WOOD PARTNERS NEWS RELEASE

                                                            Contact:           Genevieve Anton
                                                                                    Rodheim Marketing Group
                                                                                    (714) 544-6503
           
WOOD PARTNERS NAMED THE FASTEST GROWING PRIVATE
BUILDER IN AMERICA

High-Density Developer Moving Ahead on Three Major Apartment Projects
 in Los Angeles and Orange County

            NEWPORT BEACH, Calif. – May 30, 2007 – Wood Partners, L.L.C., one of the nation’s largest multi-family developers that recently launched a new division in  California, has been named “The Fastest Growing Private Builder” in America by Builder magazine, a national real estate publication based in Washington D.C.
            Despite a soft residential real estate market, Wood Partners has continued to expand through internal growth and geographic diversification, experiencing a compound annual growth rate of 61 percent in revenue since 2004. The publication lauded the developer’s strategy of offering a broad range of high density and mixed-use products and staying at the forefront of a changing housing market.
            “One reason we have been able to expand so quickly is that we develop stylish, creative living spaces with state-of-the-art technology in urban communities that are reasonably priced,” said Frank Middleton, director of the California division of Wood Partners, who accepted the award on May 23 at a builder’s conference in San Diego. “We build everything from high-rise condos to garden apartments, and affordable housing makes up 20 percent of our sales volume.”
            The demographics of Southern California favor high-density housing, Middleton said, with first-time buyers, retiring baby boomers and immigrants seeking alternatives to high-priced single-family homes. People are starting to realize that high-density projects can lead to smarter growth, create more cohesive communities and reduce commutes.
            However, developers must be flexible and quick to respond to market changes, he said. “A few years ago, when home ownership took off, we followed our customers from the apartment market into condos. Now that the condo market is cooling, we are shifting our attention back to apartments while the soft for-sale market sorts itself out.”
            Last year, Wood Partners made national headlines when it signed on Donald Trump as a partner for its two high-rise towers in Midtown Atlanta, the new $500 million Trump Towers Atlanta. In Southern California, the company is building apartments near two major redevelopment areas of Los Angeles – one close to Staples Center and the new LA Live sports and entertainment district, and the other on Hollywood Blvd. – and is near completion of an upscale apartment building in the Irvine Business Complex.

• Downtown LA Project:  The modern, edgy design that distinguishes a Wood Partners project will define its 22-story apartment tower between LA Live and the Central Business District at the corner of S. Hope St. and W. 8th St. The residential high-rise will feature 290 apartment units with an outdoor pool deck, indoor media room, outdoor theatre and rooftop garden. Ground-breaking is scheduled in early 2008 with a completion date of spring 2010.
• McCadden Place in Hollywood:  As part of the long-awaited comeback of this neighborhood, McCadden Place will be a 218-unit residential apartment community on 2.15 acres overlooking Hollywood Blvd, a vibrant urban environment one block east of the Hollywood & Highland Center. The project, also scheduled to break ground in early 2008, will feature four levels of wood frame over a structured parking lot with 626 parking spaces.
• Alta Court in Irvine:  The first project on the market will be Alta Court, a three-story upscale apartment community in the Irvine Business Complex available in October. The building features 132 units – 20 percent of it affordable housing – and lower level parking for residents. It is located at 2552 Kelvin Ave., one block from the intersection of Jamboree Rd. and Main St. near Interstate 405.

Wood Partners is a national real estate company that develops, constructs and acquires high density and mixed-use communities, and is one of the country's top developers of multi-family housing. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 30,000 homes with a combine value of more than $4 billion in the Southeast, Washington D.C., Texas, Colorado, Nevada, Arizona and California. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com

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