Baltimore, MD (August 10, 2007) - Alex. Brown Realty, Inc. (ABR), a national real estate investment company, has entered into a joint venture with the Square Lake Group to acquire two garden-style/townhouse apartment complexes. The joint venture acquired the Oak Forest Apartments, a 172-unit complex on a 16-acre site in Monroe Township, Michigan, and the Oakwood Apartments, a 143-unit complex on a 13-acre site in Toledo, Ohio.  ABR provided an equity commitment of $3.48 million to the venture.  Debt financing was provided by JP Morgan Chase Bank, N.A.

Both complexes are well-maintained Class B properties constructed in the late 1980s.  The complexes feature ranch style town homes with pitched asphalt shingle roofs and brick and vinyl facades.  All units at both complexes include central air conditioning, microwaves, washer/dryer hookups, ceiling fans, and private patios.

The investment marks ABR’s first joint venture with the Square Lake Group, a diversified real estate organization based in Bloomfield Hills, Michigan.  “We look forward to working with the Square Lake Group,” commented John Prugh, ABR’s president and CEO. “We see this acquisition as an opportunity to enhance our portfolio’s diversification and invest in a multifamily market with low vacancy, where new competition is constrained by replacement cost relative to attainable market rents,” continued Prugh.

Equity and debt financing was arranged by Larry Harwood, CCIM, of iCap Realty Advisors’ located in Farmington Hills, Michigan.