FOR IMMEDIATE RELEASE
June 4, 2007

HARBOR GROUP INTERNATIONAL ACQUIRES ADDITIONAL APARTMENT COMMUNITY IN DALLAS

An affiliate of Harbor Group International, L.L.C. (HGI), based in Norfolk, Virginia, has acquired the 528-unit Bella Vida at Coyote Ridge Apartment community in Dallas, Texas, from an affiliate of Virtu Investments, L.L.C.

Roberto Casas, Bill Miller and Aaron Sloan of Holliday Fenoglio Fowler, L.P. brokered the transaction.

HGI plans to invest an additional $1,500 per unit into the property for minor interior and exterior upgrades. The Property was approximately 94% occupied as of April 30, 2007.

“This property is located in Carrollton, an affluent northern suburb of Dallas,” said T. Richard Litton, Jr., President of HGI. “This submarket has shown improvement in recent periods, with positive absorption every year since 2001,” he said, and “we believe Bella Vida is positioned as one of the premier assets in the submarket.  The acquisition also reflects our continued confidence in the fundamentals of the Dallas multifamily market.”  HGI entered the Dallas market in 2005 and currently owns four other apartment properties in the market.  Following the Bella Vida closing, HGI owns 1775 units in Dallas.

Bella Vida at Coyote Ridge is a “Class A+” apartment community built in two phases between 1999 and 2001. The Property is situated on 35.5 acres and features spacious one, two, three and four bedroom floor plans with an average size of 1,322 square feet. The Property features the top amenity package and the largest average unit size in the submarket. Amenities include a 14,000 square foot clubhouse, controlled access gates, 5 swimming pools, golf passes to the adjacent Coyote Ridge Golf Course, lighted tennis court, sand volleyball court, indoor and outdoor basketball court, playground, business center, billiards room, theater room, fitness center, sauna, tanning bed, on-site walking trail, and views of the adjacent Coyote Ridge Golf Course. Each dwelling unit includes a one or two car attached garage with remote, intrusion alarm and 9’ ceilings. Select units also feature vaulted ceilings, 6’ marble oversized Jacuzzi tubs, wood burning fireplaces, crown molding and designer countertops.

The Property is located in the Lewisville submarket of Dallas, adjacent to the newly opened Highway 121 Bypass and approximately two miles from the intersection of I-35 and Highway 121.

Harbor Group International, L.L.C. holds an investment portfolio in excess of $2 billion, including over 6 million square feet of office space throughout the United States and the United Kingdom, and more than 12,000 apartment units in the U.S.  The Company maintains offices in Norfolk, New York, Chicago, London, and Tel Aviv.  For more information, visit www.harborgroupint.com.

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