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Hubbell Realty Company Acquires Ten Apartment Complexes From Clarke Company, Limited

West Des Moines, Iowa (August 22, 2007) – Hubbell Realty Company announced today the acquisition of ten apartment complexes from Clarke Company, Limited and its affiliates, a local real estate company with holdings in central Iowa and Sioux Falls, South Dakota. The acquisition will strengthen Hubbell Realty Company’s position in the Iowa real estate market and mark its entrance into the Sioux Falls market. CB Richard Ellis/Hubbell Commercial’s Multi-Housing team of Jeff Panzi and Tom DeWaay initiated the transaction. Hubbell Realty Company previously announced the acquisition of Clarke’s interests in Druid Hill, Riverwoods, and Easter Bay in Des Moines, and Rolling Green in Norwalk. “We see this as an opportunity to expand and diversify our business in multi-family housing,” said Hubbell Realty Company President and CEO Rick Tollakson. “Following our success in downtown housing with projects like the Hubbell Tower Apartments and Court Avenue Lofts, we looked at ways in which we could quickly grow our apartment portfolio. This is a result of those efforts.” John Clarke, Managing Partner and CEO of Clarke Company, Limited said, “The Hubbell property management team is in great shape to take over these properties. We are pleased that the buyer is a local company with such a long history of improving the region.” Steve Niebuhr, Hubbell Realty Company’s Senior Vice President of Construction and Management Services said that he looks forward to making some physical improvements to the multi-family housing developments. “The changes that we have planned for the apartments will boost the quality of life for our tenants almost immediately. Our goal is to give people as many reasons as possible to live in a Hubbell owned apartment.” One such reason is a unique program in which Des Moines area tenants will be able to purchase a Hubbell Home at a discount. Hubbell Realty Company will acquire ten apartment complexes in all, eight of which are located in the Des Moines area, and two in Sioux Falls, South Dakota. Significant improvements to the apartment complexes are scheduled to begin in the near term. This acquisition significantly increases Hubbell Realty Company’s multi-family housing portfolio by adding 1682 units and 1081 garages. 1106 units are located in the Des Moines area and 576 units are in Sioux Falls. Prior to this acquisition, Hubbell Realty Company’s multi-family housing portfolio consisted of 175 units, all located in downtown Des Moines. Hubbell Realty Company’s property management division will oversee the new properties.

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