Carlton Tower Condominium
Passaic Park, NJ

In April of 2005, Meritage Properties, in partnership with an affiliate of Avenue Capital Group, acquired 87 unsold apartments at Carlton Tower Condominium, a 21 story high-rise apartment building containing 228 units located in Passaic Park, New Jersey. Carlton Tower was built in 1963 as a rental property and was converted to condominium ownership in 1990. The Portfolio we acquired consists of 25 studio apartments, 42 one bedrooms, 15 two bedroom units and 5 three bedroom units.

Carlton Tower is locally recognized as Passaic's premiere luxury doorman condominium apartment building. Over the past several years, Carlton Tower has been enhanced by a number capital improvements including a new roof, all new elevator mechanical systems and doors, reinforcement of the unit balconies and installation of new balcony doors, a new front door canopy and a re-designed and decorated lobby and doorman station. In addition, Carlton Tower provides its residents with exclusive use of an on-site in ground pool and indoor and gated outdoor parking facilities. Carlton Tower is a two block walk from both Passaic Park and the New Jersey Transit Train that offers direct access to Hoboken and New York Penn Station. The building is across the street from a regular stop for the Manhattan Express Bus (190D) to Port Authority Terminal in Midtown, and an easy walk to numerous houses of worship.

Meritage and Avenue, as co-managers of the portfolio, renovate, market and sell individual apartments as they become available. As of November 2007, 34 units have been sold and 3 additional units are under contract. For current availabilities, please visit www.sharesofnj.com.

The apartment renovation program includes:

• New modern kitchens with cherry cabinets
• New, fully tiled baths
• New marble flooring and plush carpeting
• New stainless steel appliances

For Further Information Contact:

Meritage Properties
(Owner) (914) 723-3533

Shares of New Jersey
Bob Gellert
(Sales Agent) (917) 822-1921