Silver-McCann Apartment Group II, L.P. ("Silver-McCann") announced the acquisition of Villas at South Point Apartments in Atlanta (McDonough), Georgia. The 284-unit, garden-style community located in the McDonough submarket of metropolitan Atlanta was built in 2006 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 6.21% and a second Freddie Mac mortgage with a rate of 6.58% originated by Primary Capital Advisors LC, which also represented the Seller in a real estate brokerage capacity.

With this acquisition, Silver Capital -- a division of Silver Companies -- and McCann Realty Partners have added the fourth asset to their latest apartment investment fund, Silver-McCann Apartment Group II, L.P. Current plans call for the fund to close after its next purchase, expected to bring its total acquisitions to more than $150 million in one-and-a-half years. Since Silver-McCann made its first acquisition in 2005, they have acquired more than 2900 apartment homes in their two funds.

"Villas at South Point is the fourth 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 Villas at South Point to benefit from the rapid growth that Henry County is expected to continue to experience."

"Villas at South Point 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 Villas at South Point, 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 $100 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 approximately $150 million worth of apartment communities before year end 2008.

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.

Formed in October 2004, McCann Realty Partners and its principals have decades of diverse experience in the apartment business. MRP teams with institutional capital sources to acquire, develop and manage garden apartment communities in the Southeast, Southwest and adjacent regions, with particular emphasis on the Virginia, North Carolina, Atlanta, Texas and DC/Baltimore markets. By leveraging industry relationships developed during the past 35 years, MRP has demonstrated its ability to access capital and find, finance and close apartment deals. The Company is in the market continuously to acquire both Class A and value added apartment communities of 150 homes or more. MRP is also developing apartment communities in the Southwest. Since inception, MRP has acquired 14 apartment communities totaling over 3300 units in transactions valued at more than $250 million. For more information, visit www.mrpapts.com.

CONTACT: Fleet Wallace, McCann Realty, +1-804-290-8870 or Bernadette Bruce, Silver Companies, +1-561-981-5252

SOURCE Silver-McCann Apartment Group II, L.P.