FOR IMMEDIATE RELEASE

HARBOR GROUP INTERNATIONAL SELLS MOUNTAIN VIEW APARTMENTS IN BIRMINGHAM


An affiliate of Harbor Group International, L.L.C. (HGI), based in Norfolk, Virginia, has sold the 321-unit Mountain View Apartment community in Birmingham, Alabama to an affiliate of Rodman Properties, Inc. of Wynnewood, Pennsylvania.

The property was purchased by HGI in January 2002.

HGI renovated the property in 2002. The capital improvements included the addition of a roof gable/dormer feature, an enhancement of the balcony columns, and vinyl siding. Also included in the exterior scope of work was a fresh new paint color scheme, leasing office modifications, pool area upgrades, parking lot upgrades, drainage improvements, a new sign package, and the addition of brightly colored new playground/picnic equipment. The $2.6 million project took 15 months to complete.

“We are pleased with the performance of Mountain View,” said Richard Litton, President of Harbor Group International. “The property proved to be a stable asset and we are pleased with the timing and success of our exit strategy.”

“Rodman Properties has been a pleasure to work with and we look forward to working with them again,” said Lane Shea, an HGI Vice President who coordinated the disposition.

Harbor Group International, L.L.C. owns more than $1.5 billion of investment real estate throughout the United States and the United Kingdom. It has offices in Norfolk, New York, Tel Aviv and Chicago.