Carmel Partners Names Christopher Beda Chief Investment Officer

San Francisco, June 22, 2004 – Carmel Partners, Inc., a private real estate investment firm that invests in residential properties primarily in the Western United States, announced today that it has named Christopher Beda, Chief Investment Officer, Western Region, effective immediately. Beda will be based in San Francisco. In this newly established position, Beda will be responsible for managing Carmel Partners’ acquisitions in California, Washington, Oregon, and Hawaii. He will also sit on the Investment Committee for Carmel Partners Investment Fund.

Prior to joining Carmel Partners, Beda, 38, was the Acquisitions and Dispositions Officer for the Western United States at Equity Residential (NYSE:EQR). He joined Equity Residential’s transactions group in 1994 when the company owned approximately 35,000 apartment units. During Beda’s tenure, the group acquired over 200,000 apartment units through individual transactions, portfolios, debt purchases, partnership transactions, joint venture developments and company mergers. Mr. Beda directly negotiated over $2 billion in acquisitions and dispositions of multifamily purchases.

“We are delighted to have Chris join our team. He is coming on board at a very exciting time for us, and his expertise in the apartment sector, as well as his knowledge of our core market locations, will be invaluable as we pursue investment opportunities for our first fund over the next 18 months,” said Ron Zeff, Chief Executive Officer.

Beda said, “I have known the principals at Carmel for some time and I look forward to joining the team and contributing to their continued success.”

About Carmel Partners

Since the firm’s founding in 1992 by Ron Zeff, Carmel Partners has acquired or developed multifamily investments with approximately 10,700 units in 26 separate transactions with a value of approximately $1.5 billion. Headquartered in San Francisco, the firm also maintains offices in Irvine, Denver and Seattle. The company’s investment in The Villas Parkmerced Apartments, a 3,483-unit community located in San Francisco, was the largest single-asset multifamily transaction in the United States. In December 2003, the firm set up CP Investment Fund, L.P., a $215 million discretionary equity fund that plans to acquire $750 million in apartment and other residential properties over the next three years.

Contact: Owen Blicksilver
Owen Blicksilver Public Relations
516-742-5950

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