2-7-08 Holdings Increased in Metropolitan Atlanta with Silver-McCann's Latest Acquisition -- Carrington Green Apartment Community

SILVER-MCCANN APARTMENT GROUP II, L.P. INCREASES HOLDINGS IN METROPOLITAN ATLANTA, ACQUIRES CARRINGTON GREEN APARTMENTS IN MCDONOUGH, GEORGIA

RICHMOND, VA, BOCA RATON, FL and MCDONOUGH, GA – February 7, 2008 – Silver-McCann Apartment Group II, L.P. (“Silver-McCann”) announced the acquisition of Carrington Green Apartments in Atlanta (McDonough), Georgia.  The 264-unit, garden-style community located in the McDonough submarket of metropolitan Atlanta was built in 2005 and will be managed by Signature Management Company.  The acquisition was funded in part by a combination of the assumption of an existing Freddie Mac loan with a rate of 4.86% and a second Freddie Mac mortgage with a rate of 5.78% originated by Primary Capital Advisors LC.

With this acquisition, Silver Capital -- a division of Silver Companies -- and McCann Realty Partners have added the third asset to their latest apartment investment fund, Silver-McCann Apartment Group II, L.P., with the expectation of acquiring an additional $50-100 million worth of apartment communities in this second fund.

“Carrington Green is the third Atlanta area apartment community acquired by the Silver McCann Apartment Group funds.  It is a well located, high quality community but its rents are fairly modest,” said Silver Companies CEO Larry D. Silver.  “We expect Carrington Green to benefit from the rapid growth that Henry County will continue to experience.”

“Carrington Green is another community that we are acquiring from the original developer.  This allows us to come in fresh with new management, a new marketing plan and a different approach to creating value,” said John McCann of McCann Realty Partners.  “At Carrington Green, there is the opportunity for strong net operating income growth from occupancy gains, higher net rents and lower operating expenses.  We hope to be able to capture such growth during the next two years.”

Silver-McCann Apartment Group, L.P. was organized in April 2005 by McCann Realty Partners, LLC, an apartment investment company, and Silver Capital, LLC, a division of the real estate development and investment firm Silver Companies, to acquire apartment communities in the Mid-Atlantic and Southeast. The initial fund reached its stated objective of acquiring an apartment portfolio valued at approximately $111 million in the first 18 months of the partnership.  Silver-McCann Apartment Group II, L.P. was formed in January 2007 and continues the partnership with the expectation of acquiring $150-$200 million worth of apartment communities before year end 2008.  Silver-McCann has broadened its geographic scope to include the Dallas, Houston, Austin and San Antonio markets in Texas.

Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.

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 decades 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.  For more detailed information, visit www.mrpapts.com.
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