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Capstone Advisors Forms Equity Joint Venture with Rilington

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					                                 PRESS RELEASE




Capstone Advisors Forms Equity Joint Venture with Rilington Communities
for 232-Home Development in Coachella

November 9, 2004

COACHELLA, Calif. - Capstone Advisors, a San Diego-based real estate investment and advisory company,
announces that it has formed an equity joint venture with Rilington Communities for the development and sale of 232
single family detached homes in Coachella, Calif. At buildout, the project will have an estimated total value of $67
million.

Capstone Advisors is an active equity investor in residential developments that meet its criteria for location, product
type and market positioning. Its residential development portfolio is valued at over $2 billion and represents
developments throughout the southwest.

The Coachella Valley project, still to be named, is located on a 58-acre site with Avenue 50 to the south and Avenue
51 to the north. The project will be midway between Van Buren and Frederick Streets to the east and west,
respectively.

"Rilington Communities has over 30 years of residential development experience and in-depth knowledge of the
Coachella Valley market," said John Trotter, vice president of Capstone Advisors. "We are focused on emerging
growth markets that are well-positioned to meet consumer demand."

In addition to providing equity for new residential development, Capstone Advisors also serves the commercial and
residential real estate markets through the provision of debt placement financing for acquisition, development and
construction loans. The company's new direct lending group specializes in short-term bridge financing for value
added commercial and residential real estate, with emphasis on senior financing in the $1 million to $20 million range
for transactions that do not meet the requirements of conventional bank lending.

Capstone Advisors has just moved to new headquarters in San Diego at 11682 El Camino Real, Suite 300. The
phone number is 858-794-7000. The company's web address is www.capstoneadvisors.com. 

				
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