MAINLAND VALUATION SERVICES

                       Real Estate Appraisals & Consulting



                                                                                 
Gerald R. Maier, JD, CPA, MAI       12616 West 62nd Terrace, Suite 114                  Lawrence Office
Curtis L. Frazier, Associate              Shawnee, Kansas 66216                        719 Massachusetts
Thomas M. Scaletty, Associate                (913) 248-1700                            Lawrence, KS 66044


                               FAX (913) 248-1701


October 7, 2000

Mr. Dave Farrell
Northland/Marquette
7400 College Boulevard, Suite 300
Overland Park, Kansas 66210

SUBJECT: Market Value Appraisal
         Woodhollow Apartments
         1871 McKelvey Hill Drive
         St. Louis, Missouri 63043
         VS FILE NO. 20-1304

Dear Mr. Farrell:

At your request, the property commonly referred to as the Woodhollow  Apartments
located at 1871 McKelvey Hill Drive in St.  Louis,  Missouri has been  inspected
and appraised. A legal description of the property has been included in Addendum
E for your reference.

The purpose of this letter is to set forth the  estimate of market value for the
subject  property in "as is"  condition  in fee simple  estate.  This  appraisal
report  has  been  prepared  in  conformity   with  the  Uniform   Standards  of
Professional  Appraisal  Practice (USPAP).  No departure  provision of USPAP was
relied  upon.  The  appraisal is intended to comply with the  appraisal  related
directives  within  Title  XI of the  Federal  Financial  Institution's  Reform,
Recovery and  Enforcement  Act of 1989 (FIRREA 12 C.F.R.  323) and the Appraisal
Standards for Federally Related  Transactions with one exception.  Specifically,
the appraisal was not ordered by a federally  insured lending  institution.  The
market value is premised upon the Assumptions and Limiting  Conditions  included
within the appraisal  report.  The term "market value" is defined in the body of
the attached report.

The subject  consists of a 25.9058 acre or  1,128,456  square foot tract of land
located at the southwest corner of Dorsett Avenue and McKelvey Hill Drive in St.
Louis,  Missouri. In 1971 and 1972, the site was improved by the construction of
a 402 unit apartment project.  There are a total of 18 apartment buildings and a
two story  clubhouse.  The gross  building area is equal to 401,327 square feet.
The net rentable area is equal to 295,769  square feet. The Average unit size is
equal to 736 square feet.



Mr. Farrell
October 7, 2000
Page 2


In conclusion, based upon the following narrative appraisal report to which your
attention is now directed, the market value of the subject property, considering
a marketing period of twelve months and an effective appraisal date of September
26, 2000, in "as is" condition has been estimated at:

                 SIXTEEN MILLION EIGHT HUNDRED THOUSAND DOLLARS

                                 ($16,800,000).

This  value  estimate  includes   approximately  $360,000  attributable  to  the
depreciated  value of the personal  property.  The value in use would exceed any
anticipated salvage value.

It is the  undersigned's  opinion that the subject property does not include any
enhancement  in value as a result  of any  natural,  cultural,  recreational  or
scientific influences.

Thank you for the opportunity to be of service.

Sincerely,

MAINLAND VALUATION SERVICES


Gerald R. Maier, MAI
Missouri License No. RA-1974

GRM:jbl

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