Update on Progress…1 Month Anniversary

Today is one month since the purchase of Incline Apartments and I would like to thank our partners for your participation.  I was at the property on Monday and Tuesday of this week, we are currently in the process of renovating 9 units, replacing (upgrading) all exterior lighting and renovating the two laundry rooms. All but one of our existing tenants has paid their rent on time and 10 have signed new 1 year leases. Our leasing team has accepted several applications for the upcoming units and expect to be increasing the occupancy by at least 10% over the next month. 

We currently have 6 shares remaining for investor participation, if you or someone you know is interested please have them contact me directly.

Our accountants have advised us that there is no need to file a 2009 return as the only transaction was the purchase of the property. You will be receiving a letter with the banking information and quarterly financials will be delivered in April 2010. The first round of distributions will take place in July 2010, which will be the close of the second quarter. If you have any questions please contact our office at 516.280.7674.

Check out some progress pics here.

Sincerely,

Chris Urso