Acquisitions

The Estates at Heritage Harbour. This premium site was acquired in July of 2004. The site will consist of 392 luxury rental units located within the Heritage Harbour PUD in Bradenton, Florida. Heritage Harbour is being developed by Lennar/US Home.

Estates at Wellington Green. 400 AAA units across from Polo Lakes began construction in mid-2001. This Luxury Apartment community adjoins the new Mall at Wellington Green, with frontage along a 100-acre lake. This project was a joint venture between Bainbridge and an affiliate of Fidelity Investments. Construction financing was provided by Bank Atlantic. Construction cost was approximately $43,000,000 and the property was sold for $63,125,000 in May 2004.

Ocean Place, Condominium. Bainbridge acquired the 256-unit high-rise in Lauderdale-by-the Sea, Florida, formerly called The Kensington. Located on the beach, this 16-story building features a magnificent lobby, pool area, and parking garage. The building underwent renovations, and in April of 2004, a condominium conversion was completed. This project is a joint venture with affiliates of Lehman Brothers who supplied equity and senior and mezzanine financing.

Park Central. This property consists of 1,081 existing rental units divided into three villages: Belmont, Charles Towne and Manor Row and two parcels of land that will be developed into condominiums known as The Estate at Park Central. This property was acquired in February 2004.

The Estates at Park Central. Bainbridge will commence construction of 591 town homes in August 2004. These condominiums are priced to sell from $150, 000. The two parcels in which these condominiums will be constructed were acquired in February 2004 as part of the Park Central purchase.

Presidential Towers. 551-unit high-rise in Hollywood, Florida. Located on the beach, this 17-story building also includes ancillary retail spaces, a grand lobby and lounge area, parking garage and restaurant together with 2.5 developable acres. Presidential Towers was built in 1968 and was designed to be eventually converted into an exclusive luxury hotel. We renovated and modernized the existing building and restored it to a true, ultra-elegant apartment community. This project was a joint venture between Bainbridge and an affiliate of Fidelity Investments. The total completion cost was $82,000,000. Sold in January 2004 for $99,450,000.

The Estates at Stuart. Bainbridge commenced construction in March 2003 on 237-AAA apartment units in Stuart, Florida, an upscale community 30 minutes North of West Palm Beach. This project is a joint venture between Bainbridge and an affiliate of Fidelity Investments, with construction financing provided by SouthTrust Bank.

Estates at Vero Beach. This project is currently under construction and consist of 153-AAA apartment units in Vero Beach, Florida. This project is a joint venture between Bainbridge and a high net worth individual, with construction financing provided by SouthTrust Bank.

Savannah Oaks. Bainbridge acquired this 228-unit community located in Jacksonville, Florida in May 2003. At time of purchase, this property was operating at below market rents and in need of a significant renovation. We plan to renovate and reposition the community, increasing both occupancy levels and market rents. This acquisition is a joint venture between Bainbridge and an affiliate of Boston Capital.

Spicewood Springs. Bainbridge acquired this 512-unit community located in Jacksonville, Florida in May 2003. This property had experienced property management turmoil in the year before purchase and was operating at a high economic vacancy level. A moderate renovation and improved property management have been planned to lower vacancy levels and increase rents to market levels. This acquisition is a joint venture between Bainbridge and an affiliate of Boston Capital.

Bay Pointe Apartments. Bainbridge acquired this 300-unit community located in Jacksonville, Florida in May 2003. At time of purchase, this property was in need of significant rehabilitation, operating at below market rents, and experiencing high physical vacancy levels. We plan to renovate and reposition the community increasing both occupancy levels and market rents. This acquisition is a joint venture between Bainbridge and an affiliate of Boston Capital.

Wellington Plaza. 165,000 sq. ft. mixed-use in Wellington, Florida. We acquired this asset from an institutional owner that wasn’t reinvesting in the asset or aggressively leasing it. We paid approximately $11,000,000 and have a total investment of $12,000,000 including refinancing costs of which $3,000,000 is equity. The property is worth in excess of $18,000,000 today.

Polo Glen 230 units in Plantation, Florida. This is an in-fill site in Plantation, an upscale suburb of Ft. Lauderdale. Polo Glen is a luxury property, opened in late May 2000 and is typically 95% leased. The project partnership is a joint venture between Bainbridge and an affiliate of Fidelity Investments. Construction financing was provided by SouthTrust Bank. Our investment cost was approximately $22,000,000 and the property was sold for almost $32,000,000.

Polo Lakes 366 AAA units in Wellington, Florida. We acquired this site for 366 units, obtained entitlements, and broke ground in May 1999 on a AAA luxury property. The site is in an in-fill location, and is directly across from the Wellington Green Mall, a 2,000,000-sq. ft. regional mall and related outparcels developed by the Taubman Companies. The project partnership is a joint venture between Bainbridge and an affiliate of Fidelity Investments. Construction financing was provided by SouthTrust Bank. Polo lakes was sold to an institutional buyer in 2002. Our investment cost was approximately $34,800,000 and the property was sold for approximately $47,500,000.

Polo Chase Apartments. This property consists of 320 units acquired in mid-1997 in Wellington, Florida. Polo Chase was owned and managed by the developer, a highly regarded homebuilder with little apartment experience. After the property was acquired by Bainbridge, market rents were raised by $125 plus $30 water/sewer, and month-to-month resident rents were raised by $80 plus $30 water/sewer. This represented an approximate 20% increase in income while maintaining 95% + occupancy.

Parker’s Landing. This Property consists of 896 units plus a development site in Tampa, Florida and was the only Florida rental property owned by a major New York commercial developer. The acquisition required a unique structure which allowed the seller to postpone recognizing an income event. Remodeling and re-letting of the property was in process when the property was profitably sold.

Sugarmill Creek. This property consists of 230 units in Pinellas, Florida. This asset had languished with local, inexperienced management. It was acquired at a very favorable price and subsequently increased cash flow. Sugarmill was sold with Polo Chase and Parker’s Landing.

Our interest in Polo Chase, Parker’s Landing and Sugarmill Creek was acquired by an institutional buyer at a significant profit to the company.

Cedar Key and Siesta Key. These properties consist of 744 units in the Ft. Lauderdale suburbs. These two properties were owned by an institutional owner that was not reinvesting in the properties, running high expenses and, at Siesta, indifferent occupancies. After the property was sold the deferred maintenance was eliminated while maintaining very high occupancy.

Regency of Palm Aire. This property consists of 288 units in Pompano Beach, Florida. This property needed considerable rehabilitation and was operating at low occupancies. The property was renovated and has consistently maintained high occupancy.

Victoria Pointe. This property consists of 400 units in Metrowest, Orlando, Florida. This property had major termite and related siding and roof problems. A major overhaul of the property was completed and it has operated highly successfully since then.

Our interest in Cedar Key and Siesta Keys, Regency and Victoria Pointe was acquired by our institutional JV partner at a significant profit to the company.