Condominium Conversion

1320 East Highland Avenue, Phoenix, AZ 85014
1971 one-story cottage, garden-style, block construction with low rise
shingle roofs. Property has 73 Units all 850sqft with two bedrooms and
one bath.

Approximate start date is July 2006; approximate end date is November
2006.

Exterior Renovations: All buildings will have new stucco and paint
added to update all structures. Front courtyards will be expanded
and/or built for each unit, thus increasing the overall usable space for
each unit owner. New HVAC and hot water tanks will be added to each
unit to offer functional and long lasting equipment to each new owner.
Every building will be reshingled and roofs repaired. All current
landscaping to be removed and replaced with a newer and lusher
Mediterranean theme. The pool will be completely remodeled and expanded
with a new hot tub added to increase the complex amenities. Structural
cabanas will be constructed to provide a more "resort-like" atmosphere
around the pool which will become the epicenter of the complex. The
current laundry room will be converted to a club house with a full
gym/work out center and conference room. The entire property will
become a gated community which will offer a more exclusive feel to the
property owners. The parking lot will be resurfaced with steel covered
parking structures constructed to offer an essential amenity currently
not available on the property. Lastly, a new entrance them will be
added by landscaping as well as a sign monument for the property.

Interior Renovations: All units will be completely remodeled and
updated. Wood or Travertine flooring will be a standard feature along
with carpet in the bedrooms. An interior entrance pony wall will be
demolished to open up the kitchen and living room area thus creating a
"great room" concept. Popcorn ceilings will be replaced with smooth,
lightly textured drywall. All cabinets will be replaced with newer
updated cabinets with granite countertops available in both the
bathrooms and kitchens. New stainless steel appliances will be standard
as well as the addition of a microwave/hood combo unit above the stove.
Moving to the bathroom, the travertine tile will continue with unique
real stone tile surrounds in each tub. All interior doors will be
updated and or replaced and current bifold closet doors will be replaced
with pass through mirrored closet doors. All lighting, mirrors and
plumbing fixtures will be updated as well as a stainless steel kitchen
sink to match the appliances. Lastly, units will be rewired and
replumbed to allow for washer and dryer stacked units in every condo.