NEW YORK--(BUSINESS WIRE)—June 20, 2005--NDC Capital Partners LLC (“NDC”) today announced a co-investment with The Michelson Organization, for the acquisition of a 206 unit Class A apartment complex.  The property, known as Amberwood at Lochmere Apartments, was built in 1991 and is well-located along Cary Parkway in Cary, North Carolina.

About The Michelson Organization

Based in St. Louis, Missouri and founded in 1927, the Company’s portfolio includes a variety of income producing investment properties aggregating approximately $725 million. Through its affiliates, the Michelson Organization provides a full spectrum of real estate services. The Company is also involved with the organization and administration of real estate joint ventures and partnerships, as well as provides management services to maximize the market position of those properties. Michelson managed properties span the United States. From Texas in the southwest to North Carolina and Florida in the southeast, the Company currently oversees the operation of 33 market rate and luxury-style apartment communities in 14 states.  

About NDC Capital Partners

NDC is a private equity firm, investing capital in U.S. commercial real estate assets and related entities through joint venture structures with proven operating partners. NDC pursues a disciplined investment philosophy that focuses on value-oriented strategies, including property renovation, development, and repositioning. The foundation of NDC’s investment platform is an alignment of interest created through a co-investment partnership with knowledgeable operating partners. A proven track record of producing consistently high risk-adjusted returns supports this investment philosophy.