Sandpiper Capital Fund RE - Representative Investments

In July of 2007 the Fund took an equity interest in the purchase of an 86,000 square foot industrial building located in Chandler, AZ.  The property is organized for two tenants and was 28% occupied upon purchase.  Shortly after purchase 100% occupancy was achieved in a property that is believed to have been bought at a significant discount to existing market prices.  The total cost for the property was approximately $8.0 million.

The Fund made an equity investment in March of 2005 utilized for the purchase of an apartment complex located in Rocklin, CA.  The partnership has made significant upgrades to the property, achieved higher occupancy levels and brought all rents up to market value since purchase.  The total cost for the property was approximately $23.0 million.

An equity position in this limited partnership was acquired in June of 2004.  Kirby consists of two office/warehouse buildings located in Houston, TX totaling 115,000 feet.  The total cost, after renovations and working capital was $5.8 million.