SOURCE: NDC Capital Partners

February 15, 2007 14:17 ET

NDC Capital Partners Announces a Real Estate Co-Investment With Michelson Organization

NEW YORK, NY -- (MARKET WIRE) -- February 15, 2007 -- NDC Capital Partners LLC ("NDC") today announced a co-investment with Michelson Organization ("Michelson") for the acquisition of Retreat at the Park Apartments, a Class A+ 240-unit apartment complex located in Denver, Colorado. The Property is located in an area commonly known as City Park South. City Park South is surrounded by a strong residential neighborhood and accessible to the commercial Colfax corridor. City Park South is across the street from Denver's approximately 480 acre City Park which includes within its boundaries an 18-hole golf course, tennis courts, the Denver Zoo, and the Denver Museum of Nature and Science. The property is proximate to the Denver Central Business District (CBD), the Cherry Creek shopping district, and the rapidly developing urban neighborhoods surrounding downtown Denver. This is NDC's fourth transaction with Michelson.

About Michelson Organization

Michelson Organization is a third generation family business founded in 1927. The Operator currently manages 12,876 units in 15 states on behalf of TA Associates Realty, a U.S. pension fund advisor, and for its own account. Michelson provides a full spectrum of services, including development and acquisition of real estate projects in the planning stages, under construction, and existing operational properties and brokerage activities. Michelson is also involved with the organization and administration of real estate joint ventures and partnerships, as well as provides management services to maximize the market position of those properties.

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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