Investments Valued at $63 Million Announced for Place/BV Student Housing Fund

ATLANTA AND CHICAGO, Oct. 31 /PRNewswire/ -- Place Properties, L.P. and Blue Vista Capital Management, LLC, announced the acquisitions of two properties and the closing of a new development project. These deals are a part of their $205 million private real estate fund that was recently announced. Place Properties, L.P. and Blue Vista Capital Management, LLC, the co-managers of the Fund, invested in the Fund along with two of the world's largest institutional investors.

Bob Clark, Chief Financial Officer for Place Properties said, "The location of the three assets is unbeatable and all three markets meet our underwriting criteria of high barriers to entry. We will continue to seek investments that enable us to execute our strategy of building a portfolio of high quality student housing assets."

Stadium Place, which serves the University of California Berkeley, was the first acquisition for the fund. Stadium Place is 222 beds/74 units with 6,000 square feet of ground floor retail and 19 secured parking spaces with remote door access. Located next to campus, upper floors offer views of the University's track and field stadium, Berkeley or the San Francisco Bay area.

Following the acquisition of Stadium Place, the Fund acquired Legends Place. Legends Place is a 632 bed/200 unit garden style community serving the University of Kansas. Amenities include a fitness center, game room, computer lab, car wash center, a resort style pool with a hot tub, sun deck, barbeque grills and semi-private garages and carports. Legends Place also offers a convenient shuttle to and from campus.

As the Fund's second development project, Angelo Place will consist of 120 units and 480 beds located adjacent to Angelo State University. This project is expected to be completed in July 2007. Beyond its superior location, Angelo Place will offer a Town Hall with an activity room, computer lab, fitness center and on-site management offices. Outdoor recreation includes a swimming pool and sun deck, a basketball court and barbeque stations.

The Fund is a joint venture that combines Place Properties, L.P.'s student housing property development and management prowess with Blue Vista Capital Management's investment management and capital markets expertise. Place Properties, L.P., Atlanta, GA, http://www.placeproperties.com/, has developed more than $470 million of student housing properties since 1996 and currently manages more than 19,000 beds. The firm is one of the country's largest developers of student housing and related living/learning facilities with expertise in financing, developing and managing award-winning communities. Blue Vista Capital Management, LLC, http://www.bluevistallc.com/, Chicago, IL, has made investments in more than 6,600 student housing beds at nine universities since August, 2003.

Website addresses of the Fund sponsors are: http://www.placeproperties.com/ and http://www.bluevistallc.com/.

   Contact: Jessica H. Nix
            Director of Public Relations
            404-495-7591
            jnix@placeproperties.com