PRAEDIUM GROUP AND COASTLINE CAPITAL PARTNERS SELL MULTI-FAMILY PROPERTY IN LOS ANGELES FOR $20 MILLION

New York and Los Angeles - June 25, 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 sale of the Summer View Apartments located in the Sherman Oaks area of Los Angeles, CA for $20.3 million, or $119,412 per unit. Current occupancy is 95 percent.

Built in 1964, the 3 story multi-family property located at 15353 Weddington Street comprises 170 units. Amenities include a fitness center, clubhouse, tennis and basketball courts, two swimming pools, sauna and BBQ area.

John Walsh of Marcus & Millichap of Encino, CA represented the sellers. The buyer was not disclosed.

Christopher Hughes, Praedium Group principal, said, "This initial investment was very attractive due to the property's high occupancy rate and location within a densely populated area of Los Angeles. The market fundamentals are generally very strong for multi-family properties near desirable employment centers in the city.
Through our interior renovation program, we were able to enhance the property's value, making it an attractive investment for institutional players."

"We are pleased with the results of our joint venture with The Praedium Group," said Steven Ludwig, principal, Coastline Capital Partners. "The property's strong location and amenities allowed us to achieve our business plan in less time than we expected."

In April 2004 Praedium and Coastline teamed together again to acquire Rosemead Garden Apartments, a 131 multi-family unit apartment complex in Pico Rivera, 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.