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Noel Management’s (“Noel”) success lies in its expertise in anticipating real estate trends within the multi-family market in Dallas/Fort Worth. Noel has developed a unique, aggressive strategy to capitalize on properties growing in-place cash flows through efficient management while taking advantage of upside in market rental rates. The uncertainty of today’s financial and capital markets has created numerous challenges in the real estate marketplace. These challenges have and will continue to spur opportunities within Noel’s target markets. Consequently, overall real estate pricing structures have become more aggressive allowing Noel’s platform of efficiently managing controllable operating expenses to play a more important role in the success of today’s multi-family investments.

Noel Management will decrease operating expenses for each property by appropriately identifying and eliminating operating inefficiencies. Salaries & Related, Repairs & Maintenance and Contract Services expenditures will be reduced by the implementation of this system. Noel has a proven track record for successfully reducing operating expenses on an on-going basis. If ownership determines the subject property needs to be upgraded over approximately a two year period, Noel will complete the upgrade/renovation of the units’ appliances, countertops, fixtures, cabinets, carpet and flooring. The upgrade of these units will allow for the partnership to achieve an increase in monthly rental rates to match rates on similar units within the competitive market.

Noel is highly focused on exit strategies that will maximize portfolio value and provide liquidity to the Partners. Noel believes that a minimum holding period of five to seven years is consistent with the duration of each expected investment opportunity in order to provide the appropriate timeframe for harvesting the value created during the expense reduction and renovation process with the objective of maximizing investment returns. Projected exit alternatives include the individual or portfolio sale of the investments.

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