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Lerner Announces Acquisition Of Richmond, Virginia Apartment Community

Richmond, Virginia, August 30, 2004 – Lerner Enterprises of North Bethesda, Maryland, today announced the acquisition of Wilde Lake Apartments, a 190-unit apartment property in Richmond's West End area. The property has been acquired from Equity Residential.

"Wilde Lake joins an impressive portfolio of Lerner apartment communities. This property is a great opportunity with tremendous potential that will be realized through a strategic renovation and revenue enhancement program," says Director of Marketing for Lerner Enterprises, B. Clarke Green.

"Lerner continues to expand its multifamily portfolio both through development and acquisitions such as this," says Alan H. Gottlieb of Lerner Enterprises. "The Wilde Lake acquisition is Lerner's second addition to its portfolio in Richmond – the firm already owns Hanover Crossing Apartments, a 220-unit multifamily property located in Mechanicsville, Virginia."

Convenient to both I-64 and I-95, Wilde Lake is located in the prestigious West End area of metropolitan Richmond in Henrico County. Built in 1989, the community affords easy access to major employment centers including Innsbrook, one of the largest office parks with the most employees in Virginia south of the Washington Metropolitan Area. In addition, the Henrico County school district is considered excellent and was recently named one of the 23 national winners in the American School Board Journal's Magna Awards 2004 program for its "Teaching and Learning Technology Initiative."

The property is located less than two miles from the new Short Pump Town Center and its many shops, restaurants and entertainment. Two additional strip malls are currently under development across Broad Street, within walking distance from Wilde Lake.

Wilde Lake boasts competitive community amenities including lakefront living, a 22-acre stocked lake with pier, a state-of-the-art tot lot play area, a lighted tennis court, a year-round swimming pool, a car care center and a clubhouse with a fitness center and sauna. Four different floorplans are offered, ranging from 760 to 1,170 square feet. Included are 67 one-bedroom, 109 two-bedroom and 14 three-bedroom residences, some with optional dens, vaulted ceilings and wood burning fireplaces.

Lerner Enterprises, founded in 1952 by Theodore N. Lerner, is Washington, DC's largest private real estate developer and is involved in all phases of residential, office and retail real estate including planning, development, construction, leasing, and asset and property management. Included in the Lerner residential portfolio is the award winning Lillian Court at Tysons II Condominiums in McLean, Virginia; Remington at Dulles Town Center in Dulles, Virginia; Chesapeake Bay Apartments in Newport News, Virginia and Oxford Square at White Flint in Rockville, Maryland. Lerner has developed over 7,000 apartment units in the Washington, DC metropolitan area.

Additional information can be found at:
Entire Lerner residential portfolio at RentHere.Net
Wilde Lake Apartments at WildeLakeApartments.com