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  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-05-09T13:47:23-07:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>Comyns Smith McCleary &amp; Deaver LLP</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>3470 Mt Diablo Blvd A110</AddressLine1>
        <City>Lafayette</City>
        <State>CA</State>
        <ZIPCode>94549</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990EZ</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>201857252</EIN>
      <Name>
        <BusinessNameLine1>SFERS Real Estate Corp LL</BusinessNameLine1>
      </Name>
      <NameControl>SFER</NameControl>
      <Phone>4157813300</Phone>
      <USAddress>
        <AddressLine1>101 California St 26th Floor</AddressLine1>
        <City>San Francisco</City>
        <State>CA</State>
        <ZIPCode>94111</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>Marlena Casellini</Name>
      <Title>CFO</Title>
      <DateSigned>2012-05-09</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>Dan K Deaver</Name>
      <Phone>9252991040</Phone>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="2">
    <IRS990EZ documentId="IRS990EZ" referenceDocumentId="IRS990ScheduleO TransfersPersonalBenefitsContr" softwareId="11000144" softwareVersion="2011v1.2">
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <ScheduleBNotRequired>X</ScheduleBNotRequired>
      <WebSite>N/A</WebSite>
      <Organization501c typeOf501cOrganization="25">X</Organization501c>
      <GrossReceiptsLessThan25000>X</GrossReceiptsLessThan25000>
      <CostOtherBasisAndSalesExpenses>0</CostOtherBasisAndSalesExpenses>
      <FundraisingGrossIncome>0</FundraisingGrossIncome>
      <SpecialEventsDirectExpenses>0</SpecialEventsDirectExpenses>
      <CostOfGoodsSold>0</CostOfGoodsSold>
      <TotalRevenue>0</TotalRevenue>
      <TotalAssets>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </TotalAssets>
      <NetAssetsOrFundBalances>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </NetAssetsOrFundBalances>
      <PrimaryExemptPurpose>Title Holding Corporation For Real Property</PrimaryExemptPurpose>
      <ProgramServiceAccomplishment>
        <DescriptionProgramServiceAccom>Title Holding Corporation for Real Property</DescriptionProgramServiceAccom>
      </ProgramServiceAccomplishment>
      <OfficerDirectorTrusteeKeyEmpl>
        <PersonName>See Supplemental Information</PersonName>
        <AddressUS>
          <AddressLine1>See Supplemental Information</AddressLine1>
          <City>See Supplemental Infor</City>
          <State>CA</State>
          <ZIPCode>94111</ZIPCode>
        </AddressUS>
        <Title>See Supplementa</Title>
        <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
        <Compensation>0</Compensation>
      </OfficerDirectorTrusteeKeyEmpl>
      <ActivitiesNotPreviouslyRpt>false</ActivitiesNotPreviouslyRpt>
      <MadeChangesToOrgnzngEtcDoc>false</MadeChangesToOrgnzngEtcDoc>
      <OrganizationHadUBI>false</OrganizationHadUBI>
      <OrganizationFiled990T>false</OrganizationFiled990T>
      <SubjectToProxyTax>false</SubjectToProxyTax>
      <OrganizationDissolvedEtc>false</OrganizationDissolvedEtc>
      <DidOrgFileForm1120POLThisYear>false</DidOrgFileForm1120POLThisYear>
      <MadeLoansToFromOfficers>false</MadeLoansToFromOfficers>
      <InitiationFeesAndCapitalContri>0</InitiationFeesAndCapitalContri>
      <GrossReceiptsForPublicUse>0</GrossReceiptsForPublicUse>
      <ProhibitedTaxShelterTrans>false</ProhibitedTaxShelterTrans>
      <TheBooksAreInCareOf>
        <NamePerson>Marlena Casellini</NamePerson>
        <AddressUS>
          <AddressLine1>101 California St</AddressLine1>
          <City>San Francisco</City>
          <State>CA</State>
          <ZIPCode>94111</ZIPCode>
        </AddressUS>
        <TelephoneNumber>4157813300</TelephoneNumber>
      </TheBooksAreInCareOf>
      <ForeignFinancialAccount>false</ForeignFinancialAccount>
      <ForeignOffice>false</ForeignOffice>
      <MaintainAnyDonorAdvisedFunds>false</MaintainAnyDonorAdvisedFunds>
      <DoesOrgHaveHospital>false</DoesOrgHaveHospital>
      <TanningServicesProvided>false</TanningServicesProvided>
      <Form720Filed>false</Form720Filed>
      <RelatedOrgControlledEntity>false</RelatedOrgControlledEntity>
      <TransactionWithControlEntity>false</TransactionWithControlEntity>
      <EngagePoliticalCmpgnActivities>false</EngagePoliticalCmpgnActivities>
      <PartVIOfCompOfHighestPaidEmpl>NONE</PartVIOfCompOfHighestPaidEmpl>
      <PartVIAHghstPaidCntrctProfSer>NONE</PartVIAHghstPaidCntrctProfSer>
    </IRS990EZ>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="11000144" softwareVersion="2011v1.2">
      <GeneralExplanation>
        <Explanation>Client Note 1 - Form 990EZPart IVAs provided in the corporate bylaws of the taxpayer, all officers and directors of the taxpayer serve as such without compensation and, as a result, the taxpayer is precluded from paying any compensation to any of the following officers/directors.OFFICERS AND DIRECTORSDIRECTOR Brian E. McAuliffeDIRECTOR JOhn F. CampbellOFFICERSPresident Brian E. McAuliffeVice President Angela C. Blaising Pamela S. Boneham John F. Campbell Timothy Ellsworth Timothy K. Gonzalez Bradley J. Gries David Hamm Andrew R. Harper William T. Henderson Jeffrey C. Kahl Pamela R. Thomas James E. Toney Anne-Marie Vandenberg Vice President &amp; Treasurer Marlena M. CaselliniAssistant Secretary Kimberly M. BandAssistant Secretary Portia Guerin</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
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