FOR IMMEDIATE RELEASE

SOMERSET PARTNERS ACQUIRES
CLASS-A MULTIFAMILY COMMUNITY IN MISSISSIPPI

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Firm Continues to Add Key Assets to Portfolio as Part of an Aggressive Nationwide Growth Strategy

New York, NY – Somerset Partners, LLC, a private real estate investment firm with a portfolio of apartment communities located in targeted Southeast and Southwest markets as well as considerable commercial assets in NYC and Washington DC, today announced that they have purchased Civic Center Apartments, a 392-unit Class A multifamily community located in Southaven, Mississippi, a suburb of Memphis, Tennessee. Somerset is also under contract to purchase Phase II of Civic Center in 2007.  Construction on the 384 unit Phase II was completed in December 2005, and new units are leasing briskly.

With the acquisition of Civic Center, Somerset Partners is continuing its effort to build a high quality portfolio of multi-family assets in the southeastern and southwestern U.S. Southaven is an attractive sub-market that offers high quality of life as a suburb of Memphis, Tennessee, and it is conveniently located to major freeways and geographically attractive to a variety of employment and retail nodes in the surrounding areas. Civic Center Apartments is adjacent to the Civic Center Auditorium in DeSoto County, one of the fastest growing counties in the U.S.

“This acquisition adds a quality asset that will surely add value to our growing portfolio,” said Philip Welch, Director of Multi-family Investments, Somerset Partners, LLC. “We’re actively looking at our assets and identifying the best opportunities to expand our portfolio. In fact, we’re currently evaluating several multi-family opportunities in greater Atlanta.”

As part of their investment strategy focused on growth and asset appreciation, Somerset recently sold the Arbors of Pleasant Valley, a 184 unit Class A asset in Little Rock, Arkansas, that it acquired in 2003. Somerset acquired the asset at a favorable price, which enabled the Company to realize substantial upside as the Little Rock market improved considerably since the acquisition.  The development at 2020 Hinson Loop Rd. in Arkansas was purchased by Entrepreneurial Group of Newport Beach, CA.

Last year, the company completed nearly $1 billion of commercial and residential acquisitions.

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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 G. Rubenstein, Marshall Allan and Philip Welch.