Real Estate Partners Sells New Headquarters Building in Irvine for Record Price of $6.1 Million at an Annualized Return on Invested Equity of 200+/-% - FAQ, advises, how-to, reviews, selections, online sales

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Real Estate Partners Sells New Headquarters Building in Irvine for Record Price of $6.1 Million at an Annualized Return on Invested Equity of 200+/-% IRVINE, CA (August 13, 2004) — Real Estate Partners, Inc., a dynamic real estate investment and management services company, today announced the company has sold its recently-acquired headquarters, located at 2569 McCabe Way in Irvine, California.

The property was purchased for $3.83 million by Real Estate Partners in March of this year to house the Company’s expanding operations. The Company immediately marketed the 24,000 +/- square-foot building as a leased investment property, while undertaking approximately $1 million in renovations.

Before the building was finished, Real Estate Partners accepted an offer of $6.1 million from BluRock Investments, LLC of Newport Beach, CA. Escrow closed on June 17, 2004. The purchase price of approximately $251.00 per square foot demonstrates a 31% increase over the neighborhood’s previously recorded high of $192.00 per square foot.

"The McCabe facility was originally purchased to house our expanding operations, including the rollout of our revolutionary 1031REP services and our Coldwell Banker Commercial® REP franchise. Before renovations were complete, however, we accepted an offer on the property that represented over a 200% annualized return on our total invested equity,’ noted Thomas Thompson, president of Real Estate Partners, Inc. "This transaction, while unique because it involves our headquarters, is entirely representative of the way in which we immediately and positively impact property value, return on investment and revenue on behalf of our investors.’

The seller, REPFund 2569 McCabe LLC, was represented by Tom Thompson and Dawson Davenport of Real Estate Partners. BluRock Investments LLC, the buyer, was represented by David Delancy of Corona Del Mar, CA. Terms of the sale include a 5-year master lease agreement between the new owners and Real Estate Partners.

As of July 1, 2004, Real Estate Partners and its associated operations occupy the second floor of the two-story building. ACN Inc., a global leader in direct-sales telecommunications, has signed a sub-lease to occupy 6,645 +/- square feet downstairs.

About Real Estate Partners

Real Estate Partners, Inc. is a privately held real estate investment services firm specializing in the acquisition, repositioning and management of under-performing properties. The Company owns and operates Orange Coast Commercial, Inc. DBA Coldwell Banker Commercial REP, providing access to a network of over 300 affiliate offices around the country with a 90-year history and an established reputation for high quality service. The principals and officers of Real Estate Partners are creative, experienced commercial real estate and real estate finance professionals who are dedicated to maximizing investor value through strategic acquisitions, key partnerships and a suite of management services. For more information, call 877.915.3297 toll free or visit www.realestatepartnersinc.com.

About Coldwell Banker Commercial

Coldwell Banker Commercial® is a registered trademark licensed to Coldwell Banker Real Estate Corporation. The Coldwell Banker Commercial system has more than 500 commercial real estate offices with more than 3,000 sales associates throughout North America, South America, Europe, Africa, Asia and Australia. The Coldwell Banker Commercial system is an industry leader in providing commercial real estate solutions, serving the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types. Coldwell Banker Real Estate Corporation is a subsidiary of Cendant Corporation (NYSE: CD). For additional information, on Coldwell Banker Commercial REP, visit www.cbcrepca.com or contact them at 949.585.7605.

Each office is independently owned and operated except offices owned and operated by NRT Incorporated.

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