WPV II is based on three premises:

I.        WPV II can most effectively provide the needed intermediary role between midsize local developers and institutional capital. WPV II has the ability to a) identify midsize developers and attractive development opportunities; b) provide the value-added services, etc.; and c) translate/monitor investment objectives.

II.     WPV II has extensive relationships with midsize developers who can effectively expand their development scope if they could improve their access to capital, development of key skills and access to partnering opportunities.

III.   WPV II can capitalize on attractive project/land acquisitions in this depressed market and can effectively deploy capital over the next three to five years by focusing on similar residential and office projects in multiple markets where WPV II has relationships and infrastructure.

WPV II strategy can be summarized as follows:

1.      WPV II offers an extensive relationship network and infrastructure, along with value-added services, real estate development and investment experience and an initial inventory of projects.

2.      WPV II's strategy is premised on starting to invest in land acquisitions in late 2002, supervising entitlement processes in 2003, overseeing construction in 2004 and executing exit strategies in 2005.

3.      WPV II is based on investing in projects requiring at least $3 to $5 million in equity and investing in 20 projects in approximately 16 targeted cities within three years.