Press Release
For Immediate Release
July, 2005

Troxler Closes Transaction With Harvard Investments

Calabasas, Calif., July, 2005 - Troxler, a California based firm specializing in providing joint venture equity for commercial, industrial, hospitality, residential, land entitlements and development, announces that the transaction in Phoenix, Arizona, with partner, Harvard Investments, has closed.

Spanning approximately 528 acres, the master planned Storey Farms development will consist primarily of low density residential as well as 44 acres of multi-family uses. Approximately 1,640 residential units are planned for the site that includes 25 acres of retail.

Troxler, a division of The Troxler Group of Companies, is an innovator in the industry having successfully created a unique branded platform of operating in specific opportunistic segments of the real estate market throughout the Western United States. We have invested in projects with terminal values in excess of $7 billion and continue to demonstrate our ability to partner with our clients across cycles and to deliver consistent returns.

Troxler serves the financial needs of corporations, institutional clients and high-net-worth individuals. Since our beginning in 1990, we have maintained leadership positions in equity in investment banking, private equity and wealth and asset management services.For more information, visit our Web site at www.troxler.com.