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NWJ Apartment Holdings, Inc. Makes Merger Agreement With Wilshire Enterprise, Inc.

Blank Rome represented NWJ Apartment Holdings, Inc. and its wholly owned subsidiary, NWJ Acquisition, Inc., in the negotiation and execution of a merger agreement with Wilshire Enterprises, Inc., a Delaware corporation (AMEX: WOC), pursuant to which NWJ will acquire Wilshire for $3.88 per share.  The transaction was valued at in excess of $55 million including the refinancing of all of Wilshire’s existing indebtedness and the fees and expenses of the transaction.

NWJ  is a privately owned multi-family real estate investment and redevelopment organization that owns approximately 4,000 units in 18 markets nationwide. Its holdings are located in the Mid-Atlantic, Midwest and the West. Through its Signature Community brand, properties are designed and managed with a focus on customer service, including building amenities and special incentive programs for residents. The Company was founded in 1991 by Nickolas W. Jekogian III.

Wilshire’s portfolio, primarily in Arizona, Texas and New Jersey, includes five apartment properties with 950 units, 11 condominium units, two office buildings and a retail/office center with approximately 200,000 square feet.

real estate investment