Top Brokers of Multi-Family Properties in 2007
                                                     2007            Market         2006               Market   06-07
                                                     Sales     #of    Share         Sales        #of    Share  Change
                                                   ($Mil.)   Prop.     (%)      ($Mil.)      Prop.      (%)       (%)
1 CB Richard Ellis                   $10,951.9   187     32.1  $18,173.8      269    41.2    -39.7
2 Apartment Realty Advisors       4,613.8   120     13.5      4,829.2      120    10.9      -4.5
3 Cushman & Wakefield             3,365.1      63      9.9       3,387.6       75      7.7      -0.7
4 Marcus & Millichap                 2,721.2      64      8.0       2,279.4        61     5.2      19.4
5 Eastdil Secured                      1,823.0      25      5.4       1,753.4        36     4.0        4.0
6 Hendricks & Partners              1,519.2      32      4.5       1,590.8        48     3.6       -4.5
7 Holliday Fenoglio Fowler         1,359.5      22      4.0       2,144.8        28     4.9     -36.6
8 Moran & Co.                          1,064.0      20      3.1       1,211.8        29     2.7     -12.2
9 Eastern Consolidated                 877.8      13      2.6          260.5          4     0.6    237.0
10 Colliers International                 604.4      17      1.8          349.4        10     0.8      73.0
11 Transwestern Commercial        557.8      15      1.6          801.2         11    1.8     -30.4
12 Grubb & Ellis                          536.8      15      1.6          308.1          7     0.7      74.2
13 Engler Financial                       373.8       9       1.1          766.6        18     1.7     -51.2
14 U.S. Equities Realty                262.5       1       0.8             0.0          0      0.0
15 Arroyo & Coates                     245.3       5       0.7       1,261.0        21     2.9     -80.5
OTHERS                                 3,195.3     71       9.4       4,992.8        97   11.3     -36.0
Brokered Total                      34,071.4   678   100.0     44,110.5      824  100.0     -22.8
No Broker                                 5,830.1   122                   5,968.6      141
TOTAL                                   39,901.5   800                 50,079.1      965               -20.3

Source: Real Estate Alert 02/13/2008 issue, available by subscription only