NEW YORK--(BUSINESS WIRE)—September 12, 2005--NDC Capital Partners LLC (“NDC”) today announced a co-investment with The Michelson Organization, for the acquisition of a 184 unit Class A apartment complex. The property, known as Waterford Place Apartments, was built in 1997 and is located in Murfreesboro, TN. The City of Murfreesboro, the county seat of Rutherford County, is located at the geographic center of the State of Tennessee. Rutherford County currently has the fastest growing employment base of any large county in the United States, combining the benefits of smaller-town, quality schools, and lower-cost of living with the amenities of a major metropolitan area.

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.