PRAEDIUM GROUP ACQUIRES SUMMER VIEW APARTMENTS IN SHERMAN OAKS, CALIF. FOR $17 MILLION

New York, N.Y. and Sherman Oaks, Calif. (March 10, 2003) - The Praedium Group, LLC (Praedium), a New York City-based national real estate investment firm, today announced its $17 million acquisition of Summer View Apartments, a 169-unit multifamily property located at 15353 Weddington Street in Sherman Oaks, California. Praedium, along with Hermosa Beach, California-based Rockland Properties (Rockland), purchased Summer View from the Pacific Property Company, which was represented by Chris Thompson of Investment Real Estate Associates in the transaction.

Chris Hughes, Praedium Group principal, stated, "We are pleased to be entering into our first joint venture with Rockland Properties, and we look forward to future opportunities with them." Hughes also noted, "This investment was very attractive due to its high occupancy, excellent freeway access, and location within a densely-populated area of L.A. Additionally, the market fundamentals are generally very strong for multi-family properties near desirable employment centers such as Sherman Oaks. In conjunction with Rockland, we intend to continue the renovation process currently underway, to enhance the property value and remain competitive within the market."

Built in 1964, the three-story property comprises 167 one-bedroom units and 2 studio units. Summer View has a higher parking ratio than average, with 205 access-controlled spaces. Additional amenities include a fitness center, club house, tennis and basketball courts, two swimming pools, sauna, fountain and barbeque area.

Rockland Properties, founded by Steven G. Fishman and Steven Ludwig, sources opportunistic real estate investments in Southern California. The company brings together financial markets expertise and local property market knowledge to capitalize effectively on niche opportunities.

The Praedium Group is a real estate investor focusing on underperforming and undervalued assets throughout North America, with more than $2 billion in total investments to date. Praedium was formed in 1991 with a leading international investment bank as its sole investor.

Building on the experience and exposure gained through this original investment program, Praedium has been a sponsor of commingled real estate private equity funds since 1994. The funds sponsored by Praedium have attracted investors that include public and corporate pension funds, financial institutions, insurance companies and endowments.

Praedium recently closed on a $465 million real estate private equity fund, Praedium Fund V. This equity will be leveraged to acquire $1.5 billion in properties over the next two years. The fund will invest in mid-cap assets throughout the United States and Canada in the $10 to $60 million range, targeting multi-family, office, retail and industrial property types. For more information please see www.praediumgroup.com.