McKinley Appointed Receiver of Chelsea Point and Vacaro

March 10, 2009

March 11, 2009

Contact: Mary S. Williams

734-769-8520 ext. 244

For Immediate Release

McKinley, Inc. has been appointed as Receiver for Chelsea Point in Portsmouth, Virginia and Vacaro located in Chesapeake, Virginia. Chelsea Point is a 196 unit apartment home community located in historic Portsmouth, and Vacaro Apartments has 208 units. Both properties are near I-664 and I-64 while close to many shopping areas and entertainment options. The appointment was made by the Commonwealth of Virginia on March 10, 2009.

We are pleased that we have been selected to assist with these communities. states Garrett Hain, Vice President, Residential Client Services. I am confident that by applying our teams passion and expertise, we will be able to enrich the quality of life for the residents and create value for the stakeholders.

McKinley, founded in 1968, is a well respected national real estate investment firm that owns and operates $2.2 billion in assets in 139 properties for its own account and for select clientele. This includes 28,358 apartments and over 6.2 million square feet of commercial space located in 14 states. Headquartered in Ann Arbor Michigan, Albert M. Berriz serves as Chief Executive Officer with 1,050 full-time employees nationwide.