Coldwell Banker Commercial REP Appoints Greg Garmon Executive Management Services Director.

Business Editors

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Jan. 27, 2004

Coldwell Banker Commercial(R) REP, a wholly-owned subsidiary of Real Estate Partners Inc., announced today that Greg Garmon has been named Executive Management Services Director. The addition of Mr. Garmon strengthens the company's rapidly growing management services division, which currently manages more than $400 million in property.

"Mr. Garmon combines his exceptional leadership skills with specific management expertise in multi-family apartment properties, where our company has enjoyed significant success," stated Dawson Davenport, President of Coldwell Banker Commercial REP. "With his background in managing over $2 billion in property for AIMCO as Senior Vice President for the Pacific Division, Mr. Garmon is assured to deliver superior service and value to our company's clients and investors."

For more than 14 years, Mr. Garmon has amassed considerable expertise in real estate management, with an emphasis on multi-family apartment properties. He has spent the last five years with AIMCO, a real estate investment trust (REIT), and the largest owner/operator of apartment properties in the United States. As Senior Vice President, Mr. Garmon led a management team of over 400 people, 50 apartment communities, and 15,000 units from Seattle to San Diego.

"My goal as Executive Management Services Director for Coldwell Banker Commercial REP is to combine my property management expertise with my experience in real estate investments to protect our clients' and partners' investments and grow their profitability," said Mr. Garmon. "Coldwell Banker Commercial REP has demonstrated explosive growth, both as a property management entity and as a real estate investment services firm. I feel this is an excellent opportunity for me professionally, and I am committed to making a significant impact in our industry."

Mr. Garmon has a Bachelor of Science degree in business administration and marketing from Winona State University in Winona, Minn. He has served on the board of directors for the California Housing Counsel, California Apartment Association and has been a keynote speaker for the Asian Business League, AAGIE, and other Los Angeles-area apartment conferences.

Note to Editors: Photo of Greg Garmon available upon request.

About Coldwell Banker Commercial REP

Coldwell Banker Commercial REP has been serving the Southern California area for many years and is renowned for its integrity, professionalism and customer service. With over 24 associates and an excellent support staff, Coldwell Banker Commercial REP has hundreds of years of combined experience years in real estate. The company's client list includes GE Capital, Lend Lease, Ford Motor Company, Samsung, DaimlerChrysler, Ralphs Grocery Company, Albertson's and many of the Fortune 500 companies. Trained in proprietary courses through Coldwell Banker University, the most comprehensive educational program in the industry, the company is empowered to provide its clients with expertise, dedication and up-to-the-minute market data. Coldwell Banker Commercial REP is an integral part of the Southern California business community, with offices in Newport Beach and Irvine, Calif. The company also sponsors Children's Hospital of Orange County, The Susan G. Komen Breast Cancer Foundation, Habitat for Humanity, as well as other charities. For more information, call the company at 877-844-4040 toll free or visit the company's Web site at http://www.cbcrepca.com.

About Real Estate Partners

Real Estate Partners Inc. is a privately held real estate investment services firm specializing in the acquisition, repositioning and management of under-performing properties. The company owns and operates Orange Coast Commercial Inc. DBA Coldwell Banker Commercial REP, providing access to a network of over 300 affiliate offices around the country with a 90-year history and an established reputation for high quality service. The principals and officers of Real Estate Partners are creative, experienced commercial real estate and real estate finance professionals who are dedicated to maximizing investor value through strategic acquisitions, key partnerships and a suite of management services.

Coldwell Banker Commercial(R) is a registered trademark licensed to Coldwell Banker Real Estate Corp. The Coldwell Banker Commercial system has more than 500 commercial real estate offices with more than 3,000 sales associates throughout North America, South America, Europe, Africa, Asia and Australia. The Coldwell Banker Commercial system is an industry leader in providing commercial real estate solutions, serving the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types. Coldwell Banker Real Estate Corp. is a subsidiary of Cendant Corp. (NYSE:CD). For additional information, visit the company's Web site at www.realestatepartnersinc.com or contact the company at 877-915-3297.

Each office is independently owned and operated except offices owned and operated by NRT Inc.