Asset Management Team
The history of the Klingbeil Organization and the KCM management team began in 1959 when James D. Klingbeil built his first 19-unit garden apartment property in Columbus , Ohio while attending The Ohio State University. Over the next four decades, Mr. Klingbeil, and entities with which he was affiliated, developed, acquired, renovated, repositioned, managed and/or sold an aggregate of 185 apartment communities including a wide variety of apartment product types containing over 43,000 units in 47 metropolitan markets. In 1993 the Klingbeil Organization switched its focus to asset management and institutional investment.

Since 1994, this activity has been carried out within American Apartment Communities via two separate funds (AAC II & AAC III) formed by Klingbeil senior management. In 2003 AAC III was recapitalized as Klingbeil Multifamily Fund V (KMF V). KCM has recently completed its third fund, Klingbeil Multifamily Fund IV (KMF IV) and commenced Multifamily Fund VI (KMF VI).

National Presence
KCM has senior officers in San Francisco , Washington D.C. , Denver Colorado, and Columbus , Ohio . These senior officers possess a demonstrated ability to source, analyze, close and manage transactions nationally. The AAC II portfolio included properties in northern and southern California , Washington , Oregon , Michigan , Ohio , Indiana , Kentucky and Florida . KMF V concentrated its acquisitions in southern California , Florida , Colorado and Ohio . KMF IV acquired properties in California , Colorado and Indiana .

The acquisition strategy for KMF VI will focus assets primarily in California and Colorado . KMF IV, KMF V and KMF VI have and expect to acquire near campus student housing properties managed by KCM's American Collegiate Communities division.

This national expertise provides the flexibility to take advantage of the most opportune multifamily investments. The executive officers of KCM have an average of over 25 years of real estate experience and have been working together for more than 20 years.

Fully Integrated In-house Expertise
KCM benefits from a full range of in-house capabilities including professionals in acquisitions, management, marketing, operating infrastructure, construction and renovation, management information systems, finance, tax, accounting and legal. This enables the KCM management team to maximize value through intensive hands-on property and asset management.

The professionals at KCM believe that property management functions are fundamentally local and site specific. Senior management empowers property management personnel with significantly more autonomy than is typical in the industry, minimizing layers of overhead. This management approach has contributed to net operating income growth considerably above the industry average.

Senior Officers

James D. Klingbeil
Chairman, Chief Executive Officer

Mr. Klingbeil currently serves as Chairman and Chief Executive Officer of Klingbeil Capital Management. Mr. Klingbeil also serves as Chairman of AACIII and The Klingbeil Organization, which he founded in 1961. The Klingbeil Organization has engaged in nearly every aspect of real estate investment, development, construction and management since its inception. While continuing his apartment investment and management activities, Mr. Klingbeil has also participated in the development of sales housing, including as a co-founder and Chairman of the Anden Group in 1975, which built approximately $1 billion of sales housing not only in the United States , but also in Paris and London . Mr. Klingbeil has been active throughout his career in real estate and business organizations, as well as national and community activities. The bulk of his industry involvement has revolved around the Urban Land Institute (ULI), for which he has served on various committees and as a Trustee for over 20 years. He served as President of the ULI from 1991 to 1993 and is currently President of the Urban Land Foundation. Mr. Klingbeil serves as a member of the Board of Directors and Vice Chairman of Dominion Realty Trust, a publicly traded real estate development trust.

James H. Callard
President

As President of Klingbeil Capital Management, Mr. Callard is responsible for acquisitions, investment portfolio management and operations activities. Mr. Callard joined American Apartment Communities in 1996. From 1980 through 1996, Mr. Callard served in several capacities with The Klingbeil Organization with primary responsibility for the East Coast and Midwest operations. From 1980 – 1983 Mr. Callard served as general counsel for The Klingbeil Organization. He structured acquisitions, coordinated lending relationships and created various investment vehicles. Prior to joining The Klingbeil Organization, he was engaged in the private practice of law for 15 years. Mr. Callard holds the degrees of Bachelor of Science in Business Administration and Juris Doctorate from The Ohio State University. Mr. Callard is a Trustee of the Urban Land Institute and a Governor of the Urban Land Foundation. He is a Director and member of the executive committee of the National Multi-Housing Council.

George R. Nickerson
General Counsel and Chief Administrative Officer

Mr. Nickerson is General Counsel and Chief Administrative Officer of Klingbeil Capital Management. Since 1985, Mr. Nickerson has held similar offices with The Klingbeil Organization and its affiliates. He graduated from The Ohio State University with a Bachelor of Arts degree cum laude in 1973 and with a Juris Doctorate summa cum laude in 1976. Mr. Nickerson was a member of the editorial board of the Ohio State Law Journal and is a member of Phi Beta Kappa and The Order of Coif. Following law school, Mr. Nickerson served as a law clerk for the United States District Court until 1978. From 1978 through 1984, he was engaged in the private practice of law in Columbus , Ohio . He is a full member of the Urban Land Institute (ULI) and participates in the National Association of Real Estate Investment Trusts (NAREIT).

Kevin D. Kaz
Chief Financial Officer

Mr. Kaz, Chief Financial Officer, has been with Klingbeil Capital Management since 1994. Mr. Kaz graduated from the University of California at Berkeley with a Bachelor of Science degree from the School of Business Administration . After graduating from Berkeley , Mr. Kaz joined the audit and consulting staff of Kenneth Leventhal and Company where he worked exclusively with real estate companies and financial institutions. Mr. Kaz was on the Board of Governors of the Bureau of Jewish Education and currently serves as Treasurer on the Board of Directors of Concordia Argonaut, a San Francisco social, dining and athletic club founded in 1864. Mr. Kaz is a member of the American Institute of Certified Public Accountants, the California Society of CPAs and the National Association of Real Estate Investment Trusts (NAREIT).

Kristen Klingbeil-Weis
Senior Vice President, Acquisitions & Asset Management

Ms. Klingbeil-Weis, Senior Vice President, Acquisitions & Asset Management, has worked on acquisition activities and asset management with KCM since 1998. Prior to that, she headed American Apartment Communities Midwest Region's operations and also handled property/asset management responsibilities for The Klingbeil Company. Prior to joining The Klingbeil Company in 1990, Ms. Klingbeil-Weis worked in the real estate investment banking division of Salomon Brothers in New York . Ms. Klingbeil-Weis earned her Bachelor of Arts degree in American Studies at Yale University in 1983 and her Masters in Business Administration from UCLA's Anderson School of Management in 1987. Ms. Klingbeil-Weis is an active member of The Urban Land Institute (ULI) and is a director and member of the executive committee of the National Multi-Housing Council.

Debra Cash
Vice President, Operations

Ms Cash, Vice President, Operations, has been a Vice President of the Klingbeil Organization since May 1994. She has responsibility for apartment operations in the East and Midwest regions. From 1988 to May 1994, Ms. Cash also held the office of Eastern Regional Controller for The Klingbeil Company and its affiliates. From 1983 to 1988 Ms Cash held the positions of Controller and Property Manager in the Washington metropolitan area for FCMI, a Seattle, Washington-based real estate management company specializing in subsidized housing. From 1976 to 1983, Ms. Cash held the positions of computer programmer and Assistant Controller for Westgroup, a large developer and manager of commercial office buildings, based in Tyson's Corner, Virginia. Ms. Cash is a member of the Northern Virginia Chapter of the Institute of Real Estate Management .

Michael Curtis
Vice President, Construction and Maintenance

As Vice President, Construction and Maintenance, Mr. Curtis is responsible for all aspects of the company's renovation, maintenance and construction related activities. Mr. Curtis has been the National Construction and Maintenance Manager of the Klingbeil Organization since May 1994. From 1978 to 1994, Mr. Curtis held several positions with The Klingbeil Organization and its affiliates in the areas of commercial real estate rehabilitation, redevelopment, condominium conversion, sales and management. Prior to that, Mr. Curtis was Project Manager for Fauquier Housing Group, a for-sale housing group specializing in custom estate homes in northern Virginia . He also served as the Construction Manager for the Executive Club Suites. Mr. Curtis attended Ricks College in Rexburg , Idaho .

Louise Santana
Vice President, Information Technology

Louise Santana has served as Vice President, Information Technology since her return to the Klingbeil Organization in March, 2004.  Ms. Santana has more than two decades of experience with technologies specific to the real estate industry.  She has designed, delivered and supported infrastructure and solutions to managers and end users at all levels, including property management, accounting, asset management, cash management, portfolio management and investor relations.  Ms. Santana held various corporate positions and fulfilled several functions during her six year tenure from 1994 to 2000 with  American Apartment Communities II, L.P. and American Apartment Communities III, L.P., each a privately held multifamily real estate investment trust managed by the Klingbeil Organization, as well as a number of other entities owned and operated by the  Klingbeil family.  Previously, Ms. Santana worked for eleven years at Kenneth Leventhal & Company, a CPA firm specializing in accounting and consulting to the real estate community.   Ms. Santana attended Mira Costa College and has experience and certifications in various programming languages as well as Microsoft, Novell and Citrix.

Bruce Crane
Vice President – Acquisitions

Mr. Crane joined Klingbeil Capital Management in November 2001, and brings over twenty years experience in the real estate industry. Focused on investment and portfolio expansion for KCM and its various fund partners, Mr. Crane is responsible for the sourcing and underwriting of all new multifamily acquisitions on a national level. Prior to joining KCM, he was Director of Acquisitions for Western National Properties and was charged with the financial modeling and acquisition of multifamily assets throughout California , Washington State and Colorado . Mr. Crane's past positions include Director of Marketing for Crane Realty Services and Senior Marketing Associated with Norris, Beggs & Simpson. Mr. Crane is a supporting member of the Urban Land Institute and carries a Bachelor of Science in Business Administration from California State University , Long Beach .

Brett Bickley
National Controller

Brett Bickley holds the position of National Controller and has been with Klingbeil Capital Management since 2004. Mr. Bickley is a CPA with over 20 years of accounting experience specializing in real estate management. He began his career with Ernst & Young after graduating magna cum laude with a Bachelor of Arts degree in Accounting from Capital University.

Kasey J. Stevens
Director of Business Development

As Director of Business Development, Mr. Stevens is responsible for pursuing new business and joint venture opportunities, investment portfolio growth, strategic disposition and assisting operations activities. Mr. Stevens graduated from the University of Colorado at Boulder with a Bachelor of Arts degree in Economics, he later returned to the University of Colorado to earn his Masters in Business Administration from the Leeds School of Business.
While attending the University of Colorado Leeds School of Business Mr. Stevens focused his Masters degree around real estate finance and entrepreneur studies. Prior to attending business school Mr. Stevens spent several years working at the world headquarters for the Clorox Company, where he primarily worked in the company¹s corporate finance and accounting division, he also spent a rotation working in the company¹s extensive operations division. Mr. Stevens is an active member of the Urban Land Institute