FOR IMMEDIATE RELEASE

Press Contact:
Laci Bates

Laci@AtlasProps.com 817/924.9780

Atlas Properties Acquires The Historic Electric Building, a Fort Worth High-Rise

FORT WORTH, Texas (September 21, 2009)- Atlas Properties announced today that it has acquired the Historic Electric Building in downtown Fort Worth. The 173,000 square foot Historic Electric Building was built in 1929 and is listed on the National Register of Historic Places. The building was originally home to the Hollywood Theater and Texas Electric Service Company. It was converted to 106 apartment units and three retail spaces in 1996 and is still being used as a mixed-use property.

The 18 story high-rise is located in Fort Worth's Central Business District, just two blocks away from downtown's Sundance Square. Fort Worth based Atlas Properties acquired the property as a principal in partnership with Dallas based Silverado Interests and a few local investors. Atlas will manage the property and is planning a multi-phase renovation consisting of energy efficiency upgrades, enhancing the buildings historical attributes, and focusing on upgrades to the lobby and common areas. The well-located art deco building is currently 88% occupied. None of the tenants will be displaced during the property's repositioning period.

"This building provides a tremendous investment opportunity due to its quality, location, and the ability to be economically competitive in the downtown Fort Worth residential rental market" said Adam Blake, Atlas Properties' President. “We also like this building because of its fascinating story, character, and historical relevance to Fort Worth," Blake said.

About Atlas Properties
Atlas Properties was founded in 2004 and has grown by managing, owning, syndicating, and developing residential, commercial, and mixed-use properties throughout the United States, with Dallas/ Fort Worth being its primary market. Atlas also provides real estate syndication, management, and brokerage services. Atlas was recently ranked the 123rd fastest growing private company in the US according to Inc. Magazine.