Berkshire Income Realty to Pay Regular Cash Dividend on its Series A Preferred Stock and Announces Two Texas Acquisitions.

Business Editors

BOSTON--(BUSINESS WIRE)--April 30, 2004

Berkshire Income Realty, Inc. (AMEX: BIR.PR.A) (AMEX:BIR_pa) (AMEX: BIRPRA) (AMEX: BIR-A) (AMEX: BIR.A) announced today that the Company will pay its regular quarterly cash dividend of $.5625 on each share of its 9% Series A Cumulative Redeemable Preferred Stock on May 15, 2004, to shareholders of record on May 10, 2004. The regular cash dividend payable on the Series A Preferred Stock is payable on February 15, May 15, August 15 and November 15 of each year.

On March 30, 2004, Berkshire Income Realty - OP, L.P. (the "OP"), the operating partnership subsidiary of Berkshire Income Realty, Inc. (the "Company"), through its newly formed and wholly owned subsidiary BIR Laurel Woods Limited Partnership, purchased Laurel Woods Apartments, a 150-unit multi-family apartment community located in Austin, Texas, from Berkshire Mortgage Finance Limited Partnership, an affiliate of the Company, for a purchase price of $5,250,000.

On March 31, 2004, the OP, through its newly formed and wholly owned subsidiary BIR Bear Creek Limited Partnership, purchased Bear Creek Apartments from an unaffiliated third party for a purchase price of $4,900,000. Bear Creek Apartments is a 152-unit multi-family apartment community located in Dallas, Texas.

President and CFO, David Quade, comments, "Bear Creek Apartments and Laurel Woods Apartments were purchased from lenders. We believe that the purchase prices of both properties represent excellent values in their respective markets and that prior undermanagement, reflected in occupancy statistics, gives us significant upside potential. Both properties are located in what we consider to be attractive sub-markets."

Berkshire Income Realty is a REIT whose objective is to acquire, own and operate multi-family apartment communities. The Company owns interests in eleven such properties, four of which are located in the Baltimore/Washington, D.C. metropolitan area, two are located in Houston, Texas, two are located in Dallas, Texas, one in Austin, Texas and two are located in the Ft. Lauderdale, Florida area.

This press release contains "forward-looking statements", within the meaning of the Private Securities Litigation Reform Act of 1995, about Berkshire Income Realty, Inc. Except for historical information, the matters discussed in this press release and forward-looking statements that are subject to certain risks and uncertainties could cause actual results, performance or achievements to differ materially.