Development Team Plans 461,000 Square Feet of Class A Office Space in Heart of
Westlake Village Business District; Construction To Begin During September, Completion
in Phases Beginning Fall 2007

THOUSAND OAKS , CA (August 24, 2006) – Steadfast Companies and the Amstar Group broke ground today on Westlake Park Place, an eight-building, 461,000-square-foot Class A office project in the Thousand Oaks section of the Westlake Village Business District, one of Southern California’s most active professional and lifestyle markets. The partners expect to move forward with site preparation immediately, with delivery of the first finished buildings by Fall 2007 as part of the phased construction program.

“Westlake Park Place will be the premier business address for professionals in the Conejo Valley,” said Bob Searles, president of Newport Beach, California-based Steadfast Business Properties. “Steadfast and Amstar believe the best projects serve all types of businesses – large operations looking for contiguous blocks of space as well as smaller, entrepreneurial operations seeking an ideal location and amenities. Our project is designed to be highly flexible and to accommodate the widest range of office customers.”

Located on 27-acres at the intersection of Townsgate Rd. and Lake View Canyon Rd. adjacent to the 101 Freeway, Westlake Park Place will have easy access to the area’s major thoroughfares. Besides location, Westlake Park Place will also boast abundant parking and state-of-the-art
mechanical, electrical, communication and security systems. Additionally, the partners set out to make the project inviting and dynamic. There will be a diversity of building sizes and heights incorporating Mediterranean design elements like red-tiled roofs and the campus will feature a warm and inviting landscape treatment.

“Amstar is pleased to be moving forward with Steadfast on such a well-located, well-thought-out project,” said Gabe Finke, CEO of Denver-based Amstar Group. “Since day one, the team has shared a singular vision for what the market in the Conejo Valley was lacking in terms of available, modern and efficient office space. Now, we are moving forward on what promises to be a standout development that will fit the character of the community and provide a landmark addition to the area’s commercial infrastructure.”

The first phase of construction comprises 238,674 square feet in five buildings, including:

• 2931 Townsgate Rd. – single-story, 10,400 square feet
• 2915 Townsgate Rd. – single-story, 5,550 square feet
• 2945 Townsgate Rd. – three-story, 60,381 square feet
• 3027 Townsgate Rd. – three-story, 60,381 square feet
• 3011 Townsgate Rd. –four-story, 102,012 square feet

“During the past two years, there has been a significant absorption of Class A quality office space along the 101 Corridor and throughout the Conejo Valley submarket,” said Mike Foxworthy, executive vice president with brokerage firm GVA Daum representing Westlake Park Place in the marketplace. “Because of the strength of the regional economy and the subsequent space demands from growing companies, the market is now at less than 10% vacant, even tighter in the Westlake Village Business District. This has resulted in a shrinking pool of available office locations for expansion and growth, as well as dearth of modern, efficient product. Westlake Park Place is well positioned to fulfill the projected future demand for quality
office space of this caliber.”

About Amstar Group, LLC.

Established in 1987, Amstar Group is one of the leading real estate private equity firms in the United States. The Denver-based company invests nationally in value-add acquisition and development opportunities, often with local partners. In its history Amstar has acquired, developed and sold more than $2 billion of real estate. Amstar’s current portfolio includes a mix of office, multifamily and hospitality holdings in addition to a development pipeline of industrial, office, multifamily and retail projects. For more information about Amstar Group visit the company’s website at www.amstargroup.com.

About Steadfast Companies

The Steadfast Companies acquire, develop and manage real-estate properties within the United States and Mexico. From corporate offices in Newport Beach, California, Steadfast Companies coordinates the administrative, accounting and support services for the more than 975 employees in its four divisions.

These divisions include: Steadfast Business Properties: Steadfast Business Properties currently has real estate investments in Southern California. These properties are all managed by Steadfast Commercial Management. Steadfast Residential Properties: Steadfast Residential Properties has developed or acquired and refurbished more than 12,000 apartments. It currently holds interests in and/or manages over 20,000 multifamily units. Steadfast Commercial Properties: Steadfast Commercial Properties currently has major office, industrial, retail and existing mixed use projects and new developments in progress in California, Oregon, and Washington. These properties are all managed by Steadfast Commercial Management. Steadfast Resort Properties: Steadfast Resort Properties acquires and manages resort properties in the United States, Mexico, the Caribbean and Latin America. It currently owns and manages under its flag - Tesoro Resorts - three hotels on the west coast of Mexico in Cabo San Lucas, Ixtapa, and Manzanillo.