05/23/2007

Strategic Capital Partners, Wilton Partners Announce Condominium Project in Biloxi, MS

Avalon will meet demand in area rebuilding from Hurricane Katrina

Strategic Capital Partners, LLC (SCP) through its fund, Strategic Partners Value Enhancement Fund (SPVEF), and Wilton Partners announce the acquisition and start of initial marketing for Avalon, a 198-unit condo/hotel project in Biloxi, Mississippi. The property was initially acquired in 2006 and was completely gutted; the overall budget is approximatelty $37 million. The property, with its own private beach, is located on Beach Road and is diagonally across the street from the Beau Rivage Hotel and Casino.

The 10-story project will feature a full service restaurant, an infinity edge pool and rooftop lounges. All interiors will be fully appointed with plasma televisions, granite workstations, mahogany furnishings and fully-equipped kitchens with mahogany cabinets and galaxy black granite countertops. Avalon will be within walking distance to many of the casinos including the soon-to-be-opened Hard Rock. Unit prices will start at $199,000.

The property is located in the GO Zone, which provides significant tax incentives for individuals and businesses in the area by offering significant tax deductions. For qualified residential rental properties such as Avalon, this includes an additional deduction of a 50% write-off of the property's depreciable basis, excluding land value during the year placed in service.

"Avalon's unique location and visibility make this a wise investment for SCP and Wilton Partners," said Laurie Smith, Senior Vice President of Acquisitions at SCP. "Since Biloxi is home to the third largest gaming industry in the United States and lost approximately 6,000 hotel rooms as a result of Hurricane Katrina, Avalon will help satisfy pent up demand for hotel space." To learn more about The Avalon at Biloxi and GO Zone tax incentives, visit www.theavalonbiloxi.com or call 1 888 806 9604.

Wilton Partners is a Los Angeles-based developer, owner and manager with more than 20 years experience in ground up shopping center development, multi-family development and repositioning of significant real estae assets in 22 states, including public/private partnerships. Developments have included high density residential, single-family residential, single-tenant retail, mall retail, artist's lofts and train stations.

Strategic Capital Partners, LLC (SCP) is a privately held real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties via joint ventures with experienced local real estate operators. SCP is focused on properties across the United States that can be repositioned, re-leased and/or redeveloped. The company is headquartered in Chicago with offices in Indianapolis and New York.

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Strategic Capital Partners, Wilton Partners Announce Condominium Project in Biloxi, MS