Spanish Oaks Apartments:  
This 200 unit apartment complex located at 3025 E. Park Row in Arlington, Texas (formerly named Winding Oaks) was purchased from Midland Loan Services, by Gillean Properties LLC in June, 2004 for 2,400,000 with an additional rehab/upgrade allocation of approximately $1,600,000.  The property at the time of purchase was 40% occupied.  Improvements and management will take over immediately.  All improvements will be 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.