Spanish Gardens Apartments:
This 300 unit apartment complex located at 2838 Royal Lane in Dallas, Texas (formerly named Royal Village) was purchased by Gillean Properties LLC in June, 2002 for $5,900,000 with an additional rehab/upgrade allocation of approximately $2,000,000.  To date the current operating statement reflects total capital expenditures of $1,200,000 through November, 2002.  All improvements were performed in-house and as a result represent upgrades and long-term enhancements to the property, which far exceed the actual cost.  The property is being upgraded to a very desirable and attractive blue collar apartment community achieving rental rates comparable to any property within the submarket.