REO! BELOW REPLACEMENT COST!

397+/- ACRE "RIVER RUN" MASTER PLAN COMMUNITY

2,284 DU APPROVED IN WEST SACRAMENTO, CA

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	LOCATION:	Centrally located in the City of West Sacramento; just across the river from the State Capitol and only minutes from interstate highways I-5 and I-80, and the Sacramento International Airport. Located just east of Jefferson Blvd. at David Rd. and South River Rd.
	DESCRIPTION:	The property is a 397+/- acre land assemblage of level farm land, in the heart of the Southport Framework Plan; a plan that refines the general land use plan, creating four "Villages." APN 046-250-01, 16; 046-260-01, 03, 05, 13, 14; 046-270-29, 35.
	ENTITLEMENTS:	On April 22, 2008, the City approved the General Plan Amendment, EIR and Zoning allowing 2,284 dwelling units, an activity center (town center), and complimentary parks/open space (the "Project"). On June 18, 2008, the City approved a 15-year Development Agreement with up to 5 years extension discretion. These approvals took millions of dollars and years to accomplish. BUYER TO VERIFY ZONING AND THAT IT WILL ALLOW BUYER'S INTENDED USE.
	INFRASTRUCTURE:	As with most large scale developments, new infrastructure needs to be installed to support the Project. The entitlements contain a detailed infrastructure phasing plan to help coordinate installation of off-tract improvements. The Lower Northwest Interceptor Sewer Line is now complete and runs along the westerly boundary of the Project.
	COMMENTS:	This unique investor/developer opportunity provides future development potential, in a good market, while saving years of processing time and diminishing the entitlement risk. Our current objective is to identify qualified buyers who can consummate a transaction in the first quarter of 2010. We anticipate a 60-day escrow period to conduct due diligence and close. Serious buyers should submit offers at the earliest possible time since the Seller reserves the right to accept an offer and suspend further marketing. This is an "As-Is," "Where-As" sale. Buyer must conduct independent investigations in all matters to determine if the property meets the buyer's investment objectives. Seller will prepare the formal Purchase and Sale Agreement to document a transaction. The broker co-op is 1% of the Purchase Price.
	PRICE:	$14,900,000 - all cash; calculates at just under $6,500/DU. Submit all cash offers for consideration.
	CONTACT:	Larry Lynch (DRE 01180573) or at (818) 787-3077 for additional information.

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KOREK LAND COMPANY, INC.

15230 Burbank Blvd., Suite 101, Sherman Oaks CA 91411

Telephone:  (818) 787-3077; Fax:  (818) 787-9677

E-mail:  mail@korekland.com

DRE 00861992