Crosland Investment Services Chosen for Management of High-Profile Charlotte Apartment Tower

Developed as Condos, Catalyst Converts to Apartments and Hires Crosland for 3rd-party Management

Charlotte, N.C., Nov. 3, 2009 – Crosland’s award-winning apartment and retail leasing and management teams have been selected to manage the mixed-use Catalyst tower in Uptown Charlotte. Originally developed as condominiums, all 462 residences within Catalyst will now be rented by Crosland as upscale apartments.

Crosland Investment Services LLC, Crosland’s asset management and leasing business unit, secured the contract with an investment fund controlled by an affiliate of Lehman Brothers. Working on behalf of third parties for more than three decades, Crosland Investment Services leverages its experience to assess, improve and maximize value for owners of distressed and stabilized real estate of virtually every property type. Clients include institutional owners, national and international lenders and other developers.

Charlotte’s highest-profile condo-to-apartment conversion is the third such development to turn to Crosland within recent months. Crosland was also recently named the court-appointed receiver for a 375-unit apartment community in Winston-Salem.

“This is one of the most prominent high-rise apartment developments in the Southeast, so this is a very significant engagement for us,” said Tim Sittema, president of Crosland Investment Services. “The selection of Crosland attests to our strong track record in performing for third-party owners.”

Catalyst already has leased 130 of its one- and two-bedroom residences, which range from 677 to 1,113 square feet. Rents range from $1,050 per month up to $2,400 per month for a 27th-floor corner unit. The transition of management occurred on Nov. 2 and current lease terms will remain in place. More leasing detail can be found on catalystcharlotte.com and renters can apply online at croslandliving.com.

Catalyst residents will enjoy condominium-quality amenities and appointments, such as contemporary kitchens with stainless-steel appliances, granite countertops and spa-like master bathrooms. Each home offers floor-to-ceiling windows with 10-foot ceilings and a private balcony. Technology offerings include ultra-high speed Internet service, pre-wired cable, DirecTV and in-home audio packages.

Amenities include a health club-quality fitness center; private clubroom with catering kitchen, bar and gaming and lounge areas; and media room with high-definition projection televisions. Outdoor options include a landscaped terrace, open-air living room with fireplace, along with a resort-style pool and sun deck with gas grills. Catalyst features free covered parking for residents and guests.

Catalyst is the first anchor in the ongoing transformation of Charlotte’s Third Ward. Set beside the future five-acre Romare Bearden Park, Catalyst is adjacent to both Bank of America Stadium and the planned Charlotte Knights baseball stadium, with arts, nightlife and uptown’s thriving employment districts all within walking distance.

“Catalyst has seen high demand for its apartments, so we are excited to release this new inventory to meet demand that clearly exists in this market,” said David Ravin, president of Crosland’s residential division. “From this center-city high-rise to neighborhood-scale homes, Crosland now offers prospective residents just about every available flavor for in-town living.”

Crosland currently operates and manages approximately 6,000 multifamily residences in more than 30 market-rate and affordable apartment communities throughout the Southeast. Nearly half of these units are third-party managed.

Crosland maintains a 95 percent occupancy portfolio for its stabilized residential properties while excelling in customer service. The division has been honored with CEL & Associates’ National Real Estate “A List” Award for Service Excellence nine years in a row. Since 1942, Crosland has built, developed, operated or managed approximately 20,000 multifamily units including market-rate and affordable residences.

Crosland will also handle leasing and management of Catalyst’s 20,000 square feet of street-level shop and restaurant space. The company also manages historic Latta Arcade, a block from Catalyst. Crosland’s retail portfolio boasts 33 centers comprising 6 million square feet of retail space, of which nearly 3 million square feet is owned by third parties.

This is the second significant win for Crosland Investment Services in recent weeks. After an intense qualification process for its entire U.S. retail portfolio, institutional investor RREEF named Crosland as one of only four “carefully selected, highly-skilled property management companies” for management of its retail assets. Crosland will manage more than 1.5 million square feet of retail for RREEF in three Southeastern cities.