Stockbridge Real Estate

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					                                                  IN THE NEWS

Amy Holland or Lisa Robinson
Apartment Realty Advisors
 (404) 495-7300

         Apartment Realty Advisors (ARA) Negotiates $33 Million Multifamily Sale
               TIC Buyer, Eliason 1031 Properties, Acquires 400-Unit Community

Atlanta, GA. – (January 7, 2008) — Atlanta headquartered Apartment Realty Advisors (ARA),
the nation’s leading multihousing brokerage and investment advisory company, announced the
sale of the 400-unit multifamily community, Waterford Place at Mount Zion in Stockbridge,
Georgia. The seller, Denver-based Simpson Housing, was represented by ARA’s Atlanta team
of Derrick Bloom, Sean Henry, Richard Bell and John Weber.

Waterford Place at Mount Zion is a 400-unit, garden style apartment community located 20
miles south of Downtown Atlanta in the South Clayton/Henry County submarket, in
Stockbridge, Georgia. The property offers tenants a highly accessible location that is just
minutes from both I-75 and I-675, and is just seven miles south of country’s busiest commercial
airport, Atlanta’s Hartsfield-Jackson Atlanta International Airport. Additionally, the
community is located just minutes from the one-million square foot Southlake Mall.

Constructed in two phases (1996 and 2000), the 95% occupied Class A property features
attractive one, two and three bedroom floor plans with high-end interiors and a first class
amenities package including two resort style swimming pools, two car care centers and
detached garages.
According to ARA principal Derrick Bloom, ―This transaction is truly a win-win for both
parties; the seller, Simpson Housing added 200 units to the property when they developed
Phase II and successfully increased occupancy to 95%.‖ He added, ―The timing was right for
the sale given the property’s occupancy and position in the marketplace while the community’s
aesthetic as well as financial attributes fit perfectly with Eliason’s TIC investment criteria.‖

The seller was Denver-based, Simpson Housing Group, one of the largest privately held
residential developers and managers in the nation. Established in 1948, Simpson Housing,
LLLP offers a fully integrated platform of multifamily real estate services including
development, property management, construction, acquisition, marketing and financing.

The buyer, St. Germaine, WI-based Eliason 1031 Properties, Inc., acquired Waterford Place at
Mount Zion for $33, 250,000 or $83,125 per unit. The 40-year old Eliason 1031 company
specializes in the acquisition of multifamily and retail properties via the Tenant-In-Common
(TIC) ownership structure. Much of their portfolio of investments is located in the Midwest and
Southeast regions of the country.

To schedule an interview with an ARA executive regarding this transaction or for more
information about Apartment Realty Advisors, please contact Anna Tustison at or 781-238-4819.

About Apartment Realty Advisors (ARA)
Apartment Realty Advisors (ARA) is the largest privately held, full-service investment advisory
brokerage firm in the nation that focuses exclusively on the multihousing industry. ARA is
comprised of the country’s top investment professionals who leverage a unique and fully
integrated cooperative business platform of shared information, relationships and technology
driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the
broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction
timeframes in the industry. The combination of resources, unparalleled market expertise and
nationwide presence in the multihousing marketplace resulted in $7.5 billion in real estate
transactions in 2007. For detailed information on ARA’s extensive multihousing investment
services, visit

Waterford Place at Mount Zion
3196 Mount Zion Road
Stockbridge, Georgia
400 units

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