Campus Apartments Acquires 14-Property Student Housing Portfolio from FirstWorthing for $256 Million

Campus Apartments, Inc. (www.campusapts.com) announces its
acquisition of a 14-property student housing portfolio from
Dallas-based FirstWorthing Residential Company, L.P. for a purchase
price of $256 million. This represents the largest private student
housing transaction on record, and with the addition of 6,517 beds,
positions Campus Apartments as one of the largest privately held
student housing companies in the nation.

With this acquisition, Campus Apartments expands its footprint
coast-to-coast and across 11 states from Pennsylvania to California.
The company now owns and manages more than 12,000 beds and will add
more than 150 employees to accommodate the new properties. "This
portfolio allows us to extend the Campus Apartments brand to new
university markets nationwide," states David Adelman, president and
chief executive officer. "It was a targeted acquisition, in line with
the investment strategy that we plan to carry out over the next few
years."

The acquisition was funded through Campus Apartments' $1.1 billion
joint venture with GIC Real Estate Pte Ltd., the real estate
investment arm of the Government of Singapore Investment Corp., with
Deutsche Bank Securities, Inc. acting as financial advisor to Campus
Apartments. Deutsche Bank Berkshire Mortgage provided $153 million in
financing with Freddie Mac, as well as $30.5 million via Deutsche
Bank's proprietary bridge lending program. This was Freddie Mac's
largest student housing transaction to date.

"We are very pleased to be able to provide the financing package
to enable Campus Apartments to acquire this quality portfolio," said
Mitchell W. Kiffe, Freddie Mac vice president of Multifamily
Production and Sales. "Freddie Mac views the student housing segment
of the market to be an attractive expansion opportunity."

The deal was brokered by CB Richard Ellis, and legal counsel was
provided by Philadelphia-based Klehr, Harrison, Harvey, Branzburg &
Ellers, LLP.

The newly acquired portfolio spans six states and encompasses 12
existing communities in Tuscon, Arizona; Riverside, California; Ft.
Collins, Colorado; Orlando, Florida; Baton Rouge and Lafayette,
Louisiana; and Raleigh, North Carolina; and two development parcels in
Baton Rouge. Campus Apartments plans to build a mixed-use project and
additional housing on these sites.

"This collection of properties was the result of an extensive
research and due diligence process, where we assessed occupancy rates,
enrollment numbers, and other demographic criteria for each area,"
Adelman states. "The diversity of locations and the combination of
class-A assets, repositioning opportunities, and new development was
also integral in our decision. We believe that our company can add
value to these properties and provide much-needed, high-quality living
arrangements for the growing student communities in these regions."

About Campus Apartments

Campus Apartments, Inc., the oldest student housing company in the
nation, is a leader in the development and management of university
affiliated housing. The company has recently realized tremendous
growth in its holdings and geographic footprint and currently owns
and/or manages more than 234 properties in 11 states.

For nearly 50 years, Campus Apartments has been a pioneer in
developing communities and providing turnkey solutions for colleges
and universities. University partnerships have produced projects that
range from undergraduate, graduate and faculty housing, to for-sale
condominiums and mixed-use developments. University deal structures
have included joint ventures, privately financed projects via
long-term ground leases, fee development, and 3rd party management of
University-owned housing. For more information on Campus Apartments,
please visit: www.campusapts.com.