Residence Inn by Marriott, Avon, Connecticut

In August 2000, Accord executed a purchase and sale agreement for the purchase of 5.1 acre parcel located at 55 Simsbury Road, Avon, Connecticut and proceeded to receive the entitlements to develop a Residence Inn by Marriott on the site. Following the receipt of all necessary approvals to begin construction, Accord assigned its rights and interests to the purchase contract, the franchise agreement, development rights, engineering plans, site plans, market studies and other relevant information pertaining to the project to Avon Hotel Associates, LLC ("Company"), a company formed on March 31, 2003 as a Connecticut limited liability company to purchase the project.

The Manager of the Company is Avon Hotels Inc., an affiliate of RDA Investments, Inc. The developer of the project was Accord Real Estate Group, Inc. Scott R. Lodde is a Class B Member of the Company. Hotel management services are provided by Pinnacle Hotel Management, LLC, an affiliate of RDA Investments. Construction on the hotel started in April, 2003. The hotel opened in May, 2004.

The Residence Inn, Avon, Connecticut is a 100-unit, four-story, interior corridor hotel located within Avon Park North. Avon Park North is a commercial office park owned by Ensign-Bickford Realty Corporation, a developer of business and office parks in the Hartford area.

The hotel is located in the Town of Avon in the county of Hartford in central Connecticut. The Town of Avon is 23.5 square miles and is bordered by the towns of West Hartford, Bloomfield, Simsbury, Canton, Burlington and Farmington.

Residence Inn by Marriott is the leading extended-stay hotel chain in the world. Founded in 1980, Residence Inn system was acquired by Marriott in 1987 and has since grown to 528 hotels located throughout the U.S. and 18 internationally.

The project was financed through a combination of debt and equity. Construction financing in the amount of $7,800,000 was provided by Compass Bank. Rockbridge Real Estate Fund LLC provided mezzanine financing in the amount of $2,000,000. Following the completion of construction, the loans were refinanced with Nationwide Life Insurance Company in the amount of $10,250,000. Equity for the project, in the amount of $1,400,000 was provided by individual limited partners including owners of the managing member. Total development costs for the project were approximately $14,500,000 or $114,500 per room.

During the 45 month holding period beginning at the start of construction and ending on December 31, 2007, each $100,000 invested in the Partnership, has received distributions of approximately $93,000 which were generated from operating cash flow. To date, these results produced an average annual return of 24.8%.