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arnie wyndham

AIMCO acquired Mustang Village in conjunction with its joint venture
partner, the California State Teachers' Retirement System (CalSTRS), using a
$225 million equity fund designed to create strategic investments in
student -related properties. AIMCO's properties are located in 47 states, the District of Columbia
and Puerto Rico. Our global headquarters will remain in Grand
Rapids and 55% of our manufacturing will also remain in west Michigan.
Grand Rapids Mayor George Heartwell added, "This is the first time in my
tenure that Grand Rapids has had such a large and attractive parcel available
for redevelopment .

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75 million.

AIMCO is a real estate investment trust headquartered in Denver, Colorado,
owning and operating a geographically diversified portfolio of apartment
communities through 25 regional operating centers. GRAND RAPIDS, Mich.

Contact:
Jeanine Hill
Steelcase Inc.

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Steelcase Names Brokerage Partner For Its West Michigan Redevelopment Project

"
"Just like the recent redevelopment of the Bosch property brought new life
and excitement to our local business community, we expect that the
redevelopment of the Steelcase property will be another opportunity to
reenergize our city," said Birgit Klohs, President of The Right Place. Founded in 1912 and
headquartered in Grand Rapids, Michigan, Steelcase (NYSE: SCS) serves
customers through a network of more than 800 independent dealers and
approximately 14,000 employees worldwide.

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DENVER, Apartment Investment and
Management Company (AIMCO) (NYSE: AIV) has purchased the Mustang Village
apartments, a 514 -unit apartment community in San Luis Obispo, California,
that is adjacent to California Polytechnic State University.774.

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"We are excited about this new addition to our growing student apartment
business," said Randy Fein, executive vice president of the University
Communities division of AIMCO.

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Fiscal 2005 revenue was
$2.Suwyn@paramountprop.

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Hackett, President and CEO of Steelcase Inc .

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Comprised of two adjacent apartment complexes, Mustang Village includes
39 buildings and a total of 21. Steelcase
will work with Grubb + Ellis|Paramount to explore all the available
opportunities for optimum redevelopment of the property.

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3500
Duke.

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The purchase
price was $70. Cal Poly and
Cuesta College combined have a total enrollment of 28,150 students.
When the exploration process is complete, Steelcase will announce a
solution that will benefit the company, its shareholders and the West Michigan
community. We
look forward to welcoming new neighbors to this beautiful campus. Learn more at http://www.

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Mustang Village includes a mix of apartments, ranging from studios to
townhomes, and has two heated pools with sun decks, a lighted basketball
court, four separate fitness centers, an on-site convenience store and a
1.
It operates apartment communities adjacent to such universities as the
University of Pennsylvania, University of North Carolina at Chapel Hill,
Virginia Tech, Texas A+M, the University of Indiana at Bloomington, Purdue
University , Cal State East Bay, Louisiana State University, Duke University,
the University of Kansas at Lawrence and the University of Notre Dame., Steelcase Inc.
Steelcase, the global leader in the office furniture industry, helps
people have a better work experience by providing products, services and
insights into the ways people work.

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The garden apartment-style community, located at One Mustang Drive, is
situated just 100 yards from the Cal Poly campus and minutes away from Cuesta
College , which does not provide on-campus student housing. "Mustang fits perfectly with our strategic
goal of owning student complexes closest to campus. "Our commitment to
this community remains unchanged .com.

Listing of web-sites featuring online 'virtual' college tours.

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"We are pleased to continue to call West Michigan our corporate home,"
said James P. The company designs and manufactures
architecture , furniture and technology products.3765
jhill2@steelcase.

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Apartment Investment and Management Company Acquires Apartment Community Adjacent to Cal Poly Campus

AIMCO common shares are included in the S+P 500.
616.

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The nearly 250 acre parcel includes existing infrastructure as well as
approximately five million square feet across multiple buildings.6 billion.

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2-acre park, among other amenities.08 acres."

About Steelcase Inc.

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(NYSE: SCS), a global office environments manufacturer, today announced that
after completing a national search it has selected Grubb + Ellis|Paramount as
its brokerage partner for its Grand Rapids area property redevelopment
project.steelcase.

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"
AIMCO is one of the largest operators of student housing in the country.

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698.

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AIMCO , through its
subsidiaries, operates nearly 1,475 properties, including approximately
260,000 apartment units, and serves approximately one million residents each
year. We are confident that it will appeal to a variety of
businesses that can now consider Grand Rapids a possibility for relocation.com

Duke Suwyn
Paramount Properties Group LLC
616.