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1 FOR IMMEDIATE RELEASE CONTACT: Andrea Roebker 312/ VILLAGE GREEN CELEBRATES 90 YEARS OF CUSTOMER INNOVATION IN THE RENTAL APARTMENT INDUSTRY Foundation of American Dream Grows to a Third-Generation, National Company FARMINGTON HILLS, Mich., February 20, 2009 Joseph Holtzman Homes was founded by a young Russian immigrant, Joseph Holtzman, who left Ford Motor Company in 1919 to start a residential construction business with his brother-in-law Nathan Silverman. As the company grew, it was renamed Village Green, and from its humble beginnings building single-family homes in suburban Detroit, it has grown to become the recognized leader in the rental apartment industry by focusing on customer satisfaction. By constantly strengthening and capitalizing on nine decades of experience, we ve distinguished ourselves with a single customer focus: providing a lifestyle for rent with respected We Care service and consumer benefits, says Chairman and CEO Jonathan Holtzman. Village Green has raised the bar by delivering more than just an apartment from offering a choice via five quality apartment brands, to responding to our residents lifestyles, to achieving economic returns for clients and partners. Village Green today operates approximately 35,000 apartments with more than 1,200 professional associates at 140 communities in 12 states throughout the U.S. With offices in Detroit, Chicago, Cincinnati, Minneapolis and St. Louis, Village Green is today one of the nation s largest privately-owned developers, builders, managers and owners of luxury rental communities. Our product variety, high quality standards and continuous improvements make a distinguishable difference in how our customers and clients are treated, continues Holtzman. In our 90 th year, our advanced technology integration, hotel-based operations, environmental focus and social responsibility will continue a history of innovations by Village Green. Village Green s five brands, Village Park, Village Green, City, Regents Park and Leading Furnished Suites, and four vertically integrated companies Village Green Management Company, Village Green Residential Properties, Village Green Construction and Village Green Communications deliver a fullservice, comprehensive departmental support structure. These, combined with Village Green s core values of We Care customer service, resident benefits, creative lifestyle communities, market-leading rental rates and economic occupancies, controlled purchasing and University of Village Green s professional associates, contribute to outperforming industry averages. Lifestyle for Rent As one of the first companies to brand apartment communities in 1966, Village Green offers a lifestyle for rent with resort amenities, time-saving services, monthly social activities and advanced technology, as well as flexibility with short- or long-term leases and furnished or unfurnished apartments. The five brands cater to every style of renter, including those looking for affordable luxury in ideal suburban Northwestern Highway Farmington Hills, MI Fax: villagegreen.com Corporate Office: Detroit Regional Offices: Chicago Cincinnati Minneapolis/St. Paul St. Louis

2 Page 2 Village Green Celebrates 90 Years of Customer Innovation neighborhoods, stylish 24/7/365 cosmopolitan cities and exclusive gated communities, all with interim stay corporate suites. Personalized Service Through its University of Village Green professional training programs, offered since 1986, the company instills a strong foundation and commitment to personal We Care service for all its customers. This training investment is evident in Village Green s high scores on the annual REACT resident satisfaction surveys conducted by CEL & Associates, Inc. The University and the company s leading technology tools, including VaultWare, Call Source and MRI with real time analysis, provide defined career paths for Village Green s associates and contribute to having the industry s lowest associate turnover. Village Green differentiates itself further by integrating hospitality-based services and amenities into its operations and aligning associate bonuses to clients goals and budgets. The company gives residents the ability to individualize their living experience to exactly what they want from a custom finish in their apartment to implementing their recommendations for common area improvements offering residents the opportunity to express their personal style and tailor their community to fit their lifestyle. Additionally, Village Green s four integrated operating companies allow clients to benefit from an array of all-inclusive services. By offering property management, asset management, insurance, construction, IT, marketing, communications, interior design, landscaping architecture and other services, Village Green solves problems and continuously recommends improvements to increase net operating income. Added Benefits Village Green extends customer satisfaction beyond its apartment communities by partnering with suppliers, retail and service companies for exclusive resident purchasing discounts. Through Village Green Dollars, residents access a variety of brand-name retailers, online stores and local merchants to receive preferred pricing on relocation, electronics, furniture and cars. Village Green was also the first company to launch a LeasEquity program that provides residents home ownership opportunities with a cash back rebate of up to $4,000 when they purchase a new or existing home through Village Green s preferred builders or real estate professionals. Preferred Relationships Village Green manages real estate assets of $3.5 billion. Its respected and trusted 90-year history has led to mutually beneficial long-term relationships with prominent individuals, professional consultants, financial institutions and life insurance companies, as well as institutional and union pension funds. Longstanding partnerships with well-respected supplier companies such as Kohler, Shaw Floors and Whirlpool, enable Village Green to complement its commitment to the environment and being green for today and the future. About Village Green Founded in Detroit, Village Green is one of the nation s largest privately held developers and managers of luxury apartment communities. Established in 1919, Village Green has four operating companies and approximately 35,000 apartments in more than 140 rental communities throughout the Midwest under five distinct apartment brands: Village Park, Village Green, Regents Park, City and Leading Furnished Suites. For more information on Village Green, explore

3 Page 3 Village Green Celebrates 90 Years of Customer Innovation Village Green Timeline Since 1919, Village Green has exceeded standards in the multifamily development industry. As an industry leader, Village Green was one of the first companies to brand its apartment communities; establish in-house departments such as University of Village Green, landscape architecture and interiors; and set precedents with its apartment development and community amenities, finishes and services Established as Joseph Holtzman Homes in Detroit 1930 s Holtzman & Silverman Homes, established with partner and brother-in-law Nathan Silverman Company recognized as a respected and significant leader in the residential for sale market 1960 s Village Green brand name established with development of the first Village Green apartment community (Village Green of Southgate) under second Holtzman & Silverman generation Dishwashers and air conditioning become standards in Village Green apartments 1970 s Holtzman & Silverman s multifamily division becomes Village Green Companies and focuses on suburban multifamily rental communities Microwave ovens, clubhouses and pools become standards in Village Green apartments 1980 s Village Green defines a second brand Village Park that involves repositioning 30+-year-old communities with renovations and additions of trademark amenities and services Village Suites (now Leading Furnished Suites) corporate housing began Landscape architecture department formed Village Green Communications began as in-house media buying, marketing and public relations University of Village Green established to recruit and train all professional associates 1990 s Village Green launches third apartment community brand with urban focus City Apartments Company Web site, created with virtual tours VG Select division formed to provide ancillary services to owners and residents CEL s REACT resident satisfaction survey and CallSource implemented to generate resident feedback and establish industry metrics LeasEquity introduced to provide residents a significant rent rebate toward the future purchase of a new or existing home 2000 s Village Green launches fourth apartment community brand Regents Park Implement Vaultware for real-time individual apartment merchandising Expand online services pre-application, rent payment, availability for existing and prospective residents Village Green is the first Midwest company to pursue LEED certification for MDA City Apartments in downtown Chicago VG Interiors created for merchandising the company s models and common areas

4 Joseph Holtzman Homes began building homes in The company later evolved to Holtzman & Silverman and then went on to become Village Green. Now under its third generation of family ownership, Village Green has been involved in development, construction, management and ownership of land, single-family homes, condominiums, office and retail for 90 years. Today Village Green manages $3.5 billion in assets and operates 35,000 apartments in 140 exclusive luxury rental communities throughout the U.S. The company employs 1,200 professional associates working to create value for its clients and an enviable lifestyle for rent for the 50,000 people who call Village Green home.

5 Village Green of Farmington Hills Farmington Hills, MI Fisher Building City Apartments Chicago Regents Park of Troy Troy, MI Village Green of Ann Arbor Ann Arbor, MI Village Green of Southgate West Southgate, MI Eitel Building City Apartments Minneapolis MDA City Apartments Chicago Utilizing a hotel industry business model, Village Green delivers a variety of options for today s renters by operating five distinct apartment community brands Village Park, Village Green, Regents Parks, City and Leading Furnished Suites. Whether urban or suburban; garden, mid-rise or high-rise; furnished or unfurnished; short term or long term; Village Green s professionals customize the rental experience and operate with a We Care philosophy to exceed resident expectations. Village Green provides not just an apartment, but also a lifestyle for rent. By offering flexibility, time-saving services, resort amenities, condominium finishes and green building technology, the company has continuously raised the bar in luxury rental living. Residents appreciate the many benefits offered at Village Green communities, including social activities, concierges, business/conference facilities, wireless hot spots, LeasEquity, professional fitness centers, sexy bathrooms, sparkling pools, Sky Parks, Sky Clubs and much more.