Kolter Land Partners Acquired Southeast Florida Portfolio from M/I Homes

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Kolter Land Partners announced today that it has closed on the sale of MI Homes entire portfolio of residential lots and inventory homes in Southeast Florida. The portfolio consisted of approximately 500 developed residential lots and inventory homes immediately available for sale across four communities in Palm Beach and Martin Counties, Florida. Kolter Land Partners completed this all cash transaction in less than three weeks. The total purchase price exceeded $45 million.

Kolter Land Partners (http://www.kolterlandpartners.com) announced today that it has closed on the sale of MI Homes entire portfolio of residential lots and inventory homes in Southeast Florida.

The portfolio consisted of approximately 500 developed residential lots and inventory homes immediately available for sale across four communities in Palm Beach and Martin Counties, Florida. Kolter Land Partners completed this all cash transaction in less than three weeks. The total purchase price exceeded $45 million.

Robert H. Schottenstein, CEO and President of MI Homes, stated, "Our decision to sell our West Palm Beach assets and exit the market was a difficult one in light of the fact that we have been operating there since 1985. At the same time, this decision strengthens our balance sheet and otherwise advances and supports a number of our strategic objectives. Our dealings with Kolter were extremely positive. We were pleased to conclude the transaction with Kolter in an expeditious and orderly fashion."

Jim Harvey, President of Kolter Land Partners' Eastern Division, said, "We are pleased to expand our Florida holdings with these premium M/I properties. While the current downturn in the residential market has significantly reduced demand in the short term we believe that long-term demographic trends make the Southeast United States highly attractive. We look forward to expanding our land development holdings throughout Florida, Georgia and the Carolinas and enhancing our ability to sell superior residential lots to quality builders throughout the region. This transaction provides us with an ideal residential land position and establishes a strategic relationship with another quality homebuilder."

Kolter Land Partners is the land acquisition and development affiliate of Kolter Holdings LLC (http://www.kolter.com). Kolter Land Partners targets residential development projects in prime market locations in the Sunbelt.

They are actively pursuing significant residential land positions in 2008 and have the capital resources to undertake any size transaction. Once land is acquired, Kolter Land Partners focuses on providing a steady supply of finished lots at competitive prices to public and private homebuilders.

Kolter is a private investment firm focused on real estate development, investment and construction. Since 1993, Kolter, as both sponsor and operator, has entered into over $9 billion of real estate transactions across multiple asset classes and geographies.

Interviews: Jim Harvey, President - Kolter Land Partners

150 Second Avenue North Suite 670 - St. Petersburg - FL - 33701

Tel: 727-456-1244 - Fax: 727-456-1461 - E-mail: JHarvey@kolter.com

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