Terra/Shady Oaks, LP E2M Value Added Fund has invested in Terra/Shady Oaks, LP, an entity formed to acquire and develop approximately 95 acres located in Southlake, Texas. The development will consist of 136 single–family lots priced from $600,000. The tract is the last remaining large parcel available for development in Southlake, Texas, one of the premier communities in the Dallas/Fort Worth Metroplex. The City of Southlake is a suburban community located in northeastern Tarrant County about 14 miles north of Fort Worth and 22 miles northwest of the Dallas Central Business District. Southlake’s population growth has doubled each decade from 1960 to 2000 and 1st Quarter 2006 market data for Southlake indicated that there was a substantial undersupply of existing vacant lots. The firm has made this investment to take advantage of the imbalance between supply and demand in Southlake’s residential market arising from the lack of lots available for executive homes.

MA Boerne Partners, L.P. E2M Value Added Fund has invested in MA Boerne Partners, LP, an entity formed to acquire and develop 1,242 acres of land located in Boerne, Texas, approximately 30 miles northwest of San Antonio. The development will include approximately 2,500 residential units, 33 acres of retail, an elementary school and numerous community facilities. The partnership was awarded the last sizeable water allocation by the Guadalupe–Blanco River Authority in the Boerne area. The firm has made this investment to take advantage of the recent migration of middle and upper–middle class families to the northwest areas of San Antonio. E2M’s ability to secure and deliver scarce water rights and city utilities to the property during the pre–development period added valuable proprietary market advantages in connection with this investment.

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