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NDC Capital Partners Announces a Real Estate Co-Investment with Athena Real Estate, LLC

NEW YORK--(BUSINESS WIRE)—August 23, 2005--NDC Capital Partners LLC (“NDC”) today announced a co-investment with Athena Real Estate, LLC, for the acquisition of a 55+ (senior) manufactured housing community. The property, known as Lucerne Lakeside, contains 140 home sites and is located on Lake Smart in Winter Haven, Florida.

About Athena Real Estate, LLC

Athena Real Estate, LLC is a real estate investment and services firm with an emphasis on investing in manufactured housing communities. Athena was founded in 2004 by Rick O’Brien, formerly an executive with a mid-cap public REIT and a large real estate financial services and investment company. Athena’s investment strategy is to invest in MHCs on a nationwide basis that have more than 100 home sites and public utilities in strong markets for affordable homes with a balance of supply-demand fundamentals.

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.

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