Greenville/Spartanburg, SC

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Market Summary, December, 2006

Occupancy rates for the Greenville Spartanburg market extended
a positive trend that commenced in November 2005 and resulted in the highest market occupancy rate in ten years.

Over the last 12 months the Greenville-Spartanburg market has absorbed 1,286 units at a time where the change in market supply of apartment units increased by only 730 units.

Since May 2006 an additional 484 units have started construction,
and there are now a total of 906 new units under construction. Development activity is forecast to continue in the coming years with an additional 1,172 units proposed for the Upstate.

In terms of average rent, the Greenville Spartanburg market
averaged $608 for the period ending November 2006. Samestore
rents over the past year increased by $19.40, or an increase
of 3.3%. Breaking the average rents down by unit type, one-bedroom units achieved a rent of $520 per month, two bedroom units achieved a rent of $626 per month and three-bedroom units achieved an average rent of $747 per month.

Based upon current market performance and anticipated development activity, occupancy rates are expected to decline
marginally through the middle of 2007.
 

Market Data Information Source: © December, 2006 Real Data Aptindex