Coldwell Banker Commercial REP Brokers Sale of Apartment Portfolio Valued at $28 Million.

Business Editors/Real Estate Writers

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Oct. 13, 2003

The Coldwell Banker Commercial(R) REP, a subsidiary of Real Estate Partners Inc., today announced it has brokered the $28 million sale of a 816-unit apartment portfolio. The portfolio includes two properties located in Louisiana, one property in Texas and one in Arizona. Coldwell Banker Commercial REP represented REPFund Apartments LLC. and Real Estate Partners Inc. as the buyers. The seller was AIMCO Properties of Denver. AIMCO is the country's largest apartment real estate investment trust.

"This apartment portfolio is the second in a series of acquisitions of multi-family and commercial projects for Real Estate Partners Inc. and its affiliated and managed funds, which include REPFund Apartments LLC," said Dawson Davenport, president of Real Estate Partners. "Our focus is on value-added properties that create enhanced long-term value and a significant after tax cash-on-cash return for our investors. We focus on better controls of operations and maintenance, as well as added investment to the properties, to elevate them to higher levels of performance in their respective marketplaces."

Thomas E. Thompson, managing director for REPFund Apartments LLC, stated: "This acquisition is a great example of the team approach. It brought together a group of very experienced professionals in property management led by Coldwell Banker Commercial Inc. Management, who has the capacity to manage a very diverse portfolio all over the United States; Lend Lease Mortgage, who worked very hard to provide the required financing; and lastly Coldwell Banker Commercial REP, who did an excellent job assembling the team and closing the transaction. With this team in place REPFund Apartments LLC is already under contract for an additional 2,500 units, worth approximately $160 million. We expect this transaction to close by the end of the year."

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.cbcrepca.com or contact them at 877-915-3297.

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