Shelby Crossing

Apartments
 Property Description
Shelby Crossing Apartments are ideally located in the
heart of affluent Eastern Jefferson County. The property is
located adjacent to a condominium development, which
sets these units up well as "estate apartments". Shelby
Crossings Apartments offer many amenities including a
full service clubhouse with workout facility and lounge.
Other amenities include
two tennis courts, a pool
and open green space for
recreation. The property
is undergoing a
$700,000-renovation
project that will be
complete in February of
2009. This property is
ideal for an investor
looking for solid cash
flow and for the potential
to develop into condominiums down the road. The
adjacent property is 80% sold and currently conveying
units at $115 per square foot. The property is also
positioned properly for an out-of-town investor as the
current property manager, Underhill Associates (Best of
Louisville 2008), would agree to continue management of
the property for a period.
 Property Location

Shelby Crossing is situated on the most traveled

corridor in all of Louisville, Kentucky with an ADT of
62,000. Just one mile east of Hurstbourne Lane and one
mile west of Middletown, Shelby Crossing is an ideal
location for anyone living in Louisville. The property is on
the Metro bus route, allowing residents easy access to
transportation to and from the property. The property is
directly across from the Fresh Market, CVS,and other
retail opportunities. It is also within 3 miles of Oxmoor
Mall and Mall St. Matthews and within one mile of P.F.
Chang's and other fine dining. The neighborhood is a
collection of more or less homogeneous, upper middle-
income residential districts in the late growth stage of
development. The neighborhood's character is primarily
defined by the preponderance of upper-income and high-
income residents, although the neighborhood also
includes commensurate retail, office and other commercial
uses.
 Information

1) Unit Information
Unit Type Square Feet No. Of Units
1 BR 1BA 900 36
2BR 2BA w/Den 1,200 8
2BR 2BA 1,100 16
3BR 2BA Flat 1,450 16
3BR 2BA Townhouse w/ Basement 1,900 14
2) Rental Income
a. Shelby Crossing is undergoing an extensive
$700,000 renovation project that will allow
owners to increase rents significantly in the
coming term. Pre-Renovation,the apartment
complex was underperforming for the location.
However, as renovated units become available,
the property is able to realize much higher rental
rates. As renovation is complete, turnover will
decrease as the property stabilizes, thus further
increasing overall rental income.
3) Expenses
a. All rental rates on the property currently
includegas heat. Comparable properties in the
area do not include gas heat into rental rates,
which are comparable to Shelby Crossing’s rental
rates. Once renovation is complete, a RUBS
system of billing will be in place for all new
tenants.

4) NOI
a. Once renovation is complete, with increased
rents and decreased expenses, Shelby Crossing
Apartments will generate a $450k NOI.
5)
Condo Conversion
a. This property also sets up well as a future
condominium conversion. Phase 1 of this
property has 170 units that were converted into
condominiums by the current owner of Shelby
Crossing Apartments. Currently, there are only
47 remaining with an average asking price of
$126,000.

Financial Information
12-Month Income Statement
 2007 2008
Account Name Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
INCOME
RENTALINCOME
Apartment Rent 50,370 40,452 45,618 44,534 47,278 49,789 52,623 55,530 54,871 53,932 55,147 57,503
Utility Reimbursement 327 235 313 281 216 216 216 321 284 288 184 232
TOTALRENT/SALESINCOME 50,697 40,687 45,931 44,815 47,494 50,005 52,839 55,851 55,155 54,220 55,331 57,735

SERVICE INCOME
Maintenance Fees Income 350
Vending Income 234
Laundry Income 425 562 448 733 211 212 418 515 716
Miscellaneous Income 9 9 9 10 9
Court Cost Income 86
Legal Fees Income 275 52
Application Fee Income 25
Late Charges/N.S.F. -85 434 780 550 250 100 250 353 901 950 500 825
Damage Dep. Forfeitures 8,900 3,060 825 100
Pet Fee 20 120 20 20 20 20 20 20 20
TOTALSERVICE INCOME 340 9,896 4,297 1,395 1,128 340 788 723 1,449 970 1,394 1,561
TOTALINCOME 51,037 50,583 50,228 46,210 48,622 50,345 53,627 56,574 56,604 55,190 56,725 59,296
EXPENSES
RENTALEXPENSES
Advertising expense -600 600 1,200 600 1,208 26 300 6 900 300
Marketing Programs 6
Signage 83
Cable TV Rental 23 24 70 -24
TOTALRENTALEXP -577 600 1,200 600 1,232 109 306 6 970 0 -24 300

ADMINISTRATIVE EXPENSES
Advertising 50
Salaries/Wages 1,828 1,098 2,230 1,320 1,542 1,509 2,129 1,989 2,357 2,922 3,375 4,002
Office supplies 62 47 48 24 234 129 25 306 125 -56
Shipping/Courier 44 79 50 102 61 47 25 23
Accounting Fee 315 315 315 315 315 315 315 315 315
Internet Expense 24 15 140
Bank Charges 13 63 3 3 46 13 3 73 23 163 3
Casual Labor 470 199 628 288 535 316
Management Fee 2,266 2,064 1,500 2,099 1,760 1,857 2,095 2,781 2,123 2,170 2,233 2,044
Professional Fees 428 2465 578 306 875 738 275 178
Accounting Service 878 315 315 315
Network Services 148 51
Telephone Expense 77 83 66 50 50 66 115 50 168 115
Cell Phone 65 65 59 136 65 34
Misc Administrative Expense 90 17
T0TALADM EXP 4,927 6,194 5,241 4,777 3,826 3,967 6,109 6,828 6,256 6,786 6,278 6,621

OPERATING EXPENSES
Advertising & Promotions 300
Advertising and promotions-Condo sales 1,070
Maintenance Salaries 3,301 2,030 4,281 2,604 2,731 4,424 5,466 4,181 5,645 4,233 4,231 5,557
Cleaning Services 1083 1272 380 1,172 830 1,219 874 2,005 650 540 935 976
Janitor Supplies 20 6
Electricity 792 928 654 849 955 906 677 3,889 1,149 2,116 727 989
Unmetered Utility Expense 18
Water & Sewer 12682 5441 5,441 6,970 6,970 4,562 4,562 5,408 5,408 5,817 5,817
Gas/Oil 1,950 4,561 6,517 8,421 7,161 5,635 3,325 2,603 2,313 2,550 2,894
Exterminating 720 364 189 190 190 120 189 120 565
Trash Removal 1,308 3,325 498 273 581 671 582 582 582
Meals & Entertainment 15 216 118 52 87
Rent Concessions 200
Travel-Mileage 50 121 224 108 59 -21 126
Misc. Operating Expenses 211 23 264 66 345 1 8 342
Medical Insurance 220 362 440 440 235 257 514 257 329
TOTALOPERATING EXP 7,607 23,287 22,261 19,357 20,023 19,859 15,950 14,942 16,808 15,569 16,635 18,093

*NOTE – Rental income is adversely impacted during renovation period by holding 8-

10 units off the market while renovations take place.
 2007 2008
Account Name Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

MAINTENANCE EXPENSE
Mileage/Gas/Oil-Maintenance 1 116 172 96 108 112 68
Grounds Maintenance 250 1,650 1,044 1,424 944 1,158
Repairs Materials 1,300 30 215
Repairs Contract -488 84 531
Repairs Maintenance 450
Repairs/Maint - Rental 77
Construction Expense 92
Decorating Supplies
Decorating Contracts -415
Misc. Maint. Supplies 361 167 -167 182 68
Misc. Maintenance Exp. 1,583 2,931 30
Building Maintenance 42
Pool Contractor 3,109 1,630
TOTALMAINTANCE EXP 361 2,000 4,864 0 1,045 340 3,177 1,894 1,550 582 1,170 1,972

TAXES& INSURANCE
Property Taxes 4,041 4,041 4,041 4,041 4,041 4,041 4,041 4,041 4,041 4,041 4,041 4,041
Insurance-Hazard (Prty) 2,146 2,146 2,146 2,146 2,146 2,146 2,146 2,146 2,146 2,146 2,146 2,146
Licenses and Fees 175 84
TOTALTAXES& INSURANCE 6,187 6,187 6,187 6,187 6,362 6,187 6,187 6,271 6,187 6,187 6,187 6,187
TOTALEXPENSES 18,505 38,268 39,753 30,921 32,488 30,462 31,729 29,941 31,771 29,124 30,246 33,173
NET OPERATING INCOME 32,532 12,315 10,475 15,289 16,134 19,883 21,898 26,633 24,833 26,066 26,479 26,123

Projected Post – Renovation Operating

Budget
 Post Renovation Estimated Budget
Account Name Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Totals
INCOME
RENTALINCOME
Apartment Rent 64,821 64,821 64,821 64,821 64,821 64,821 64,821 64,821 64,821 64,821 64,821 64,821 777,856
Utility Reimbursement 4,083 4,083 4,083 4,083 4,083 4,083 4,083 4,083 4,083 4,083 4,083 4,083 48,996
TOTALRENT/SALESINCOME 68,904 68,904 68,904 68,904 68,904 68,904 68,904 68,904 68,904 68,904 68,904 68,904 826,852

SERVICEINCOME - - - - - - - - - - - - 0
Maintenance Fees Income - - - - - - - - - - - - 0
Vending Income 20 20 20 20 20 20 20 20 20 20 20 20 240
Laundry Income 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Miscellaneous Income - - - - - - - - - - - - 0
Court Cost Income - - - - - - - - - - - - 0
Legal Fees Income - - - - - - - - - - - - 0
Application Fee Income - - - - - - - - - - - - 0
Late Charges/N.S.F. 400 400 400 400 400 400 400 400 400 400 400 400 4,800
Damage Dep. Forfeitures - - - - - - - - - - - - 0
Pet Fee 20 20 20 20 20 20 20 20 20 20 20 20 240
TOTALSERVICEINCOME 1,148 740 740 740 740 740 740 740 740 740 740 740 8,880
TOTALINCOME 59,586 69,644 69,644 69,644 69,644 69,644 69,644 69,644 69,644 69,644 69,644 69,644 835,732

EXPENSES - - - - - - - - - - - - 0
RENTALEXPENSES - - - - - - - - - - - - 0
Advertising expense 250 250 250 250 250 250 250 250 250 250 250 250 3,000
Marketing Programs 0
Signage - - - - - - - - - - - - 0
Cable TV Rental 0
TOTALRENTALEXP 260 250 250 250 250 250 250 250 250 250 250 250 3,000

ADMINISTRATIVE EXPENSES
Advertising 0
Salaries/Wages 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 21,000
Office supplies 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Shipping/Courier 40 40 40 40 40 40 40 40 40 40 40 40 480
Accounting Fee 315 315 315 315 315 315 315 315 315 315 315 315 3,780
Internet Expense 30 30 30 30 30 30 30 30 30 30 30 30 358
Bank Charges 40 40 40 40 40 40 40 40 40 40 40 40 480
Management Fee 2,269 2,269 2,269 2,269 2,269 2,269 2,269 2,269 2,269 2,269 2,269 2,269 27,225
Professional Fees 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Accounting Service 858 858
Network Services 0
Telephone Expense 80 80 80 80 80 80 80 80 80 80 80 80 960
Cell Phone 50 50 50 50 50 50 50 50 50 50 50 50 600
Misc Administrative Expense 200 200 200 200 200 200 200 200 200 200 200 200 2,400
T0TALADM EXP 6,480 5,174 5,174 5,174 5,174 5,174 5,174 6,032 5,174 5,174 5,174 5,174 62,941

OPERATING EXPENSES - - - - - - - - - - - -
Advertising & Promotions 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Maintenance Salaries 4,886 4,886 4,886 4,886 4,886 4,886 4,886 4,886 4,886 4,886 4,886 4,886 58,626
Cleaning Services 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Janitor Supplies - - - - - - - - - - - - 0
Electricity 871 1,021 719 934 1,051 997 745 1,100 1,264 1,200 800 1,088 11,789
Unmetered Utility Expense - - - - - - - - - - - 0
Water & Sewer 6,975 6,975 5,985 5,985 7,666 7,666 5,018 5,018 5,949 5,949 6,399 6,399 75,985
Gas/Oil 2,145 5,017 7,169 9,263 7,877 6,199 3,658 2,800 2,863 2,544 2,805 3,183 55,523
Exterminating 190 190 190 190 190 190 190 190 190 190 190 190 2,280
Trash Removal - - - - - - - - - - - - 0
Meals & Entertainment 50 50 50 50 50 50 50 50 50 50 50 50 600
Rent Concessions - - - - - - - - - - - - 0
Travel-Mileage - - - - - - - - - - - - 0
Misc. Operating Expenses 75 75 75 75 75 75 75 75 75 75 75 75 900
Medical Insurance 240 240 240 240 240 240 240 240 240 240 240 240 2,880
TOTALOPERATING EXP 16,333 19,553 20,414 22,723 23,135 21,402 15,961 15,459 16,617 16,234 16,544 17,211 221,782
 Post Renovation Estimated Budget
Account Name Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Totals

MAINTENANCE EXPENSE - - - - - - - - - - - -
Mileage/Gas/Oil-Maintenance 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Grounds Maintenance 575 575 575 575 575 575 575 575 575 575 575 575 6,900
Repairs Materials 250 250 250 250 250 250 250 250 250 250 250 250 3,000
Repairs Contract 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Repairs Maintenance 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Repairs/Maint - Rental - - - - - - - - - - - - 0
Decorating Supplies - - - - - - - - - - - - 0
Decorating Contracts 0
Building Maintenance - - - - - - - - - - - - 0
Pool Contractor 3,109 1,630 4,739
TOTALMAINTANCE EXP 1,724 1,525 1,525 1,525 4,634 3,155 1,525 1,525 1,525 1,525 1,525 1,525 23,039

TAXES& INSURANCE
Property Taxes 4,041 4,041 4,041 4,041 4,041 4,041 4,041 4,041 4,041 4,041 4,041 4,041 48,494
Insurance-Hazard (Prty) 2,146 2,146 2,146 2,146 2,146 2,146 2,146 2,146 2,146 2,146 2,146 2,146 25,752
Licenses and Fees 14 84 84 84 84 84 84 84 84 84 84 84 938
TOTALTAXES& INSURANCE 6,201 6,271 6,271 6,271 6,271 6,271 6,271 6,271 6,271 6,271 6,271 6,271 75,184
TOTALEXPENSES 30,997 32,773 33,633 35,942 39,463 36,252 29,181 29,536 29,836 29,453 29,764 30,430 385,946
NET OPERATING INCOME 28,588 36,871 36,011 33,702 30,181 33,393 40,464 40,108 39,808 40,191 39,881 39,214 449,787
 Rent Roll
– Attached below is a current rent roll. Also included is
the increase in rental rates for December 1, 2008 and
a renovation status.
– Listed vacant units are undergoing renovation/just
completing renovation.
 CURRENT
10/27/2008 UNIT SIZE RESIDENT NAME MOVE IN RENT INCREASE RENOVATION STATUS
1200 2 BED/2 BA Jamie White 7/17/2006 $ 670.00 $ 670.00 HOLD - LEASE UP 7-09
1201 2 BED/2 BA JOYCE BROWN 7/1/2006 $ 645.00 $ 680.00
1202 2 BED/2 BA JOAN GAMBACORTA 12/1/2005 $ 670.00 $ 735.00
1203 2 BED/2 BA DAN FELUS 1/25/1977 $ 610.00 $ 655.00
1204 2 BED/2 BA SANDRA MOORE 11/1/2007 $ 650.00 $ 695.00
1205 2 BED/2 BA STEVEN, MASTERS 9/6/2002 $ 729.00 $ 725.00
1206 2 BED/2 BA Mike Bryant 4/1/2007 $ 670.00 $ 705.00
1207 2 BED/2 BA JEREMY CARMICHAEL 3/14/2008 $ 725.00 $ 735.00
1208 2 BED/2 BA Nall, Mark & Colleen 7/6/2007 $ 595.00 $ 650.00
1209 2 BED/2 BA VACANT 1/13/2006 $ 670.00 $ 755.00 IN PROCESS
1210 2 BED/2 BA SEAN STEELE 4/1/2003 $ 670.00 $ 705.00
1211 2 BED/2 BA BONN STPEHEN 7/27/2007 $ 670.00 $ 705.00
1212 2 BED/2 BA DEBBIE THOMSON 7/30/2004 $ 695.00 $ 705.00
1213 2 BED/2 BA KENNETH WASHINGTON 12/16/2002 $ 699.00 $ 725.00
1214 2 BED/2 BA M/M SUTTON 3/14/2008 $ 725.00 $ 725.00 COMPLETED
1215 2 BED/2 BA Barbara Pipkin 11/27/2006 $ 600.00 $ 650.00
1300 1 BED/1 BA F. Fitzgerald 11/1/2008 $ 265.00 $ 599.00 COMPLETED
1301 1 BED/1 BA ANDRE MASON 7/15/2004 $ 481.00 $ 510.00
1302 1 BED/1 BA GREGORY MURPHY 7/15/2005 $ 511.00 $ 520.00
1303 1 BED/1 BA Marc Bobrow 8/3/2007 $ 530.00 $ 560.00
1304 1 BED/1 BA Michael Robinson 6/13/2008 $ 599.00 $ 599.00 COMPLETED
1305 1 BED/1 BA PATSY ASHCRAFT 7/9/2004 $ 449.00 $ 475.00
1306 1 BED/1 BA VACANT 7/28/2006 $ 530.00 $ 599.00 COMPLETED
1307 1 BED/1 BA JO ANN NJIE 10/17/2004 $ 511.00 $ 520.00
1308 1 BED/1 BA RAVEN LOTZ & BEN JAGGER 8/10/2007 $ 530.00 $ 545.00
1309 1 BED/1 BA AMANDA JONES 11/1/2008 $ 480.00 $ 599.00 COMPLETED
1310 1 BED/1 BA BOBBI MITCHELL 10/4/2008 $ 522.00 $ 599.00 COMPLETED
1311 1 BED/1 BA LEONA MURPHY 7/28/2004 $ 449.00 $ 475.00
1312 1 BED/1 BA CHRIS OWENS 9/1/2008 $ 479.00 $ 599.00 COMPLETED
1313 1 BED/1 BA DANIEL CHINGREN 10/28/2005 $ 530.00 $ 555.00
1314 1 BED/1 BA ALLAN MCCUTCHEN 7/7/2008 $ 599.00 $ 599.00 COMPLETED
1315 1 BED/1 BA VACANT 7/28/2004 $ 449.00 $ 619.00 IN PROCESS
1400 3 BED/2 BA Rebecca Tidball 5/2/2008 $ 869.00 $ 869.00 COMPLETED
1401 3 BED/2 BA LUIS PABON 4/1/2008 $ 840.00 $ 840.00 COMPLETED
1402 3 BED/2 BA VACANT 10/8/2001 $ 749.00 $ 825.00 IN PROCESS
1403 3 BED/2 BA MARK & CINDY GRAY 4/1/2002 $ 764.00 $ 764.00 RENEWED IN 4/07
1404 3 BED/2 BA Fidel Vazquel 5/15/2008 $ 829.00 $ 829.00 COMPLETED
1405 3 BED/2 BA Renee Gutieres 5/23/2008 $ 869.00 $ 869.00 COMPLETED
1406 3 BED/2 BA BOOG & RICE 8/1/2008 $ 829.00 $ 829.00 COMPLETED
1407 3 BED/2 BA OSORIO 11/1/2008 $ 805.00 $ 829.00 IN PROCESS
1408 3 BED/2 BA Bryan Jones 3/1/2007 $ 750.00 $ 790.00
1409 3 BED/2 BA TEREIA ECKLES 4/1/2008 $ 825.00 $ 825.00 COMPLETED
1410 3 BED/2 BA Avila Francisco 7/28/2006 $ 750.00 $ 829.00
1411 3 BED/2 BA EUBALDO GOMEZ 8/1/2008 $ 829.00 $ 829.00 COMPLETED
1412 3 BED/2 BA NORA MARTINEZ 8/1/2008 $ 829.00 $ 829.00 COMPLETED
1413 3 BED/2 BA GITTANA GRIGGS 11/4/2004 $ 754.00 $ 794.00
1414 3 BED/2 BA M/M MARCUS JOHNSON 7/3/2008 $ 829.00 $ 829.00 COMPLETED
1415 3 BED/2 BA ANNA ELBOUKHARI 3/17/2003 $ 679.00 $ 829.00 MOVING 10-31
1600 1 BED/1 BA Irving Carter 6/13/2008 $ 599.00 $ 599.00 COMPLETED
1601 1 BED/1 BA Jose Perez 6/4/2007 $ 500.00 $ 525.00
1602 1 BED/1 BA Rashad Hobbs 12/29/2006 $ 530.00 $ 555.00
1603 1 BED/1 BA A. Martin 1/2/2008 $ 575.00 $ 599.00
1604 1 BED/1 BA POHAN LIN 9/21/2005 $ 530.00 $ 565.00
1605 1 BED/1 BA JUAQUIN SOLORSA 1/19/2007 $ 530.00 $ 555.00
1606 1 BED/1 BA Madhava Paduchuri 5/23/2008 $ 629.00 $ 599.00 COMPLETED
1607 1 BED/1 BA VACANT $ 550.00 $ 599.00 IN PROCESS
 CURRENT
10/27/2008 UNIT SIZE RESIDENT NAME MOVE IN RENT INCREASE RENOVATION STATUS
1608 1 BED/1 BA Barbara Marlow 5/9/2008 $ 599.00 $ 599.00 COMPLETED
1609 1 BED/1 BA Henry Moody 7/1/2006 $ 511.00 $ 535.00
1610 1 BED/1 BA PATRICK TUELL 4/8/1995 $ 580.00 $ 599.00
1611 1 BED/1 BA JOSEPH PYLANT 8/10/2007 $ 530.00 $ 599.00
1612 1 BED/1 BA FRANSICO CRUZ 4/5/2008 $ 575.00 $ 599.00 COMPLETED
1613 1 BED/1 BA Salacar Manuel 7/27/2007 $ 500.00 $ 535.00
1614 1 BED/1 BA VACANT 9/1/2007 $ 530.00 $ 599.00 COMPLETED
1615 1 BED/1 BA Omar Mejia 7/19/2004 $ 481.00 $ 515.00
1616 1 BED/1 BA EMMA ROEBER 3/21/2008 $ 599.00 $ 599.00 COMPLETED
1617 1 BED/1 BA JOSE ALONZO 8/1/2008 $ 599.00 $ 599.00 COMPLETED
1618 1 BED/1 BA Mike Pipkin 11/1/2006 $ 500.00 $ 525.00
1619 1 BED/1 BA Porfirio Flores 5/22/2006 $ 530.00 $ 560.00
1700 2 BED W/ DEN George Laverty 5/23/2008 $ 795.00 $ 795.00 COMPLETED
1701 2 BED W/ DEN Carey Hackney 5/6/2008 $ 775.00 $ 795.00 COMPLETED
1702 2 BED W/ DEN EDDIE DUNN 6/16/2000 $ 700.00 $ 735.00
1703 2 BED W/ DEN VACANT 7/30/2007 $ 700.00 $ 700.00 COMPLETED
1704 3 BEDROOM FLAT KIA HILL 8/1/2008 $ 795.00 $ 795.00 COMPLETED
1705 2 BED W/ DEN KEVIN NEWTON 6/15/2008 $ 795.00 $ 795.00 COMPLETED
1706 2 BED W/ DEN Anne Kreymborg 6/1/2006 $ 760.00 $ 795.00
1707 2 BED W/ DEN Sharp, Valarie 7/27/2007 $ 750.00 $ 785.00
1800 3 BED TH W/ BASE BONITA PAYNE 9/13/1990 $ 915.00 $ 960.00
1802 3 BED TH W/ BASE Heather Harden 7/1/2008 $999.00 $ 999.00 COMPLETED
1804 3 BED TH W/ BASE VACANT $ 999.00 $ 999.00 IN PROCESS
1806 3 BED TH W/ BASE VACANT $ 849.00 $ 999.00 COMPLETED
1808 3 BED TH W/ BASE TIA TODD 11/1/2008 $ 999.00 COMPLETED
1810 3 BED TH W/ BASE CHERYL DOUGHTY 1/27/2006 $ 805.00 $ 855.00
1812 3 BED TH W/ BASE VACANT 11/25/2004 $ 699.00 $ 999.00 IN PROCESS
1814 3 BED TH W/ BASE LATOYA WASHINGTON 10/29/2005 $ 805.00 $ 855.00
1900 3 BED TH W/ BASE PAUL MILLER 8/21/2004 $ 949.00 $ 999.00
1902 3 BED TH W/ BASE Tom Booth 4/15/2007 $ 850.00 $ 999.00 MOVING TO 1806
1904 3 BED TH W/ BASE RICHARD & BARBARA WATTS 10/15/2002 $ 964.00 $ 999.00
1906 3 BED TH W/ BASE V. WHITLEY 2/4/2008 $ 1,055.00 $ 1,055.00 COMPLETED
1908 3 BED TH W/ BASE CHERYL BURGESS 5/21/2005 $ 819.00 $ 879.00
1910 3 BED TH W/ BASE STEPHANIE RUSHI 9/1/2008 $ 829.00 $ 999.00 COMPLETED

90 Total $ 59,990.00 $ 64,649.00

Underhill Associates Resume

UNDERHILL ASSOCIATES, INC.is a unique, multi-dimensional
company, capable of satisfying a wide range of development
needs: (formulation of a development plan, site acquisition,
architectural planning, zoning approval, Historic Certification,
tax moratoriums, affordable Housing Tax Credit Certification,
partnership agreements, syndication, financing, construction,
leasing, property management and maintenance).

UNDERHILL ASSOCIATES is an accomplished builder/renovator,

diversified in the construction of high-end single familyhomes,
condominiums, market rate and subsidized apartments, offices and
retail space. It has also developed the largest conversion
project ever done nationally at the time (18-story Kentucky
Towers).

UNDERHILL ASSOCIATES is well regarded in property management,

currently responsible for approximately 1,200 apartment units
(fair market, LIHTC & HUD subsidized, and condominiums), plus
over 300,000 sq. ft. of office and retail space.

Credentials: In business since 1971; locally owned and managed;

winner of numerous Historic Preservation Awards (in 1994,
UNDERHILL ASSOCIATES won the Preservation Alliance Life-Time
Achievement Award; in-house certified property manager; Attorney
and Certified Public Accountant, memberships in Homebuilders &
Remodelers Associations, Board of Realtors, Chamber of Commerce,
Downtown Rotary Club, Preservation Alliance, etc. In 2008
UNDERHILL ASSOCIATES was named Best of Louisville for Property
Management and also was named Best Small Business of The Year in
2008 by Business First.

DEVELOPMENT AWARDS:

James Osborne House Apartments Old Louisville

DuPont Manual Apartments Old Louisville
Brook & Oak I Partnership Old Louisville
Brook & Oak II Partnership Old Louisville
George Rogers Clark Place Condominiums Cresent Hill
Mason Parkland Project Parkland
Limerick/Shamrock, Ltd. Limerick
2007 PREMA Westport Village Best Re-development in
KY
2008 PREMA Westport Village Best Contribution to a neighborhood
in KY

CORNERSTONE AWARDS:

Kentucky Towers Apartments

& Commercial Central Business
District
Scoop Theater Telcom Center Central Business
District
Normandy Office Suites Central Business
District

EXCEPTIONAL DESIGN AND NEW CONSTRUCTION

Landmark Square Old Louisville

OTHER NOTABLE PROJECTS FOR UNDERHILL ASSOCIATES

AS OWNER, DEVELOPER, AND/OR GENERAL CONTRACTOR:

136 St. Matthews Avenue - offices St. Matthews

Worth Plaza Commercial Highlands
Stoneridge I and II Apartments LaGrange
Berrytown Apartments Berrytown
Greenridge Estates Homes Pleasure Ridge Park
St. Andrews Church Estates Pleasure Ridge Park
Hunter Hills Homes Pleasure Ridge Park
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