Press Release
For Immediate Release
October, 2004

Troxler Enters Into Joint Venture Partnership

Woodland Hills , Calif., October, 2004 - Troxler, a California based firm specializing in providing joint venture equity for commercial, industrial, hospitality, residential and land entitlements has entered into a joint venture partnership with MacBeth Apartment Systems, Inc. of Carlsbad, California, to acquire and develop 1,279 residential units.

The 16-building complex, to be named "The Metropolitan", is located on 29 prime acres in Warner Center, the business hub of the west San Fernando Valley. The property was acquired on September 29th and is expected to undergo extensive renovations and improvements before being introduced, in several phases, beginning in early 2005.

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.