Lane Strategic Investment Buys 710 Peachtree Apartments in Atlanta

ATLANTA, GA (June 20, 2008) – Lane Strategic Investment, a subsidiary of leading multifamily real estate firm Lane Company, has acquired an 18-story mixed-use highrise (photo above) on Atlanta's signature thoroughfare, Peachtree St., right next to the historic Fox Theater in Midtown.

The mixed-use community includes the 710 Peachtree Apartments as well as 34,000 square feet of commercial space, which houses three restaurants and a small retail store.

"This is a valuable addition to our portfolio," said Lane Strategic Investment President Phil Pitney (top right photo). "The fact that it combines residential and retail components in a landmark location makes it a strong move for us."

The rental community, which will receive a new name, includes 533 residences ranging from studios to two-bedroom apartments, as well as three-bedroom penthouses.

Amenities include concierge service, a terrace-level deck with grill (middle right photo) overlooking Peachtree St., scenic views of Midtown, a luxury clubhouse (middle left photo) with coffee bar, a fitness facility, business center, clothes care center, controlled access and covered parking.

A planned $8 million renovation of the 1952 building will include a new street-level façade. Lane Co. will also upgrade the commercial space to help the existing businesses attract more pedestrian traffic.

Apartment upgrades will include new appliances, cabinets, countertops and fixtures plus improvements to the amenities and mechanical infrastructure. "This fits well into our plan to buy and improve value-add properties in prime locations," said Lane Company CEO Bill Donges (top left photo).

"Apartments continue to be a bright spot in today's real estate economy, and these are in a great location – one block from the North Avenue MARTA rail station, a few blocks from I-75/85 and Downtown, and minutes from Buckhead."

The deal closed May 23 for an undisclosed amount. This was Lane Strategic Investment's second acquisition within just a few weeks.

Last month it announced it had acquired the Savannah Apartments in Austin, Texas, which is renamed Acacia Cliffs Apartment Homes. Also last month, Lane Southeast began construction on No. 10 Park, a $60 million upscale rental community in Atlanta's rapidly-growing Central Perimeter area.

Lane Southeast is constructing a mixed-use community in Atlanta's fashionable Buckhead neighborhood, and Lane Northeast is building The Quarter, another large mixed-use community, in Towson, Maryland.

Other recent projects include several award-winning apartment and condominium communities in Atlantic Station, the popular live/work/play community in Midtown Atlanta.

Many more projects are under construction and in the pipeline.About Lane Company Lane Company (http://www.lanecompany.com/) is a vertically=integrated, full=service multifamily real estate company.

Its expertise extends to all areas of real estate including apartment and condominium development, investment, property management, construction, asset management and marketing.

With over 30 years experience, Lane Company is recognized as one of the most innovative, efficient and technologically-advanced firms in the multifamily industry. Its goal is to make big things happen by connecting people and communities one home at a time.

Media Contact:

Terri Thornton, Thornton Communications, 4049324347 territhornton@mindspring.com -- Terri Thornton, 404-687-8760; 404-932-4347 (Cell) http://www.territhornton.com/