CONSTRUCTION UNDERWAY ON SECOND RENTAL PHASE AT NORTHWOODS IN ORANGE COUNTY’S TOWN OF WALLKILL

NORTHWOODS

Town of Wallkill, N.Y. – Construction is well underway on the second phase of luxurious rental homes at Northwoods, the new offering of one-and two-bedroom garden style apartments being developed in the Orange County, N.Y. Town of Wallkill

The new rental buildings – which represent the balance of the community’s 70 upscale homes – are expected to be completed and ready for occupancy by the end of 2012, according to Jack Linefsky, Vice President of Property Management for the Value Companies, developer/owner/manager of Northwoods.

“The first phase of this rental community is fully leased and we are excited to be able to offer more apartment homes to the public. There has been great interest and a large demand for these homes and we are looking forward to continuing this success in the second phase,” says Mr. Linefsky. “The fact that we’ve successfully leased all of our homes in the first phase in such a short time validates our belief that offering modern apartments at affordable monthly rents and in desirable, commuter-friendly locations will have a strong appeal to young couples, families and single-professionals.”

Apartment homes in the second housing phase have already been reserved during the pre-leasing period months before its final buildings are complete, which is a remarkable milestone.

Northwoods’ upscale apartment homes are spread across a distinctly suburban site and ideally located in close proximity to major transportation options. Monthly rents at Northwoods begin from $1,325 for one-bedroom homes and $1,525 for two-bedroom apartments.

In addition to apartments equipped with the latest features and appointments, Northwoods boasts an activity-rich lifestyle with state-of-the-art on-site amenities including a fitness center, half basketball court and playground, as well as a clubroom offering WiFi access, a catering kitchen, and lounge area.

Northwoods will consist of seven rental buildings on a professionally managed and beautifully landscaped site, with access-controlled entries to each building. Homes will range from 800 to 1,100 square-feet and boast washer and dryers, individually controlled central air and heat, fully equipped kitchens and spacious walk-in closets. Additionally, each unit will also feature a balcony or patio.

Nestled in the historic Hudson River Valley, Northwoods boasts a country-like atmosphere with panoramic mountain views. Local sites in the Town of Wallkill consist of twelve parks and recreational areas, including the public Town of Wallkill Golf Club. The Hudson Valley region is also home to a variety of performing arts venues, wineries, historical attractions, museums, fine shopping and a host of state parks and outdoor activities.

Shopping can be found minutes away at the Galleria Mall at Crystal Run. Northwoods is also a quick trip from Route 17 and the New York State Thruway, making commuting to destinations in northern New Jersey and Manhattan extremely convenient; and public transportation is available nearby at the Metro North Railroad.

For additional information on Northwoods, please call (845) 342-3007, email Northwoods@valuecompanies.com, or visit www.valuecommunities.com.

About Value Companies

Value Companies, founded in 1952, is a leading real estate development, investment and management company headquartered in Clifton, N.J. The company currently owns and manages a portfolio of approximately 3,000 residential units located throughout New Jersey, Pennsylvania, and New York.

Across its development division, Value Companies has embarked on $50 million in new apartment developments and investments in strategic suburban and urban locations throughout the country. Value’s development success is directly tied to its steadfast commitment and expertise in multifamily housing, and its ability to introduce new housing products that address consumer and community needs.

Value’s residential properties are built and managed by a highly-skilled, in-house management team of more than 80 industry professionals which oversee all aspects of Value’s communities, including construction, leasing, maintenance, property management and administration. Value’s third-party management business, Value Asset Management (VAM), provides full-service management capabilities and customized asset solutions to a growing list of third-party real estate investment and property owner clients. Value Companies was also recently named Management Company of the Year for 2011 by the New Jersey Apartment Association.

For more information, please contact Andrew Abramson, President and CEO of Value Companies, at its corporate headquarters at 973-473-2800 or visit www.valuecompanies.com.

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