PRAEDIUM GROUP SELLS TAMPA'S WATERMAN'S CROSSING FOR $14.5 MILLION

Tampa, Fla., April 21, 2003 - The Praedium Group (Praedium), a New York City-based national real estate investment firm, announces the $14.5 million sale of Waterman's Crossing, a two- and three-story, 403-unit, multifamily property on Rome Avenue in Tampa, Florida. Built in 1973, the property includes four studios, 156 one-bedrooms, 129 two-bedroom flats, 54 two-bedroom townhouse units and 60 three-bedroom units. The occupancy rate was approximately 95 percent at the time of the sale.

Denny St. Romain of CB Richard Ellis represented Praedium.

Jeff Sirkin, Praedium Group Director, stated, "This was a case where by creating better curb appeal at the property, we were able to bring rents in line with the property's competition, thereby enhancing value."

Praedium's strategy for Waterman's Crossing involved a complete renovation program to reposition the property, subsequently increasing rental rates and maintaining the asset at stabilized occupancy.

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.