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NORTHLAND INVESTMENT CORPORATION ACQUIRES THE ROYAL ST. GEORGE

06.30.2008, Newton, MA - Northland Investment Corporation announced today that Northland Fund III LP has acquired The Royal St. George, a 224-unit apartment community located in West Palm Beach, Florida, for an undisclosed sum. The transaction was brokered by Robert Given at CB Richard Ellis.

One of West Palm Beach’s few remaining Class A luxury rental communities, The Royal St. George overlooks the exclusive Bear Lakes Country Club. Proximate to Interstate 95 and the Florida Turnpike, the community is located minutes from premier downtown retail, entertainment and well-known lifestyle centers, including City Place, The Palm Beach Lakes Mall, and The Village Commons Shopping Center.

Residents at The Royal St. George enjoy a variety of amenities only found in top rental communities in the West Palm Beach submarket. One of the few properties that provides semi-direct access garages and gated control access, The Royal St. George also offers a newly remodeled clubhouse with business center, an entertainment area with plasma television, a freshly renovated 24-hour fitness center with state-of-the-art Cardio Theater, pool, spa, lighted tennis court and car care center. Apartment homes feature open kitchens and distinct dining areas, creating a modern feel typically associated with condominium product. Other in-unit amenities include full-size washers and dryers, vaulted ceilings, walk-in closets, and patios or balconies.

Steven P. Rosenthal, Chief Executive Officer, Northland Investment Corporation, said, “The Royal St. George is ideally located in an economically sound, high barrier to entry market. There is a high demand for rental housing in the West Palm Beach submarket, and The Royal St. George’s close proximity to the central business district makes this asset especially attractive.”

About Northland Investment Corporation
Founded in 1970, Northland Investment Corporation is a privately held, vertically integrated real estate company focused on the acquisition, development and operation of commercial real estate throughout the United States. Northland owns a $2.5 billion diversified portfolio of 22 million square feet in fourteen states. For more information on Northland Investment Corporation, visit www.northland.com.

For more information, contact:
Sara Scarborough Graham
617.630.7259
sgraham@northland.com

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