Sequoia adds Alize Apartments to growing portfolio of luxury coastal properties

WALNUT CREEK, CA, May 21, 2009— Sequoia Equities, Inc. today announced the acquisition of the Alize Apartments located in Aliso Viejo, a master planned community in Orange County, California.

Built in 1999, this 484 unit luxury apartment community totals 442,684 square feet, and includes 11 three-story residential buildings and three single story buildings containing a management office, fitness facility, and clubhouse. The property is located in the master planned community of Aliso Viejo, which encompasses 6 square miles and situated in southern Orange County, California.

Sequoia Equities’ President and CEO, Mark Carter says, “In 2003, we purchased the sister-property, the Alicante Apartments, so we understand the market. The opportunity to purchase the Alize property is an outstanding investment and will be a valuable addition to our portfolio of luxury coastal properties.”

The acquisition of Alize Apartments for $75,000,000 was funded with Fannie Mae financing, and a $17.3 million equity partnership. Sequoia Equities will assume day-to-day operational management of the property.