FOR IMMEDIATE RELEASE

SOMERSET PARTNERS CLOSES $43 MILLION PURCHASE
OF SUBURBAN CINCINNATI MULTI-FAMILY COMPLEX FROM MET LIFE

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Investor Adds Another 500 Units in Ongoing Acquisition Campaign

(Mason , OH – April 18, 2005 ) -- Somerset Partners LLC, a New York City-based private real estate investor, has purchased the Conservatory at Deerfield, a 498-unit Class-A multi-family property in Mason , Ohio , a suburb of Cincinnati , in the eighth purchase in an ongoing $400 million acquisition campaign. Keith Rubenstein, director of equity investments of Somerset Partners, made the announcement.

Somerset Partners acquired the asset from MetLife for approximately $43 million. This property joins Somerset 's growing portfolio of Class-A residential housing located primarily in the Southwest and Southeast. This is the company's first Ohio acquisition. Built in 2001, the Conservatory at Deerfield is located in suburban Cincinnati 's highly regarded Mason School District .

The purchase comes on the heels of Somerset Partners' recent acquisition of the Alta Green multi-family complex in Atlanta , GA , and marks the purchase of nearly 1,000 units of Class A housing by Somerset Partners in the past three months. According to Philip Welch, managing partner of Somerset Partners, the firm was once again able to purchase an asset at a favorable price based upon its current economic occupancy of approximately 70 percent, which will enable the firm to realize a tremendous upside as the Cincinnati market continues to improve.

“The Conservatory at Deerfield is another excellent addition to our portfolio of Class-A multi-family housing,” said Marsh all G. Allan, managing partner of Somerset Partners. “We are long-term owners and are looking to add several thousand units this year, including individual assets and select portfolios”.

The Conservatory at Deerfield consists of a diverse mix of one-, two- and three-bedroom homes situated in both garden and townhouse layouts. Luxury amenities include two outdoor swimming pools, a full-size indoor basketball court, 24-hour fitness center, business center with conference room, tennis courts, children's playground and outdoor volleyball court. Located in the state's seventh ranked school district (out of 613), the community provides convenient access to major employment sectors, regional highways and shopping, including the newly opened 420,000 square-foot Deerfield Towne Center mall, which includes over 60 stores and 13 restaurants.

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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.