Silver-McCann Apartment Group II, L.P. Enters the Houston, Texas Market With the Acquisition of Villas at West Road Apartments

    RICHMOND, Va., BOCA RATON, Fla., and HOUSTON, Aug. 19

/EMWNews/ -- Silver-McCann Apartment Group II, L.P. announced

the acquisition of Villas at West Road Apartments in Houston, Texas. The

240-unit, garden-style community located in the northwest submarket of

metropolitan Houston was built in 2006 and will be managed by Lincoln

Property Company. The acquisition was funded in part by the assumption of

an existing Freddie Mac loan with a rate of 5.82%.



    With this acquisition, Silver Capital -- a division of Silver Companies

-- and McCann Realty Partners ("Silver-McCann") have added the fifth and

final asset to their latest apartment investment fund, Silver-McCann

Apartment Group II, L.P. Their second fund closes with total acquisitions

of $154 million made over the past 18 months. Since Silver-McCann made its

first acquisition in 2005, its two funds have acquired close to 3200

apartment homes.



    "Villas at West Road is a well-located, high-quality community in a

strong Houston submarket," said Silver Companies CEO Larry D. Silver. "It

is our final acquisition in our second fund which now owns five

high-quality communities in the Southeast and Southwest. We continue to

favor apartments. The current climate in which there is less financing and

less equity capital for acquisitions provides an opportunity for us to grow

our apartment portfolio, and we plan to continue to take advantage of this

climate."



    "We, like Houston, and we are very bullish on the Sam Houston

Tollway/West Road location of the Villas at West Road, which is walking

distance from neighborhood shopping. There are also a number of things that

we find appealing in the community. For Houston, it has very low density at

12 units to the acre, all of the apartment homes are two-story and have

private first floor entrances and 70% of the apartments have attached

garages. The community has a great feel and is a very desirable place to

live," said John McCann of McCann Realty Partners. "It is a property that

can maintain high occupancy, lower turnover and consistently outperform the

market."



    Silver-McCann Apartment Group, L.P. was organized in April 2005 by

McCann Realty Partners, LLC, an apartment investment company, and Silver

Capital, LLC, a division of the real estate development and investment firm

Silver Companies, to acquire apartment communities in the Mid-Atlantic and

Southeast. The initial fund reached its stated objective of acquiring an

apartment portfolio valued at approximately $100 million in the first 18

months of the partnership. Silver-McCann Apartment Group II, L.P. was

formed in January 2007 and continued the partnership by acquiring

approximately $154 million worth of apartment communities.



    Silver-McCann is currently seeking apartment acquisitions in the

Mid-Atlantic, Southeast and Texas. For more information, please contact

Brand Inlow, Chief Investment Officer, at (804) 290-8870.



    Since 1941, Silver Companies has built an impressive master development

and real estate investment enterprise with commercial development

approaching 11 million sq. ft. and residential site development totaling

more than 50,000 units. In addition, the company's private equity division

has provided more than $1 billion in capital to builders and developers

during the last six years. Silver Companies is led by CEO Larry D. Silver

and is backed by teams of division presidents, engineers, contractors,

project managers, lending, leasing and acquisitions professionals and

nationally-recognized strategic partners. Its two headquarter offices are

located in Metro Washington, D.C. and Boca Raton, FL. For more information,

visit http://www.silvercompanies.com.



    Formed in October 2004, McCann Realty Partners and its principals have

decades of diverse experience in the apartment business. MRP teams with

institutional capital sources to acquire, develop and manage garden

apartment communities in the Southeast, Southwest and adjacent regions,

with particular emphasis on the Virginia, North Carolina, Atlanta, Texas

and DC/Baltimore markets. By leveraging industry relationships developed

during the past 35 years, MRP has demonstrated its ability to access

capital and find, finance and close apartment deals. The Company is in the

market continuously to acquire both Class A and value added apartment

communities of 150 homes or more. MRP is also developing apartment

communities in the Southwest. Since inception, MRP has acquired 14

apartment communities totaling over 3300 units in transactions valued at

more than $250 million. For more information, visit http://www.mrpapts.com.



    Contact:



    Fleet Wallace, McCann Realty, (804)290-8870



    Bernadette Bruce, Silver Companies, (561)981-5252