Morgan Construction Co.

Prior to joining MGI in 1998, Alan was most recently the Managing Director of the Chase Bank of Texas Realty Advisory Group (formerly known as Texas Commerce Realty Advisors). During his eight-year tenure, he developed and managed Chase's Real Estate Mezzanine Financing product, worked in the Real Estate Workout/Restructuring Group and the Commercial Real Estate Lending Group. He previously served as a Project Manager with a Houston based commercial general contractor, Miner-Dederick Companies, Inc., where he managed office and medical building construction projects nationwide for eight years.

Prior to joining MGI, Stan spent 15 years with JPMorgan Chase & Co., most recently, as Managing Director of Real Estate & Lodging Investment Banking for the Southern Region. Stan graduated with honors from The University of Texas with a BBA in Finance. Stan serves on the Board of Directors of Hines Real Estate Investment Trust, Inc. and is a Past President of the Board of The Shlenker School in Houston. He is an active member of Urban Land Institute and National Multi Housing Council.

Louis H. Kuntz is Executive Vice President and a Partner of MGI, and is responsible for all apartment development in California. The 15-year real estate veteran assists in all aspects of pre-development, development, construction, and asset management. Prior to joining MGI, Louis was President of Houston-based LHK Investments, a brokerage firm specializing in the site selection, entitlement approval and acquisition of multifamily housing sites nationwide. He previously served as Vice President of development for the Lokey Companies, the country's seventh largest multifamily developer. Louis' vast real estate experience includes land acquisition, development, construction and property management of more than 14,000 apartment units in 28 cities nationwide. He has had direct exposure in underwriting in approximately 40 U.S. markets. The 1983 graduate of Southern Methodist University earned a bachelor of business administration (BBA) degree with an emphasis on finance and real estate.

Derek Empey serves as Senior Vice President of Development and manages the day-to-day operations of all new development projects in California. Derek's responsibilities include all aspects of pre-development analysis, community relations, and direction of MGI's development, design and pre-construction groups. Prior to joining MGI in 1998, Derek spent 10 years in the land development and public planning fields as a Planner and land use consultant to major landowners, multi-national corporations and public agencies. He is knows for his innovative development strategies and boasts a perfect record of entitlement approvals for hundreds of projects in some of the most challenging communities in the Western U.S.

Jon C. Wood, vice president - development for The Morgan Group, Inc. (MGI), is responsible for all facets of development on the East Coast with particular focus on the Mid-Atlantic Region. He oversees site selection, market analysis, due diligence, financial analysis, entitlement approval, product design and project financing. In addition, Jon is involved in all aspects of pre-development, development, construction and asset management. Prior to joining MGI, Jon was a regional development officer for Archstone-Smith (NYSE: ASN), a Real Estate Investment Trust with a total market capitalization of $10 billion and a member of the Forbes Super500. At Archstone-Smith, Jon administered the development of over $130 million of multifamily projects throughout metropolitan Washington, D.C. Prior to Archstone-Smith, Jon was a regional development manager for Trammell Crow Residential where he directed the development of 2,200 apartments throughout Florida and facilitated the procurement of over $170 million of debt and equity financing. Jon earned a Master of Business Administration degree from the University of Florida with a dual concentration in Real Estate and Finance. He also received a Bachelor of Arts degree in Economics, Cum Laude, from Rollins College. Jon is an active member of the Urban Land Institute and recently served on the Board of Directors of the Landowners Economic Alliance for the Dulles Extension of Rail.

John's primary responsibilities include land acquisition, pre-development design and project underwriting for all new developments in the West. Since joining MGI in 1997, John has been directly responsible for over $300 million of new development throughout Southern California. In addition, John has worked to expand MGI's presence into Northern California and other strategic markets in the Southwest, including Phoenix and Las Vegas. John earned a Master of Real Estate Development degree from the University of Southern California and a Bachelor of Science degree in Construction Engineering Management from California State University at Long Beach.

Rosalind joined MGI as General Counsel in 1997. Prior to her arrival at MGI, Rosalind was an Associate with the Houston law firm of Baker & Botts, L.L.P., specializing in commercial real estate. While at Baker & Botts, Rosalind represented both lenders and developers in all aspects of transactional real estate, including acquisitions, sales, project financing, design and development, construction and leasing. Rosalind is responsible for addressing legal issues that come up in the day-to-day operations of the company. She also handles all of the company's transaction real estate matters, ranging from subcontractor negotiations to multi-million dollar project financings. Rosalind graduated in 1985 from Louisiana State University in Shreveport with a BS degree, summa cum laude, in economics. She received her Juris Doctorate, with honors, from the University of Houston Law School in 1988.