McKinley Continues Las Vegas Expansion

January 26, 2012

LAS VEGAS, NEVADAMcKinley continues its expansion into the Las Vegas market with the management takeover ofLas Palmas Apartment Homes in Las Vegas, Nevada. This 391 unit community isconvenientlylocated just one block off the Las Vegas Strip."We like the distressed deal flow opportunities we are seeing in the Las Vegas market, and we are actively exploring several additional deals at this time" said Kenneth P. Polsinelli, Chief Real Estate Officer. "We like the long term characteristics of this market, and now begins a solid entry point in our opinion".

McKinley has established a major leadership hub in Houston out of which they are managing their western portfolio including commercial and residential assets located in Houston, Dallas, Phoenix and Las Vegas. McKinley's main leadership hubs are located in Orlando, Houston and Ann Arbor out of which they run their 25 state platform.

We appreciatethe opportunity to be involved in the repositioning of this asset on behalf of our valued stakeholders and we look forward to our continued expansion in the Las Vegas market" states Albert M. Berriz,Chief Executive Officer of McKinley.