Nolan Real Estate/KC Venture Group Secures up to $150 Million Investment

Funds to Provide NRES Capital for Acquisitions

NRES Holdings, LLC ("NRES") announced today that it has entered into an agreement with affiliates of Almanac Realty Investors, LLC ("Almanac") under which Almanac has committed to invest up to $150 million.

NRES, headquartered in Leawood, KS, has consolidated operations and will expand the existing multi-family business of Nolan Real Estate Services, Inc. and its affiliates, including KC Venture Group, LLC. NRES is a fully-integrated real estate company focused on the acquisition, re-positioning and management of multi-family properties. Since 1994, Principals Ronald Nolan and Paul Fingersh have invested more than $660 million in 51 multi-family properties, representing more than 12,000 units. The contributed portfolio to form NRES includes 22 properties with a total of 5,073 units.

Almanac, based in New York City, manages a series of investment funds and is a leading provider of growth capital to public and private real estate companies.

NRES will use the capital from Almanac to grow its portfolio of multi-family properties and to expand its property management platform. NRES will seek to invest in predominately market-rate Class A and Class B multi-family properties that have value-add characteristics and are located in infill markets in selected Midwest and Southwest markets with favorable demographics.

"Almanac's investment will result in transformational growth for NRES," said Ronald Nolan, NRES' Chairman. "The capital and structure provided by Almanac give us the tools to take advantage of attractive multi-family investment opportunities in the current environment through an ability to move quickly on one-off and portfolio acquisitions as well as M&A activity with other operators and management companies on tax advantaged terms" added Paul Fingersh, NRES' CEO.

Andrew M. Silberstein, Partner at Almanac, said, "We are excited about our partnership with NRES, as the team has demonstrated its ability to create value for its investors and effectively manage multi-family properties over multiple real estate cycles." As part of this investment, Silberstein and one other Almanac representative will join the Board of Managers of NRES, which also includes Nolan and Fingersh. The investment closed on July 19, and is the second deal closed by Almanac Realty Securities VI, reflecting up to $300 million of investment to date.