Smith Equities' $12.7M Addison Place Deal Proves Student Housing Still Hot

ORLANDO, FL, Nov. 10, 2008- – In spite of the turmoil in the capital markets, demand for well-located quality student housing continues to attract student housing developers to the University of Central Florida (UCF) market, according to Paul Guyet (top left photo) of Smith Equities Real Estate Investment Advisors.

Guyet and Mark Smith, (middle right photo) both of Smith Equities Real Estate Investment Advisors, brokered the sale of Addison Place Apartments, (top right photo) which is located on Alafaya Trail one half mile south of UCF.

The property consists of eight buildings containing 218 apartments – mostly one-bedroom units – and an office on a 10-acre site with approximately 740 feet fronting on Alafaya Trail. Addison Place Apartments sold for $12.7 million. The seller was Cedar Trust Services, Inc.

The new owner, which is part of Inland American Communities Group, Inc., plans to build a new student housing complex on the site that will open for the 2010 school year with 995 bedrooms in 416 units, a garage, pool and other amenities appealing to students. It also will be on the bus route that takes students to and from classes.

Guyet is the student housing specialist at Smith Equities Real Estate Investment Advisors, which specializes in the sale of apartments in Florida. He is in charge of the student housing department and has participated in the sale of more than $166 million of student housing in Orlando, Tallahassee and Gainesville.

Each year, Guyet prepares a report on the occupancy rates and rents in the UCF market (copy included with this release) that has become required reading for anyone interested in student housing in the area.

About Smith Equities:

Robert E. Smith (bottom left photo) and his brothers Mark and Gerald (bottom right photo) founded Smith Equities Real Estate Investment Advisors (SEREIA) in 1990. Smith Equities is a leader in apartment sales and financing throughout Florida with investment sales and financing of over 22,734 Apartments in 160 deals.

SEREIA sold some of the first condo conversions in Florida and is now focused on helping banks understand and dispose of nonperforming assets tied to condominium conversions.

For more information, please go to their website at http://www.amecs.com/

or call them at (407)422-0704.

CONTACTS:

Paul M. Guyet: 407-422-0704 Ext 105 or e-mail: pmg@amecs.com

Mark D. Smith: 407-422-0704, Ext. 102 or e-mail: msmith@amecs.com
Kimbra Hennessy, 407.290.1060, ext. 102, kimbra@bitner.com