Frank T. Suryan Jr. is Chairman and Chief Executive Officer of Lyon Capital Ventures, Lyon Management Group, Inc. and Lyon Realty Advisors, Inc. Mr. Suryan started the company in 1989 and today Lyon is recognized as one of the largest multifamily real estate owners/managers in Southern California with a market capitalization of over $2.0 billion specializing in acquisition, development and management. During Mr. Suryan’s tenure, Lyon Apartment Companies has grown its portfolio from 4,000 units to over 15,000 units by expanding to prime markets in California, Colorado, Florida, Georgia and Nevada. He has managed the development and renovation of over 12,500 units and acquisition of over 21,000 units. In order to better manage the growth and improve service levels, Mr. Suryan established three regional offices and increased the work force to over 600 associates. Mr. Suryan is a graduate of the University of Southern California with a Bachelor of Science degree in Business Administration. He is a member of the California Society and American Institute of Certified Public Accountants and specialized in real estate tax and management accounting services. Mr. Suryan is a past Chairman of the Board of Directors for the California Housing Council (CHC), and served on the Board of the South Coast Apartment Association. He is currently a Board Member of both the National Multi-Housing Council and the California Apartment Association. He served on the Board of Directors of National Water and Power and as a Member of the Executive Committee. In addition, Mr. Suryan is on the Board of Directors for Orangewood Children’s Foundation; the Boys and Girls Club of the Los Angeles Harbor; and Mater Dei High School. Mr. Suryan is actively involved as a member of theExecutive and Development Committeesof Orangewood; and plays a key role in the Mater Dei Capital Campaign.

Ms. Martin, President, Lyon Management Group, Inc. has been with the Lyon organization for 25 years. Ms. Martin joined The William Lyon Company in 1984 and during her eight year tenure with the Multi-Family Division had direct project management oversight for nine communities, totaling over 3,700 apartment homes. Her responsibilities included entitlement, financing, construction coordination, design and specifications, financial analysis and marketing coordination. In addition, she oversaw the completion of over 2,600 units constructed by outside joint venture partners. In 1992, as she transitioned from development to property management, her original responsibilities centered on special projects for the President, including a $6 million renovation project in the San Fernando Valley. In early 1993, she was promoted to Senior Vice President and in December 2005 she was promoted to her current position of President overseeing the field operations of almost 15,000 units presently managed by Lyon. With the expansion of the company’s portfolio in California, Colorado, Florida and Atlanta, Ms. Martin not only oversees the management company but also provides expertise in design and marketing to Lyon Capital Ventures and Lyon Realty Advisors. She is an advocate of continuous improvement and performance excellence and was responsible for leading the process which resulted in the Company’s recognition by both state and national organization’s regarding quality and resident satisfaction.

Before joining Lyon in 1984, Ms. Martin worked for Union Bank in their Orange County Real Estate office. Ms. Martin is a past President and current board member of the South Coast Apartment Association; a board member of the National Multi-Housing Council, a member of the California Apartment Association and California Council of Excellence and has her Certified Property Manager designation from the Institute of Real Estate Management.

Mr. Donnelly is Vice President - Construction and Development for Lyon Realty Advisors, Inc. Mr. Donnelly is a fourth generation construction professional in California and has over twenty-five years of construction expertise. He joined Lyon Realty Advisors, Inc. in 1999. With his technical background, as a guide, Mr. Donnelly has lead Lyon’s efforts in many difficult renovation, repair and now construction projects, including extreme landslide and geotechnical repair projects. Additionally, he plays a key role in obtaining common interest subdivision approval for many of the existing company’s properties and new developments. Prior to this association he was Vice President of J A Hill Corporation, a full service multi-family project construction company, providing senior management, project direction and supervision of several multifamily projects. Additionally, he has provided project and construction management consulting for clients such as Allstate Insurance, 20th Century Insurance, Diamond Brothers Development, Hillcrest Development, KRPS Construction and Playa Vista Partners. Mr. Donnelly obtained a Bachelor of Science Degree in Construction Engineering and Management from California State Polytechnic University, Pomona. He also had advanced training in the construction defect prevention and litigation. Mr. Donnelly served as Chairman of the City of San Gabriel Planning Commission for six years and previously was a four year member of its Design Review and Economic Development Commissions.

Mr. Harrison is Senior Vice President - Resident Services and Renovation Operations and joined Lyon Management Group in 1989. He coordinates major renovation projects; prepares and monitors scope, budget and schedules with Field Construction Superintendent; Resident Services Operations Managers for Interior/Exterior Renovations and Capital Improvements for the portfolio. Mr. Harrison's background includes educational and vocational training at California State University, Fullerton and The Los Angeles Trade Technical College. His accreditations include a General Building Contractor License, Asbestos Certification (1998) and HVAC EPA Certification (1994).

Heather Derlin, Executive Vice President of Lyon Management Group, Inc. has been with the company since February 1991. Her role in the organization began as Property Director for a 590 unit development project in Aliso Viejo. In 1993, she was promoted to General Manager overseeing various properties in Orange County. She was then promoted to Vice President - Operations in December 2003, Senior Vice President in December 2005 and Executive Vice President in April 2009. Currently, Ms. Derlin oversees Northern and Southern California Operations. Ms. Derlin is a graduate of California State University, Long Beach with a Bachelor of Arts degree in SocialServices. She has extensive experience in the property management industry for over twenty years.

Mr. Barmettler is Senior Vice President and General Counsel of Lyon Capital Ventures, Lyon Management Group, Inc. and Lyon Realty Advisors, Inc. He is responsible for all of the legal and regulatory affairs of the Lyon Apartment Companies. Mr. Barmettler has extensive in-house and law firm experience in the legal representation of private and public companies. Prior to joining the Lyon Apartment Companies, he was the Senior Vice President and General Counsel of NWP Services Corporation, a billing company in the multi-family real estate business, and a major service provider to Lyon Management Group, Inc. Prior to NWP, Mr. Barmettler served as Vice President and General Counsel of Aqueduct, Inc., a leading provider of outsourced e-business solutions. Mr. Barmettler also has held law firm positions in the Business and Technology Group of Brobeck, Phleger & Harrison, LLP, and in the Corporate Transactions Group of Gibson, Dunn & Crutcher, LLP. Mr. Barmettler started his legal career as judicial clerk to the Honorable C. Thomas White, Chief Justice of the Supreme Court of Nebraska. Mr. Barmettler earned his Juris Doctorate degree, magna cum laude, from University San Diego School of Law.

Peter D. Zak is Vice President of Development for Lyon Realty Advisors with over 10 years of experience in California Real Estate Development.

Mr. Zak has played a role in developing several master plan communities and mixed-use projects. Most recently as a member of the Lyon team, Mr. Zak has contributed his project management and entitlement skills to the design and implementation of two mixed-use high density podium communities in downtown Long Beach, CA. As Director of Development for Irvine Community Development Company (a subsidiary of The Irvine Company), Mr. Zak was heavily involved in all aspects of the development of Shady Canyon, Quail Hill, Pacific Ridge and Woodbury communities. Mr. Zak began his career with Ernst & Young Kenneth Leventhal. As an Audit Senior his client list included Irvine Apartment Communities, Institutional Housing Partners, William Lyon Homes, and Sunstone Hotels. He also performed all due diligence required for the underwriting of the Shady Canyon Golf Club located in Irvine, CA.

Mr. Zak is a graduate of Villanova University with a Bachelor of Science degree in Accounting and a Minor in Finance.

Ron Cole is Vice President of Lyon Apartment Companies. He is responsible for Lyon’s acquisitions and dispositions, commercial property asset management and also assists with development and entitlement for various Lyon projects.

Mr. Cole joined the company in 2004 as a Project Manager and since that time has worked closely with the acquisition, development and operation teams on a variety of projects. During his five years with the company, Ron has been involved with all aspects of Lyon’s businesses, ranging from asset management to condominium conversion.

Prior to joining Lyon, Mr. Cole was in senior management in the technology sector, most notably Xerox Corporation, Nextel Communications, InternetConnect and SBC Communications (now AT&T). His responsibilities included the development and execution of early-stage business plans and managing the sales and operations of his organization in highly competitive environments.

Mr. Cole is a graduate of University of Southern California with a Bachelor of Science degree in Business Administration and is a licensed Real Estate Broker in the states of California and Georgia.