NTS Realty Holdings Limited Partnership Announces Agreement to Purchase Courtney...

NTS Realty Holdings Limited Partnership Announces Agreement to Purchase Courtney Estates Multifamily Property in Raleigh, North Carolina

LOUISVILLE, Ky.--(Business Wire)--
NTS Realty Holdings Limited Partnership (the "Company") (AMEX:
NLP) announced today that it has entered into a Purchase and Sale
Agreement (the "Agreement") with Courtney Estates Holdings LLC, an
unaffiliated Delaware limited liability company (the "Seller"), to
purchase a multifamily property located in Raleigh, North Carolina
("Courtney Estates").

Courtney Estates is a 300-unit garden style apartment community
located near Research Triangle Park and Brier Creek Commons Shopping
Center, with excellent access to Interstates 40 and 540, offering
apartments featuring large floor plans, fully-equipped kitchens, open
breakfast bars, separate dining areas, large luxury baths, full-sized
washers and dryers, private patios/ balconies, walk-in closets,
nine-foot ceilings with crown molding, dressing areas, computer
niches, high speed internet access and other custom home features. In
addition, the property offers its residents access to an elegant
clubhouse with a fully-equipped kitchen/bar area and business center,
a heated resort-style pool, spacious sundeck, outdoor eating area with
grills, high speed internet access (clubhouse and pool area), a
24-hour sportsplex including a weight room, locker room, indoor
basketball court, indoor racquetball court and children's play center,
a sand volleyball court, an outdoor children's playground, pet walking
stations and a car care center. Some units also have attached garages,
vaulted ceilings and garden tubs.

A spokesperson for the Company indicated that, subject to the
terms and conditions of the Agreement, the Company has agreed to
acquire Courtney Estates for a purchase price of $39.0 million. The
Company has until September 26, 2008 to conduct general due diligence
on the property. If the Company is satisfied with the results of its
due diligence, it must close on its purchase of Courtney Estates by
October 26, 2008.

The spokesperson also announced that the Company intends to
satisfy the purchase price for Courtney Estates from the proceeds of a
mortgage loan secured by the property and from working capital.

Although the Company believes it will be able to complete the
purchase of Courtney Estates, there can be no assurance that the
Company will acquire this property on the terms and conditions
described in this release or on any other terms and conditions.

About NTS Realty Holdings Limited Partnership

The Company directly, or as a tenant in common with unaffiliated
co-owners, currently owns twenty-two properties, comprised of twelve
multifamily properties, seven office buildings and business centers
and three retail properties. The properties are located in and around
Louisville and Lexington, Kentucky, Nashville and Cordova, Tennessee,
Richmond, Virginia, Fort Lauderdale, Florida, Indianapolis, Indiana
and Atlanta, Georgia. The Company's limited partnership units are
listed on the American Stock Exchange under the trading symbol "NLP."

Safe Harbor Under the Private Securities Litigation Reform Act of
1995

This press release contains forward looking statements that can be
identified by the use of words like "believe," "expect," "may,"
"could," "intend," "project," "estimate," or "anticipate." These
forward looking statements, implicitly or explicitly, include
assumptions underlying the statements and other information with
respect to the Company's beliefs, plans, objectives, goals,
expectations, estimates, intentions, financial condition, results of
operations, future performance and business, including its expectation
of, and estimates with respect to, revenues, expenses, earnings,
return of and on equity, return on assets, asset quality and other
financial data and performance ratios. Although the Company believes
that the expectations reflected in its forward looking statements are
reasonable, these statements involve risks and uncertainties which are
subject to change based on various important factors, some of which
are beyond the Company's control. Important factors that would cause
actual results to differ materially from expectations are disclosed
under "Risk Factors" and elsewhere in the Company's most recent annual
report on Form 10-K, which was filed on March 25, 2008, and
registration statement on Form S-4, which became effective on October
27, 2004.

If one or more of the factors affecting forward looking
information and statements proves incorrect, the Company's actual
results of operations, financial condition or prospects could differ
materially from those expressed in, or implied by, the forward looking
information and statements contained in this press release.

NTS Realty Holdings Limited Partnership
Gregory A. Wells, 502-426-4800
Executive Vice President and CFO

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