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T-Rex Sells Houston Suburb Residential Complex

Press Release
June 23, 2005
Additional Information:
Michael London
Office: (203) 261-1549
Cell: (203-556-5123)

NEW YORK, June 23, 2005 – T-Rex Capital, LLC today announced the sale of its Katy, Texas, residential complex to Flournoy Development Co., LLC, Columbus, Georgia, for $29.48 million.

T-Rex acquired its interest in the Kingston Villas Apartments, a 430-unit complex about 25 miles west of Houston, in 2003.

Thomas M. Mulroy, T-Rex chief Executive Officer, said, “While the suburban Houston residential market is likely to remain strong in years to come, we believe that in the near term, this market is close to its peak. We decided to take advantage of an opportunity to sell the property but we will continue to keep a close watch on the region for its future investment potential.”

“We continue to pride ourselves on our unique ability to capitalize on real estate opportunities the moment they arise,” Mulroy said. “Because we have immediate access to funding, we can act faster than the competition when we identify investments for acquisition. As well, we do not hesitate to sell properties at the moment we can generate expected high returns for our company and its investors.”

In May, the company announced acquisition of approximately six acres of land on the Intercoastal Waterway in West Palm Beach, Florida, for a $180 million 20-story condominiums project along with a marina and villa-style homes.

T-Rex Capital, LLC and its affiliates have invested in nearly $1 billion in real estate investments nationwide and are based at 747 Third Avenue, 24th Floor, New York, New York 10017, with regional offices in Washington, D.C. and Boca Raton, Florida.
www.trexcapital.com.

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