PRAEDIUM GROUP AND COASTLINE CAPITAL PARTNERS ACQUIRE MULTI-FAMILY PROPERTY IN LOS ANGELES FOR $13 MILLION

New York and Los Angeles - April 29, 2004 -The Praedium Group LLC, a New York City-based national real estate investment firm, and Coastline Capital Partners, a Hermosa Beach, CA-based real estate firm, announced today the acquisition of the Rosemead Garden Apartments located in the Pico Rivera area of Los Angeles, CA for $13 million. Current occupancy is 94 percent.

Built in 1973, the 2 story multi-family property located at 7711 Rosemead Boulevard comprises 131 units. It features higher than average parking including 215 spaces, or 1.6 per unit, with 59 spaces located in a garage under one of the buildings. Additional amenities include a swimming pool, tennis court, BBQ area, and laundry facilities.

Chris Thompson of Investment Real Estate Associates of Los Angeles represented the seller, a private investment partnership.

Christopher Hughes, Praedium Group principal, said, "This investment was very attractive due to the property's high occupancy rate and location within a densely populated area of Los Angeles. Additionally, the Pico Rivera area is currently undergoing an aggressive improvement program. Within blocks of the property, several large new business and retail centers have been developed, with big-name retailers. The market fundamentals are generally very strong for multi-family properties near desirable employment centers in Los Angeles. In conjunction with Coastline Capital Partners, we intend to enhance the property's value and remain competitive within the market."

"We are excited to be making our second investment with The Praedium Group," said Steven Ludwig, principal, Coastline Capital Partners. "This investment represents an opportunity to match the repositioning of an asset with the changing trends of the surrounding community. The City of Pico Rivera has dramatically improved over the last five years and will continue to benefit from ongoing public and private investment."

In March 2003, Praedium and Coastline jointly acquired Summer View Apartments, a 170-unit multi-family apartment complex in Sherman Oaks, CA.

Coastline Capital Partners, LLC is a real estate investment company. Its goal is to realize an asset's full value by carefully assessing long-term hold, repositioning, and development opportunities.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with $3.5 billion in total investments to date in 1,200 assets comprised of 33 million square feet of commercial space and 28,000 multi-family units. 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 is currently investing in its most recent $465 million real estate private equity fund, Praedium Fund V. This equity will be leveraged to acquire $1.5 billion in properties. The fund will invest in mid-cap assets throughout the United States and Canada in the $10 to $70 million range, targeting multi-family, office, retail and industrial property types. For more information, please see www.praediumgroup.com.