BERWYN, Pa. (July 5, 2007) — LCOR Incorporated announced today that an affiliate of the company acquired Heathergate apartments in Langhorne, Pennsylvania for $27 million and The Ledges apartments in Groton, Connecticut for $51 million. The apartment communities are now owned by LCOR Residential Associates LLC, a joint venture of affiliates of LCOR, Lehman Brothers and CalSTRS (the California State Teachers’ Retirement System).

Heathergate

Heathergate, a 202-unit luxury garden apartment community in suburban Bucks County, is approximately 30 minutes from Philadelphia and 60 minutes from New York City.

Heathergate enjoys the distinction of being the only age-qualified luxury apartment community in Bucks County, Pa. The property offers residents extensive conveniences and amenities, including a clubhouse, swimming pool, health club and wellness room, as well as multiple elevators, meeting areas on residential floors and a state-of-the-art security system. Apartment units feature upgraded appliances, spacious walk-in closets, oversized living areas with nine-foot ceilings, balconies and patios.

The Ledges

The Ledges, a 339-unit luxury garden-style apartment community on a 29-acre site in New London County, Conn., is located between New Haven and Providence in the city of Groton. The property is in close proximity to local and regional employment centers; Pfizer and General Dynamics are two of the largest employers in the Groton region.

The 14-building complex includes 303 one-bedroom and two-bedroom stacked apartment flats and 36 three-bedroom townhomes. The property features two modern fitness centers, a resort-style swimming pool, a business center with high-speed Internet access, a clubhouse, landscaped grounds and outdoor grills and picnic areas. Walking trails are adjacent to the area. All units and townhomes feature 8’6” ceilings, spacious balconies, walk-in closets and full-sized washers and dryers. Parking consists of 571 surface spaces and 48 direct-entry garages.

About LCOR

LCOR is interested in acquiring other apartment communities throughout the eastern United States (including in the Washington, D.C., Philadelphia, New York City and Boston areas) for operation as rental properties or condo conversion, as well as sites for new multifamily development. Interested property sellers should contact LCOR Senior Vice President Robert. R. Kilroy at rkilroy@lcor.com.

LCOR is a real estate investment and development company dedicated to creating better places for people to live, learn, work, travel and play. LCOR specializes in complex urban development, including large-scale multifamily residential, commercial and mixed-use properties that often integrate housing, office, retail and transportation components. The value of developments completed, under construction or in pre-development by LCOR exceeds $8 billion. LCOR has developed more than 20,000 residential units and 16+ million square feet of commercial space. LCOR is principally focused in the eastern United States, with offices in the New York, Washington, D.C. and Philadelphia areas. LCOR’s corporate office is in Berwyn, Pa.

ABOUT US • WHAT WE DO • OFFICES • SELECTED PROJECTS • PROPERTY WEBSITES • WHAT'S NEW • SEARCH

© 2007 LCOR Incorporated. All rights reserved.