Desert Dunes Golf Club Acquired By Newport Beach-Based Real Estate Investment Firm Brooks Street; A Golf Digest Top-25 Rated Course Designed by Robert Trent Jones, Jr

Business Wire, April 6, 2005

DESERT HOT SPRINGS, Calif. -- Brooks Street has completed the purchase of the Desert Dunes Golf Club near Desert Hot Springs, California, the company announced today. The 18-hole, Par-72 links-style course is the first desert course designed by renowned architect Robert Trent Jones, Jr., and remains the only Jones-designed course in Coachella Valley. The deal was financed by Pacific Western Bank of Southern California. The sale price was not disclosed.

"We are very excited about this opportunity and we look forward to improving the quality of this already excellent facility," said Brooks Street principal Chris Yelich. "The Desert Dunes Golf Club is a magnificent course that provides golfers with an ideal experience -- great course play set in a picture-perfect locale."

The Desert Dunes Golf Club purchase comes less than a year after Brooks Street sold the 467 acres surrounding the course to Pulte Homes (www.pulte.com). Pulte Homes is now developing a 2,000-unit master planned Del Webb community, with construction to begin in summer 2005. The development will include homes that hug the golf course, as well as commercial and recreational areas.

Brooks Street has retained Sunrise Golf Group (www.sunrisegolfgroup.com) to provide facility management services. President and owner of Sunrise Golf, Mark Tansey, will personally oversee facility operations along with coordinating the many renovations planned for both the golf course and the clubhouse. "Mr. Tansey's unparalleled experience in the golf industry and track record for improving underperforming assets while delivering a top-notch golf experience is just part of the reason we selected Sunrise Golf," said Mr. Yelich.

"Desert Dunes Golf Club has long been considered one of the top layouts in the Coachella Valley," Tansey said. "We look forward to also making it one of the friendliest and best conditioned as well." Guests to the facility will see immediate changes in both customer service and product quality.

Desert Dunes Golf Club has received recognition as one of the top 25 public golf facilities in the country from Golf Digest, and was rated four stars as a place to play. The championship course, with its breathtaking views of the San Jacinto Mountains and desert landscape, has been host to a U.S. Open Qualifier and other P.G.A. Tour qualifying events. The course attracts an array of players seeking the unique experience of links-style golf in the middle of the desert.

Brooks Street owns two other properties in the Coachella Valley: a commercial parcel off Varner Road in Palm Desert, and the Emerald Desert Golf and RV Resort in Palm Desert, which is ranked by Motor Home Magazine as one of the top five RV resorts in the United States.

Brooks Street (www.brooks-street.com) is a real estate investment company with offices in Newport Beach, Los Angeles, and Vallejo. The company specializes in property management, land entitlement and development, construction, finance, sales and marketing. Scott Goldie, Chris Yelich, and Neil Brandom own Brooks Street. Together they have over 45 years of real estate experience. They have entitled thousands of acres of land in California, built over 2,000 single-family homes, 600 multifamily units and two golf courses. They have developed and/or own over 200,000 square feet of retail and industrial property, a 50-unit multifamily property and rental homes in Laguna Beach.