SOURCE: NDC Capital Partners

February 28, 2008 15:52 ET

NDC Capital Partners Announces a Real Estate Co-Investment With Agency Approval & Development Inc.

NEW YORK, NY--(Marketwire - February 28, 2008) - NDC Capital Partners LLC ("NDC") today announced a co-investment with Agency Approval & Development Inc. for the development of 312 Class A multifamily units. The property, known as Westridge Apartments, is located in Jacksonville, FL. Westridge is located on the western side of Jacksonville on Route 134 between the Interstate 295 Beltway and the Cecil Commerce Center, a 17,200-acre former Naval Air Base that was privatized due to the 1993 and 1995 Base Realignment and Closure process. Route 134 is a transit-oriented corridor with significant drive-by traffic. This area now contains a growing number of businesses. The expansion of the city sewer system out along Route 134 has increased the development of commercial office and retail projects within close proximity to the property. The Operator has successfully completed two other apartment developments of the same quality and size on the westside. Lake Gray Apartments and Normandy Oaks Apartments are located eight miles South and North, respectively of Westridge.

About Agency Approval & Development Inc.

Agency Approval & Development Inc. (AA&D) was incorporated in 1989 by its founding members, James Catlett and James Gilmore, Jr. The company draws upon its founders' public development experience as consultants assisting client in managing and completing complex development projects. AA&D has also overseen a number of redevelopment projects in the downtown Jacksonville area. AA&D focuses on acquiring sites in the Southeast suitable for the development of market rate rentals apartments. The company finances its projects utilizing the HUD 221(d)(4) financing program. The founders draw on their public development experience as consultants in assisting clients through the development of various types of real estate projects. The company has consulted on behalf of numerous corporations including Johnson & Johnson, Alltel, Inc., Coach Leather Goods, Barnett Bank, First Union, BellSouth, and the City of Jacksonville in its negotiations with Prudential Insurance Company.

About NDC Capital Partners

NDC is a private equity firm, investing capital in U.S. commercial real estate assets and related entities through joint venture structures with proven operating partners. NDC pursues a disciplined investment philosophy that focuses on value-oriented strategies, including property renovation, development, and repositioning. The foundation of NDC's investment platform is an alignment of interest created through a co-investment partnership with knowledgeable operating partners. A proven track record of producing consistently high risk-adjusted returns supports this investment philosophy.

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