HISTORY

The Bernstein Companies (TBC) form one of Washington D.C.'s oldest real estate development, investment, and management organizations. For more than 60 years, the firm has demonstrated a virtually unparalleled track record of diversified success. TBC's Commercial Portfolio consists of more than 40 individual properties, including, office buildings, apartment complexes, and hotels. TBC differentiates itself from others in the industry by having the scale and depth to handle all aspects of real estate ownership, and at the same time the entrepreneurial drive to stay close to its assets while anticipating market changes. The Bernstein Companies is directly involved in each of the properties as owner, manager, and/or lender.

Our extensive background in virtually all aspects of the local real estate industry includes a concentration on apartment buildings and garden apartment projects in the 1960's and a signature effort on condominium conversions in the 1970's.

In the 1980's, our mission was to increase diversification. Although the District remained the hub of our activity, we began to spread out into Maryland and Virginia, and to increase our repertoire of investments by including various types of commercial properties. We acquired and sold at substantial profits, thousand of acres of land in the keynote area surrounding Dulles International Airport in Virginia and purchased and refurbished strategically located Hotels and retail properties in Maryland.

Through this process of diversification in the 1980's, we greatly strengthened and expanded our areas of expertise and became particularly adept at enhancing the value of any given asset through creative marketing and keen management. This prepared us well for the 1990's a decade during which we concentrated on the acquisition, management and marketing of well positioned, income producing properties. We quickly responded to the fallout of banking institutions and the opportunities which arose through the Resolution Trust Corporation, acquiring over $100,000,000 in loans and REO's and were the successful bidder on two nationwide bid competitions, succeeding over other national competitors. Additionally, TBC made several purchases of packaged properties from national banking institutions.

As we close the 1990's our focus has been in creating and administering our newest venture Consortium Capital, a series of real estate investment funds. Consortium One, L.P., a 30,000,000 fund has been fully invested invarious commercial properties which TBC manages. As a follow-up to this fund Consortium Two, L.P. has been created, flush with $100,000,000 for opportunistic debt and equity investment in the Mid-Atlantic region.