Prime Income Asset Management Receives Community Development Block Grant from the Mississippi Development Authority

DALLAS--(Business Wire)--
Prime Income Asset Management (Prime), a Dallas-based advisory and management
company to real estate and energy sector companies worldwide, along with one of
its development companies, KLP Toulon Apartments LP, announced today that it has
received a Community Development Block Grant from the Mississippi Development
Authority.

This grant will assist in the development of Phase One of Toulon Apartments in
Gautier, Mississippi. Phase One of this property will consist of ten, three
story residential buildings containing a total of 240 units and a 3,730 square
foot clubhouse. The one and two bedroom apartment homes will feature 9 foot
ceilings, crown molding, ceramic tile flooring, euro cabinets, built in
microwaves, walk-in closets, french doors, and a full size washer and dryer in
each unit.

Gautier, Mississippi is one of the fastest growing communities in Jackson
County. Sitting along the Gulf of Mexico, the city has a population of over
11,000 residents. In 2005 Gautier was one of the many cities affected by
Hurricane Katrina. Many of the city`s coastal homes were destroyed or flooded.
Prime Income Asset Management`s Toulon Apartments will provide much needed
affordable housing in the region.

"This is part of an almost $1 billion effort to construct or provide access to
affordable housing in the Mississippi counties most affected by Hurricane
Katrina," said Jon Mabry, Chief Operations Officer of the Mississippi
Development Authority Disaster Recovery Division. "We are pleased to partner
with KLP Toulon Apartments to provide these units, and certainly this workforce
housing initiative will help sustain the job base in one of our state`s most
important industrialized counties."

MDA administrates more than $5 billion in Katrina recovery funds, of which the
majority is slated for recovering housing stock in Harrison, Hancock and Jackson
counties.

"We are proud to work with the MDA to bring jobs and affordable housing to the
Mississippi Gulf Coast," said Al Crozier, Executive Vice President of Prime`s
Residential Development division. "Prime Income Asset Management strives to
participate in projects that better the quality of life in the surrounding
communities."

Prime Income Asset Management, LLC (www.primeasset.com) is a Dallas-based real
estate management company and energy sector advisor, which owns, develops and
manages in excess of $3.5 billion of commercial real estate for public and
private real estate entities and advises energy companies with both domestic and
international gas, oil and electricity operations. Affiliated companies also
under management or advisement by Prime include American Realty Investors, Inc.
(NYSE: ARL), Transcontinental Realty Investors, Inc. (NYSE: TCI) and Income
Opportunity Realty Investors, Inc. (AMEX: IOT) Gene E. Phillips
(www.genephillips.org) serves as an advisor.

Prime Income Asset Management
Chris Childress, 469-522-4275
press@primeasset.com

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