PRAEDIUM GROUP, AFFIRMATIVE SELL TAMPA BAY MULTI-FAMILY PROPERTY FOR $18 MILLION

February 15, 2006-New York -The Praedium Group LLC, a New York City-based national real estate investment firm, announced today the sale of Sierra Point, a multi-family property purchased in joint venture with Affirmative Equity Properties. Sierra Point, a 296-unit property in the Temple Terrace section of Tampa Bay, FL, was sold for $17.8 million or $59,966 per unit.

Built in 1973, the property located at 8412 Rio Bravo Court offers residents laundry facilities, tennis courts, a fitness center, two outdoor pools and a clubhouse with a large indoor swimming pool. At the time of purchase the property was 78 percent occupied. The property was 91 percent occupied at the time of sale to Sonoma Park, LLC.

Mark Lippmann, vice president at Praedium said, "The Tampa sub-market has improved significantly over the past few years. Positive market fundamentals, coupled with our strategic renovations and focused asset management, led to the increased level of leasing we were able achieve."

Andy Jubelt, president of Affirmative Equities Company said, "The property has undergone significant renovations. Exterior renovations included new roofs, signage, improved landscaping and a new parking lot. Additionally, considerable interior renovations were completed, including new appliances, air conditioning units, kitchen cabinets and countertops, carpets, doors and paint."

This was Praedium's fifth transaction with Affirmative Equities Company. The properties were managed and repositioned through a related company, Affirmative Arco Management Group LLC. The management group currently and in the recent past has managed several thousand multi-family units successfully adding value to each of the assets.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $5 billion in total investments to date in more than 225 transactions comprised of 40 million square feet of commercial space and 44,000 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 investing its most recent $700 million real estate private equity fund, Praedium Fund VI. This equity will be leveraged to acquire more than $2 billion in properties. The fund invests 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. Cadim, a Montreal-based real estate advisor and portfolio manager, is a major shareholder of The Praedium Group. Cadim is a division of the Caisse de depot et placement du Quebec and a member of the Real Estate group of the Caisse. The Caisse is one of the world's 10 largest real estate managers among pension fund managers. For more information, please see www.praediumgroup.com.