBER OF RENEWALS PER                 0             0             0             0             0
 EMPLOYEE MEDICAL INS.
* MONTHLY COST PER EMPLO       $   282.00    $   282.00    $   282.00    $   282.00    $   282.00
* NO. OF QUALIFIED ADMIN. E             2             2             2             2             2
* NO. OF QUALIFIED R & M EM             3             3             3             3             3
* NO. OF QUALIFIED LANDSCA              0             0             0             0             0
* NO. OF QUALIFIED SECURIT              0             0             0             0             0

 ADMINISTRATIVE EXPENSES:
 ADMINISTRATIVE LABOR
*ADMINISTRATIVE LABOR R              0.00%         0.00%         0.00%         0.00%         0.00%
  MANAGER SALARY                     3550          3550          3550          3550          3550
  ASST. MANAGER SALARY               1950          1950          1950          1950          1950
  LEASING SALARIES                    950           950           950           950           950
  ADMIN. RENT ALLOWANCE                 0             0             0             0             0
  ADMIN.UTILITY ALLOWANCE               0             0             0             0             0
  ADMIN. INCENTIVES                     0             0             0             0             0

<Caption>
                                                                      R & M PAYROLL
                               ----------------------------------------------------      TURN-
                                  LEAD          HSE          ASST.         ASST.         OVER          PORTER/      SECURITY
                                 MAINT.        KEEP          MAINT.        MAINT.        MAINT.        GROUNDS       PATROL
<S>                            <C>           <C>           <C>           <C>           <C>           <C>           <C>         <C>
*CASH COMPENSATION                   2850             0          1850             0          1000           900             0  XX
*TOTAL RENT ALLOWANCE                   0             0             0             0             0             0             0  XX
*TOTAL UTILITY ALLOWANCE                0             0             0             0             0             0             0  XX
                               ----------    ----------    ----------    ----------    ----------    ----------    ----------
 TOTAL MONTHLY COMPENS               2850             0          1850             0           900           900             0  XX
                               ==========    ==========    ==========    ==========    ==========    ==========    ==========
                               $    16.45    $     0.00    $    10.68    $     0.00    $     5.77    $    10.39    $     0.00  XX
                                      JUN          JULY           AUG          SEPT           OCT           NOV           DEC  XX
                                                                                                                               XX
 AVE. MONTHLY MANAGER BONUS                                                                                                    XX
*EXCLUDING LEASE COMMIS        $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00  XX
*AVE. COMMISSION RENTAL        $    35.00    $    35.00    $    35.00    $    35.00    $    35.00    $    35.00    $    35.00  XX
*COMMISSION PER RENEWAL        $    20.00    $    20.00    $    20.00    $    20.00    $    20.00    $    20.00    $    20.00  XX
*NUMBER OF RENEWALS PER                 0             0             0             0             0             0             0  XX
 EMPLOYEE MEDICAL INS.                                                                                                         XX
* MONTHLY COST PER EMPLO       $   282.00    $   282.00    $   282.00    $   282.00    $   282.00    $   282.00    $   282.00  XX
* NO. OF QUALIFIED ADMIN. E             2             2             2             2             2             2             2  XX
* NO. OF QUALIFIED R & M EM             3             3             3             3             3             3             3  XX
* NO. OF QUALIFIED LANDSCA              0             0             0             0             0             0             0  XX
* NO. OF QUALIFIED SECURIT              0             0             0             0             0             0             0  XX
                                                                                                                               XX
 ADMINISTRATIVE EXPENSES:                                                                                                      XX
 ADMINISTRATIVE LABOR                                                                                                          XX
*ADMINISTRATIVE LABOR R              0.00%         0.00%         0.00%         0.00%         0.00%         0.00%         0.00% XX
  MANAGER SALARY                     3550          3550          3550          3550          3550          3550          3550  XX
  ASST. MANAGER SALARY               1950          1950          1950          1950          1950          1950          1950  XX
  LEASING SALARIES                    950           950           950           950           950           950           950  XX
  ADMIN. RENT ALLOWANCE                 0             0             0             0             0             0             0  XX
  ADMIN.UTILITY ALLOWANCE               0             0             0             0             0             0             0  XX
  ADMIN. INCENTIVES                     0             0             0             0             0             0             0  XX
</Table>

                                        9
<Page>

<Table>
<Caption>
 YEAR ENDING    2003
 EXPENSE BUDGET VARIABLE              MONTH 1       MONTH 2       MONTH 3      MONTH 4        MONTH 5       MONTH 6       MONTH 7
<S>                                        <C>           <C>           <C>           <C>           <C>           <C>           <C>
 PAYROLL TAXES & INSURANCE
   FICA @          * 8.50%                 548           548           548           548           548           548           548
   FUTA @ API      * 0.80%                  52            52            52            52            52            52            52
   SUTA @ API      * 3.30%                 213           213           213           213           213           213           213
   TRI-MET         * 0.00%                   0             0             0             0             0             0             0
   S  S            * 0.00%                   0             0             0             0             0             0             0
   WORKMAN            1.1%                 986           986           986           986           986           986           986
   ADMIN. MEDICAL INS.                     564           564           564           564           564           564           564
 ACCOUNTING
*  OWNERSHIP ACCOUNTING                      0             0             0             0             0             0             0
*  PAYROLL FEES PER MONTH                  261           261           261           261           261           261           261
*BANK CHARGES PER MONTH                      0             0             0             0             0             0             0
*CHARITABLE CONTRIBUTION                     0             0             0             0             0             0             0
*DUES AND SUBSCRIPTIONS                      0             0             0             0             0             0             0
 FURNISHED SUITES
*  # OF FURNISHED SUITES                     0             0             0             0             0             0             0

<Caption>
                    PER UNIT
                      COST
<S>                    <C>                 <C>           <C>           <C>           <C>           <C>           <C>           <C>
   ACCESSORI *         $0                    0             0             0             0             0             0             0
   CABLE TV  *         $0                    0             0             0             0             0             0             0
   RENTAL FU *         $0                    0             0             0             0             0             0             0
   HOSPITAL  *         $0                    0             0             0             0             0             0             0
   MAID SERV *         $0                    0             0             0             0             0             0             0
   TELEPHONE *         $0                    0             0             0             0             0             0             0
   UTILITIES *         $0                    0             0             0             0             0             0             0
 FURNITURE RENTAL
*  FURNITURE RENTAL.CA                       0             0             0             0             0             0             0
*  FURNITURE RENTAL.OFFI                     0             0             0             0             0             0             0
 LEGAL
*  EVICTION PER MONTH                      138           138           138           138           138           138           138
*  OTHER LEGAL PER MONTH                     0             0             0             0             0             0             0
 TRAINING AND EDUCATION
*  IREM                                      0             0             0             0             0             0             0
*  GFS                                      50            50            50            50            50            50            50
*  OTHER                                     0             0             0             0             0             0             0

<Caption>
 YEAR ENDING    2003
 EXPENSE BUDGET VARIABLE             MONTH 8        MONTH 9      MONTH 10      MONTH 11      MONTH 12
<S>                                        <C>           <C>           <C>           <C>           <C>     <C>         <C>
 PAYROLL TAXES & INSURANCE
   FICA @          * 8.50%                 548           548           548           548           548     XX          4132
   FUTA @ API      * 0.80%                  52            52            52            52            52     XX          4134
   SUTA @ API      * 3.30%                 213           213           213           213           213     XX          4136
   TRI-MET         * 0.00%                   0             0             0             0             0     XX           N/A
   S  S            * 0.00%                   0             0             0             0             0     XX           N/A
   WORKMAN            1.1%                 986           986           986           986           986     XX          4142
   ADMIN. MEDICAL INS.                     564           564           564           564           564     XX          4144
 ACCOUNTING                                                                                                XX
*  OWNERSHIP ACCOUNTING                      0             0             0             0             0     XX          4152
*  PAYROLL FEES PER MONTH                  261           261           261           261           261     XX          4154
*BANK CHARGES PER MONTH                      0             0             0             0             0     XX          4156
*CHARITABLE CONTRIBUTION                     0             0             0             0             0     XX          4158
*DUES AND SUBSCRIPTIONS                      0             0             0             0             0     XX          4160
 FURNISHED SUITES                                                                                          XX
*  # OF FURNISHED SUITES                     0             0             0             0             0     XX
                                                                                                           XX
<Caption>
                    PER UNIT
                      COST
<S>                    <C>                 <C>           <C>           <C>           <C>           <C>     <C>         <C>
   ACCESSORI *         $0                    0             0             0             0             0     XX          4164
   CABLE TV  *         $0                    0             0             0             0             0     XX          4166
   RENTAL FU *         $0                    0             0             0             0             0     XX          4168
   HOSPITAL  *         $0                    0             0             0             0             0     XX          4170
   MAID SERV *         $0                    0             0             0             0             0     XX          4171
   TELEPHONE *         $0                    0             0             0             0             0     XX          4174
   UTILITIES *         $0                    0             0             0             0             0     XX          4176
 FURNITURE RENTAL                                                                                          XX
*  FURNITURE RENTAL.CA                       0             0             0             0             0     XX
*  FURNITURE RENTAL.OFFI                     0             0             0             0             0     XX          4184
 LEGAL                                                                                                     XX
*  EVICTION PER MONTH                      138           138           138           138           138     XX          4192
*  OTHER LEGAL PER MONT                      0             0             0             0             0     XX          4194
 TRAINING AND EDUCATION                                                                                    XX
*  IREM                                      0             0             0             0             0     XX          4196
*  GFS                                      50            50            50            50            50     XX          4196
*  OTHER                                     0             0             0             0             0     XX          4196
</Table>

                                       10
<Page>

<Table>
<Caption>
 YEAR ENDING 2003                     MONTH 1       MONTH 2      MONTH 3      MONTH 4      MONTH 5     MONTH 6       MONTH 7
<S>                                       <C>           <C>          <C>          <C>          <C>          <C>          <C>
 MANAGEMENT FEE
* GFS MANAGEMENT FEE % C                  3.50%
* GFS MINIMUM                               50
   GFS MANAGEMENT FEE                     6834          6852         6871         6889         6860         6894         6912
*  ASSET MANAGER F 0.00%                     0             0            0            0            0            0            0
*  PARTNERSHIP FEE I 0.00%                   0             0            0            0            0            0            0
 OFFICE EQUIPMENT
*  EQUIP LEAS   PER MONTH                    0             0            0            0            0            0            0
*  EQUIP REP   PER MONTH                    40            40           40           40           40           40           40
*  EQUIP OTH   PER MONTH                     0             0            0            0            0            0            0
 OFFICE SUPPLIES
*  ACCOUNT   PER MONTH                      75            75           75           75           75           75           75
*  PAPER SUPL   PER MONTH                   50            50           50           50           50           50           50
*  PRINTED   PER MONTH                      80            80           80           80           80           80           80
*  OTHER SUP   PER MONTH                    45            45           45           45           45           45           45
 SHIPPING AND DELIVERY
*  OVERNIGHT   PER MONTH                    30            30           30           30           30           30           30
*  PACKAGE   PER MONTH                       0             0            0            0            0            0            0
*  POSTAGE   PER MONTH                      30            30           30           30           30           30           30
 TELEPHONE
*  ANSWERIN   PER MONTH                      0             0            0            0            0            0            0
*  COMPUTER PER MONTH                        0             0            0            0            0            0            0
*  FAX MACHI   PER MONTH                     0             0            0            0            0            0            0
*  OFFICE TEL PER MONTH                    645           645          645          645          645          645          645
 OTHER ADMIN.
*  MOVING EX   PER MONTH                     0             0            0            0            0            0            0
*  STORAGE   PER MONTH                       0             0            0            0            0            0            0
*  VEHICLE   PER MONTH                      25            25           25           25           25           25           25
*  OTHER   PER MONTH                         5             5            5            5            5            5            5
 MARKETING AND RETENTION EXPENSES:
 ADVERTISING
*  RENT NET                                245           245          245          245          245          245          245
*  APARTMENT GUIDE                         795           795          795          795          795          795          795
*  APARTMENT MAP                             0             0            0            0            0            0            0
*  BILLBOARDS/TRANSIT                      250             0          250            0            0          250            0
*  DIRECT MAIL                               0             0            0            0            0            0            0
*  FOR RENT                                  0             0            0            0            0            0            0
*  NEWSPAPER                               450           450          450          450          450          450          450
*  NOW RENTING                               0             0            0            0            0            0            0
*  RADIO AND TV                              0             0            0            0            0            0            0
*  SIGNS AND BANNERS                       175             0          125          125          125          175          175
*  YELLOW PAGES                              0             0            0            0            0            0            0

<Caption>
 YEAR ENDING 2003                     MONTH 8      MONTH 9     MONTH 10      MONTH 11    MONTH 12
<S>                                       <C>         <C>          <C>          <C>          <C>    <C>                <C>
 MANAGEMENT FEE
* GFS MANAGEMENT FEE % C                                                                            XX
* GFS MINIMUM                                                                                       XX
   GFS MANAGEMENT FEE                     6933        7014         7064         7067         7086   XX                 4222
*  ASSET MANAGER F 0.00%                     0           0            0            0            0   XX                 4226
*  PARTNERSHIP FEE I 0.00%                   0           0            0            0            0   XX                 4226
 OFFICE EQUIPMENT                                                                                   XX
*  EQUIP LEAS   PER MONTH                    0           0            0            0            0   XX                 4232
*  EQUIP REP   PER MONTH                    40          40           40           40           40   XX                 4234
*  EQUIP OTH   PER MONTH                     0           0            0            0            0   XX                 4236
 OFFICE SUPPLIES                                                                                    XX
*  ACCOUNT   PER MONTH                      75          75           75           75           75   XX                 4242
*  PAPER SUPL   PER MONTH                   50          50           50           50           50   XX                 4244
*  PRINTED   PER MONTH                      80          80           80           80           80   XX                 4246
*  OTHER SUP   PER MONTH                    45          45           45           45           45   XX                 4248
 SHIPPING AND DELIVERY                                                                              XX
*  OVERNIGHT   PER MONTH                    30          30           30           30           30   XX                 4252
*  PACKAGE   PER MONTH                       0           0            0            0            0   XX                 4252
*  POSTAGE   PER MONTH                      30          30           30           30           30   XX                 4256
 TELEPHONE                                                                                          XX
*  ANSWERIN   PER MONTH                      0           0            0            0            0   XX                 4262
*  COMPUTER PER MONTH                        0           0            0            0            0   XX                 4264
*  FAX MACHI   PER MONTH                     0           0            0            0            0   XX                 4266
*  OFFICE TEL PER MONTH                    645         645          645          645          645   XX                 4268
 OTHER ADMIN.                                                                                       XX
*  MOVING EX   PER MONTH                     0           0            0            0            0   XX                 4272
*  STORAGE   PER MONTH                       0           0            0            0            0   XX                 4274
*  VEHICLE   PER MONTH                      25          25           25           25           25   XX                 4276
*  OTHER   PER MONTH                         5           5            5            5            5   XX                 4278
 MARKETING AND RETENTION EXPENSES:                                                                  XX
 ADVERTISING                                                                                        XX
*  RENT NET                                245         245          245          245          245   XX                 4314
*  APARTMENT GUIDE                         795         795          795          795          795   XX                 4304
*  APARTMENT MAP                             0           0            0            0            0   XX                 4302
*  BILLBOARDS/TRANSIT                        0         250            0            0            0   XX                 4306
*  DIRECT MAIL                               0           0            0            0            0   XX                 4308
*  FOR RENT                                  0           0            0            0            0   XX                 4310
*  NEWSPAPER                               450         450          450          450          450   XX                 4312
*  NOW RENTING                               0           0            0            0            0   XX                 4343
*  RADIO AND TV                              0           0            0            0            0   XX                 4362
*  SIGNS AND BANNERS                       175         125          110          110          110   XX                 4318
*  YELLOW PAGES                              0           0            0            0            0   XX                 4320
</Table>

                                       11
<Page>

<Table>
<Caption>
 YEAR ENDING    2003                  MONTH 1       MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                        <C>           <C>          <C>          <C>          <C>          <C>          <C>
 PROMOTIONS
*  ACTIVITIES PER MONTH                     35            35           35           85           95          100          100
*  HOSPITALI   PER MONTH                    50            50           50           50           50           50           50
* COST OF MOVE IN GI  $8
   MOVE-IN GI PER MONTH                    108           108          108          108          108          144          144
*  NEWSLETTI PER MONTH                      95            95           95           95           95           95           95
 DESIGN SERVICES
*  AD AGENCY PER MONTH                       0             0            0            0            0            0            0
*  PHOTOGRA   PER MONTH                      0             0            0            0            0            0            0
*  PRINTING PER MONTH                        0             0            0            0            0            0            0
 LEASING
* NUMBER OF MODELS                           0             0            0            0            0            1            0
* EACH MODEL RENTAL PER                      0             0            0            0            0            0            0
   MODEL FU   PER MONTH                      0             0            0            0            0            0            0
   COMMISSIC PER MOVE IN                   504           504          504          504          672          672          672
*  SHOPPING   PER MONTH                      0             0            0            0            0            0            0
*  TRAINING PER MONTH                        0             0            0            0            0            0            0
 REFERRALS
*  LOCATORS PER MONTH                      150           150          150          150          150          150          150
*  MERCHANT   PER MONTH                      0             0            0            0            0            0            0
*  RESIDENT   PER MONTH                    100           100          100          100          100          100          100
 TENANT SCREENING
* COST PER SCREEN     $0
* DENIAL RATE         45%
   TENANT SCREENING EXPE                     0             0            0            0            0            0            0
 COLLATERAL SUPPLIES
*  BROCHURES                                 0             0            0            0            0            0            0
*  BUSINESS CARDS                            0             0            0            0            0            0            0
*  GIFTS                                     0             0            0            0            0            0            0
*  NAME BADGES                               0             0            0            0            0            0            0
*  PRINTED FORMS                             0             0            0            0            0            0            0
*  UNIFORMS                                  0             0            0          300            0            0            0

<Caption>
 YEAR ENDING    2003                  MONTH 8       MONTH 9     MONTH 10     MONTH 11     MONTH 12
<S>                                        <C>          <C>          <C>          <C>        <C>     <C>        <C>
 PROMOTIONS
*  ACTIVITIES PER MONTH                    100          100           75           65         65     XX         4332
*  HOSPITALI   PER MONTH                    50           50           50           50         50     XX         4334
* COST OF MOVE IN GI  $8                                                                             XX
   MOVE-IN GI PER MONTH                    144          162          126           90         90     XX         4336
*  NEWSLETTI PER MONTH                      95           95           95           95         95     XX         4338
 DESIGN SERVICES                                                                                     XX
*  AD AGENCY PER MONTH                       0            0            0            0          0     XX         4343
*  PHOTOGRA   PER MONTH                      0            0            0            0          0     XX         4343
*  PRINTING PER MONTH                        0            0            0            0          0     XX         4343
 LEASING                                                                                             XX
* NUMBER OF MODELS                           0            0            0            0          0     XX
* EACH MODEL RENTAL PER                      0            0            0            0          0     XX         4357
   MODEL FU   PER MONTH                      0            0            0            0          0     XX         4354
   COMMISSIC PER MOVE IN                   756          588          420          420        420     XX         4352
*  SHOPPING   PER MONTH                      0            0            0            0          0     XX         4356
*  TRAINING PER MONTH                        0            0            0            0          0     XX         4358
 REFERRALS                                                                                           XX
*  LOCATORS PER MONTH                      150          150          150          150        150     XX         4362
*  MERCHANT   PER MONTH                      0            0            0            0          0     XX         4364
*  RESIDENT   PER MONTH                    100          100          100          100        100     XX         4366
 TENANT SCREENING                                                                                    XX
* COST PER SCREEN     $0                                                                             XX
* DENIAL RATE         45%                                                                            XX
   TENANT SCREENING EXPE                     0            0            0            0          0     XX         4370
 COLLATERAL SUPPLIES                                                                                 XX
*  BROCHURES                                 0            0            0            0          0     XX         4382
*  BUSINESS CARDS                            0            0            0            0          0     XX         4384
*  GIFTS                                     0            0            0            0          0     XX         4386
*  NAME BADGES                               0            0            0            0          0     XX         4388
*  PRINTED FORMS                             0            0            0            0          0     XX         4390
*  UNIFORMS                                  0            0            0            0          0     XX         4391
</Table>

                                       12
<Page>

WELLINGTON FOR PAGE 3

<Table>
<Caption>
YEAR ENDING  2003                       MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                         <C>          <C>          <C>          <C>          <C>          <C>          <C>
 REPAIRS AND MAINTENANCE EXPENSES:
 R & M LABOR
* R & M LABOR RAISES - YTD                  0.00%        0.00%        0.00%        0.00%        0.00%        0.00%        0.00%
   MAINTENANCE SUPERVIS                     2850         2850         2850         2850         2850         2850         2850
   ASST. MAINTENANCE LAB                    1850         1850         1850         1850         1850         1850         1850
   R & M RENT ALLOWANCE                        0            0            0            0            0            0            0
   R & M UTILITY ALLOWANC                      0            0            0            0            0            0            0
 R & M  PAYROLL TAXES AND INSURANCE
   FICA @           8.50%                    400          400          400          400          400          400          400
   FUTA @ APPROX    0.80%                     38           38           38           38           38           38           38
   SUTA @ APPROX    3.30%                    155          155          155          155          155          155          155
   TRI-MET          0.00%                      0            0            0            0            0            0            0
   SIIS             0.00%                      0            0            0            0            0            0            0
   WORKMANS COMP     1.1%                     54           54           54           54           54           54           54
   R & M MEDICAL INS.                        846          846          846          846          846          846          846
 R & M SUPPLIES
*  APPLIANCE                                  75           75           75           75           75           75           75
*  CLEANING (NOT TURNOVER)                    50           50           50           50           50           50           50
*  ELECTRICAL                                 75           75           75           75           75           75           75
*  EQUIPMENT                                  25           25           25           25           25           25           25
*  GLASS AND SCREEN                           20           20           20           20           20           20           20
*  HARDWARE                                  125          125          125          125          125          125          125
*  HVAC                                       40           40           40           40           40           40           40
*  KEY AND LOCK                               35           35           35           35           35           35           35
*  PAINT (NOT TURNOVER)                       60           60           60           60           60           60           60
*  PARKING LOT                                60           60           60           60           60           60           60
*  PEST CONTROL                               75           75           75           75           75           75           75
*  PLUMBING                                  130          130          130          130          130          130          130
*  RECREATIONAL                               25           25           25           25           25           25           25
*  ROOF REPAIRS                               25           25           25           25           25           25           25
*  UNIFORMS                                    0            0            0            0            0            0            0
 R & M SERVICES
*  APPLIANCE REPAIR                          145          145          145          145          145          145          145
*  CARPET CLEANING (NOT T                      0            0            0            0            0            0            0
*  CLEANING (NOT TURNOVER)                    40           40           40           40           40           40           40
*  DRAPE CLEANING (NOT TURNOVER)               0            0            0            0            0            0            0
*  DRYWALL                                     0            0            0            0            0            0            0
*  ELECTRICAL                                 95           95           95           95           95           95           95
*  EQUIPMENT                                  30           30           30           30           30           30           30
*  GLASS AND SCREEN                           80           80           80           80           80           80           80

<Caption>
YEAR ENDING  2003                       MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12
<S>                                         <C>          <C>          <C>          <C>         <C>     <C>        <C>
 REPAIRS AND MAINTENANCE EXPENSES:                                                                     XX
 R & M LABOR                                                                                           XX
* R & M LABOR RAISES - YTD                  0.00%        0.00%        0.00%        0.00%       0.00%   XX
   MAINTENANCE SUPERVIS                     2850         2850         2850         2850         2850   XX         4402
   ASST. MAINTENANCE LAB                    1850         1850         1850         1850         1850   XX         4404
   R & M RENT ALLOWANCE                        0            0            0            0            0   XX         4406
   R & M UTILITY ALLOWANC                      0            0            0            0            0   XX         4408
R & M  PAYROLL TAXES AND INSURANCE                                                                     XX
   FICA @           8.50%                    400          400          400          400          400   XX         4412
   FUTA @ APPROX    0.80%                     38           38           38           38           38   XX         4414
   SUTA @ APPROX    3.30%                    155          155          155          155          155   XX         4416
   TRI-MET          0.00%                      0            0            0            0            0   XX          N/A
   SIIS             0.00%                      0            0            0            0            0   XX          N/A
   WORKMANS COMP     1.1%                     54           54           54           54           54   XX         4422
   R & M MEDICAL INS.                        846          846          846          846          846   XX         4424
 R & M SUPPLIES                                                                                        XX
*  APPLIANCE                                  75           75           75           75           75   XX         4432
*  CLEANING (NOT TURNOVER)                    50           50           50           50           50   XX         4434
*  ELECTRICAL                                 75           75           75           75           75   XX         4436
*  EQUIPMENT                                  25           25           25           25           25   XX         4438
*  GLASS AND SCREEN                           20           20           20           20           20   XX         4440
*  HARDWARE                                  125          125          125          125          125   XX         4442
*  HVAC                                       40           40           40           40           40   XX         4444
*  KEY AND LOCK                               35           35           35           35           35   XX         4446
*  PAINT (NOT TURNOVER)                       60           60           60           60           60   XX         4448
*  PARKING LOT                                60           60           60           60           60   XX         4450
*  PEST CONTROL                               75           75           75           75           75   XX         4452
*  PLUMBING                                  130          130          130          130          130   XX         4454
*  RECREATIONAL                               25           25           25           25           25   XX         4456
*  ROOF REPAIRS                               25           25           25           25           25   XX         4458
*  UNIFORMS                                    0            0            0            0            0   XX         4460
 R & M SERVICES                                                                                        XX
*  APPLIANCE REPAIR                          145          145          145          145          145   XX         4472
*  CARPET CLEANING (NOT T                      0            0            0            0            0   XX         4474
*  CLEANING (NOT TURNOVER)                    40           40           40           40           40   XX         4476
*  DRAPE CLEANING (NOT T )                     0            0            0            0            0   XX         4478
*  DRYWALL                                     0            0            0            0            0   XX         4479
*  ELECTRICAL                                 95           95           95           95           95   XX         4482
*  EQUIPMENT                                  30           30           30           30           30   XX         4484
*  GLASS AND SCREEN                           80           80           80           80           80   XX         4486
</Table>

                                       13
<Page>

<Table>
<Caption>
YEAR ENDING    2003                     MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                   <C>          <C>          <C>          <C>          <C>          <C>          <C>
*  HVAC                                        0            0            0            0            0            0            0
*  KEY AND LOCK                               90           90           90           90           90           90           90
*  PAINT (NOT TURNOVER)                        0            0            0            0            0            0            0
*  PARKING LOT                                 0            0            0            0            0            0            0
*  PEST CONTROL                              135          135          135          135          135          135          135
*  PLUMBING                                  450          450          450          450          450          450          450
*  RECREATIONAL                                0            0            0            0            0            0            0
*  ROOF REPAIRS                               45           45           45           45           45           45           45
*  UNIFORMS                                    0            0            0            0            0            0            0
   PAGERS                                     50           50           50           50           50           50           50
* # OF PAGERS                                  2            2            2            2            2            2            2
* COST PER PAGER PER MONTH            $    25.00   $    25.00   $    25.00   $    25.00   $    25.00   $    25.00   $    25.00

 ELEVATOR
*  ELEVATOR PER MONTH                          0            0            0            0            0            0            0
*  ELEVATOR PER MONTH                          0            0            0            0            0            0            0
*  ELEVATOR PER MONTH                          0            0            0            0            0            0            0
*  ELEVATOR PER MONTH                          0            0            0            0            0            0            0
 LANDSCAPE PAYROLL
* LANDSCAPE LABOR RAISES                    0.00%        0.00%        0.00%        0.00%        0.00%        0.00%        0.00%
   LANDSCAPE LABOR                             0            0            0            0            0          900          900
   LANDSCAPE RENTAL ALLC                       0            0            0            0            0            0            0
   LANDSCAPE UTILITY ALLC                      0            0            0            0            0            0            0
 LANDSCAPE PAYROLL TAXES AND INSURANCE
   FICE @              8.50%                   0            0            0            0            0           77           77
   FUTA @ APPROX       0.80%                   0            0            0            0            0            7            7
   SUTA @ APPROX       3.30%                   0            0            0            0            0           30           30
   TRI-MET             0.00%                   0            0            0            0            0            0            0
   SIIS                0.00%                   0            0            0            0            0            0            0
   WORKMANS COMP.      1.14%                   0            0            0            0            0           10           10
   LANDSCAPE MEDICAL INS.                      0            0            0            0            0            0            0
 LANDSCAPE SERVICES
* LANDSCAPE SERV. PER DOOR PER MONTH               $    11.50         2760
*  LANDSCAPE MONTH CONT                     2760         2760         2760         2760         2760         2760         2760
*  LANDSCAPE EQUIPMENT ?                       0            0            0            0            0            0            0
*  LANDSCAPE IRRIGATION ?                      0            0            0            0            0            0            0
*  LANSCAPE SEASONAL SE                      325            0            0          500            0          500            0
*LANDSCAPE SUPPLIES                            0            0            0            0            0            0            0

<Caption>
YEAR ENDING    2003                     MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12
<S>                                   <C>          <C>          <C>          <C>          <C>          <C>        <C>
*  HVAC                                        0            0            0            0            0   XX         4488
*  KEY AND LOCK                               90           90           90           90           90   XX         4490
*  PAINT (NOT TURNOVER)                        0            0            0            0            0   XX         4494
*  PARKING LOT                                 0            0            0            0            0   XX         4496
*  PEST CONTROL                              135          135          135          135          135   XX         4498
*  PLUMBING                                  450          450          450          450          450   XX         4500
*  RECREATIONAL                                0            0            0            0            0   XX         4502
*  ROOF REPAIRS                               45           45           45           45           45   XX         4504
*  UNIFORMS                                    0            0            0            0            0   XX         4460
   PAGERS                                     50           50           50           50           50   XX         4492
* # OF PAGERS                                  2            2            2            2            2   XX
* COST PER PAGER PER MONTH            $    25.00   $    25.00   $    25.00   $    25.00   $    25.00   XX

 ELEVATOR                                                                                              XX
*  ELEVATOR PER MONTH                          0            0            0            0            0   XX         4512
*  ELEVATOR PER MONTH                          0            0            0            0            0   XX         4514
*  ELEVATOR PER MONTH                          0            0            0            0            0   XX         4516
*  ELEVATOR PER MONTH                          0            0            0            0            0   XX         4518
 LANDSCAPE PAYROLL                                                                                     XX
* LANDSCAPE LABOR RAISES                    0.00%        0.00%        0.00%        0.00%        0.00%  XX
   LANDSCAPE LABOR                           900          900            0            0            0   XX         4522
   LANDSCAPE RENTAL ALLC                       0            0            0            0            0   XX         4526
   LANDSCAPE UTILITY ALLC                      0            0            0            0            0   XX
 LANDSCAPE PAYROLL TAXES AND INSURANCE                                                                 XX
   FICE @              8.50%                  77           77            0            0            0   XX         4528
   FUTA @ APPROX       0.80%                   7            7            0            0            0   XX         4530
   SUTA @ APPROX       3.30%                  30           30            0            0            0   XX         4536
   TRI-MET             0.00%                   0            0            0            0            0   XX          N/A
   SIIS                0.00%                   0            0            0            0            0   XX          N/A
   WORKMANS COMP.      1.14%                  10           10            0            0            0   XX         4542
   LANDSCAPE MEDICAL INS.                      0            0            0            0            0   XX         4544
 LANDSCAPE SERVICES                                                                                    XX
* LANDSCAPE SERV. PER DOOR PER MONTH                                                                   XX
*  LANDSCAPE MONTH CONT                     2760         2760         2760         2760         2760   XX         4552
*  LANDSCAPE EQUIPMENT                         0            0            0            0            0   XX         4554
*  LANDSCAPE IRRIGATION                        0            0            0            0            0   XX         4556
*  LANSCAPE SEASONAL SE                        0          500            0            0            0   XX         4558
*LANDSCAPE SUPPLIES                            0            0            0            0            0   XX         4560
</Table>

                                       14
<Page>

<Table>
<Caption>
YEAR ENDING   2003                       MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                   <C>          <C>          <C>          <C>          <C>          <C>          <C>
 POOLS AND FOUNTAINS
* NUMBER OF POOLS                                           1
* POOL/SPA SUPPLIES REQUIRED PER
  POOL                                             $   150.00
   POOL SUPPLIES                             150          150          150          150          150          150          150
*  POOL LICENSES                               0            0            0            0            0          450            0
*  POOL REPAIR                                 0            0            0            0            0            0            0
*  POOL CONTRACT MAINTE                        0            0            0            0            0            0            0
*  POOL EQUIPMENT                              0            0            0            0            0            0            0
*  POOL FURNITURE                              0            0            0            0          650            0            0
 COURTESY PAYROLL
* COURTESY LABOR RAISES -                   0.00%        0.00%        0.00%        0.00%        0.00%        0.00%        0.00%
   COURTESY LABOR                              0            0            0            0            0            0            0
   COURTESY RENT ALLOWA                        0            0            0            0            0            0            0
   COURTESY UTILITY ALLO                       0            0            0            0            0            0            0
 RECREATION ATT. PAYROLL TAXES AND
 INSURANCE
   FICA @           8.50%                      0            0            0            0            0            0            0
   FUTA @ APPROX    0.80%                      0            0            0            0            0            0            0
   SUTA @ APPROX    3.30%                      0            0            0            0            0            0            0
   TRI-MET          0.00%                      0            0            0            0            0            0            0
   SIIS             0.00%                      0            0            0            0            0            0            0
   WORKMANS COMP?    1.1%                      0            0            0            0            0            0            0
   REC.ATT.. MeDICAL INS.                      0            0            0            0            0            0            0
* COURTESY SUPPLIES                            0            0            0            0            0            0            0
  COURTESY SERVICES
*  COURTESY HOURLY WAGE               $     0.00   $     0.00   $     0.00   $     0.00   $     0.00   $     0.00   $     0.00
*  COURTESY - # OF HRS IN A                    0            0            0            0            0            0            0
    COURTESY CONTRACT SE                       0            0            0            0            0            0            0
*  ALARM SERVICE                               0            0            0            0            0          950            0
*  EXTINGUISHER MAINTENA                       0            0          275            0            0            0            0
 VEHICLE EXPENSE (ONLY IF PROPERTY
  OWNS A VEHICLE)
*  VEHICLE GASOLINE                           95           95           95           95           95           95           95
*  VEHICLE INSURANCE                           0            0            0            0            0            0            0
*  VEHICLE LICENSE                             0            0            0            0            0            0            0
*  VEHICLE OTHER                               0            0            0            0            0            0            0

<Caption>
YEAR ENDING  2003                       MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12
<S>                                   <C>          <C>          <C>          <C>          <C>          <C>        <C>
 POOLS AND FOUNTAINS                                                                                   XX
* NUMBER OF POOLS                                                                                      XX
* POOL/SPA SUPPLIES REQUIRED PER                                                                       XX
  POOL                                                                                                 XX
   POOL SUPPLIES                             150          150          150          150          150   XX         4572
*  POOL LICENSES                               0            0            0            0            0   XX         4574
*  POOL REPAIR                                 0            0            0            0            0   XX         4576
*  POOL CONTRACT MAINTE                        0            0            0            0            0   XX         4578
*  POOL EQUIPMENT                              0            0            0            0            0   XX         4580
*  POOL FURNITURE                              0            0            0            0            0   XX         4580
 COURTESY PAYROLL                                                                                      XX
* COURTESY LABOR RAISES -                   0.00%        0.00%        0.00%        0.00%        0.00%  XX
   COURTESY LABOR                              0            0            0            0            0   XX
   COURTESY RENT ALLOWA                        0            0            0            0            0   XX
   COURTESY UTILITY ALLO                       0            0            0            0            0   XX
 RECREATION ATT. PAYROLL TAXES AND                                                                     XX
 INSURANCE                                                                                             XX
   FICA @           8.50%                      0            0            0            0            0   XX         4602
   FUTA @ APPROX    0.80%                      0            0            0            0            0   XX         4604
   SUTA @ APPROX    3.30%                      0            0            0            0            0   XX         4606
   TRI-MET          0.00%                      0            0            0            0            0   XX          N/A
   SIIS             0.00%                      0            0            0            0            0   XX          N/A
   WORKMANS COMP?    1.1%                      0            0            0            0            0   XX         4612
   REC.ATT..MEDICAL INS.                       0            0            0            0            0   XX         4614
* COURTESY SUPPLIES                            0            0            0            0            0   XX         4634
  COURTESY SERVICES                                                                                    XX
*  COURTESY HOURLY WAGE               $     0.00   $     0.00   $     0.00   $     0.00   $     0.00   XX
*  COURTESY - # OF HRS IN A                    0            0            0            0            0   XX         4634
   COURTESY CONTRACT SE                        0            0            0            0            0   XX
*  ALARM SERVICE                               0            0            0            0          950   XX         4632
*  EXTINGUISHER MAINTEN                      250            0            0            0            0   XX         4636
 VEHICLE EXPENSE (ONLY IF PROPERTY                                                                     XX
  OWNS A VEHICLE)                                                                                      XX
*  VEHICLE GASOLINE                           95           95           95           95           95   XX         4642
*  VEHICLE INSURANCE                           0            0            0            0            0   XX         4644
*  VEHICLE LICENSE                             0            0            0            0            0   XX         4646
*  VEHICLE OTHER                               0            0            0            0            0   XX         4648
</Table>

                                       15
<Page>

<Table>
<Caption>
YEAR ENDING  2003                       MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                <C>      <C>    <C>                <C>          <C>          <C>          <C>          <C>
 *TURNOVER MAINTENANCE EXPENSES:
 TURNOVER SUPPLIES
*  *CLEANING SUPPLIE              $  8
    TURNOVER CLEANING                        115          115          115          115          134          154          154
*  PAINT SUPPLIES PER             $ 65
   TURNOVER PAINTING                         936          936          936          936         1092         1248         1248
 TURNOVER SERVICES
*  CARPET CLEANING PER TURNOVER                    $    55.00
*  % OF CARPETS REPLACED UPON
   TURNOVER                                                20%
*  AVE COST OF NEW CARPET/VINYL
   (CAP                                            $  1,150.0
*  DRAPE/BLIND CLEANSING PER
   TURNOVER                                        $    15.00
*  % OF DRAPES/BLIND REPLACED UPON
   TURNOVER                                                15%
*  AVE COST OF NEW DRAPE/BLIND
   (CAP IM                                         $   135.00
*  CONTRACT CLEANING PER TURNOVER                  $    65.00
*  # OF UNITS CLEANED IN-HOUSE                              0
*  CONTRACT PAINTING PER TURNOVER                  $   150.00
*  # OF UNITS PAINTED IN-HOUSE                              7

    TURNOVER CARPET CLEAN                    634          634          634          634          739          845          845
    TURNOVER DRAPE CLEAN                     184          184          184          184          214          245          245
    TURNOVER CONTRACT CL                     936          936          936          936         1092         1248         1248
    TURNOVER CONTRACT PA                    1110         1110         1110         1110         1470         1830         1830

  TURNOVER UTILITIES
* AVE. ELEC. EXPENSE PER VACANT
  UNIT                                             $    30.00
* AVE GAS EXPENSE PER VACANT UNIT                  $     0.00

    TURNOVER ELECTRIC                        360          360          360          360          432          432          432
    TURNOVER GAS                               0            0            0            0            0            0            0

<Caption>
YEAR ENDING  2003                       MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12
<S>                                         <C>          <C>          <C>           <C>          <C>   <C>        <C>
 *TURNOVER MAINTENANCE EXPENSES:                                                                       XX
 TURNOVER SUPPLIES                                                                                     XX
*  *CLEANING SUPPLIE  $8                                                                               XX
    TURNOVER CLEANING                        154          154          115           96           96   XX         4702
*  PAINT SUPPLIES PER $65                                                                              XX
   TURNOVER PAINTING                        1248         1248          936          780          780   XX         4704
 TURNOVER SERVICES                                                                                     XX
*  CARPET CLEANING PER TURNOVER                                                                        XX
*  % OF CARPETS REPLACED UPON
   TURNOVER                                                                                            XX
*  AVE COST OF NEW CARPET/VINYL
   (CAP                                                                                                XX
*  DRAPE/BLIND CLEANSING PER
   TURNOVER                                                                                            XX
*  % OF DRAPES/BLIND REPLACED UPON
   TURNOVER                                                                                            XX
*  AVE COST OF NEW DRAPE/BLIND
   (CAP IM                                                                                             XX
*  CONTRACT CLEANING PER TURNOVER                                                                      XX
*  # OF UNITS CLEANED IN-HOUSE                                                                         XX
*  CONTRACT PAINTING PER TURNOVER                                                                      XX
*  # OF UNITS PAINTED IN-HOUSE                                                                         XX
                                                                                                       XX
    TURNOVER CARPET CLEA                     845          845          634          528          528   XX         4712
    TURNOVER DRAPE CLEAN                     245          245          184          153          153   XX         4714
    TURNOVER CONTRACT CL                    1248         1248          936          780          780   XX         4716
    TURNOVER CONTRACT PA                    1830         1830         1110          750          750   XX         4718
                                                                                                       XX
 TURNOVER UTILITIES                                                                                    XX
*  AVE. ELEC. EXPENSE PER VACANT
   UNIT                                                                                                XX
*  AVE GAS EXPENSE PER VACANT UNIT                                                                     XX
                                                                                                       XX
    TURNOVER ELECTRIC                        432          360          288          288          288   XX         4722
    TURNOVER GAS                               0            0            0            0            0   XX         4724
</Table>

                                       16
<Page>

WELLINGTON FOR PAGE 4

<Table>
<Caption>
YEAR ENDING  2003                       MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                        <C>          <C>          <C>          <C>          <C>          <C>          <C>
 UTILITY EXPENSE:
   lease-up factor                          0.00         0.00         0.00         0.00         0.00         0.00         0.00
 ELECTRICITY
*  COMMON AREA ELECTRIC                      975          875          875          800          700          685          685
*  MODEL ELECTRICITY                           0            0            0            0           60           60            0
*  OFFICE/CABANA ELECTRIC                      0            0            0            0            0            0            0
*  POOL AND SPA ELECTRIC                       0            0            0            0            0            0            0
 WATER
*  COMMON AREA WATER                        3600         3600         3600         3600         3600         3600         3600
*  IRRIGATION WATER                            0            0            0            0            0            0            0
*SEWER                                      8700         8700         8700         8700         8700         8700         8700
*WASTE REMOVAL                              1800         1800         1800         1800         1800         1800         1800
 NATURAL GAS
*  COMMON AREA GAS                             0            0            0            0            0            0            0
*  POOL AND SPA GAS                            0            0            0            0            0            0            0
 CABLE/SATELLITE TV
*  BULK RATE TV                                0            0            0            0            0            0            0
*  OFFICE/CABANA TV                            0            0            0            0            0            0            0

 TAXES & INSURANCE EXPENSES:
*REAL PROPERTY TAXES                       14384        14384        14384        14384        14384        14384        14384
 MIP INSURANCE                                 0            0            0            0            0            0            0
*PERSONAL PROPERTY TAXES                       0            0            0            0            0            0            0
*LIABILITY AND CASUALITY                    3230         3230         3230         3230         3230         3230         3230
*SALES TAX                                     0            0            0            0            0            0            0
*PROPERTY ASSESSMENTS                          0            0            0            0            0            0            0

 DEBT SERVICE
*  DEBT SERVICE - IST                          0            0            0            0            0            0            0
*  DEBT SERVICES -                             0            0            0            0            0            0            0

<Caption>
YEAR ENDING  2003                       MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12
<S>                                        <C>          <C>          <C>          <C>          <C>     <C>        <C>
 UTILITY EXPENSE:                                                                                      XX
   lease-up factor                          0.00         0.00         0.00         0.00         0.00   XX
 ELECTRICITY                                                                                           XX
*  COMMON AREA ELECTRIC                      685          675          825          875          975   XX         4802
*  MODEL ELECTRICITY                           0            0            0            0            0   XX         4802
*  OFFICE/CABANA ELECTRIC                      0            0            0            0            0   XX         4802
*  POOL AND SPA ELECTRI                        0            0            0            0            0   XX         4802
 WATER                                                                                                 XX
*  COMMON AREA WATER                        3600         3600         3600         3600         3600   XX         4812
*  IRRIGATION WATER                            0            0            0            0            0   XX         4812
*SEWER                                      8700         8700         8700         8700         8700   XX         4820
*WASTE REMOVAL                              1800         1800         1800         1800         1800   XX         4830
 NATURAL GAS                                                                                           XX
*  COMMON AREA GAS                             0            0            0            0            0   XX         4842
*  POOL AND SPA GAS                            0            0            0            0            0   XX         4842
CABLE/SATELLITE TV                                                                                     XX
*  BULK RATE TV                                0            0            0            0            0   XX         4852
*  OFFICE/CABANA TV                            0            0            0            0            0   XX         4854
                                                                                                       XX
 TAXES & INSURANCE EXPENSES:                                                                           XX
*REAL PROPERTY TAXES                       14384        14384        14384        14384        14384   XX         5002
MIP INSURANCE                                  0            0            0            0            0              5003
*PERSONAL PROPERTY TAXES                       0            0            0            0            0   XX         5004
*LIABILITY AND CASUALITY                    3230         3230         3230         3230         3230   XX         5006
*SALES TAX                                     0            0            0            0            0   XX         5008
*PROPERTY ASSESSMENTS                          0            0            0            0            0   XX         5010
                                                                                                       XX
 DEBT SERVICE                                                                                          XX
*  DEBT SERVICE - IST                          0            0            0            0            0   XX         6502
*  DEBT SERVICES -                             0            0            0            0            0   XX         6504
</Table>

                                       17
<Page>

WELLINGTON FOR PAGE 5

<Table>
<Caption>
YEAR ENDING  2003                       MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                         <C>          <C>          <C>          <C>          <C>          <C>          <C>
PROPERTY REPLACEMENTS
*APPLIANCE REPLACEMENT                       350          350          350          350          350          350          350
 BUILDING IMPROVEMENTS
   Capital reimbursement                       0            0            0            0            0            0            0
*  INTERIOR DESIGN MODIFI                      0            0            0            0            0            0            0
*  EXTERIOR LIGHTING                           0            0            0            0            0            0            0
*  EXTERIOR PAINTING                           0            0            0            0            0            0            0
*  EXTERIOR REPAIR                             0            0            0            0            0         2500         2500
*  ROOF REPLACEMENT                            0            0            0            0            0            0            0
 CARPET/VINYL REPLACEMENT                   3312         3312         3312         3312         3864         4416         4416
 DRAPE/BLIND REPLACEMENT                     292          292          292          292          340          389          389
*EQUIPMENT PURCHASE                            0            0            0            0            0            0            0
 DECK REPAIR/REPLACE                           0            0            0            0            0         1000         1000
*FURNITURE PURCHASE                            0            0            0            0            0            0            0
*CLUBHOUSE REHAB                               0            0            0            0            0            0            0
 LAND IMPROVEMENTS
*  CARPORT INSTALLATION                        0            0            0            0            0            0            0
*  PARKING LOT REPAIRS                         0            0            0            0            0            0            0
*LANDSCAPE IMPROVEMENTS                        0            0            0            0            0            0            0
*DOORS/GLASS/HARDWARE                          0            0            0            0            0            0            0
*PERMANENT SIGNAGE                             0            0            0            0            0            0            0

<Caption>
YEAR ENDING  2003                       MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12
<S>                                         <C>          <C>          <C>          <C>          <C>    <C>        <C>
PROPERTY REPLACEMENTS                                                                                  XX
* APPLIANCE REPLACEMENT                      350          350          350          350          350   XX         6002
 BUILDING IMPROVEMENTS                                                                                 XX
   Capital reimbursement                       0            0            0            0            0              6011
*  INTERIOR DESIGN MODIFI                      0            0            0            0            0   XX         6012
*  EXTERIOR LIGHTING                           0            0            0            0            0   XX         6014
*  EXTERIOR PAINTING                           0            0            0            0            0   XX         6016
*  EXTERIOR REPAIR                          2500            0            0            0            0   XX         6018
*  ROOF REPLACEMENT                            0            0            0            0            0   XX         6020
 CARPET/VINYL REPLACEMENT                   4416         4416         3312         2760         2760   XX         6030
 DRAPE/BLIND REPLACEMENT                     389          389          292          243          243   XX         6040
*EQUIPMENT PURCHASE                            0            0            0            0            0   XX         6050
 DECK REPAIR/REPLACE                           0            0            0            0            0              6060
*FURNITURE PURCHASE                            0            0            0            0            0   XX         6065
*CLUBHOUSE REHAB                               0            0            0            0            0   XX
 LAND IMPROVEMENTS                                                                                     XX
*  CARPORT INSTALLATION                        0            0            0            0            0   XX         6082
*  PARKING LOT REPAIRS                         0            0            0            0            0   XX         6084
*LANDSCAPE IMPROVEMENTS                        0            0            0            0            0   XX         6090
*DOORS/GLASS/HARDWARE                          0            0            0            0            0   XX         6100
*PERMANENT SIGNAGE                             0            0            0            0            0   XX         6110
</Table>

                                       18
<Page>

Cell: G480
 ent: Craig S. Dwyer:
      Hours =40
      Days = 5

Cell: H480
 ent: Craig S. Dwyer:
      Hours =35/wk
      days =  4 - 5

Cell:  480
 ent: Craig S. Dwyer:
      Hours=18/wk
      days = 2-3

Cell: L480
 ent: Craig S. Dwyer:
      Hours=40
      Days = 5

Cell: M480
 ent: Craig S. Dwyer:
      Hours=32/wk
      Days=4-5

Cell: 480
 ent: Craig S. Dwyer:
      Hours=20/wk
      days=2-3

                                       19
<Page>

PINNACLE REALTY MANAGEMENT COMPANY

                                    EXHIBIT C
                     Reimbursable Employee Expense Schedule

<Table>
<S>                                                      <C>                    <C>                          <C>            <C>
Company Name: PINNACLE REALTY MANAGEMENT COMPANY         PROPERTY NAME:         THE WELLILNTON
                                                                                Total Sq. Ft.   227,224      # of Units     240
</Table>

                     STAFFING SCHEDULE AND ESTIMATED PAYROLL

<Table>
<Caption>
                                                                         ESTIMATED PAYROLL BURDEN (PERCENTAGE OF
                                                                             SALARY & MONTHLY DOLLAR AMOUNT)
                                                                  ------------------------------------------------------
                                        (1)
                         (FULL OR PART TIME)
     POSITION                % ALLOCATED                                FICA             UTA/SUTA       UNEMPLOYMENT T
--------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>    <C>               <C>                <C>                <C>
                                                                             8.?0%              4.10%               1.?0%
Manager                                  100%   $     3,??0.00    $        301.75    $        145.55    $          67.45
                                                                             8.50%              4.10%               1.90%
Asst. Mgr.                               100%   $     1,950.00    $        1?5.7?    $         79.9?    $          37.05
                                                                             8. 0%              4.10%               1.?0%
Leasing Consultant                        50%   $       950.00    $         80.75    $         38.95    $          18.05
                                                                             8.50%              4.10%               1.?0%
Maint. Manager                           100%   $     2,??0.00    $        242.25    $        116.85    $          54.15
                                                                             8.?0%              4.10%               1.90%
Asst. Maint. Manager                     100%   $     1,850.00    $        157.26    $         7 .85    $          35.15
                                                                             8.50%              4.10%               1.90%
Painter                                  100%   $     1,000.00    $         8?.00    $         41.00    $          19.00
                                                                                                4.10%               1.90%
Porter                                    50%   $       900.00    $         68.85    $         36.90    $          17.10

                                                                             8.44%              4.10%               1.?0%
TOTALS                                          $    13,050.00    $      1,101.60    $        535.05    $         247.95

<Caption>
                             ESTIMATED PAYROLL BURDEN (PERCENTAGE OF SALARY & MONTHLY DOLLAR AMOUNT)
                             -----------------------------------------------------------------------
                                                                                                            TOTAL MONTHLY
                                WORKER'S                                                                   PAYROLL (TOTAL %
                              COMPENSATION                                              OTHER BENEFI           BURDEN &
     POSITION                                                   PAYROLL PROCESSING FEE                     MONTHLY PAYROLL)
---------------------------------------------------------------------------------------------------------------------------
<S>                         <C>                <C>                  <C>                 <C>                <C>
                                       5.55%              7.?4%               2.00%      1?% Monthly                  20.98%
Manager                     $        197.00    $        282.00      $        71.00      $       532.50     $       5,147.25
                                      10.10%             14.4?%               2.00%      15% Monthly                  41.0 %
Asst. Mgr.                  $        197.00    $        282.00      $        39.00      $       292.?0     $       3,043.25
                                      10.32%                                  2.00%      15% Monthly                  26. 2%
Leasing Consultant          $         98.00                         $        19.00      $       142.50     $       1,347.25
                                       6. 1%              9.0 %               2.00%      10% Monthly                  33.31%
Maint. Manager              $        197.00    $        282.00      $        57.00      $       285.00     $       4,084.25
                                      10. 5%             15.24%               2.00%       8% Monthly                  42.38%
Asst. Maint. Manager        $        197.00    $        282.00      $        37.00      $       148.00     $       2,782.25
                                      18.70%             2 .20%               2.00%       8% Monthly                  84.40%
Painter                     $        197.00    $        282.00      $        20.00      $        80.00     $       1,724.00
                                      10.??%             1 .  %               2.00%       8% Monthly
Porter                      $         98.00    $        141.00      $        1?.00      $        72.00     $       1,351.85
                                       9.05%             11.8 %               2.00%              11.90%
      TOTALS                $      1,181.00    $      1,551.00      $       261.00      $     1,552.50     $      19,480.10
                                                                                         /SF/YEAR          $           1.03
                                                                                         /UNIT/YEAR        $         974.01
                                                                                         /UNIT/MONTH       $          81.17
</Table>

*  PLEASE NOTE THE ABOVE PAYROLL PROJECTIONS DO NOT INCLUDE O/T AND/OR CHANGES
   TO THE APPROVED BUDGETS.<Page>

                                                                   Exhibit 10.13

                BOSTON CAPITAL REAL ESTATE INVESTMENT TRUST, INC.

                                ESCROW AGREEMENT

     This Agreement made as of the 1st day of March 2004, by and between Boston
Capital Real Estate Investment Trust, Inc., a Maryland corporation (the "REIT"),
Boston Capital REIT Advisors, LLC, a Delaware limited liability company (the
"Advisor"), Boston Private Bank & Trust Company, Boston, Massachusetts (the
"Escrow Agent") and Boston Capital Services, Inc., a Massachusetts corporation,
as dealer-manager (the "Dealer-Manager").

     1.   THE OFFERING. The REIT intends to offer for subscription 31,500,000
shares at a price of $10.00 per share. The initial minimum purchase by each
potential investor completing an Investor Information Form (a "Subscriber") is
100 shares ($1,000). The offering will be made through a group of soliciting
dealers (the "Soliciting Dealers"), organized by and including Boston Capital
Services, Inc. as dealer-manager (the "Dealer-Manager"), which are members of
the National Association of Securities Dealers, Inc. The REIT hereby appoints
Boston Private Bank & Trust Co., Boston, Massachusetts as its Escrow Agent to
receive from the Soliciting Dealers and Dealer-Manager (i) the monies paid by
the subscribers for the shares to which they have each subscribed (the
"Subscription Payments"), (ii) to hold and invest such Subscription Payments.

     The offering by the REIT will terminate no later than May 1, 2007, unless
terminated earlier (the "Termination Date"), and is subject to the condition
that subscriptions for at least 3,000,000 shares be accepted by the Advisor by
the Termination Date. The Advisor will notify the Escrow Agent in writing
received by the Escrow Agent no later than 5:00 p.m. on the second business day
next preceding the date the Advisor determines as the Termination Date.

     2.   ESTABLISHMENT OF THE ESCROW. The Escrow Agent will establish an escrow
account for the benefit of Subscribers (in the name of the Escrow Agent or the
name of its nominee or nominees) into which all Subscription Payments shall be
deposited (the "Escrow Account"). Directors of state securities divisions shall
have the right to inspect and make copies of the records of the Escrow Agent at
any reasonable time wherever the records are located. Credit on the books of the
Escrow Agent will be given as of the date of deposit of each check. Interest on
each deposited check will begin to accrue one (1) business day after each such
date of deposit. If the Escrow Agent receives notice that a check for a
Subscription Payment has been dishonored, it shall give immediate oral notice
(to be confirmed in writing promptly thereafter) to the Advisor; and, unless
otherwise instructed at that time by the Advisor, shall undertake routine steps
to collect such check through the Escrow Agent's customary collections channels.
In the event that collections from the Subscribers in the form of checks or
other demand remittances are credited by the Escrow Agent to the Escrow Account
and the items giving rise to such credits are subsequently dishonored, the
Escrow Agent may, in its discretion, charge to the Escrow Account the amount of
any item so dishonored. Upon final payment of any such item, the Escrow Agent
shall credit to the Escrow Account the amount thereof with appropriate advice to
the REIT. Subscription proceeds deposited may not be withdrawn by Subscribers.

<Page>

     The Advisor agrees to inform the Escrow Agent when offers and sales in the
REIT have begun and terminated.

     3.   CLOSING AND DISBURSEMENT OF FUNDS. The REIT intends to make the
offering on the condition that a minimum of 3,000,000 shares ($30,000,000)
shall have been accepted by the Advisor by the Termination Date. Until
subscriptions for at least 3,000,000 shares are received, no Subscriber will
be recognized as an investor and subscriptions will be deposited with the
Escrow Agent. New Mexico Subscriber's subscriptions shall not be released
until subscriptions for at least 3,150,000 shares are received. If
$30,000,000 (3,000,000 shares) of Subscription Payments have not been
collected and are not then held in cleared funds in the possession of the
Escrow Agent on the Termination Date, and upon written notice from, and
instructions by, the Advisor, the Escrow Agent shall return to the
Subscribers the Subscription Payments with interest, earned at prevailing
market rates, on the fifth business day after the later of the Termination
Date or receipt of the instructions from the Advisor.

     If at least $30,000,000 of Subscription Payments have been collected and
are then held in cleared funds in the possession of the Escrow Agent by the
Termination Date, then upon written notice from, and instruction by, the
Advisor, the Escrow Agent shall pay to the REIT all funds then held in the
Escrow Account including interest earned at prevailing market rates thereon
prior to the Termination Date without deduction for expenses, including fees of
the Escrow Agent. The REIT shall determine the amount of interest due to each
Subscriber and within 75 days after the end of the fiscal quarter following a
Closing Date shall itself pay such interest to Subscribers. Subsequent to, but
not including, such Termination Date, any interest earned will be paid to the
REIT. A Subscriber will be entitled to the amount of interest earned on his
subscription proceeds starting from the day after such proceeds were deposited
in the Escrow Account until, but not including, the Closing Date. The Escrow
Agent shall notify directors of state securities divisions, as directed by the
Advisor, upon the release from escrow of the Subscription Payments.

     Subscriptions for shares will be accepted or rejected by the Advisor, in
its sole discretion, within 30 days of receipt, but the issuance of shares to a
Subscriber shall be subject to acceptance of subscriptions for a number of
shares sufficient to effectuate a closing. If the Subscription Payments
allocated to such rejected or cancelled subscription ("Rejected Funds") have
been delivered to Escrow Agent, the Advisor will inform Escrow Agent of the
rejection or cancellation, and Escrow Agent, upon receiving such notice, will
refund to the Subscriber the Rejected Funds within 10 days of such notice,
without interest.

     4.   INVESTMENT OF FUNDS. The REIT hereby directs the Escrow Agent to
invest (in the name of the Escrow Agent or the name of its nominee or nominees)
funds in the Escrow Account for the benefit of the Subscribers in any one or a
combination of the following: bank time deposits; short-term securities issued
or guaranteed by the United States Government; bank money market accounts; and
short-term certificates of deposit issued by a bank. Investments for periods of
five days or less shall not be required.

<Page>

     5.   COMPENSATION. The REIT agrees to pay to the Escrow Agent compensation
of $1.00 per Subscriber whose funds are received by the Escrow Agent for all
services rendered by the Escrow Agent under this Agreement and, in addition, the
reasonable compensation of its counsel and all other reasonable expenses
incurred by the Escrow Agent hereunder.

     6.   EXCULPATION. The Advisor agrees to indemnify the Escrow Agent for, and
to hold it harmless against, any loss, liability, or expense incurred without
gross negligence, bad faith, reckless disregard of its duties and obligations
under this Agreement, fraud or willful misconduct on the part of the Escrow
Agent, its affiliates or agents arising directly or indirectly from any action
or omission to act on the part of the Escrow Agent, its affiliates or agents
pursuant to this Agreement, as well as the reasonable costs and expenses of
defending any claim or liability or of prosecuting any action in the premises.
The Escrow Agent shall not be obligated to take any action hereunder which might
in its reasonable judgment subject it to any expense or liability unless it
shall have been furnished with indemnity acceptable to it. Prior to the
Termination Date, Subscription Payments held by the Escrow Agent shall remain
the property of the Subscribers making such Payments and shall not be subject to
a lien of the Escrow Agent or any other creditors of the REIT or the Advisor.

     The Escrow Agent shall not be obligated to take any action which it is
not expressly directed to take in this Agreement unless and until it shall
have received written instruction from the REIT. The Escrow Agent shall be
liable only for its own, including its affiliates or agents own, gross
negligence, bad faith, fraud, willful misconduct or reckless disregard of its
duties and obligations under this Agreement and shall incur no liability for
action in accordance with the terms of this Escrow Agreement or with the
terms of any instructions received by it from the Advisor, whether or not
contrary to the provisions of this Agreement or to the agreements between the
REIT and the Subscribers. The Escrow Agent may rely upon, and shall be
protected in acting upon, any resolution, certificate, opinion, notice,
request, consent, or other paper or document believed by it to be genuine and
to have been signed by the proper person or persons. Any notice or
instruction from the REIT shall be sufficient if it bears or purports to bear
the signature of any one of the following: Jeffrey Goldstein and Marc N.
Teal, whose signatures appear hereon, with or without designation of
principal or of representative capacity. The Escrow Agent may consult with
counsel, and the opinion of such counsel shall be full and complete
protection in respect to any action taken or not taken, or suffered by it
hereunder in accordance with such opinion. The Escrow Agent may petition any
court of competent jurisdiction to resolve any disagreement relating hereto
and may refuse to act until such court has ordered it to act. Such rights and
remedies shall be alternative and any action taken or not taken in
conformance with an opinion of counsel or court order shall not constitute
negligence or misconduct and shall be complete and final acquittance and
discharge of the Escrow Agent's responsibilities with respect thereto.

     Notwithstanding the foregoing, it is understood and agreed by the parties
that no member of the Advisor acting in its capacity as such shall have any
personal liability under this agreement and that any person asserting a claim
against the Advisor hereunder shall look solely to the assets of such Advisor
(specifically excluding the personal assets of the members thereof).

<Page>

     7.   STANDARD OF CARE. The Escrow Agent shall be obligated to exercise care
and diligence in the performance of its duties hereunder, to act in good faith
and to use its best efforts, within reasonable limits, in performing services
provided for under this Agreement. The Escrow Agent shall be liable for any
damages arising out of its failure to perform its duties under this Agreement to
the extent such damages arise out of its willful misfeasance, fraud, bad faith,
gross negligence or reckless disregard of its duties.

     8.   NOTICES. All notices and other communications hereunder shall be in
writing, or if given by telephone, telegraph or telex shall be confirmed in
writing. No notice shall be given until given in writing and shall be sent,
postage prepaid, addressed as follows:

     (a)  If to the REIT or the Advisor, notice is deemed given when received by
          Marc N. Teal, c/o Boston Capital Partners, Inc., One Boston Place,
          Suite 2100, Boston, Massachusetts.

     (b)  If to the Escrow Agent, notice is deemed given when received by
          Kathleen McQuillan or to such other address as the Escrow Agent shall
          subsequently designate in writing to the Advisor.

     9.   MISCELLANEOUS.

     (c)  This Agreement shall be binding upon and inure to the benefit of the
          respective successors and assigns of the parties hereto.

     (d)  This Agreement shall be governed and construed in accordance with the
          laws of the Commonwealth of Massachusetts, without regard to
          principles of conflicts of law, and shall not be amended except by
          written instrument executed by the parties hereto.

     (e)  This Agreement may be executed in one or more counterparts, each of
          which shall constitute the original, and all of which collectively
          shall constitute one and the same instrument.

     (f)  This Agreement embodies the entire agreement and understanding among
          the parties and supersedes all prior agreements and understandings
          relating to the subject matter hereof; provided that, the parties may
          embody in one or more separate documents their agreement, if any, with
          respect to delegated duties and instructions.

     10.  TERMINATION. This Agreement shall continue until terminated by either
party upon sixty (60) days prior written notice. Upon the termination of this
Agreement and upon the delivery of the balance of the Escrow Account to a
successor escrow agent or such other person as may be designated by written
instructions, the Escrow Agent shall be released and discharged of any and all
further obligations hereunder.

<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed under seal on the day and year first above written.

BOSTON CAPITAL REIT ADVISORS, LLC              BOSTON PRIVATE BANK & TRUST

By: Boston Capital Corporation,                By: /s/ Kathleen McQuillan
    its manager                                    -----------------------------
                                                   Name: Kathleen McQuillan
                                                   Title: Senior Vice President
   By: /s/ Marc N. Teal
       --------------------------------
       Name:  Marc N. Teal
       Title: Senior Vice President

Signatories

       By: /s/ Jeffrey Goldstein
           ----------------------------
           Jeffrey Goldstein

       By: /s/ Marc N. Teal
           ----------------------------
           Marc N. Teal

BOSTON CAPITAL REAL ESTATE
INVESTMENT TRUST, INC.

By: /s/ Jeffrey H. Goldstein
    ----------------------------------
    Jeffrey H. Goldstein
    President and Chief Operating Officer

BOSTON CAPITAL SERVICES, INC.

By: /s/ Marc N. Teal
    -------------------------
    Name:  Marc N. Teal
    Title: Senior Vice President

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