Residential Opportunity Fund by loz19533


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									                Granite Peak Partners Opportunity Fund 1, L.P.
                                                                   GPP 1, LLC General Partner

                                              A Granite Peak Partners Select Properties Pool
                                                      Investment Summary

                        3830 Santa Anita Avenue
                              El Monte, CA
                 82,505 Square Feet Self Storage Facility
                                                                                                               44454-44556 15th Street East
                                                                                                                      Lancaster, CA
                                                                                                               81 Unit Residential Complex


                                                       SANTA ANITA SELF STORAGE
                                      Projected Three Year Total Return to Investors of over 70%
                                   Three Year Annualized Return on Investment of over 20% per year
                                          1997 Construction—Minimal Renovation Required

                                                    WILLOW CREEK CONDOMINIUMS
                                    Projected Eighteen Month Total Return to Investors of over 30%
                                                20% Annualized Return on Investment
                                                         Built in 1989 and 1990
                                         81 Units of a 236 unit Existing Condominium project
                                              Tennis Courts, Pool, Spa and Fitness Room
                                                          Renovated Grounds

                     All Invested Capital Receives a Priority “Foundation Investor” 8% Preferred Return

This is not an offer to sell limited partnership interests. Offers are only made by the Private Offering Memorandum. Potential investors are urged to review the Risk Factors
described in the Memorandum. Contact Granite Peak Partners, Inc. if you are interested in considering this investment.
                                                                                                                                                 Control # __________
Provided below you will find an Executive Summary of our current offering: GPP Opportunity Fund 1; a Pool of Select
Properties which are intended to provide our investors with the opportunity for significant capital appreciation and well
above average cash on cash returns. Properties selected for inclusion in the Pool must meet the following criteria:

    •   Deliver a minimum of 20% Annual Return on Investment based on conservative projections.
    •   Require a maximum holding period of three years.
    •   Provide the opportunity for significant capital appreciation, with cash flow a secondary objective.
    •   All investors receive an 8% Annual Preferred Return on Invested Capital plus
        - 75% of profits, after Return of Original Investment and the Preferred Return, up to 20% Annually plus
        - 50% of profits thereafter
    •   Properties must pass a considerable level of due diligence and property level screening and

GPP Opportunity Fund 1 will be organized as a California Limited Partnership, with GPP 1, LLC as the General
Partner. The Fund will admit Accredited Investors subject to a $100,000 minimum investment and 1031 Exchange
Tenants in Common as co-investors. The Fund will be capitalized with a maximum of $10,000,000.

The General Partner will co-invest in tandem with Limited Partners and Tenant in Common investors (for 1031
Exchanges). A maximum of five properties will be acquired, two of which are currently under contract and described
more fully below.

GPP Opportunity Fund 1 is scheduled to close escrow on the identified properties almost immediately. These are 1)
Santa Anita Self Storage, an 82,505 square foot Self Storage Facility in El Monte, California to be acquired on or
about June 30, 2004, and 2) Willow Creek Condominiums, an 81-unit residential rental complex in Lancaster,
California with an acquisition date on or about June 15, 2004.

Santa Anita Self Storage: 3830 Santa Anita Avenue, El Monte, CA

                                                                                          Property Highlights
                                                                                    •    82,505 square foot self
                                                                                         storage facility in El
                                                                                         Monte, California

                                                                                    •    Excellent condition—
                                                                                         constructed in 1997

                                                                                    •    5 acre site opposite El
                                                                                         Monte Airport

                                                                                    •    Located on high
                                                                                         visibility, heavily
                                                                                         traveled Santa Anita

Investment Highlights:
    • $5,000,000 acquisition price.
    • Projected 77% three year return on investment; 25% + annual return on investment.
    • Three year projected hold.
    • Existing 23-year ground lease likely to be extended to 40-years, a substantial value
      enhancement if realized.
    • Advantageous purchase price due to relatively high current vacancy and below market

Reposition Plan:

This property is in excellent condition reflecting its recent construction. No physical renovation is required. In 2003,
the owners added additional storage space by enclosing area previously utilized for RV parking. Completion was
delayed when security systems could not be completed in a timely manner. The delay negatively impacted lease up
and rental achievement.

The property is currently 84% occupied with almost all vacancy concentrated in the new space. Competing facilities
in adjacent areas average 95% occupancy, and command 20% higher rents.

We believe that more attentive management and marketing [as an example, the property is not presently listed in the
Yellow Pages] will substantially increase rental rates and occupancy levels. Successful execution of the business
plan will generate a return on investment of 77%. Our underwriting assumes occupancy of only 90% and 95% rental
rates currently being obtained by competing properties. These are conservative objectives and might well be

Willow Creek Condominiums: 44454-44556 15th Street East, Lancaster, CA

                                                                                   Property Highlights
                                                                         •   81-2 Bed/2 Bath Townhouse
                                                                             Units in Lancaster, California
                                                                         •   Built in 1989-1990; Excellent
                                                                             Homeowner’s Association
                                                                         •   Strong amenity package:
                                                                             tennis courts, pool, spa,
                                                                             fitness facility
                                                                         •   Attractive, mature
                                                                             landscaping; abundant water
                                                                         •   Affordably priced starter
                                                                             housing in supply constrained
Investment Highlights:
    •   $7,014,000 Purchase Price.
    •   $86,000 per unit cost /81 units acquired.
    •   $9,000 per unit renovation plan.
    •   $125,000 per unit estimated sales price.
    •   Projected 1½ year hold; 32% return on investment
    •   Affordably priced starter housing in high demand, supply constrained market.

Reposition Plan:
These attractive, two-level, Townhouse style homes are being acquired at well below replacement cost. Our $7mil
purchase price is the result of buying all 81 remaining units in the development in a bulk purchase. The final phase of
this condominium development was brought to market just as housing demand deteriorated as a result of defense
employer cutbacks in the early 1990’s. The units have been successfully operated as rentals since that time.

The living rooms, kitchens, and dining areas will be upgraded with hardwood floors. Stairways and bedrooms will
receive Berber carpeting. Kitchens will be equipped with new stoves, dishwashers, and microwaves. All living units
will be repainted in an attractive, multi-tone format.

Phase 4 and 5 are currently obtaining resale prices in the upper-$120,000 range without the upgrades that our Willow
Creek Condominiums will offer. With average listings in the Antelope Valley on the market for less than twenty days,
the Willow Creek Condominiums should readily meet our expectations. We believe that our projections are
conservative, and might well be exceeded.

Additional Properties:
GPP Opportunity Fund 1 may acquire up to three additional properties which we intend to identify by July 15, 2004
and must be consistent with the objectives of GPP Opportunity Fund 1:

    •   A minimum potential 20% annual equivalent return on investment.
    •   A maximum holding period of three years.
    •   The opportunity for significant capital appreciation, with cash flow a secondary objective.

Advantages of Investing in a Pool:
Combining multiple properties into a single pool provides investors with diversification by spreading the investment
risk across different product types and geographical locations. Equally important, investors can look forward to early
returns of capital as properties will be sold as soon as they have attained their business objectives. This is a
significant advantage in comparison to single asset, buy and hold real estate investments where success is
dependent on one property and liquidity can only be provided on sale or refinance of that single asset.

GPP Opportunity Fund 1 will be open to new investments until the fund is closed The following sections of this
Investment Summary provide further property level details, an explanation of the Granite Peak Partners real estate
investment strategy, and information about the Firm.


                         Santa Anita Self Storage - Property Level Description & Plan:
Santa Anita Self Storage offers 82,505 square feet of storage space on a five acre site located at 3830 Santa Anita
Avenue, in the City of El Monte. The location is directly opposite the El Monte Airport, and is surrounded by upper
middle class single family housing in a dense, in-fill location. Santa Anita Avenue is a heavily traveled, North-South
connector between the 210 and 10 Freeways, parallel to the 605. (See insert below) The location, south of the 210
and adjacent to the upscale communities of Arcadia and Temple City, is therefore ideal for a self-storage facility.

Built of steel construction in late 1997, the
improvements have been texture coated to
provide a stucco appearance. In the last year,
some 16,500 square feet of additional storage
space was created by enclosing areas
previously utilized for covered parking for boats,
RV’s, and automobiles. The property also offers
a one bedroom, one bath townhouse apartment
unit for the resident manager. The lower level
of the townhouse is configured to serve as the
leasing/management office.

The site enjoys excellent circulation, ingress, and egress—obviously critical elements to the functional efficiency of a
storage facility. Individual buildings are positioned on opposite sides of generously wide driveways. The property
may be entered and exited by an access point on the south, while a second exit exists on the northerly side, thus
permitting a ‘straight through’ path for entry, drop, and exit. This configuration is particularly advantageous for larger

Storage units are well sized to attract commercial/business users, with 90% of the storage space offering dimensions
of 10 ft. X 10 ft., or larger. Business users provide stability of income, being less prone to the higher turnover rates
typical of individual/residential tenants. The ideal customer profile is achieved via a mix consisting of 55% to 60%
business tenants, with the balance represented by individual/residential sector. This rental mix provides continuity of
income as well as the higher per square foot margins achieved through residential occupancies.

Santa Anita Storage—The Value Add                                                                      Santa Anita
Opportunity:                                                                                           Self Storage
Our acquisition price of $5 mil translates to a
purchase capitalization rate of approximately
8.4%. It is well worth emphasizing that this
                                                                                                        Traveled Santa
return is based on current collections and very                                                           Anita Blvd.
conservative estimates of operating expenses.
It is, in other words, a real rate of return based
on existing economics. Upon stabilization the
capitalization rate will increase to 10.8%
presuming only that more attentive
management drives occupancy to the 90%
level and we achieve 95% of market rents.
These returns are obviously superior to currently available offerings—the question is, why?

Increasing Income:
The majority of the current vacancy is concentrated in the newer recently converted RV parking space, much of
which has been held off the market pending installation of electronic security access systems [now finished]. The
immediate opportunity to increase current income consists simply of 1) filling the last increment of recently completed
storage units and 2) raising the rents which are currently 20% below the local area market.

The probability of success here is substantially supported by the historically high occupancy levels experienced by
competitive self storage units in the same geographic area. The relatively high rate of current vacancy is therefore a
phenomenon we believe is transitory and addressable. Furthermore, existing rents are approximately 20% below that
asked     by     other
operators in the
area. We believe this
affords the Fund the
opportunity         to
stabilize rents at
much higher levels.

Lease Extension:
The second value
added opportunity is
that the property is
located on leased land owned by the County of Los Angeles. The lease has a remaining term of 12½ years, with two
five-year extension options, bringing the total term to approximately 22½ years. We believe based on discussions
with Los Angeles County, we can economically extend the lease to 40 years. The current ground rent is $4,000 per
month; cost of living increases are at five year intervals, with the next adjustment scheduled for 2007.

The County will require an increase over the current ground lease payment in exchange for the increased term, but
we believe that the trade-off for the extended term will more than justify the additional cost. Investors should note
that it is unlikely that we will hold the property through the expiration of the ground lease whether or not it is extended.

We therefore believe that the most probable outcome is an extension of the existing lease, which provides Los
Angeles County with an enhanced and lengthened revenue stream. The extended term will dramatically increase the
residual value of the property by permitting resale to a subsequent owner who would inherit long term certainty and
qualify for 1031 “like kind” status.

Benefits of a Ground Lease:
A ground lease provides certain inherent advantages, among which are the ability to expense the lease payments
[land owned in fee is otherwise not depreciable], and higher leverage [since the land is not purchased at the outset].
Indeed, given a sufficiently long term ground lease, the advantages of a ‘leasehold estate’ in land outweigh outright
ownership, particularly for investment properties.

The disadvantage of course is that the improvements revert to the ground owner at the end of the lease term. To
understand the outcome of the long-term ownership we have therefore modeled this investment under the
assumption that this is exactly what occurs: after 23 years of ownership, we simply surrender the investment to the
ground owner, obtaining nothing in return. The result is an annual return on investment for the project of almost 20%.
The investment therefore handily passes our ‘negative development’ test.

The property is being purchased with bridge financing, which permits a higher loan amount contingent on
achievement of higher income levels. A lender has indicated that the property will likely qualify for permanent
financing in an amount sufficient to the majority of our total investment. At close of escrow, we anticipate a loan
equal to 65% of the purchase price at an interest rate of 1% over Prime Rate. If we should choose, a permanent loan
of 80% of the then stabilized market value at a rate fixed at 1.3% over the ten year Treasury note rate.

The Santa Anita Storage investment combines all of the elements that Granite Peak Partners requires to qualify for
inclusion in GPP Opportunity Fund 1. Limited downside, excellent upside, and contained risk should future events
develop contrary to expectations. This property offers the ability to create a long term, high cash flow investment that
will find an enthusiastic buyer when the asset is sold.

                    Willow Creek Condominiums – Property Description & Plan

Located in Lancaster, this 236-unit residential
community was developed in five phases. Phases                    Willow Creek
One through Three were constructed in 1980 and
consisted of 155 condominiums built as one-level
“flats”. Phase Four and Five (where the 81 purchased units
reside) were constructed in 1989-1990, and consisted of the more
attractive and popular two-level, “townhouse” architectural style
that typifies the majority of contemporary condominium
developments to which we are now accustomed.

Property Amenities:
Offering central air conditioning, two tennis courts, a large
recreational center, swimming pool, jacuzzi, sauna, generous
landscaping, and [unusual for the time] a network of streams and ponds, the developer enjoyed brisk sales. All
models offer enclosed front patios at the entrance, washer/dryer hook-ups, ceramic tile entries and countertops,
fireplaces, and large, detached, two car garages. The lower level contains the living room, kitchen, dining room, one
bedroom, and one bathroom; the upper floor holds the master bedroom, bath, and sitting area. The floor plans are
both attractive and efficient.

Early 1990’s Market Downturn:
Nevertheless, phase four and five were brought to market just as the greater Los Angeles area was affected by the
massive cutbacks in military defense spending. Undermined by a massive and rapid decline in military spending,
defense and aerospace contractors initiated a wave of layoffs that undermined the entire regional economy, most
particularly including the Lancaster/Palmdale markets with their heavy reliance on defense employers. Sales stalled,
and then evaporated. Phases Four and Five were thereupon forced to transition to an apartment rental project.

We are now purchasing 81 Phase Four and Five units currently being operated as rentals. Following renovation
these units will be offered for sale. Separate legal title to each of the units already exists. There are two model types:
thirteen 1,144 square feet corner units [Creekside], and sixty-eight 1,066 square feet mid-building units [Willowbrook].
The exceptionally well maintained grounds and landscaping, as well as unit exteriors, are the responsibility of the
Homeowners Association. Current Homeowners Association dues are $195/unit/month.

Lancaster and The Antelope Valley—Regional Overview:
Lancaster and neighboring Palmdale are the principal cities of the rapidly developing area known as the Antelope
Valley, a region with a population now approaching 350,000. Growth in past years has been fueled by the availability
of affordable housing with major builders such as KB Homes, Beazer, and Greystone capitalizing on attractive land
prices, and pro growth municipalities. More recently, jobs have followed housing with major employers such as
Northrop Grumman, Lockheed Martin, Boeing, UPS, FedEx, Countrywide, Deluxe and Roadway Express adding to

Proximity to employment opportunities in the Los Angeles area has been substantially accelerated with the opening
of Metrolink providing rail commuter service from Lancaster to downtown Los Angeles via Santa Clarita, Burbank,
and Glendale. The Palmdale Regional Airport has experienced very significant growth in air freight, offering a less
congested alternative to LAX, Burbank, John Wayne and Ontario.

                                             Wal-Mart                      The area also has State Enterprise and
                                             Shopping                      International Trade Zones that provide
                                              Center                       favorable tax credits and tariff treatments for
                                                                           logistics, transportation and international
                                                 Metro Link                freight companies. This has attracted major
                                                  Station                  cargo and distribution companies to the
                                                                           area. Plans are also being explored to add
                                                                           regularly scheduled air passenger service at
                                                  Willow Creek             this increasingly important transportation
                                                 Condominiums              hub.

We are furthermore encouraged by the rapidly developing residential infrastructure in the area immediately
surrounding the Willow Creek community. As noted, the property is located at 44454-44556 15th Street East in
Lancaster. Approximately two blocks east, a Wal-Mart anchored shopping center has recently been completed. A
grocery center anchored by a Stater Brothers Supermarket is equally close and has recently undergone a substantial
renovation. (See figure above.) National retailers commit to such developments only after thorough demographic
analysis—their presence speaks well for Willow Creek’s future.

Willow Creek Condominiums—The Value Add Opportunity:

                                                                   Unit Upgrades:
                                                                   We will upgrade each of the models with
                                                                   hardwood floors in the living room, kitchen, and
                                                                   dining areas, while the stairway and bedrooms
                                                                   will receive Berber carpeting. In addition,
                                                                   kitchens will be equipped with a new appliance
                                                                   package to include stoves, dishwashers,
                                                                   microwaves, stove-vent hoods. Washer/dryer
                                                                   units may be offered as bonus sales incentives.
                                                                   Finally, all condominiums will be repainted in an
                                                                   attractive multi-tone scheme and mirrors will be
                                                                   strategically placed to enhance the feeling of
                                                                   spaciousness. The net result will be a fresh,
                                                                   attractive, “as new” appearance that we believe
                                                                   will compete very successfully with alternative
                                                                   more pricey offerings.

Financial Impact:
At the project level, the economics are compelling. We are acquiring the units for $86,600 each and will spend an
additional $9,000 per unit in renovation costs. With allowance for carry expenses, the cost per unit will be $98,600
before selling expenses. Based on a competitive market analysis surveying comparable unit sales over the last nine
months, we believe these models will command prices ranging from $125,000 to $140,000 per unit.

We have projected a one and one-half year renovation
and sales cycle, start to finish. Executing this business
plan will result in investors receiving a 32% return on
investment, equivalent to an annual return of 24.4%.
Investors should note that returns on condominium sales
are subject to ordinary income tax rates. This investment
however provides ample profit margins to compensate for
the less favorable tax treatment. Our sales assumptions
rely on verified data: unimproved units in Phase Four and
Five are currently selling for $129,500 each.

Limited Supply:
The supply of competitive product is almost non-existent: current listings are on the market an average of 20 days.
The national homebuilders referenced earlier are taking reservations on new single family homes concurrently with
groundbreaking, at prices ranging between $275,000 and $450,000 on track homes and up to $1,000,000 on custom
gated community homes. The majority of units are sold prior to completion of construction. We are not, of course,
competing in this niche but the success of the major builders validates the vibrancy of the Antelope Valley housing

The communities of Lancaster and Palmdale had moratoriums in place on apartment and condominium
developments until year end 2002 when they were rescinded. These moratoriums will have a pronounced positive
impact on market supply as we are not aware of any land presently zoned for significant new multifamily or
condominium developments. Similarly, we have found no current construction of condominium or apartment projects
larger than ten units.

The downside risk analysis centers on retaining the property and continuing to manage it as a rental project. We
note that historically low interest rates and favorable Southern California residential real estate markets are driving
this investment opportunity: monthly rentals at Willow Creek Phase Four and Five range between $875 and $900
monthly. Assuming: a) our projected selling prices, b) mortgages of 5.5%, and c) monthly homeowner association
dues of $195, results in monthly occupancy costs of $875 to $900—nearly identical to rental prices.

Should interest rates suddenly increase significantly impacting the marketability of the units, we would still find
ourselves with an attractive rental project. Willow Creek therefore falls within our contained risk parameter, while at
the same time poised for very significant upside. It is an excellent addition to GPP Opportunity Fund I, and a
strategic counterpoint to Santa Anita Storage.

Proven Track Record:
Granite Peak Partners, Inc. was founded to serve the real estate investment needs of qualified individuals and
financial institutions. The Firm focuses on $5 million-$20 million properties in the western states, with a current
emphasis on California. We accomplish this by providing investors with Pools of Select Properties owned through
limited partnerships and tenancy-in-common interests (for 1031 Exchange clients).

The principals have acquired and rehabilitated nearly 1,000 apartment units and multiple office buildings, developed
commercial and residential properties from the ground up and managed thousands of acres of agriculture in the
Southern California market since 1985. Together the principals bring over seventy years of experience to the firm.
Granite Peak Partners believes that capital preservation should be the first investment objective, a goal that cannot
be adequately achieved without diversification.

The Partners realize that real estate, unlike listed
securities, is an inherently inefficient market and
it is precisely that inefficiency which permits well
selected and properly repositioned properties to
achieve superior returns without a proportionate
increase in risk. Granite Peak Partners has
assembled the organizational expertise
necessary to profitably exploit the inefficiencies
of the real estate market, and we offer our clients
a convenient, efficient means of participating in
that superior profitability.

A fundamental component of Granite Peak Partners philosophy is our co-investment in projects. This is the single
most effective way to align the interests of the General Partner and those of our investor clients. By doing so we
eliminate conflicts and insure that the interests of our clients have equal priority with our own.

Conclusively, Granite Peak Partners finds the Select Properties Pool approach offers investors the opportunity for
earlier returns of capital because the properties will be acquired precisely because they offer the prospect of
capturing value created by repositioning the asset. This process is referred to as the value added strategy, and is
one of the key components of Granite Peak’s acquisition criteria and Select Properties Pool structure. Value added
investments are intended to be sold or refinanced upon stabilization; i.e. as soon as their maximized increased value
can be realized in the marketplace.

Advantages of the Pool Investment Strategy:
    •   Risk contained—diversification by property type and geographical location.
    •   Accelerated return of capital--liquidity through multiple individual property sales.
    •   Tax advantaged—long term capital gains treatment on sales and depreciation sheltered distributions of net
        operating income.
    •   Co-Investment by General Partner—Granite Peak capital invested in all Select Pools.

The pool vehicle is, in our opinion, superior to direct ownership of individual properties and preferable to the real
estate investment trust [REIT] alternative. In addition to diversity however, the pool strategy effectively addresses the
other major disadvantage of the traditional single asset oriented approach with its inherent illiquidity. Participants in
privately organized real estate investments typically must wait for properties to be sold in order to receive returns of
capital. Prior to sale, distributions are necessarily limited to returns on capital.

Compared to real estate investment trusts, the select pool vehicle offers a targeted selection of higher return
properties without sacrificing critical diversity. The majority of REIT securities will, over the longer term, revert to the
average returns typical of small and mid cap securities. REIT alternatives also lack the depreciation benefits that are
provided by the select pool vehicle.

Granite Peak Partners Economic Perspective:
The timing and availability of any particular pool offering will be driven by current real estate market realities, as well
as the Company’s evaluation of the overall economic climate. This is an important concept that merits emphasis.
Real estate markets are inherently cyclical meaning that any given property type could be over or under valued in any
given environment.

For example, we believe that the California apartment market is currently ‘priced for perfection’ virtually eliminating
the possibility of value added acquisitions in this category. In our opinion, there are very significant price risks
associated with the multifamily market in Southern California, perfectly evidenced by the sub 5% capitalization rates
currently being realized by sellers. Apartment prices are well above national averages while capitalization rates are at
or near historic lows. It is, in other words, a classic sellers’ market.

We attribute this situation to the region’s relatively good economic performance during the last down turn, high
liquidity and--above all other factors--historically low interest rates which provide buyers with ample credit, while yield
hungry new players enter the market in a desperate attempt to find alternatives to the anemic returns available elsewhere.

In the same vein, lower interest rates have
driven real estate yields downward for many
property types, making it considerably more
difficult to assemble properties that would
provide the characteristics appropriate for
investing. Opportunities do exist however, in
special situations and narrowly defined retail
and industrial categories. The capitalization
rates we are seeing for these opportunities are
still within normative historical ranges, albeit
towards the lower end of the range.

We believe that improving market fundamentals and strong economic growth will favor investments in multiple tenant
industrial, branded retail, self storage with exposure to small businesses, and affordable housing. In all cases, we

favor smaller/medium sub-institutional size properties ($5 - $20 million) not targeted by institutional and public market
buyers. Consistent with our analysis of the contemporary market, we are therefore pleased to introduce GPP
Opportunity Fund 1.

Conclusion/ Next Steps:

We believe GPP Opportunity Fund 1, is an excellent investment opportunity for those seeking significant
capital appreciation. Current cash flow is a secondary consideration behind capital growth. We project that
investors will receive an annualized rate of return in excess of 20%. The estimated holding period is one
and one-half to three years.

Due to the competitive nature of this opportunity, the Sponsor requests a firm commitment no later than
June 15, 2004. The minimum investment is $100,000 and funds are requested to be received by June 30,
2004. In view of the short time frame, we are prepared to accommodate you as necessary to facilitate your
investment process.

On behalf of the Principals of Granite Peak Partners, we thank you for your consideration of this opportunity.
We look forward to working with you as we build a profitable and mutually beneficial relationship for many
years to come.

Bruce D. Savett, Principal              Pierre Y. Tada, Principal           Gregory G. Yost, Principal
133 West De La Guerra Street            133 West De La Guerra Street        330 Washington Blvd. Suite 600
Santa Barbara, CA 93101                 Santa Barbara, CA 93101             Marina del Rey, CA 90292
T: 805.892.4900 ext 202                 T: 805.892.4900 ext 203             T: 310.821.1600
E:        E:   E:


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