PRAEDIUM, MAINSTREET ACQUIRE OFFICE PROPERTY IN FORT LAUDERDALE, FLORIDA FOR $14 MILLION

April 6, 2006 - New York -The Praedium Group LLC, a New York City-based national real estate investment firm, and San Francisco-based Hamilton Zanze & Company, announced today the acquisition of two Denver, Colorado area multi-family properties, Ironwood at the Ranch in Westminster and The Trails in Aurora, for $45.25 million, or $78,423 per unit. Omni Apartment Communities, Inc. is managing agent for both of the properties, which are currently 95 percent occupied.

Ironwood, built in 1986, is a 226-unit apartment complex situated on nine acres. It features a total of 16 two- and three- story buildings, one clubhouse, a swimming pool and spa, fitness center, and racquetball and volleyball courts.

The Trails, built in 1985, is a 351-unit apartment complex situated on 12 acres. It has a total of 17 three-story buildings, one clubhouse/leasing office, a swimming pool and spa, fitness center, and gated entrance. "This investment was very attractive due to both the high occupancy rates at the properties and their desirable locations," said Chris Hughes, Principal at the Praedium Group. "Market fundamentals are generally getting stronger for multi-family properties around Denver."

"A substantial capital improvement campaign is planned to improve the interiors and augment the existing amenities," said Kurt Houtkooper, Acquisition Manager of Hamilton Zanze & Company.

David Potarf and Dan Woodward of Marcus and Millichap in Denver represented the seller.

The Ironwood Trails Portfolio represents Praedium's fourth joint venture with Hamilton Zanze. In December 2005, Praedium and Hamilton Zanze acquired Sunset Ridge, a 240-unit multi-family property located in northeast Colorado Springs. In March 2005, Praedium and Hamilton Zanze acquired The Retreat at Cheyenne Mountain, a 276-unit multi-family property located in the Broadmoor district of Colorado Springs. In October 2004, Praedium and Hamilton Zanze acquired Gentrytown Manor Apartments, an 85-unit multi-family property located in Antioch, California.

Hamilton Zanze & Company (HZ & Co) is a syndicator of investment real estate, traditionally apartments. HZ & Co manages 24 apartment properties totaling more than 4,750 units in the Bay Area, Las Vegas, Colorado Springs, Denver, Albuquerque, Phoenix, Salt Lake City, Spokane County and Seattle.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with more than $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.