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Jamestown Acquires Seven-Acre Sunny Isles Beach Apartments
Leading real estate investment firm purchases distressed residential complex for $31.25 million

Atlanta, GA (December 29, 2009) – Jamestown, a leading real estate investment and development firm based in Atlanta, announced today that it has just purchased the 308-unit Vista View Apartments, continuing its program of actively pursuing distressed residential and hotel opportunities that advance the firm’s strategic focus. Consisting of four buildings near Sunny Isles Beach, the acquisition was closed on December 14, 2009, with Aventura, Fla.-based Sky Development. Jamestown will re-energize the site, completing renovations and upgrades over the next few years and continuing to operate the apartments under a fresh identity known as Beach Place.

“Jamestown firmly believes in the growth of the Miami submarket and the potential of Beach Place. Because of our strong liquidity position, we are primed to invest our capital in distressed properties and reposition assets such as Beach Place, even in this dynamic market,” said Matt Bronfman, Chief Operations Officer and Managing Director for Jamestown. “We are providing positive redirection, enhancing Beach Place as a rental community and taking advantage of the established, community-driven tenant base as the market becomes more stable. The property serves as a model example of how Jamestown is strategically targeting projects that are well-positioned within their markets.”

Jamestown acquired Beach Place from Sky Development, operating as Vista View Apartments Ltd., for $31.25 million, effectively ending foreclosure and fraud lawsuits that plagued the property since the beginning of 2009. Located east of the Intracoastal Waterway and north of Sunny Isles Boulevard, the property was sold to Jamestown at a substantial discount to the underlying loan. Applying its most recent opportunity investment fund, Jamestown Co- Invest V, the firm did not obtain financing for the purchase of Beach Place. With approximately $430 million raised in its Jamestown Co-Invest V, Jamestown continues to focus on core markets with high barriers to entry and distressed residential and hotel investments. The firm also owns Tradition at Kendall, a 228-unit apartment project site west of Miami, Fla.
Jamestown

Founded in 1983 with headquarters in Atlanta, Ga., and Cologne, Germany, Jamestown is a leader in asset acquisition and management. For 26 years, Jamestown has generated billions of dollars in strategic investments. The company is focused on core and private equity real estate funds in two primary market classes: 24-hour cities and Sunbelt territories with strong demographic growth. Acquiring more than $8 billion in these submarkets, Jamestown’s recent growth has been significant. Jamestown successfully invests in multiple U.S. markets including New York City, San Francisco, Boston, Washington, D.C., Raleigh, N.C., Charlotte, N.C., Chattanooga, Tenn., Charleston, S.C., Jacksonville, Fla., Savannah, Ga. and many more. For more information, visit www.jamestownproperties.com.

MEDIA CONTACT:
Jill Caramella / Taylor Trepte
404.888.9348
404.888.9349 fax
877.231.1568 toll free
jill@thereynoldsgroupinc.com
taylor@thereynoldsgroupinc.com