Press Release
For Immediate Release
September, 2005

Valley Villas Transaction Closes

Calabasas, Calif., September, 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 to acquire Valley Villas, with joint venture partner, Schaffel Development, has closed.

The Valley Villas project, located in Valley Village, California, is comprised of five parcels totaling approximately 82,650 square feet on about 1.85 acres. Villa Verde will be situated on two of the five parcels. Plans include a three-story, 96 unit condominium project near shops, entertainment and world-class restaurants. Groundbreaking is slated for July, 2007.

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.