This web site (together with any other information that we might furnish to you) includes statements, estimates and forward-looking projections, including with respect to the U.S. real estate market and our anticipated future performance. These statements, estimates and forward-looking projections reflect assumptions that might or might not prove to becorrect and involve risks, uncertainties and other important factors that could cause the actual results, performance or achievements of our funds to differ materially from the results, performance or achievement predicted or implied by such forward-looking statements.

These risk factors include the breadth and severity of the U.S. and global economic downturn; general and industry economic conditions; the strength of housing, construction, development, credit, finance and related markets; environmental, title and other conditions; consumer and commercial demand; pricing and other competitive pressures; reliance on our key management personnel; and other risk factors.  There can be no assurance that (1) we have correctly measured or identified all of the factors affecting our funds or the extent of their likely impact, (2) the publicly available information with respect to these factors on which our analysis is based is complete or accurate, (3) our analyses are correct, or (4) our strategy, which is based in part on this analysis, will be successful.  Actual events are difficult to predict and might depend upon factors that are beyond our control.  There can be no assurance that targeted returns or projections can be realized or that actual returns or results will not be materially lower or inferior than those targeted herein. Investors should conduct their own analysis, using such assumptions as They see fit.

Although we believe that the expectations reflected in the forward¬≠-looking statements were reasonable when posted, future results, levels of activity, performance or achievements cannot be guaranteed.  Moreover, we assume no duty to update any of the forward-looking statements.


This is not an offering disclaimer.

Any investment in our funds is subject to risks, described in more detail
in the applicable private placement memorandum.

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