09.19.05
AMC Delancey Group Announces the Disposition of West Deer Park Apartments in
Gaithersburg, MD

Contact
Kathleen Pallas, Beckerman Public Relations
(908) 781-6420, Kathleen@beckermanpr.com

GAITHERSBURG, MD, SEPTEMBER 19, 2005 – After a year and a half holding, AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, and joint venture partner, Ross Investments, have announced the disposition of the West Deer Park Apartments located in Gaithersburg, Maryland. RST Development, Inc. purchased the seven apartment buildings, totaling 198 units, and spanning 230,000 square feet, for $23 million. RST plans to re-develop the apartments into a townhouse development.

The disposition was completed entirely by the internal dispositions team at AMC Delancey in tandem with the management team affiliated with Ross Investments. There were no outside brokers involved in the transaction.

“With the disposition of West Deer Park Apartments, our venture accomplished all of our investment objectives well ahead of projections,” stated Kenneth P. Balin, President and CEO of AMC Delancey Group. “Although as a company, we consistently take a long-term investment approach, market conditions were favorable for divestiture for this particular asset. This sale also enables AMC Delancey to focus on new opportunities by redeployment of capital for larger enterprises, as well as providing a superior return to our investors and operating partners."

Ross Investments, Inc. is a licensed real estate company owned and operated since 1991 by Scott Ross, specializing in buying, selling, remodeling and restoring, and reselling distressed properties and homes. In addition, the company purchases lots and builds affordable new homes.

AMC Delancey Group, Inc. is a leading real estate investment and development firm that co-invests with a growing number of real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company's unique approach focuses first on the quality of potential operating partners, next on their investment strategies, and finally on the specific properties proposed for acquisition. The Company's current investment programs include hotel, office, retail, multi-family, condominium, mixed use, and land development. AMC Delancey plans to expand these and other investment programs into existing and new territories, with existing and new operating partners, with investments targeted over the next several years in excess of one billion dollars. For more information on AMC Delancey Group, visit www.amcdelancey.com .