FOR IMMEDIATE RELEASE

SOMERSET PARTNERS PURCHASES MULTI-FAMILY PROPERTY

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MEMPHIS, TN -- Somerset Partners announced the purchase of Civic Center Phase II, a 384 unit, Class-A multi-family property in Southaven, MS. The purchase closed February 2007. Completed in January 2006, Civic Center II is a gated rental community featuring spacious one-, two- and three-bedroom apartment homes, an outdoor pool, fitness center, tennis courts, putting green and business center.

Somerset Partners acquired the 392 unit Civic Center Phase I in January of 2006. Somerset plans to combine operations of Civic Center I & II to increase efficiencies and achieve cost savings. The property will be managed by LEDIC Management. LEDIC, based in Memphis, is a third-party management firm with 25,000 multi-family units under management primarily in the southeastern US.

The seller, Patten & Taylor, was represented in the transaction by the Memphis office of CB Richard Ellis.

Philip Welch, Managing Director for multi-family operations at Somerset Partners, says despite recent sales in 2006, Somerset plans to add 1,000 additional Class A units through acquisition and development in 2007.  Since 2002, Somerset has assembled a portfolio of 5,000 Class A and B units in markets such as Atlanta, Memphis, Cincinnati, Oklahoma City, Tulsa, Little Rock and Wichita.

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Somerset Partners, LLC, is a private equity firm focused on the preservation and growth of wealth through investment in real estate for its investors and principals. With a focus on long-term ownership and high-quality multi-family assets in economically sound markets, Somerset Partners matches its investments with the specific portfolio requirements of its equity partners. Somerset Partners is owned and managed by Keith Rubenstein, Marshall Allan and Philip Welch.