On April 14, 2011, the Company entered into a real estate contract to purchase a 51 unit apartment complex in Lawrence, Kansas. The purchase price is $2,300,000 and the purchase is expected to close in June 2011.
On April 14, 2011, the Company entered into three separate contracts to purchase 100 % of the membership interests of three separate Limited Liability Companies (LLC’s). Each of the three LLC’s exclusive business is the ownership of a single apartment complex in Lawrence, Kansas. In total, the three LLC’s own 408 apartment units. The total purchase price for the three LLC’s is $41,200,000 and each purchase is expected to close in June 2011.