Tower Management Service, L.P.

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Tower Management Service, L.P. is a real estate operating company which owns approximately 2200 multi-family apartment units in approximately 20 garden style apartment communities located in New York State and New Jersey.

The Company's corporate office is located in River Edge, New Jersey, in a 7,500 square foot office building owned and primarily occupied by Tower. Tower employs approximately 60 people, 10 of which are located in River Edge, NJ. The remaining employees are located at the various sites, performing property management and maintenance functions.

Tower is a Delaware Limited Partnership consisting of approximately 150 limited partners. Tower Management Service, Inc. is the sole General Partner. Senior management of the Company owns approximately 18 percent of the Limited Partnership.

Company History

Tower began acquiring multifamily properties in Northern New Jersey and New York State in 1977. Multifamily properties were acquired in the New York/New Jersey markets until 1986 when the Company recognized that these markets were becoming overly speculative and that better opportunities existed in Texas. Tower identified Houston as the market with the greatest potential and recognized that as the Houston economy recovered, property values would also appreciate. For the most part, Tower continued to acquire multifamily properties in the Houston market through 1989.

From 1977 to 1981 the principals of Tower acquired seven properties through affiliated partnerships in the Northern New Jersey and the New York markets. In 1981 Tower Management Service was formed for the purpose of providing asset and property management services to the affiliated property partnerships which owned these multifamily properties. From 1981 to 1993, Tower Management Service successfully applied its Property Management Philosophy to the operation of the properties owned by the affiliated property partnerships.

In November 1993, Tower Management Service formed Tower Management Service, L.P., a real estate operating company, through the merger and the subsequent refinancing of the property partnerships along with the management company. As a result of this consolidation, Tower accomplished a 100% increase in the annual cash distribution to its partners. The rollup of the separate partnerships into one vehicle accomplished several other important objectives. The rollup enabled the interests of all of the investors to become unified. Management could now prioritize where resources could best be allocated on a portfolio basis without regard to individual considerations. In combination with senior management’s investment in Tower, the rollup created a company where the interests of management are firmly aligned with the interests of the investors.