Apartment Investors Announces Slate of Officers.

Business Editors

OMAHA, Neb.--(BUSINESS WIRE)--Sept. 2, 2003

The board of directors of America First Apartment Investors, Inc. (Nasdaq:APRO) announced today that it has elected Mr. Jack Cassidy president and chief executive officer of the REIT. Mr. Cassidy has been affiliated with America First since 1987, most recently heading its Real Estate group. Michael Yanney, chairman, said, "Jack Cassidy is the right person for this position for many reasons. He has years of experience managing multifamily real estate portfolios, including overseeing the financing and acquisition of properties. In addition, he has the leadership qualities necessary to implement the REIT's growth strategy."

Other officers appointed by the board were Mark Hiatt, chief financial officer, treasurer and secretary; Joseph Grego, executive vice president, real estate; Maurice Cox, executive vice president, investor relations; and Lisa Rezac, controller. Lisa Roskens, president and CEO of America First Companies, LLC said, "Each of these people brings a wealth of experience to their position; the majority of this team has been with America First for ten to 20 years and has helped build the REIT to where it is today. They are committed to continuing the growth of Apartment Investors and creating value for investors." She added, "We are excited to have the caliber of management represented by this group and are confident that they have the ability to meet the goals the board has set for America First Apartment Investors."

Prior to joining America First in 1987, Mr. Cassidy was vice president of EF Hutton & Co. Inc. where he was involved in the identification, analysis and acquisition of real estate investments, specializing in multifamily properties. He has led the America First Real Estate Group which includes three limited partnerships invested in multifamily housing and the company's multifamily property management division.

Mr. Grego has been responsible for the acquisition, financing and management of various real estate and mortgage investments including office, apartment and retirement properties. From 1980 to 1989 when he joined America First, Mr. Grego held several positions with EF Hutton and Shearson Lehman Hutton, including senior vice president of the Financial Service Division. He has been responsible for the majority of multifamily acquisitions made by the America First limited partnerships.

Mr. Cox was also affiliated with EF Hutton prior to joining America First Companies in 1985. From 1983 to 1985, Mr. Cox was the director of the Partnership Investment Group at EF Hutton & Co. where he was responsible for sales and market planning for investment programs. Mr. Cox is a licensed broker, holding NASD Series 7, Series 24 and Principal licenses. Mr. Cox is a certified financial planner.

Mr. Hiatt joined America First in 1987 as an accountant for the company's multifamily real estate funds. In 1989 he became an asset manager supervising the performance of a portfolio of multifamily properties. In 1992, he was instrumental in forming the America First Properties Management Company and served as its first chief operating officer. In 2002, Mr. Hiatt was named chief financial officer of America First Companies, LLC and in 2003 was named chief operating officer. Mr. Hiatt is a CPA.

Ms. Rezac joined America First in 2001 as Director of Financial Reporting. Prior to her affiliation with the company, she was an account manager for KPMG Peat Marwick. Ms. Rezac is a CPA.

Information contained in this Press Release contains "forward-looking statements" relating to, without limitation, future performance, plans and objectives of management for future operations and projections of revenue and other financial items, which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "estimate," or 'continue," or the negative thereof or other variations thereon or comparable terminology. Several factors with respect to such forward-looking statements, including certain risks and uncertainties, could cause actual results to differ materially from those in such forward-looking statements.