MONDAY STABILIZATION REPORT

07/30/07

KANSAS CITY (WALDO HEIGHTS) (379 UNITS)

MGMT

- Leasing – Class got 36 application as of Friday of last week. 18 were approved, 14 are pending, 4 were rejected. Evan had to leave due to an emergency and will be replaced by Alllana today.

- Manager – Lisa Kindig is the new manager. Brandy is at the property for the transition.

- Mortgage – The reserve has been used up. This coming month (August) we will have to pay the full installment ($70,611.95). We will temporarily use construction funds to do so.

CONSTRUCTION

- Construction is progressing as scheduled. We submitted Draw#5. The Security systems are installed but the new manager need to be trained, we are rescheduling the security contractor to be back on site. The new signature cards arrived last Friday and are being distributed to the tenants

TAX CREDIT / Other Programs

- We are moving ahead with the 10 year tax abatement. We received the urban renewal plan from EDKC.

- 8024 – The city is completing the RFP for the elderly building.

WALDO HEIGHTS

8001-8101 CAMPBELL STREET

KANSAS CITY, MISSOURI 64131

Just stop by the leasing office and one of our associates will be glad to assist you and give you a tour of one of the units

STUDIOS STARTING AT $399 (556-570 SQUARE FEET)

1 BEDROOM/ 1 BATH STARTING AT $449 (644-901 SQUARE FEET)

2 BEDROOMS/ 1 BATH STARTING AT $549 (850-1166 SQUARE FEET)

REPORTS TO ADD

-executive summary/narrative on NWJ cover letter

-renewal/capital

-vacancy

-operations & construction

-birds-eye-view
-Rent Roll vs. Proforma projections

-Break Even Points and where we currently stand

LEASING ACTIVITY FORM PROJECT START-UP AND MARKET RENT

Link to Updated Stabilization Report as of July 30th, 2007

http://docs.google.com/a/nwjcompanies.com/Doc?id=dfh26cw7_2hhw788

Link to the status report for Waldo heights for the first half of 2007

http://docs.google.com/a/nwjcompanies.com/Doc?docid=dfh26cw7_1hfqrpd&hl=en_US

Below is a picture of one of the finished units at Waldo Heights.

Picture of the pool located in Building #8009 after the rehab was started.



Below Picture is of the finished product

Here is a shot of the newly rennovated gym and fitness center located in Building $8009-- right next to the pool

To the left is a picture of the landscaping crew removing some tree stumps to clean up the apperance of the property

Below is a survey taken by residents of the Waldo Heights community. See what current residents like and dislike about this Signature Homes Community
http://www.surveymonkey.com/sr_detail.aspx?sm=zlvfKYC2LCUQh2M2w%2f4HOEsG1d4NQ7schwe35RK5rGs%3d

http://www.asignaturecommunity.com/

To listen to NWJ Companies most recent best practice conference calls click the link below......

http://nwjbestpractices.mypodcast.com/