Press Releases

FOR IMMEDIATE RELEASE
March 15, 2005

WOODBRIDGE COMMONS LEASING CENTER OPENS IN EDGEWOOD

Baltimore, Md.-The Shelter Group, a leading developer and manager of apartment communities, recently opened the leasing office for Woodbridge Commons, a multi-family apartment community for working families, located in the Edgewood area of Hartford County, Maryland.

Woodbridge Commons was designed to accommodate the needs of working families. There are 132 apartments in three-story garden apartment-style buildings. Community features include a fitness center, pool with sundeck, clubhouse, activity room, 24-hour emergency maintenance, and an extensive activities program. The units, which are a mix of two- and three-bedrooms, feature a washer and dryer, mini-blinds and breakfast bar; some units have a sunroom, private balcony or patio.

According to Marilynn Duker, President of Shelter Development, "demand for this type of affordable housing is extremely strong because working families, especially those just starting out in professions, such as teachers, firemen, policeman, health care aides, and others, are often priced out of the housing markets near where they work. We are pleased that both the State of Maryland and Harford County realize this and are encouraging the building of high quality affordable rental apartments like Woodbridge Commons."

Woodbridge Commons was financed under the State's tax credit program. The sale of the tax credits awarded by the State was a major factor in reducing the cost of developing the community. The lower development costs mean lower rents for income-qualified residents. Two bedroom apartments start at $780 and three bedroom units, at $850. To qualify for an apartment, a family of four must have an annual income between $20,000 and $40,320. The first units will be completed for occupancy the end of April.

Those wishing more information about Woodbridge Commons, the qualifying criteria, or floor plan options, can call the leasing office at
(410) 676-4034.

About The Shelter Group: Shelter is a privately owned, top ranked national development and property management company. The firm's portfolio contains a broad range of properties, including conventional multi-family real estate, independent and assisted living communities for seniors, and affordable housing for families and the elderly. During its 25-plus years, Shelter has developed nearly $1 billion of real estate and is known for its ability to develop properties that meet the needs of each local market while also meeting investor goals.

The company's property management arm, Shelter Properties, LLC, operates and manages a national portfolio of communities with approximately 19,000 units, making Shelter one of the country's 50 largest property management companies. The managed portfolio is valued at more than $2 billion; a large portion of that portfolio is managed on behalf of third party owners who include large financial institutions, small investors, established not-for-profit organizations, and government agencies.

Shelter, which is headquartered in Baltimore City, Maryland, has Regional Offices in Atlanta and Dallas with additional concentrations of properties in Florida, Tennessee, and North Carolina. For more information on The Shelter Group, Shelter Properties, and Shelter Development, please visit www.TheShelterGroup.com.

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