Capstone Real Estate Services, Inc. Announces Promotions

September 1, 2011

Hugh Cobb, CPM® is Chief Operating Officer and Grant Berkey, CPM® is new Senior Vice President

Austin, Texas - Capstone Real Estate Services, Inc. is pleased to announce the promotion of two of its executives. Hugh A. Cobb, CPM® has been promoted to the position of Chief Operating Officer and Grant Berkey, CPM® has been promoted to Senior Vice President.

As Chief Operating Officer, Mr. Cobb is now responsible for overseeing all facets of operations of Capstone’s 33,000 unit portfolio of 3rd-party fee management, nationwide. This multifamily portfolio consists of conventional, affordable and senior independent communities. Mr. Cobb joined Capstone in 1994 in the capacity of Regional Vice President. Since that time, the company has grown to one of the largest fee management companies in the nation. He has completed lease ups on over 28,000 units of new and renovated properties over the past 17 years. Mr. Cobb has also overseen the development and implementation of affordable housing training and oversight systems in Capstone’s growing consulting business. With approximately 40 senior properties under management, Capstone is a leader in this expanding sector as well. With more than 20 years of expertise in the multi-family industry, he has held executive positions with several notable companies. Mr. Cobb holds a CPM® designation, is a graduate of Texas Wesleyan University, and currently serves on the Public Relations Advisory Board of the National Institute of Real Estate Management.

As Senior Vice President, Mr. Berkey will continue to be responsible for the management operations of Capstone’s Eastern Division, which includes Austin and Central Texas, as well as Capstone’s Commercial Division, the Homeowners Association Division, and the oversight of Capstone Member Services, LLC. In addition, Mr. Berkey assumes oversight of Capstone’s Affordable Housing Compliance Department. Capstone’s management portfolio includes 20,000 units of affordable housing. He will expand the company’s 3rd-party Compliance Services assisting property owners. Additionally, Mr. Berkey is now responsible for the oversight of Capstone’s Training Department, a recognized leader in developing competent and effective employees in the multifamily industry. Mr. Berkey has been associated with the management industry and Capstone since 1993. In addition to his CPM® designation, he is both a licensed Real Estate Broker and a Property and Casualty Agent. Mr. Berkey is a graduate of Texas Tech University and has held numerous positions within Capstone.