Evergreen Realty Group Purchases University Parks-Waco Apartments for Off-Campus Living Near Baylor University

Business Wire, March 31, 2006

PASADENA, Calif. -- Evergreen Realty Group, LLC today announced that it acquired University Parks-Waco apartments, a 172-unit 648-bedroom student garden apartment near Baylor University in Waco, Texas, on behalf of investors.

"This is the eleventh Evergreen securities offering under the 1031 Exchange private placement of securities provisions for off-campus living that we have sponsored for tenant-in-common private investor groups through regional broker/dealers in the past 12 months," according to Luke V. McCarthy, President and CEO of Evergreen.

The property has a mortgage through Artesia Mortgage Capital Corporation, Issaquah, WA.

The seller was Baylor Student Housing 1, LP, a Texas limited partnership. The seller's real estate broker for the transaction was Ryan Reid for CB Richard Ellis. Evergreen Realty Advisors, Inc. acted as the buyer's agent.

University Parks-Waco Apartments is located near Baylor University and was formerly known as Sterling University Parks Apartments. The property consists of a one-story building with an office and a clubhouse and 11 two- and three-story buildings containing 172 apartments. Built in 1998, the complex is on 11.96 acres. The units range in size from 1,000 to 1,277 square feet and have two, three or four bedrooms that each rent separately.

Section 1031 of the Internal Revenue Code provides that the federal capital gains taxes are deferred when equity from business or investment real estate sales are exchanged into new properties.

Evergreen Realty Group, LLC is researching acquisitions primarily between $15 million and $50 million in the West, Southwest, Southeast and Midwest for Class "A" apartments, mid-rise office buildings, single-tenant industrial complexes and mini-storage properties.

Forward-looking statements: Except for the historical information, the matters discussed in this news release may contain forward-looking statements, including, but not limited to, factors relating to future sales. These forward-looking statements may involve a number of risks and uncertainties.