L5 Investments- Happy New Year

[Mike Flaherty]

L5 Investments wishes you and your family a Happy New Year filled with health and prosperity.

Thank you for your trust and confidence in 2011 and beyond. We had another strong year with returns and quarterly distributions that continue to outperform projections. These are acheived through strong asset management and acquisition of desirable communities at substantial discounts to replacement value.

The multi-family industry as a whole continues to perform well, see link below to the Wall Street Journal Article: "Apartment Values Rise, As Do Rents", 10/26/11. The article reports on the recent strong growth of rents and occupancy levels.

I wish you a safe and happy 2012.

http://online.wsj.com/article/SB10001424052970203911804576653403871...

[JW Najarian]

Happy New Year Mike and L5 Team... We at CREPIG appreciate your membership