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Early 2010 closings

Portland, Oregon – TBD – Westland Apartment Investors, a local apartment investment company, announced today that closing of two new properties: the Cedar Lane Apartments in Vancouver, Washington and the Continental Apartments in Portland, Oregon.
Located at SR 500 and St. Johns Road, Cedar Lane Apartments consists of 56 units built in 1973. Westland participated in a group with seven other investors to complete the purchase and fund the upgrade account. The investment group is comprised of individuals and couples from the Portland area. Three of the eight investors have been involved in previous Westland projects and for one individual, it was his fifth apartment purchased with assistance from the Westland. The Cedar Lane acquisition was officially closed in March for $2,200,000 at a CAP rate of 9.0%.
The Continental Apartments which are located at East Burnside and 127th has 22 units and was built in 1960. The acquisition which finalized in April for $931,850 at a CAP rate of 9.9%, was completed by seven investors, including Westland. The investors had a variety of experience and qualifications and with the exception of one, are all relatively new to apartment investing.
Westland, in operation for 36 years, creates partnerships among investors to purchase multi-unit housing in the Portland Metro area. By pooling funds from multiple individuals, they enable moderate net worth investors to acquire larger properties that can generate high returns, with the cash flow to justify professional management to reduce risk and hassles.
Just recently, the company made a significant change from working with experienced investors to working with investors who are new to apartment acquisitions. With the lack of return on traditional investments, these individuals are searching for opportunities with increased ROI potential and are highly motivated to act. Although it hasn't been simple, according to one of the company's founding partners, Jerry Mason, the change was necessary and so far, has paid off.

"There are many experienced apartment investors who would love to buy in today's market, but most of them would have to sell a well performing property at a loss or serious discount to trade into current opportunities." said Mason. "For this simple reason, most of the traditional buyers are out of the market. Although it's been challenging locating the new investors and communicating the right message to make them comfortable investing in apartments, the change is paying off for us and for them. Since the first of the year we have closed on more properties and have more in escrow than in the previous two years."
With several more properties in the pipeline, and the demand for rental units holding strong, Westland looks to continue their success throughout the year.

About Westland Apartment Investors
Westland Apartment Investors assists individuals in pooling their resources with a small group of other investors to invest in apartment buildings. For 36 years, the principals of Westland have invested their own funds alongside that of their clients in Portland-area apartment buildings. In partnership with local investors, Westland's partners are currently invested in over 1800 units in multi-family real estate. With a proven verifiable track record of delivering over 15% return to investors, since 1974. To learn more about Westland Apartment Investors, visit www.westlandinvestors.com/

Press contact:
Bob Patterson
MKTX, Inc.