Prescott, TVO Acquire Suburban Atlanta Multi-Family Property for $12.2 Million

April 5, 2005 - Prescott Capital Management, the investment and asset management unit of The Prescott Group, LLC, announced today a joint venture acquisition with Chicago and El Paso-based TVO Realty Partners to purchase Stonemill of East Cobb, a 200 unit multi-family rental property located in Marietta, GA for $12.2 million, or $60,900 per unit. The property is located on Delk Road in Cobb County, Atlanta. Prescott is a New York-based real estate merchant banking firm that undertakes property investment, asset management, and investment banking activities throughout the U.S. as well as internationally.

Built in 1972, the property contains 200 rental units in 33 two and three story buildings housing a mix of garden apartments and townhouses. Total square footage for the property is 256,500. Amenities include 401 parking spaces, swimming pool, tennis courts, fitness center and clubhouse facilities. Located in northwest Cobb County, the property includes a historic stone mill building and is located near the major intersection of Interstates 75 and 285, with close proximity to the regional headquarters of Publix Super Markets, Inc. At the time of closing, Stonemill was 92 percent occupied. The seller was Phoenix Life Insurance Company through their advisor, Henderson Global Investors.

"We believe the Atlanta multi-family residential market has turned around and is beginning to show improved occupancies, making it one of the most currently attractive apartment markets in the southeastern U.S.," said Theodore R. Gamble, Jr., Managing Director at Prescott. "Stonemill is an extremely attractive property and, unlike other similarly situated projects, has already undergone a major renovation in the early 1990s. We expect to increase tenancy, enhance revenues, and improve operating margins through more hands-on management and leasing. We will continue to look for similarly attractive investment opportunities in the metro Atlanta area." Gamble added, "This investment is part of our ongoing strategy to bring institutional quality assets, combined with capable asset and property level management, to private client and high net worth investors."

Russell Vandenburg, President and CEO of EPT Management Company, TVOís management affiliate, said, "We are excited to be partnering with Prescott, with whom we have had a longstanding relationship. We plan an overall upgrade of the property and anticipate improved operating performance at Stonemill. We further expect Cobb Countyís limitation on new multi-family development, coupled with increased resident numbers, will contribute to capital appreciation at the property."

About The Prescott Group, LLC

Founded in 1987, The Prescott Group, LLC is a New York-based real estate merchant banking firm that undertakes property investment, asset management, and investment banking activities throughout the U.S. as well as internationally. Prescott brings institutional real estate investments in high quality commercial real estate assets, including office, industrial, retail, mixed-use, hotel, and multi-family product types, to high net worth individuals, families, trusts, foundations, and other private investment groups.

The firm has partnered with the Gordon P. Getty Family Trusts to offer expanded real estate investment opportunities to significant individual investors. The firm also has an alliance with FREO GmbH of Bad Homburg, Germany, to target investment in North American real estate assets and develop strategic relationships with selected U.S. institutions and investment groups seeking to increase their investment in property located throughout Europe.

About TVO Realty Partners

TVO was founded in 1983 and is today one of the leading privately held owners and operators of multi-family rental apartment communities in the U.S. TVOís portfolio currently includes numerous rental units located throughout the U.S. TVO is a fully integrated real estate organization, with a successful record of acquisition sponsorship, comprehensive capital markets expertise, asset and property management capability, and in-depth redevelopment and construction management experience. TVO is headquartered in Chicago, Illinois and El Paso, Texas, and the firmís property management subsidiary, EPT Management Company, is responsible for the management of all of its properties.