Kenwood Management Company

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Kenwood Management Company, LLC ("Kenwood") grew out of an earlier established company, Bowis Investment Realty Corporation ("BIRCO"). Founded in 1994, BIRCO acquired three grocery anchored shopping centers from the Resolution Trust Company ("RTC"). All three centers are located in Maryland and remain in the portfolio.

Kenwood was founded in late 1996 by Hank Bowis and Phil Ackley as a vehicle to attract private equity from investors with a long term investment strategy and to provide superior property management services for its commercial real estate acquisitions throughout the Washington Metropolitan Area.

Kenwood's first acquisition was the Kenwood Office Building, a 54,000 sq. ft. seven - story building located in Bethesda, MD. Kenwood purchased this property in December 1996 from Mutual of New York ("MONY"). Kenwood closed on this asset within 45 days of receiving the seller's property information.

In April 1997, Kenwood acquired the Reston-Herndon Business Park, a 280,000 sq. ft. industrial/self storage property located on 16 acres in the town of Herndon, VA. Again, the seller sought a short study period, fast close and all cash buyer. Kenwood met all of the seller's requirements and closed on schedule.

In October 1997, Kenwood purchased from Crestar Bank (now "Suntrust") the Aspen Hill Office Building, a 36,000 sq. ft. office building located in Silver Spring, MD.

Continuing to seek quality assets throughout the Washington Metro area, Kenwood has acquired 6 additional properties since late 1997. These included an office building, three industrial properties and two self-storage properties, bringing the total portfolio to 831,000 sq. ft.

Kenwood's founding concept, which remains true today, is to provide our investors, both large and small, the opportunity to participate in quality acquisitions of income producing properties and to seek above market returns. Kenwood's philosophy is to minimize organizational or syndication fees and to focus on success-based compensation. Therefore, most of our investors' capital is attributed to the real estate. Investors are paid a preferential cumulative return from cash flow before Kenwood participates.

Phil Ackley has been a principal of Kenwood Management Company since its founding in December, 1996. He has been actively involved in the real estate industry since 1969 holding key officer positions in national institutions and local companies. He has specialized in all facets of real estate, including: asset management, property management, purchase and sales, construction management and brokerage sales, tenant and landlord representation.

Prior to starting Kenwood Management Company, Mr. Ackley has been employed in real estate activities for Mass Mutual, Aetna Life, Buvermo, Radnor Buchanan, First American Bank and Pinnacle Asset Management Company. Mr. Ackley has been a broker in Virginia, and is a Certified Property Manager (CPM ®), having served as its President-elect for the Connecticut Chapter. Mr. Ackley holds a Bachelor of Science in Business Administration from Norwich University.

Henry A. Bowis

Hank Bowis has been active in the Washington area commercial real estate activities for the past 37 years, including acquisition and disposition, property management, development, finance and marketing. Together with Phil Ackley, Mr. Bowis founded Kenwood Management Company in late 1996 in order to provide professional property management services for Kenwood's acquisitions. Since founding Kenwood, Mr. Bowis has led the acquisition of 10 investment properties and 3 self-storage developments in the Washington area. The portfolio, which totals over 800,000 sq. ft. consists of office, industrial and retail properties.

Prior to founding Kenwood Management Company, Mr. Bowis was Senior Vice President of First American Bank for which he originated and staffed a department of 22 professionals responsible for all activities relating to the post-foreclosure management, operation and disposition of real estate assets acquired by the D.C., Maryland and Virginia Banks. The First American Portfolio consisted of over 200 properties with a total value of $175 million. Prior to First American, Mr. Bowis directed the Investment Property Sales Department for the Carey Winston Company (now Transwestern Commercial Services) where he was a stockholder and Senior Vice President. At the height of the market, Mr. Bowis oversaw 33 sales specialists who generated $10 million in annual fee income to the company. While at Carey Winston, Mr. Bowis served as the general partner in charge of the development of two shopping centers and one warehouse project for a total of 110,000 sq. ft. in improvements and $10 million in total value. Mr. Bowis is a member of the Urban Land Institute, International Council of Shopping Centers and holds a BA degree from Syracuse University. He is a licensed real estate broker in Maryland, D.C. and Virginia.

William K. Singer

Bill Singer has been a principal of Kenwood Management Company since joining in May 2002. He has been actively involved in the real estate industry since 1985 working in such capacities as asset management, property management, construction management, and tenant representation leasing.

Prior to joining Kenwood, Mr. Singer has worked for such notable firms as The Archon Group (subsidiary of Goldman Sachs), Spaulding & Slye, PREMISYS Real Estate Services (subsidiary of The Prudential Insurance Company of America), and The Oliver Carr Company. Mr. Singer has published articles on real estate in Buildings Magazine, February 1988, "Well Rounded Management Is Key To Bottom Line" and Building Operating Management Magazine, November 1986, "Saving Energy Without Shortchanging Priorities". Over his career, Mr. Singer has attained numerous licenses and designations including a District of Columbia Property Manager's License, and a Maryland and District of Columbia Real Estate Broker's License. Additionally, he served on the District of Columbia Real Estate Commission, Property Management Committee. Mr. Singer holds a Master of Real Estate degree from The Johns Hopkins University (degree date May 2003) and a Bachelor of Science in Mechanical Engineering degree from Union College.

5272 River Road, Suite 110LL, Bethesda, MD 20816 301.656.7790    Fax 301.656.4492