Press Releases

FOR IMMEDIATE RELEASE
January 18, 2002

THE SHELTER GROUP ACQUIRES ATLANTA APARTMENT COMMUNITY

ATLANTA, GA -- The Shelter Group today announced the acquisition of The Gardens of East Cobb (formerly Park Knoll Apartments), a 484-unit garden apartment community in Marietta, Georgia, a northwest commuter suburb of Atlanta. The property was purchased for $36,200,000 or $74,793 per unit. Additional terms of the transaction were not disclosed.

The Gardens of East Cobb Apartments, built in 1984, includes one, two, and three bedroom units ranging in size from 660 square feet to 2,100 square feet. The community offers numerous amenities including a clubhouse, two resort-style swimming pools - one with a heated spa, a state-of-the-art fitness center, tennis courts, and high speed Internet access. Including this acquisition, The Shelter Group's management portfolio in Atlanta consists of six apartment communities containing 2,782 units.

"We are excited to add another community to our growing Atlanta portfolio," said Daryl Jones, The Shelter Group's Senior Vice President of Development. "The Gardens of East Cobb is a beautiful community in one of Atlanta's most vibrant suburbs."

The Shelter Group, headquartered in Baltimore, Maryland, has regional management and development offices in Atlanta, Dallas, Memphis and Philadelphia. The Shelter Group finances, manages, develops, and owns multi-family residential real estate in fifteen regions in the United States.

Over the last 25 years, Shelter has developed or financed over $500 million in residential real estate projects and currently manages over 22,000 units in 96 properties.

For further information please contact:

Daryl C. Jones
The Shelter Group
2700 Cumberland Parkway
Suite 310
Atlanta, GA 30339
770-805-4210

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