Whiteco Residential, LLC is a private national multi-family development company focusing on the development, construction and operation of institutional quality apartment communities in cities that maintain long term employment and population growth. Founded in 1998, Whiteco Residential focuses on new development opportunities in select markets that exhibit certain barriers to entry and acquisition/renovation of existing communities in cities with sound demographic fundamentals. As a private company, our capital structure allows us to take advantage of opportunities that other development companies may not complete. Due to stricter entitlement processes and underwriting requirements by capital providers, there will be fewer new multi-family construction starts in 2005 than in previous years and supply/demand fundamentals should remain in equilibrium. A focused, opportunistic company with deep capital resources will excel in this challenging environment.

One of the key components to the successful implementation of any business strategy is the team executing the plan. Key members of the management team at Whiteco previously built and operated a 16,000-unit apartment REIT originally named Prime Residential and later renamed Ambassador Apartments (AAH). Ambassador was merged into AIMCO, the largest apartment REIT, in May 1998 and the focus of the surviving management team returned to development and new construction.

Whiteco believes that the risk/reward benefits have been greater recently in multi-family development opportunities. The development team at Whiteco has constructed over 17,000 units nationwide since 1983 as well as the acquisition of over 16,000 units and has the experience to build and operate quality communities in today's competitive market. The drop in interest rates creates an interesting investment environment for acquisition/renovation properties, however, the large amount of capital pursuing acquisitions has created lower cap rates and deals are harder to close with accretive cash flow.

Whiteco has twelve new apartment communities in operation, three under construction and land for another 1,500+ units. Our portfolio of over 3,000 units will represent in excess $500 million in investment and is located in Denver, CO; Orlando, FL; Houston, TX; Dallas, TX; Palm Desert, CA; Chicago, IL; Danbury, CT; and Las Vegas, NV. Each of these apartment markets were chosen for their historically dynamic apartment environment, employment growth, expanding population trends and opportunity to acquire and develop excellent sites. Whiteco will selectively expand its portfolio by developing rental communities as well as acquire existing apartment properties on an opportunistic basis in markets that provide efficiencies and economies of scale in conjunction with the development projects or which provide superior cash-on-cash returns.