TRANSACTION SUMMARY
In 2006, The Congress Group started Phase II of the HighPoint development project, which will consist of 520 residential units.

After successfully completing Phase I of this project (Refer to HighPoint I), The Congress Group formed a joint venture and acquired the Phase II land from a related party. Phase II land includes pad-ready building sites as well as all utilities and roadways.

VALUE ADDED BY MANAGEMENT
Phase I, which included all site improvements, a clubhouse and five apartment buildings containing approximately 520 units, was completed in 2004. HighPoint II, the second phase of the project, will consist of developing the remaining 520 units as either apartments or condominiums, depending on market fundamentals at the time of completion. This development continues to fill a current need for high-end units in the Greater Boston area. The project is scheduled to be completed in 2011.

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