07-06-06 Silver-McCann Apartment Group, L.P. Enters Atlanta Market, Acquires St. Ives Apartments in Dallas, Georgia

RICHMOND, VA, BOCA RATON, FL and DALLAS, GA – July 6, 2006 – Silver-McCann Apartment Group, L.P. (“Silver-McCann”), announced the acquisition of St. Ives Apartments in Dallas (Paulding County), Georgia.  The 332-unit, garden-style community located in the thriving Paulding County submarket in northwest metropolitan Atlanta will be managed by RAM Partners, LLC.  The acquisition was funded in part by a 10-year Freddie Mac fixed rate loan with a rate of 5.99% originated by Deutsche Bank Berkshire Mortgage, Inc. 

“We have been looking for the right opportunity in an improving Atlanta market, and we found it in St. Ives. It is a new, well located apartment community with attractive floor plans and excellent amenities,” said Silver Capital CEO Larry D. Silver.  “It is a very good first Atlanta acquisition for Silver McCann.  We hope to make additional apartment acquisitions in Atlanta this year.”

“Silver McCann is a value buyer, and we like the value that St. Ives represents.   We think it is the best apartment product in the submarket.  As Paulding County continues its rapid growth, we are seeing tremendous retail and other service growth around St. Ives, which creates a greater pool of renters,” said John P. McCann of MRP.  “We have a rent-up to complete on the last two buildings, and we are confident that we will complete the rent-up and grow rents this year.”

Silver-McCann -- a joint venture between McCann Realty Partners, LLC (“MRP”), an apartment investment company, and Silver Capital, LLC (“Silver”), a real estate development and investment firm -- was formed in April 2005 to acquire apartment communities in the Mid-Atlantic and Southeast. The principals expect to invest in excess of $100 million over the initial two years of the partnership. Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic and Southeast. For more information, please contact Brand Inlow, Director of Acquisitions, at (804) 852-6657.

Silver Capital, LLC is a division of Silver Companies, a Metro Washington, D.C.- and Boca Raton, Fl–based master developer of large commercial and residential land tracts and a diversified real estate investment firm.
Since 1941, Silver Companies has built an impressive private 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. 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 65 years of apartment industry experience.  By leveraging industry relationships developed over the past 35 years, MRP has the unique 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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