07.19.07: Professional Property Management assumes management of additional 1,705 units in California

ROCKFORD, IL July 19, 2007 - Professional Property Management, L.L.C. (PPM), a division of Star-Holdings of Illinois, L.L.C., today finalized assumption of the management of an additional 28 affordable housing properties located in the state of California. These properties contain a total of 1,705 units and were part of a portfolio of affordable properties transferred to PPM. Each of the properties had previously received an allocation of Low Income Housing Tax Credits, thus requiring strict compliance and reporting requirements. PPM was chosen as the replacement management entity for this portfolio, in part, because of its outstanding record of compliance in managing Tax Credit properties. PPM has managed property in California since 1999 and currently manages over 50 properties throughout the state.

With the addition of these properties, PPM now manages 9,300 units in complexes located in 9 states.

About Star-Holdings, LLC

Headquartered in Rockford, Illinois, Star-Holdings is a recognized leader in the development, management and construction of affordable housing properties. One of the largest affordable housing managers in Illinois and Wisconsin, Star-Holdings owns or manages more than 200 properties in ten states.

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