Waterton Residential Expands Portfolio with Metro Atlanta Acquisition

PRESS RELEASE - Waterton Residential selects upscale luxury with its latest Property Venture XI multifamily acquisition of Parc Alpharetta, a well-located, class A, age-restricted rental community in Alpharetta, Georgia. Constructed in 2008, Parc Alpharetta is a four-story, two-building midrise structure containing 210 units consisting of 85 one-bedroom/one-bathroom, 26 one-bedroom/one and a half bathroom, 93 two-bedroom/two-bathroom, and six two-bedroom/two and a half bathroom townhome units.

Parc Alpharetta, Alpharetta's only active adult (55+) community, offers services and amenities today's active seniors find appealing including a fitness center with wellness salon, exercise classes, library and business center, shuttle services, planned social events, convenient walking paths and a beautifully landscaped courtyard with a meditation garden, luxury pool and deck, an upscale community room with a private catering/dining area, multi-purpose media room, conveniently located elevators, a gated parking deck and more.

Additionally, Parc Alpharetta's well-appointed apartment homes offer 18 different spacious floor plans, balconies or sunrooms, walk-in closets, 9-foot or 10-foot ceilings, designer details, black Whirlpool® appliances and in-unit washers and dryers. "The future trending within this niche demographic offers reason to be optimistic," said Max Peek, Vice President, acquisitions, Waterton Residential. "Parc Alpharetta represented a great opportunity to buy a newer construction asset in an affluent submarket with traditionally high barriers to entry."

Located west of Highway 400 off Westside Drive in Alpharetta, Georgia, residents of Parc Alpharetta have access to shopping and dining less than a mile from the property with North Point Mall (anchored by Sears, JC Penney, Dillard's, Macy's and over 180 specialty retailers). Alpharetta includes much of the North Fulton office corridor consisting of over 15.4 million square feet of primarily class A office space.

Originally developed by Wood Partners and Parc Communities, Parc Alpharetta was financed initially with low floater bonds issued by the City of Alpharetta to fund construction. Waterton intends to remarket and enhance the bonds. Parc Alpharetta which closed June 1 was acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment venture and is the first age-restricted apartment community in Waterton's portfolio.

Cassidy Turley to Acquire Brokerage and Property Management Divisions of Carter

PRESS RELEASE - Cassidy Turley, a leading commercial real estate
services provider in the U.S., has announced its commitment to acquire
the brokerage and property management businesses of Carter, a national
leader in project development, commercial real estate services and
investments.  Based in Atlanta, Carter maintains full-service offices
in Atlanta and Tampa and various offices throughout the U.S.

"Cassidy Turley is delighted to announce our commitment to acquire the
brokerage and property management businesses from Carter," said Mark
Burkhart, Cassidy Turley CEO.  "Carter's thoughtful and client-driven
approach is consistent with ours and will provide our clients across
the country access to the best advice from an industry leading team in
this region.  The addition of Carter will allow us to offer our full
spectrum of services in two significant markets—Atlanta and Central
Florida."

An industry leader for over 50 years, Carter was founded in 1958 in
Atlanta as a brokerage and property management firm and evolved into a
full service real estate company – offering corporate services,
property management, investment sales and project management for
clients across the nation. Once the acquisition is completed, Carter's
Brokerage Services and Property and Facility Management groups will
operate as Cassidy Turley. Carter has completed transactions valued at
$4.6 billion in Atlanta and Tampa alone in the past five years and
manages 25 million square feet in 11 states on behalf of private,
institutional and corporate clients as well as for its real estate
funds.

Going forward, Carter will focus on continuing to grow its remaining
and successful development, project management, investments, asset
management and strategic consulting groups. Continuing to operate
these business units as "Carter," the company will be focused on
delivering value as an investor, developer, project manager,
consultant, and asset manager for its clients. Carter's Asset
Management division manages more than $2.5 billion of third-party and
Carter-owned assets, while its Program Development Services division
currently oversees projects across the country and is consistently
ranked as one of the top 5 commercial real estate development firms in
the nation.

"We are excited about moving forward in the process to join Cassidy
Turley.  This move will allow us to grow and strengthen our service
business by leveraging Cassidy Turley's leading capital markets,
leasing, property management and corporate services platforms" said
Bob Peterson, Chairman and CEO of Carter.  "With Cassidy Turley's
national platform and service approach, we can better serve our
clients with multi-market needs.  In addition, Cassidy Turley's scale
and reputation for workplace satisfaction will enable us to offer our
professionals additional growth opportunities and a culture that
complements Carter's."

"This acquisition will allow reciprocal sharing of best practices
between the two firms. We welcome Carter's key leaders, including Bob
Peterson, Chairman and CEO, Scott Taylor, President, Holly Hughes,
Executive Vice president and Mike Shelly, Executive Vice President, to
our team. We see joining forces as a win-win for Carter, Cassidy
Turley, and most importantly, our clients," added Mr. Burkhart.