
| PROPERTY NAME | LOCATION | CLIENT/SELLER | CLOSING | UNITS | CLOSING PRICE |
| Central Florida Tax Exempt Bond Portfolio | Orlando and Palm Bay, FL | Beneke/Krieg | 01/2004 | 1,010 | 26,800,000 |
| Alexan Fontaine | Marina Del Rey, CA | Trammell Crow Residential | 02/2004 | 102 | 27,850,000 |
| Fountain Park | Playa Vista, CA | Playa Capital Co. LLC | 02/2004 | 705 | 124,500,000 |
| Avalon Del Rey | West Los Angeles, CA | AvalonBay | 04/2004 | 309 | 70,000,000 |
| Dexter at Lake Union | Seattle, WA | Opus Northwest/Holland Partners | 05/2004 | 201 | 40,390,000 |
| Woodlake Apartments | Gurnee, IL | Morgan Stanley | 05/2004 | 260 | 32,745,000 |
| Chicago Vintage High-Rise Portfolio | Chicago, IL | Katz Realty & Investment | 06/2004 | 562 | 72,500,000 |
| Esplanade Village | Redondo Beach, CA | R.W. Selby | 06/2004 | 105 | 24,065,000 |
| Glenmuir | Naperville, IL | Fairfield Residential | 06/2004 | 321 | 40,435,000 |
| Presidio | Oceanside, CA | UBS | 06/2004 | 264 | 33,300,000 |
| Echo Ridge at Metzler Ranch | Castle Rock, CO | Fairfield Residential | 08/2004 | 340 | 32,300,000 |
| The Bryson at City Place (Closed) | Dallas, TX | Fairfield Residential | 08/2004 | 232 | 37,120,000 |
| The Prescott (Closed) | Duluth, GA | Fairfield Residential | 08/2004 | 384 | 28,500,000 |
| 2001 N. 13th Street | , VA | Gables Residential | 09/2004 | 27,533,000 | |
| Lindbergh Place (Sold) | Atlanta, GA | The Finger Companies | 09/2004 | 324 | 42,500,000 |
| Morgan Park | Vacaville, CA | Silverwood Investments/Holland Partners | 10/2004 | 360 | 24,800,000 |
| Nobel Court | San Diego, CA | Fairfield/Moran | 10/2004 | 685 | 149,000,000 |
| Oak Creek | Agoura Hills, CA | JH Snyder Company | 10/2004 | 336 | 99,600,000 |
| Las Colinas | Laguna Hills, CA | SARES-REGIS | 11/2004 | 140 | 35,600,000 |
| Ashley Lake Park (Sold) | Boynton Beach, FL | Beneke/Krieg | 12/2004 | 300 | 28,300,000 |
| La Cima | San Diego, CA | Fairfield/Moran | 12/2004 | 514 | 131,500,000 |
| Landing at Bear Creek (Sold) | Euless, TX | Beneke/Krieg | 12/2004 | 304 | 17,165,000 |
| Oaks at Mill Creek (Sold) | Jacksonville, FL | Beneke/Krieg | 12/2004 | 360 | 26,500,000 |
| Rolling Brook Village (The FL-VA-TX Tax-Exempt Bond Portfolio) (Sold) | Woodbridge, VA | Beneke/Krieg | 12/2004 | 732 | 110,000,000 |
| The Courtyards at 65th Street | Emeryville, CA | Opus West/Thompson|Dorfman | 12/2004 | 331 | 92,000,000 |
| The Overlook at Fountaingrove | Santa Rosa, CA | Opus West/Thompson|Dorfman | 12/2004 | 78 | 19,500,000 |
| Village at Central Park (Sold) | Bedford, TX | Beneke/Krieg | 12/2004 | 300 | 15,010,000 |
| Village Place (Sold) | West Palm Beach, FL | Beneke/Krieg | 12/2004 | 202 | 17,000,000 |
| Vinings at Palm Bay (Sold) | Palm Bay, FL | Beneke/Krieg | 12/2004 | 320 | 15,500,000 |
| 2004 TOTAL SALES | 10,081 | $1,442,013,000 | |||