La Playa Properties, LLC was formed in February 2003 to pursue development opportunities in Florida and California. The Company's primary focus is on residential development, through either multifamily or single family residential projects.

Since its formation, La Playa has completed a 343-unit multifamily development in Ft. Myers, Florida and is co-developing a 125-unit condominium project in Emeryville, California. Also under construction is 60-unit single family residential development in La Quinta, California. Also under construction is a mixed-use project in San Luis Obispo, California and the repositioning of an 84,000 square foot office building in Richton Park, Illinois.

The principals of La Playa, Patrick Beach and Scott Brymer, have extensive experience in the commercial real estate business, offering backgrounds in real estate development, finance, construction, property management, and disposition. La Playa Properties is based in Santa Barbara, California.

Pat Beach, Partner
Mr. Beach is a founding partner of La Playa Properties, LLC. Mr. Beach provides a wealth of knowledge of both financial and real estate markets. In 1981 Mr. Beach founded Captec Financial Group, Inc. and still serves as the Company's Chairman of the Board of Directors and Chief Executive Officer. To date Captec has raised and overseen the placement of over $450 million in private equity. In 1997 Mr. Beach sponsored the IPO of Captec Net Lease Realty, Inc. (formerly NASDAQ: CRRR), which was acquired by Commercial Net Lease Realty, Inc. (NYSE: NNN) at the end of 2001.

Mr. Beach is a member of the Board of Directors of Phoenix Arizona based SNK Opportunity Partners, LLC, a full-service multi-family development, construction and leasing company. Mr. Beach is also the Managing Partner of Merchants Capital Partners, LP, a private equity fund licensed as a Small Business Investment Corporation (SBIC) located in Manhattan New York.

Scott Brymer, Partner
Mr. Brymer is a founding partner of La Playa Properties, LLC. In this capacity, he is responsible for overseeing development functions which include preliminary underwriting and implementing quality control procedures. Prior to joining La Playa, Mr. Brymer served as Executive Vice President and Chief Operating Officer of Koontz McCombs, LLC a San Antonio Texas based development company with disciplines in development, construction and property management. While at Koontz McCombs he was responsible for the day to day operations of the firm. Mr. Brymer has been involved with development, acquisition and financing of over $700 million of real estate in the following property types: office, industrial, multi-family, retail and land development.

Mr. Brymer is also a member of the Board of Directors of Phoenix Arizona based SNK Opportunity Partners, LLC, a full service multi-family development, construction and leasing company. He is an active member of the International Council of Shopping Centers and National Multi Housing Council.

Carter Hedrick, Vice President
Carter Hedrick began working with La Playa in June 2006 after spending three years of redeveloping single family homes and apartment buildings in Southern California. Carter received his MBA from USC's Marshall School of Business in 2002. He is responsible for acquisition underwriting and day-to-day management of development projects.