AMERICAN BREWERY LOFTS, JAMAICA PLAIN, BOSTON, MA
 
A 79 unit gut rehab of an historic brewery building in one of
         Boston's residential neighborhoods, Jamaica Plain
A June 2010 auction resulted in the successful close-out of the
         development, producing a total of 20 auction and
         post-auction sales
$6,678,000 in total sales resulting from auction program
Achieved an average price of $347,000 per unit at auction
Average price for conventional sales in 2010 was $330,000
         per unit prior to auction
TCC (affiliate to VMS) was engaged to market property
         conventionally on behalf of Sellers in October 2009
There were only 5 sales at the development in 2009 prior to TCC
         commencing marketing activity
TCC repositioned property and undertook a strategic marketing
         effort of controlled inventory release and unit enhancements
         resulting in 20 sales over a 7 month period
The joint conventional-auction program resulted in 40 sales on
         behalf of Seller over a 10 month period
The 4 units per month absorption rate achieved by VMS/TCC was
         significantly higher than that of both the new construction
         market in Boston (1-2 units per month on average) and the
         previous history of the property (1 unit per month over
         previous 2 years)
 
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