JUNE 17, 2008

NEW YORK FIRM RABIN/ALEXANDER COMPLETES ACQUISITION
OF STONEGATE APARTMENTS IN INDIANA

White Plains, NY—Rabin/Alexander LLC, a multi-million dollar real estate company focused on multi-family residential properties nationwide, has completed the purchase of Stonegate Apartments, a 116-unit community located in Columbus, Indiana. This announcement was made today by chief executive officer Corey Rabin.

Located at 420 Wint Lane in Columbus, Indiana, Stonegate Apartments was built in 2006/2007 and comprises 10 two-story buildings with 116 units. The property covers 7.12 acres of well-manicured grounds and includes a wide array of amenities, such as a pool, fitness center, showers, tanning bed facilities and a social hall. Each unit comes fully equipped with all kitchen appliances, a washer/dryer unit, walk-in closets, a balcony and on-site storage space.

Located within the Indianapolis, Louisville and Cincinnati triangle, Columbus boasts major industrial enterprises, with additional ones being planned, numerous entertainment facilities and many well-recognized retail establishments.

“Stonegate Apartments is the most attractive multi-family property in the local market and an outstanding addition to our growing portfolio of Class A properties,” said Rabin. “Columbus is a wonderful community with fine growth potential and we are delighted to be a part it.”

Based in White Plains, NY, Rabin|Alexander LLC is a multi-million dollar privately held real estate company that is principally engaged in the acquisition, development, ownership and management of premier residential real estate throughout the country. Rabin|Alexander controls and/or manages a large portfolio of apartment communities.

Media Contact, Andrew Katcher
845-639-7700, andrew@rabinalexander.com