Biography of David Chapman

• Twenty years of real estate analysis experience, primarily on behalf of institutional investors and their advisors

• Fifteen years with real estate consulting divisions of CPA firms, including ten years with Kenneth Leventhal & Company

• Specialty in market studies and cash flow projections for office developments, new home projects, desert golf course communities and master-planned communities

• Author of numerous articles for real estate industry publications (see below). Frequently quoted as a real estate industry expert in publications such as Los Angeles Times, California Real Estate Journal and Orange County Report.

• Conducted market and financial analysis of over forty-five master-planned communities, including over 450,000 housing units and 300,000 acres, located in major metropolitan areas throughout the country. Southern California assignments included seven of the ten largest proposed developments in the region.

• Co-managed due diligence teams on several large portfolios for major financial institutions and real estate subsidiaries of Fortune 500 corporations. These engagements provided the information basis for major portfolio acquisitions, dispositions and restructurings. The portfolios had a wide variety of product types in various stages of development, including office, industrial, R&D, apartments, shopping centers, regional malls, new home projects and master-planned communities.

• Co-managed due diligence teams that included over 1,000 performing and non-performing loans for major banks and the Resolution Trust Corporation

Published Articles

"CPA Firms Create a New Paradigm for Accessing Joint Venture Equity" (Orange County Business Journal)

"Economy May Hit Speedbump, But Housing Market Will Race Forward" (Builder and Developer)

"Using the Internet to Target First-Time Buyers" (Builder and Developer)

"Evaluating Master-Planned Communities: What Every Investor Should Know" (Builder and Developer)

"With Proper Planning, California Builders Can Look Forward to a Three-Year Housing Boom" (Urban Land Institute; Builder and Developer)

"Dont Miss the Next Housing Boom" (Orange County Register)

"Using the Internet in Real Estate" (Builder & Developer)

"Housing Shortages and Waiting Lists: Builders Struggle to Keep Up with Surging Demand" (Orange County Register)

"Immigrants will soon replace baby-boomers as the dominant force in Californias housing market" (Orange County Register)

"Housing Market Will Benefit from Stronger Than Expected Economy" (Orange County Register)

"Market-Oriented Strategic Planning for Homebuilders" (Builder & Developer)

"Y2K Should Be Good Year For California Builders" (Builder & Developer)

"Orange County Housing Market Trends" (Urban Land Institute)

"Signs of Change in the Housing Market" (Urban Land Institute)

"California Housing Market Trends" (Urban Land Institute)

"Orange County Economic Trends" (Urban Land Institute)

"California Economic Trends" (Urban Land Institute)

"Growth in Higher-Income Jobs in California" (Urban Land Institute)

"Should Homebuilders Be Preparing for the Next Downturn?" (Builder and Developer)

"Planning for Long-Term Success in Homebuilding" (Builder/Architect)