KENSINGTON SELLS
GRANDE RESERVE AT GEIST APARTMENTS

Contact:
Kensington Realty Advisors, Inc.
Kelley Smith
312.993.7800

CHICAGO, IL July 31, 2006 – Chicago-based investment manager Kensington Realty Advisors, Inc. has sold Grande Reserve at Geist, a 146-unit, garden style apartment community located in Indianapolis, Indiana. Ms. Kelley Smith, principal, announced the sale was on behalf of one of its pension fund accounts. The purchaser was Becovic Management Group, Inc.

Steve LaMotte of CB Richard Ellis acted as the seller's broker in the transaction.

Kensington Realty Advisors, Inc., a real estate investment management firm headquartered in Chicago, specializes in institutional real estate investment. Its clients include major pension funds, insurance companies and financial institutions.

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