Vice President

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Michael Stone
Vice President CB Richard Ellis - N.E.
Partners MULTI-HOUSING MARKET
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Strong Rental Demand

• Current Occupancy 95

• Tenant retention strong

• Decline of household size

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Shrinking Households
Average Household Size
1915
1967
2006
Source U.S. Census Bureau
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Cap Rates Stable

• Class A and B Cap Rates decline in 2006

• Class C Cap Rates slightly higher in 2006

• Favorable interest rates

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Historic 10-Year Treasury
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Condo Market

• Decline in condo conversions

• Investor market vs. user market

• Market strong in Connecticut user market

• Real demand keeps supply in balance

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Liquidity, Liquidity, Liquidity

• Driving Force behind Class A and Class B demand

• Debt Equity continue to grow

• Strong demand from Pension Fund Advisors

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Real Estate Returns Have Been Stellar For a
Decade
NCREIF (Private Real Estate) NASDAQ Russell
2000 SP 500 U.S. Govt. Bonds
Average Annual Return, Second Quarter 1996 to
Second Quarter 2006 Percent
Source NCREIF Standard Poors NASDAQ
Russell 2000 Merrill Lynch
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Windsor Ridge / Windsor BrookMiddletown,
Connecticut

• Seller GID
• Buyer Fairfield Residential
• of Units 518 Units
• Price 73,250,000 141,409/unit

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The Hawthorne at Gillette RidgeBloomfield,
Connecticut

• Seller CIGNA Corporation
• Price ??,???,???
• of Units 246
• Amenities
• Professionally managed by Bozzuto
• State-of-the-art fitness center
• Executive business center
• Conference room
• Out-door heated pool
• Top-of-the-line finishes and appliances
• Golf-course views with putting green on site

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Avalon CornersStamford, Connecticut

• Seller AvalonBay Communities
• Buyer RREEF
• of Units 195
• Price 60,200,000 308,718/unit

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Putnam Green and Weavers MillGreenwich,
Connecticut

• Seller Ghent LLC
• Buyer Antares Investment Properties
• of Units 462 Units
• Price 223,000,000 482,684/unit

CONDO CONVERSION
Reported Largest Real Estate Acquisition in
Connecticut
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Greenwich Oaks Greenwich PlaceGreenwich,
Connecticut
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Stuyvesant Town Peter Cooper Village

• Seller MetLife
• Buyers Tishman Speyer Properties Blackrock
• of Units 11,232 Units 110 Buildings
• Price 5,400,000,000 480,769/unit

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Louisiana PurchaseUnited States, 1803

• Seller France
• Buyers United States
• Total Sq. Miles 800,000
• Price 15,000,000
• 18.75/sq. mile
• Cap Rate No Clue

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Clearwater Beach HotelClearwater, Florida
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Clearwater Beach Hotel Clearwater, Florida
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(No Transcript)
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Bell Harbor CondominiumsClearwater, Florida
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Cap Rates Vs. Price/SF
Source National Real Estate Index
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Value Growth Change in Price/SF
Source National Real Estate Index
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Regional National Comparison
Source REIS
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Average Annual Growth Rate 2006-2010
Average
Out Perform
Source National Real Estate Index
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Baby Boomers / Pension Funds
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Change in Population Growth
Source U.S. Census
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Downtown Hartford Housing Update
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Residential Sales Are Slowing
Year-Over-Year Sales Change Six Month Moving
Average, Percent

• Source National Association of Realtors U.S.
  Census Bureau CBRE Investors

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Are Todays Hottest Apartment Markets Tomorrows
Coldest?
Chicago
Washington, D.C.
Las Vegas
Phoenix
San Diego
Orlando
Tampa- St. Petersburg
West Palm Beach

• Source Reis CBRE Investors

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Putting it in Perspective.
Largest Real Estate DealUnited States
Present Value6,045,076,078
Largest per Unit SaleConnecticut
Largest per Unit SaleHartford County
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Putting it in Perspective.
67,500,000 / acre
12 / acre
New York
Louisiana Purchase