EXHIBIT (C)(8)

000629
Bluffs, The (OR)

Milwaukie, OR

				Trailing 12 Months (Actual)																																													Trailing
																																								2003			2004			2005			12 Month			90 Day			30 Day			Adjusted			Explanation
	Per Unit [1]			May-05			Jun-05			Jul-05			Aug-05			Sep-05			Oct-05			Nov-05			Dec-05			Jan-06			Feb-06			Mar-06			Apr-06			Actuals			Actuals			Actuals			Total			Annualized			Annualized			FCF			To Adjustment
Rental Income
Market Rent		7,866			88,713			91,003			90,193			94,073			89,753			83,973			84,613			85,553			86,833			91,733			93,953			97,293			1,017,846			991,116			1,074,261			1,077,686			1,131,916			1,167,516			1,229,011		May 06 Mkt Rent + 5.2% growth
Less: Loss to Lease		(396	)		(4,543	)		(6,909	)		(3,814	)		(8,147	)		(2,639	)		319			423			(1,190	)		(1,101	)		(5,634	)		(8,540	)		(12,510	)		(26,922	)		(4,174	)		(60,037	)		(54,286	)		(106,738	)		(150,123	)		(144,240	)	Current Loss to Lease
Gross Potential Rent		7,470			84,170			84,094			86,379			85,926			87,114			84,292			85,036			84,363			85,732			86,099			85,413			84,783			990,924			986,942			1,014,224			1,023,400			1,025,178			1,017,393			1,084,771
Concessions		(216	)		(3,576	)		(3,550	)		(3,286	)		(2,539	)		(2,323	)		(2,206	)		(2,740	)		(2,252	)		(1,952	)		(2,068	)		(1,807	)		(1,271	)		(6,152	)		(33,568	)		(39,194	)		(29,570	)		(20,584	)		(15,250	)		(32,543	)	2% Concessions
Vacancy		(431	)		(7,224	)		(6,696	)		(7,099	)		(9,812	)		(10,265	)		(4,183	)		(3,643	)		(4,393	)		(2,162	)		(1,538	)		(153	)		(1,930	)		(70,969	)		(97,972	)		(73,816	)		(59,098	)		(14,484	)		(23,164	)		(43,391	)	5% Vacancy
Other Rent Losses		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			(5,424	)	.5% Other/Bad Debt Loss
Bad Debt		(156	)		(1,730	)		(2,682	)		(2,669	)		(1,670	)		(1,546	)		(28	)		(2,064	)		(2,020	)		(2,001	)		(4,396	)		1,703			(2,324	)		(24,214	)		(16,294	)		(24,041	)		(21,426	)		(20,067	)		(27,887	)		—
Net Rental Income		6,666			71,640			71,167			73,326			71,904			72,979			77,875			76,589			75,698			79,616			78,097			85,157			79,258			889,589			839,109			877,174			913,306			970,044			951,092			1,003,413
Economic Occupancy		89	%		85	%		85	%		85	%		84	%		84	%		92	%		90	%		90	%		93	%		91	%		100	%		93	%		90	%		85	%		86	%		89	%		95	%		93	%		93	%
Physical Vacancy		5.8	%		8.6	%		8.0	%		8.2	%		11.4	%		11.8	%		5.0	%		4.3	%		5.2	%		2.5	%		1.8	%		0.2	%		2.3	%		7.2	%		9.9	%		7.3	%		5.8	%		1.4	%		2.3	%		4.0	%
Other Income		769			9,984			10,581			8,900			10,302			7,138			11,014			8,288			4,400			8,199			11,648			7,303			7,560			120,702			101,198			108,912			105,319			106,044			90,719			105,317		Trailing 12 Months
Gross Revenues		7,435			81,625			81,748			82,226			82,206			80,117			88,890			84,877			80,099			87,816			89,744			92,460			86,818			1,010,290			940,307			986,085			1,018,625			1,076,088			1,041,811			1,108,730
Operating Expenses
Utilities		558			6,469			5,906			6,915			7,219			6,328			5,859			5,857			5,890			7,282			6,176			7,035			5,537			69,752			77,159			78,970			76,472			74,990			66,447			76,901		Trailing 12 Months
Contract Services & Landscaping		416			3,463			3,823			3,947			3,401			3,560			3,551			3,721			4,435			5,003			6,783			7,638			7,701			40,088			40,032			42,727			57,026			88,487			92,414			42,727		CY 2005
Repairs & Maintenance		117			816			813			1,176			857			619			963			1,347			1,167			998			662			5,664			914			20,046			12,987			12,927			15,996			28,962			10,972			15,996		Trailing 12 Months
Make-Ready/Turnover		151			2,462			2,186			2,807			3,545			823			1,814			1,422			2,198			439			352			752			1,879			27,391			21,788			21,635			20,677			11,928			22,542			20,679		Trailing 12 Months
Administrative		196			1,876			1,516			2,218			3,002			3,507			2,282			2,201			2,392			1,802			1,799			1,866			2,442			38,657			29,459			26,682			26,903			24,426			29,307			27,294		Trailing 12 Months
Marketing		400			4,310			4,598			6,663			4,467			5,102			4,008			5,317			4,251			4,647			3,291			8,070			143			56,250			71,345			57,226			54,868			46,018			1,719			40,000		Estimated at $40,000
Payroll		1,177			15,168			11,650			8,680			13,170			9,994			12,023			13,834			15,048			14,213			18,365			14,135			14,957			131,981			172,275			147,701			161,238			189,827			179,481			150,681		CY 2005
Management Fees		345			3,808			3,806			3,960			3,903			3,581			3,764			3,823			4,069			4,043			4,104			4,429			3,972			46,728			42,778			45,977			47,261			50,016			47,659			33,262		3% of EGR
Real Estate Taxes		543			5,987			5,987			5,987			5,987			5,987			6,054			7,377			6,202			6,261			6,202			6,202			6,202			72,962			68,413			73,514			74,435			74,427			74,427			34,250		Estimated at $250/unit
Insurance		210			2,283			2,267			2,267			2,267			2,683			2,295			2,295			2,295			2,295			2,295			2,756			2,756			24,804			27,285			27,141			28,756			31,228			33,070			76,728		Current tax bill. Tax increases limited to 3%
Operating Expenses Per Unit		4,114			46,642			42,552			44,618			47,819			42,184			42,614			47,194			47,949			46,984			50,028			58,546			46,503			528,659			563,522			534,501			563,633			620,308			558,038			518,518
																																																		4,114			4,528			4,073			3,785
																																																		6.6	%
Net Operating Income		3,321			34,983			39,196			37,608			34,388			37,933			46,276			37,683			32,150			40,832			39,717			33,914			40,314			481,631			376,785			451,584			454,992			455,780			483,773			590,212
Reserves																																																											34,250
Free Cash Flow		3,321			34,983			39,196			37,608			34,388			37,933			46,276			37,683			32,150			40,832			39,717			33,914			40,314			481,631			376,785			451,584			454,992			455,780			483,773			555,962
																																																											6.25	%	market cap rate
Total Number of Units		137		Rent / Unit				624
Net Rentable Square Feet		105,806		Rent / Sq Ft				0.89																																																			8,895,397		Gross Price
Average Square Feet Per Unit		772		Built:				1968
Ownership		22.05	%	Tax Assessment				0
Property Number:		000629

Current Debt Info:
Original Balance			4,743,752
Current Balance			2,012,584
Interest Rate			8.5	%		Price / Unit	64,930
Amortization Term	fill					Price/Ft.	84.07
Maturity Term			39,448
Origination Date			35,827		RE Tax Explanation:
Prepay Penalty	fill
Loan Type		CONVENTIONAL
YM expiration date	fill
Due Date	fill				Other Comments:
Is Debt Prepayable? (Y/N)			—