ACRON 21 Centre Park L.P.

Office Building – Tulsa, Oklahoma

After a six-year holding period the office complex was successfully sold in 2005. Due to a substantial rise in rental income within the past few years and a relatively low increase in operating costs, the net operating income generated in 2004 was 75 percent higher than at the time of acquisition in 1999. This resulted in a lucrative selling price in 2005, which was 33 percent higher than the purchase price paid at the time. In relation to their invested equity, the investors of ACRON 21 Centre Park L.P. received an average return of more than 12.3 percent annually.

Private Placement

Legal form	U.S. Limited Partnership
Year acquired	1999
Year sold	2005
Number of partners	2

The Property

Type of use	Office complex
Year constructed	1982

Key Figures (in USD)

Investment volume, gross1)	3,350,000
Equity	950,000
Borrowed funds	2,400,000
Selling price, net	3,850,000

Overall Result

Holding period	6 years
Return, IRR	12.3 % annually

¹⁾ Includes purchase price, additional costs, cash reserves (if any), and all soft costs.