Kim Barkwell Named President of Ambling Management

Former COO Brings 25 Years Real Estate Experience

ATLANTA (Jan. 27, 2008) – Ambling Management Company, an affiliate of Ambling Companies, Inc. specializing in student, affordable and conventional housing, appointed Kimberly A. Barkwell (top right photo) president.

Barkwell is responsible for all facets of the company’soperations, including strategic planning, overall property management, new business development and company culture preservation.

“Kimberly has played an integral role in the growth and success of Ambling
Management Company for more than six years and is very deserving of her new title andresponsibilities,” said Mike Godwin, (middle left photo) president and CEO of Ambling Companies, Inc.

“Her leadership has made Ambling Management one of the most respected companies inthe industry, and we are excited to see where she will lead the organization in the future.”

Most recently, Barkwell held the position of chief operating officer of Ambling
Management Company.

With more than 25 years of experience in real estate property management, Barkwell previously served as regional vice president with Brisben Companies/National Realty Management where she directed the overall operations of the Northeast and Mid-Atlantic regions.

Prior to that, she worked with AIMCO/Insignia Management Group as both regional vice president and vice president of business development where she directed operations of large conventional and affordable residential portfolios of up to 21,000 units. Barkwell also held various roles with the Duddlesten Companies.

Contact: Bryan Harris, Jackson Spalding, (404) 874-7164; bharris@jacksonspalding.com