Cornerstone Apartment Fund I (CAF) – Value added portfolio is exclusively focused on apartment development in markets with barriers to entry such as Boston, Washington D.C., Philadelphia, Southern California and California's Bay Area. CAF I, which closed in November 2000, also uses a modest level of leverage (around 50% loan-to-value) to enhance returns.

Cornerstone Apartment Venture I (CAV) – Value added investment vehicle focused on apartment development in markets with barriers to entry such as New York City, Washington D.C., Southern California, and San Francisco. CAV, which closed in July 2003, also uses a modest level of leverage (around 60% loan-to-value on a portfolio basis) to enhance returns.

Cornerstone Rotational Venture (CRV) – Value creation through timely investment in existing properties in growth markets, which historically have out-performed real estate nationally during the early and mid stages of an economic recovery. Key to the strategy is employment of a moderate length holding period (CRV is a five year fund) and prompt sale of properties before speculative building becomes widespread in these markets. Leverage at the 60% LTV level will be used for CRV, which closed in February 2005.

Cornerstone Hotel Income & Equity Fund (CHIEF) – Focused primarily on branded, business class Upper Upscale and Luxury hotels in the Top 50 hotel markets (based on number of rooms), but will consider boutique hotel acquisitions as well. Each property will contain some meeting space in order to penetrate both transient and group market segments. CHIEF launched in October 2005 and uses leverage - up to 65% to enhance returns.