Silverman Companies’ Multifamily Apartment Business Expanding

Bingham Farms, MI, December 13, 2001 – After the strategic merger and integration of Silverman Homes, his home building division, with the nation’s leading luxury home builder, Toll Brothers Inc (NYSE: TOL) last year, Gilbert “Buzz” Silverman, president and CEO of The Silverman Companies, a leading third-generation real estate developer, is focused full-time on multifamily apartment development. Silverman family companies have built more than 25,000 multifamily apartments and 10,000 single-family residences in southeastern Michigan over the past 80 years, since 1919.

Silverman has been focused on multifamily apartment development for his entire career, including the development and construction of over 20 properties including Riverfront Apartments, Village Green, Amurcon and over 25 strategic acquisitions. Silverman later moved on to develop Detroit’s newest generation of luxury resort-style apartment home communities, Lake Village Properties, currently located in Ann Arbor, Auburn Hills, Dearborn/Fairlane and Rochester Hills with more prime locations under way.

The Silverman Companies vision for the future continues to focus on growth in its apartment development and acquisition to capitalize on market trends. Detroit has always enjoyed a very strong apartment market—with some of the nation’s highest occupancy rates—due to area demographics in addition to a limited supply of well-located land for development and condo conversions.

Today, shifts in lifestyle and demographics are increasing the amount of people who choose to rent. Traditionally, 80% of adults under 25 rent their home. The next largest demographic group, the Echo Boom—the children of Baby Boomers—is beginning to hit the target age for rental housing. And as the Baby Boomers are becoming empty nesters many have become “renters-by-choice.” Both of these factors leave Southeast Michigan with increasing demand and decreasing supply. The Silverman Companies are well positioned to meet this demand.

“We are very excited about the residential real estate trends we see over the next five to ten years,” said Gilbert “Buzz” Silverman, president and CEO of The Silverman Companies. “Because of our expertise in housing research, development, construction and finance and management we are ideally positioned for continued growth.”

Mr. Silverman operates a portfolio of companies with over a half billion dollars in real estate holdings, serving over 10,000 residents and with over $100 million of current construction activities including Lake Village of Ann Arbor, Meer Apartments, American House Rochester Hills and Fairways at Woodfield.

The company targets several high-growth apartment segments from affordable to luxury and from echo boomers to baby boomers to mature adults. And to better provide state of the art services, Town Suites, Michigan’s leading short-term furnished housing provider, offers corporate housing and full relocation services. Continuing Silverman’s growth, Mr. Silverman joined Fred Erb in Amurcon Corporation, one of the areas most respected property management companies, and has recently partnered with American House, the leading provider of senior living residences.

The Silverman Companies and services include:

-Silverman Development
-Silverman Construction
-Amurcon Management
-Silverman Realty
-Town Suites Relocation
-Lake Village Properties

“Silverman has his finger on the pulse of every aspect of the apartment market,” said Jay Alix, Silverman advisory board member and founder of Jay Alix & Associates and Questor Partners Funds. “His strategic ability to identify the right deals at the right time with the best people on the job enables the Silverman Companies to maintain its strong market leadership in the Michigan apartment business.”

“The shifting of the Silverman Company’s entire focus to the multifamily sector is very timely,” said Mike Hollerbach, president of MDH Financial. “Mr. Silverman’ vision and strategic relationships each contribute to his ability to expand and capitalize on the market opportunities.”