04-27-07 McCann Realty Partners Hires New Vice President, Asset Management

RICHMOND, VA AND BOCA RATON, FL – April 27, 2007 – Eric Phipps has joined McCann Realty Partners (“MRP”) as Vice President, Asset Management. Among Phipps’ chief responsibilities will be overseeing the operations of a growing portfolio of apartment communities being acquired by the Silver-McCann Apartment Group investment funds (“Silver-McCann”).

“Silver-McCann has invested more than $140 million in the past two years with plans to acquire another $150 million worth of apartment communities in the next 12-to-24 months,” Phipps said. “My job is to work closely with the management companies to ensure that each property is performing at its peak potential in its current market.” 

McCann Realty Partners, LLC -- an apartment investment company -- and Silver Capital, LLC -- a division of the real estate development and investment firm Silver Companies -- joined forces in April 2005 to acquire apartment communities in the Mid-Atlantic and Southeast.  To date, Silver-McCann has acquired a total of eight communities and 1,893 units in Georgia, North Carolina and Indiana.  

“Between our current investments and our goal to more than double the portfolio in the next two years, it was time to find a strong asset manager,” said John P. McCann. “Eric has more than 12 years of experience in the field of Property Management including three years as Regional Manager for Landmark Property Services. We’re glad to have him on board.”

The first fund, Silver-McCann Apartment Group, L.P., reached its stated objective of acquiring an apartment portfolio valued at approximately $111 million in the first 18 months of the partnership, causing it to close in October 2006.  Silver-McCann Apartment Group II, L.P. continues the partnership with the expectation of acquiring $150-$200 million worth of apartment communities over the next two years.

Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and more recently Texas. For more information, please contact Brand Inlow, Director of Acquisitions, at (804) 852-6657.

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Since 1941, Silver Companies has built an impressive master development and real estate investment enterprise with commercial development approaching 11 million sq. ft. and residential site development totaling more than 50,000 units. In addition, the company’s private equity division has provided more than $1 billion in capital to builders and developers during the last six years. Silver Companies is led by CEO Larry D. Silver and is backed by teams of division presidents, engineers, contractors, project managers, lending, leasing and acquisitions professionals and nationally-recognized strategic partners. Its two headquarter offices are located in Metro Washington, D.C. and Boca Raton, FL. For more information, visit www.silvercompanies.com.

Richmond, VA-based McCann Realty Partners, LLC, was started in late 2004 to invest in apartments.  Its principals have over 90 years of apartment industry experience.  By leveraging industry relationships developed over the past 35 years, MRP has demonstrated its ability to access capital sources and create deal flow, enabling it to find and close apartment investments that provide superior returns.  For more detailed information, visit www.mrpapts.com.

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