Orange County Based Firms Real Estate Partners Sells Multifamily Portfolio for $166,000,000 to CORE Realty; 2,400-Unit Portfolio Consists of 8 Properties Located in NC & VA

(PRLEAP.COM) IRVINE, CA — Real Estate Partners, Inc., a national real estate investment and management services company specializing in the acquisition, repositioning, management and disposition of high-growth properties based in Irvine, Calif., announced today the sale of a multifamily portfolio consisting of eight properties totaling approximately 2,400 units to CORE Realty Holdings, LLC of Newport Beach, Calif. The properties, which are located in North Carolina and Virginia, sold for $166,000,000.

Real Estate Partners had purchased this portfolio in December 2003 and, with a variety of improvements, added management expertise and an effective leasing program, the company was able to provide an outstanding return to their investors. “It is also a very good investment for the buyer and their Tenant in Common/1031 investors. These properties are well located and will benefit from the increasing rental demand in these markets. In fact, we will pursue additional properties in these markets and along the East Coast,” says Tom Thompson, president of Real Estate Partners.

“Our team of experienced and qualified managers brings a proven ability to effectively reposition assets as well as direct the ongoing supervision, management and forecasting components of a performing real estate investment portfolio. Real Estate Partners has achieved exceptional returns for its clients and partners on multifamily, industrial and office properties. The sale of this portfolio completes the investment cycle two years earlier than projected and is an example of our team’s efforts to provide stabilized above-average returns to our investors and joint venture partners,” says Real Estate Partners’ CEO Dawson Davenport.

In May 2006, Real Estate Partners purchased The Arbors at Warner Center Apartment Community located in the heart of Woodland Hills’ Warner Center for approximately $50 million. Real Estate Partners plans to spend more than $3 million to renovate the 250-unit apartment community. The company is also investing $30 to $35 million in renovating approximately 2,500 apartment units in properties located in Texas, Louisiana and Arizona.

The buyer, CORE Realty Holdings, LLC, represented themselves. The seller, Real Estate Partners, Inc. (REP), represented REP Fund Apartments LLC.

Real Estate Partners, Inc., based in Irvine, CA, is a privately held real estate investment services firm specializing in the acquisition, repositioning, management and disposition of high-growth properties, including multifamily, retail, office and industrial. Real Estate Partners offers unique opportunities to individual and group investors and 1031 exchanges requirements.

The principals and officers of Real Estate Partners are creative, experienced commercial real estate investment and finance professionals who are dedicated to maximizing investor value through strategic acquisitions, key partnerships and a suite of management services.

To view Real Estate Partners’ apartment community, visit www.great-apartments.com. For more information about Real Estate Partners, call 877-986-1700 toll-free or visit www.realestatepartnersinc.com.

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