Coldwell Banker Commercial REP Brokers Sale of $145,000,000 Apartment Portfolio; Real Estate Partners, Inc.'s REPFund Apartments II LLC Purchases Portfolio From Equity Residential.

Business Editors

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Dec. 19, 2003

Coldwell Banker Commercial REP has assisted in the $145,000,000 sale of an EQUITY RESIDENTIAL (EQR) apartment portfolio. The 2,400+/- unit portfolio includes eight properties located in the Southern and Mid-Atlantic States. Tom Thompson, executive vice president of Coldwell Banker Commercial REP, represented the buyer, REPFund Apartments II LLC. Real Estate Partners, Inc. (REP) is a managing member of REPFund Apartments II LLC. Chicago, Illinois-based EQR, the seller, is the second-largest REIT in the United States.

"Real Estate Partners, Inc. is proud to represent its investors in the acquisition of this outstanding multi-family portfolio, which is the second our investment clients have acquired in the last six months," reported Dawson Davenport, president of REP. "The combination of well-positioned products, low interest rates and the possibility of an emerging economy provide the perfect market environment for such acquisitions. Paired with the skill and experience of our finance, acquisition, and management teams, we feel these market conditions represent a truly unique opportunity for our investors and partners."

"We utilized the expertise of our team with the local knowledge and national presence of Coldwell Banker Commercial(R) to assist us in this transaction," stated Tom Thompson. "Our clients, investors and partners intend to continue the acquisition of multi-family projects and portfolios throughout 2003, 2004 and possibly 2005. Our investment team performed swiftly and decisively in bringing this very large and complicated transaction to a successful conclusion."

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.

About Coldwell Banker Commercial

Coldwell Banker Commercial(R) is a registered trademark licensed to Coldwell Banker Real Estate Corporation. 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 Corporation is a subsidiary of Cendant Corporation (NYSE:CD). For additional information, on Coldwell Banker Commercial REP, visit the company's Web site at www.cbcrepca.com or contact them at 949-585-7605.

Each Office is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated.

The foregoing statements regarding transactions pending or closed, the performance of investments or the effects of the above on the company and the market are forward-looking statements subject to change and actual results could differ materially from those described.