Wheelock Street Capital announced today its second residential land acquisition in North Carolina, the 259-acre Holding Village master planned community in Wake Forest, NC.

Holding Village is approved for 1,350 residential units and 65,000 square feet of commercial uses and is located just east of Main Street on US HWY 98. In the transaction, Wheelock closed on the first phase of a multiyear contract to acquire and develop the for-sale, residential portion of the community. Situated within the highly desirable Town of Wake Forest in the Raleigh-Durham metropolitan area, the project is well positioned to benefit from the continuing recovery in the housing market.

Wheelock is partnering with Orlando, FL based Reader & Partners, a real estate development firm headed by industry veteran Perry Reader. Dean Barberree, overseas operations for Reader & Partners and Scott Lay, based in Raleigh, NC, will manage the day to day operations of the community.

We are delighted to be making our second investment in the Triangle and first with Perry and his team at Reader & Partners" said Dan Green, Wheelock principal and head of land acquisitions. Wheelock is currently developing another master plan in Wake Forest, the Traditions at Heritage, which it purchased in 2011 from the Ammons family. "Holding Village exemplifies our strategy of investing in well located real estate in markets with long term growth potential."

Wheelock and Reader expect to begin development of the initial phase of Holding Village containing approximately 120 home sites in 2014. Several of the regions' most successful builders have already been selected for the project and will be announced at a later date.

Wheelock Street Capital

Wheelock was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 20 years of broad real estate transaction experience across all major asset classes. Wheelock is currently investing its fourth fund and its second multi-investor discretionary opportunity fund, which is targeting $600 million of capital commitments. Wheelock's first two funds were primarily funded by a single private institutional investor. Wheelock will invest in a broad range of real estate assets throughout the United States. The fund may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations.

Wheelock has been an active investor in the residential land market having closed on properties containing over 22,000 residential lots since 2010. Today, Wheelock is actively developing "best in class" master planned communities in California, Colorado, Florida, North Carolina and Texas. In addition, Wheelock purchased the assets of Atlanta-based John Wieland Homes in joint venture with the Wieland family in 2012 and is now actively building homes in Atlanta, Charleston, Charlotte, Nashville and Raleigh.

For more information, visit the Company's website at www.wheelockst.com.

Reader & Partners

Reader & Partners has over 70 years of experience in all aspects of real estate development. What makes Reader truly unique is a total dedication to creating successful projects with strong returns for its partners. Reader focuses specifically on land and the vertical opportunities that can be accomplished in each project. Every detail is reviewed with a keen eye to identify and capture value-added possibilities. The company's mission is to develop an environment that will make all stakeholders in its communities successful.

For more information about, visit the Company's website at www.readerpartners.com.

Wheelock Street Capital
Hunter Jones, 203-413-7729