Press Release: GUARDIAN MANAGEMENT LLC ADDS COLLINS CIRCLE TO MANAGEMENT PORTFOLIO

March 13, 2009

The Company Takes Over Property Management Responsibilities at the Mixed-Use and Mixed-Income Property in Southwest Portland

Portland, Ore. – March 13, 2009 – Guardian Management LLC (Guardian), a Portland, Ore.-based property management and real estate investment firm specializing in multifamily housing opportunities, has been awarded the property management contract at Collins Circle Apartments, located at 1702 SW Columbia St. in Portland.

Guardian Management was selected to oversee the 125-unit, mixed-use property because of its expertise in managing mixed-income, market rate and tax-credit properties, as well as its reputation in maintaining high occupancy rates for its clients and investors.

“After eight years of ownership and making significant upgrades to the property in 2008, we recognized that it was time for a new property manager,” said Vern Rifer, developer and co-owner of Collins Circle. “We needed a property manager experienced in marketing both market rate and affordable units. Guardian was a natural fit because of their certification and extensive experience in tax credit property management.”

Completed in 2000, Collins Circle is owned by Collins Circle Investors, an investor group comprised of local developers Mark Edlen, Bob Gerding and Vern Rifer. The project, which is adjacent to the Goose Hollow light rail station, was developed cooperatively with Tri-Met as a transit supportive development. In addition to the ground-floor retail, the residential is comprised of 40 percent income-restricted units and 60 percent market rate, all situated around a landscaped courtyard.

About Guardian Management LLC
Founded in 1971 with headquarters in Portland, Ore., Guardian Management LLC is a privately held, third generation real estate management and investment firm. Specializing in real estate investments and property management services, Guardian’s diverse real estate experience offers property owners and investors a valuable combination of market expertise and contacts. Currently, Guardian’s management portfolio consists of more than 130 properties (nearly 12,000 units) and more than 400 employees in seven states. The company owns approximately 50 percent of its portfolio. For more information, visit www.guardianmanagementllc.com.