Jackson Square Properties Purchases Largest Multifamily Portfolio in Utah State History

Portfolio Transaction Exceeds $120Million, Surpassing ARA’s Previous 2007 Record Breaking Sale, also purchased by Jackson Square Properties

Salt Lake City, UT (July 14, 2008) — San Francisco-headquartered Jackson Square Properties (JSP), announces the largest acquisition of multifamily property in the history of the state of Utah. The acquisition included four properties, Foothill Place, Park Capitol, Somerset Village and Southwillow, which sold as a portfolio for over $120 million (for proprietary reasons the actual sales price cannot be disclosed).

ARA’s Salt Lake City-based principal, Jed Millburn, brokered the transaction. The four property Salt Lake City portfolio sale which together comprises a total of 1511 units significantly exceeds last October’s record-breaking sale of 1215-units, which was also set by Jed Millburn and purchased by Jackson Square Properties. Jackson Square Properties plans to renovate all four properties and increase rents. More specifically, “because of the Class A+ sub-market locations of both Foothill Place and Park Capitol, Jackson Square Properties plans extensive renovations for these properties,” said Jeffrey Jaeger (Principal and CEO of JSP), “where we expect to reposition the assets within their sub-markets and achieve significant rent increases ($150-$200 per unit). The remaining two assets, Somerset Village and South Willow, are both located in solid Class B locations. As such, Jackson Square Properties plans to initiate partial renovations that will benefit the properties within their sub-markets and drive rent increases ($50-$75 a unit). “

This acquisition, which is consistent with Jackson Square Property’s current investment strategy, “is also a demonstration of the fact that Salt Lake City has appeared on the radar for many investors as one of the strongest performing markets in the country both from an economic and multi-family perspective,” said Jed Millburn. “It has been one of the strongest growth markets in the nation, and continues to have a top five national ranking in job growth, population growth, rent growth, personal income growth, and unemployment rates.”

Foothill Place Apartments, built in 1975, consists of 450 apartment units located at 2260 Foothill Drive. The property is very well located near the University of Utah and University Hospital, in one of the most prestigious neighborhoods in the Salt Lake Valley.

Park Capitol Apartments, built in 1971, consists of 135 apartment units and is located at 215 North Main Street. It is also ideally situated on the periphery of the Central Business District of Salt Lake City, which is just one block north of both the LDS Conference Center and Historic Temple Square, as well as just two short blocks south of the State Capitol building.

Somerset Village was built in 1986 and consists of 486 apartment units located at 3810 South Redwood Road. The property sits in an in-fill location in the heart of the Salt Lake Valley close to the Valley Fair Mall renovation project. Somerset Village boasts a variety of functional floor plans and an extensive amenity package.

Southwillow, built in 1987, consists of 440 apartment units located at 6885 South Redwood Road. Located in the southwest part of the Salt Lake Valley in close proximity to a variety of new growth areas, this property provides easy access to major employment centers, including the new Intermountain Medical Center.

To schedule an interview with a Jackson Square Properties executive regarding this transaction or for more information about Jackson Square Properties, please contact Jeffrey Jaeger at jjaeger@jspllc.com or 415.354.9900; or Suzann Priest at spriest@jspllc.com or 415.354.9900.

About Jackson Square Properties.

Founded in 2005, Jackson Square Properties’ mission is to maximize the value of real estate investments. The company and its investment partners purchase, renovate and reposition multi-family residential properties to create positive returns.

Jackson Square Properties strives to consistently deliver positive returns on real estate investments, providing investors with the confidence that comes from a history of success and the knowledge that the company’s internal capital is invested alongside that of its investors from start to finish. The company uses its focused expertise to invest wisely and renovate effectively, encourages a culture of integrity and transparency in the way it deals with partners and properties, and achieves financially-successful outcomes both due to the power of its investment capital and the quality of its employees.