NEW YORK--(MARKET WIRE)—April 1, 2008--NDC Capital Partners LLC (“NDC”) today announced a co-investment with P.B. Bell & Associates, Inc. for the development of 302 multifamily luxury units. Asante Apartment Homes are located in the northwestern part of Phoenix in Surprise, Arizona. The development will be one of the only rental apartment complexes located in an upscale master plan community. Asante is situated one quarter mile from the Loop 303 Freeway along the Grand Avenue corridor. The demand for apartments across the metro area is supported by the significant population influx the Phoenix Metro Area continues to encounter each year. Ongoing corporate relocations and expansions should ensure continued migration and apartment demand for the region. With population and employment growth surging, the local apartment market is expected to experience good occupancy rates and rent growth in the next few years.

About P.B. Bell & Associates, Inc.
P.B. Bell & Associates, Inc. was founded in 1976, focused on real estate development and investment, primarily related to apartment communities and condominiums. The company has been responsible for the development of over 2,500 apartment units in the Phoenix area. P.B. Bell Asset Management, Inc. manages 4,600 multifamily housing units in Phoenix & Tucson on behalf of P.B. Bell & Associates, Inc. and its investment partners, as well as third-party owners. P.B. Bell and Associates is a very experienced multifamily developer with whom the principals of NDC Capital Partners have a significant track record.

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.