THIRD AMENDMENT TO PURCHASE AND SALE CONTRACT

Exhibit 10.48

THIRD AMENDMENT TO
PURCHASE AND SALE CONTRACT

            THIS THIRD AMENDMENT TO PURCHASE AND SALE CONTRACT (this " Third Amendment ") is made and entered into this 30 ^th day of September, 2009 (the " Third Amendment Date "), by and among LANDMARK (NC), LLC, a Delaware limited liability company, having an address at 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237 (" Seller ") and PENNSYLVANIA REALTY GROUP, INC., a Pennsylvania corporation, having a principal address at 2701 E. Luzerne Street, Philadelphia, Pennsylvania 19137 (" Purchaser "). 

RECITALS :

            WHEREAS, Seller and Purchaser entered into that certain Purchase and Sale Contract dated July 31, 2009, as amended by that certain First Amendment to Purchase and Sale Contract dated August 18, 2009, as further amended by that certain Second Amendment to Purchase and Sale Contract dated September 11, 2009 (as amended, the " Contract "), for certain real property situated in the County of Wake, State of North Carolina, commonly known as Landmark Apartments, and more specifically described in the Contract (the " Property "); and

            WHEREAS, Seller and Purchaser desire to amend the Contract on the terms and conditions set forth below.

AGREEMENT :

            NOW, THEREFORE, in consideration of the mutual covenants set forth in the Contract and herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree to amend the Contract as follows:

1.                   Non-Refundable Deposit Component .  In consideration of Seller's execution of this Third Amendment and no later than one (1) Business Day after the Third Amendment Date, Purchaser shall deliver to the Escrow Agent by wire transfer of Good Funds $25,000 (" Non-Refundable Deposit Component "), which amount shall, immediately u