Woodlark, through its subsidiary companies the Woodlark Opportunity Fund, LLC and Woodlark Capital, LLC, is a procurer of student housing and market rate properties with strong historical operating and occupancy histories in markets exhibiting trends that support steady rental rate growth. Woodlark is a privately owned real estate investment company specializing in the acquisition, financing and ownership of institutional income producing multi- family housing for its own account and on behalf of its investors. Headquartered in White Plains, NY, Woodlark currently owns or controls over 2,400 apartment units in ten (10) states. Woodlark was formed by Ari Rosenblum and incorporated in 2001 as a limited partnership that raised equity to purchase student housing assets. In its nascent stages, Woodlark raised equity on a property-by property basis, and in doing so, honed its strategy to one that sought inefficiently priced assets in secondary and tertiary markets. Woodlark began targeting only properties in these markets that were in close proximity to the college or university and that had strong historical operating and occupancy histories. The result was the acquisition of properties that returned a superior yield to investors. Additionally, the yields generally represent tax-free income because of federal depreciation laws and interest paid on mortgages. Woodlark’s exceptional initial returns attracted the attention of investors and quickly, the supply of equity placed under Woodlark’s management accumulated to a point that made a property-by- property approach inefficient. As a result of the influx of funds, and the establishment of a core strategy, Woodlark launched the Woodlark Opportunity Fund, LLC. The fund raised equity in bulk, ahead of the product, and then use those pooled funds to pursue its student housing strategy nationwide. The structure enabled Woodlark to respond to market opportunities in a celeritous fashion and to more easily establish a significant presence in the markets it found desirable. The equity in the Woodlark Opportunity Fund, LLC was fully placed by December 31, 2005. In total, the Woodlark Opportunity Fund holds five (5) assets in four (4) states totaling 705 apartment units. Woodlark’s five year history has been defined by flexibility, responsiveness and adaptation. Woodlark is constantly examining and assessing its strategy while keeping an eye toward future opportunities. With a proactive approach and the ability to act quickly, Woodlark and its investors can look forward to sustained growth.