Braker–Stonehollow, L.P. In November 2006, E2M Partners, LLC and its operating partner sold six light industrial buildings consisting of over 384,000 square feet located in northeast Austin, Texas. This transaction represents E2M’s ability to add value to the portfolio through efficient acquisition, cost–effective operations and aggressive marketing during the recovery of the industrial market in Austin. From November 2005, the original date of investment, through November 2006, the date of sale, the occupancy percentage increased from 66% to 95%.

Western International - Tucairri Property, LP Acquired and developed a 124-room Residence Inn by Marriott in Tucson, Arizona. This acquisition was part of a five property portfolio of hotels developed by Western International. In January 2008, the property was sold for a gain to the Fund of $0.8 million, the internal rate of return was 46.3%, and the multiple was 1.3x.

Western International - HWELP Property, LP Acquired and developed a 114-room Homewood Suites by Hilton in El Paso, Texas. This acquisition was part of a five property portfolio of hotels to be developed by Western International. In April 2008, the property was sold for a gain to the Fund of $1.0 million, the internal rate of return was 56.1%, and the multiple was 1.5x.

Western International - RI Beaumont Property, LP Acquired and developed a 133-room Residence Inn by Marriott in Beaumont, Texas. This acquisition was part of a seven property portfolio of hotels developed by Western International. In October 2008, the property was sold for a gain to the Fund of $2.0 million, the internal rate of return is 62.2%, and the multiple is 1.8x.

MWE Houston Property, LP Acquired land and developed a 206-room Marriott full-service hotel in Houston, Texas. This acquisition is part of a nine property portfolio of hotels developed by Western International. The property was under a pre-sale contract with Apple to purchase the asset in 2010. Based on the proceeds received to date the Fund’s cash gain is $4.9 million, the internal rate of return is 28.6%, and the multiple is 1.6x.