Press Release

Wells Real Estate Funds Names Susan McClure Vice President, Human Resources Development

McClure to Manage and Develop Wells Learning Institute

NORCROSS, Ga. (December 14, 2006) - Wells Real Estate Funds today announced that it has hired organizational development veteran Susan McClure as Vice President, Human Resources Development. In her new role, Ms. McClure will be responsible for managing and developing the Wells Learning Institute, the internal arm of Wells Real Estate Funds that provides professional development and education for Wells employees.

"With over 20 years practicing and studying business development and human capital/organizational development, Susan has the experience and skill to capably manage and develop our internal education initiative, the Wells Learning Institute," said Becky Padgett, Chief People Officer. "The Institute was developed by us as a tool for optimizing individual and organizational growth, and it has assumed an important role in our company's efforts at promoting both employee retention and morale. We look forward to Susan's contributions."

"People are the backbone of Wells Real Estate Funds," said Leo Wells, founder and president of Wells Real Estate Funds. "We're very pleased that we were able to attract a talent as strong as Susan to help us continue to make Wells Real Estate Funds a great place to work, learn, and grow."

Prior to joining Wells Real Estate Funds, Ms. McClure was senior director of consulting at Carlson Marketing Worldwide, a privately held relationship marketing company, part of Carlson Companies, based in Minneapolis, Minn. While there, she led efforts to build ongoing intellectual capital and direct client projects with a focus on leadership development, management development, performance management, and coaching. Between 2001 and 2004, Ms. McClure worked as a senior consultant at Dove Consulting, a strategy-focused consultancy, based in Boston. Ms. McClure was principal at Panajachel Balanced Business Solutions in Atlanta from 1994 to 2001, and an instructional designer, relationship manager, and facilitator at Atlanta Resource Associates from 1985 to 1994.

A long-time Atlanta resident, Ms. McClure is a Ph.D. candidate in Business/Leadership from Minneapolis' Capella University, and holds an M.S. in Human Resource Development and a B.A. in Human Resources from Georgia State University. Ms. McClure is licensed as a Certified Performance Technologist with the International Association of Performance Improvement and is certified in the assessment and interpretation of the PROFILOR, DiSC and the Herrmann Brain Dominance Instrument.

About Wells Real Estate Funds
Wells Real Estate Funds (www.wellsref.com) is a national real estate investment management company, based in suburban Atlanta, which purchases and manages real estate on behalf of Wells-sponsored investment programs. Since Leo Wells founded the company in 1984, more than 200,000 individuals across the country have, through their financial representatives, invested in Wells-sponsored investment programs to help diversify their investment portfolios. Collectively, Wells-sponsored programs own more than $8 billion in assets, based on purchase price.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934, including discussions regarding Wells' use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, increases in interest rates, lease-up risks, lack of availability of financing, and lack of availability of capital proceeds. This is neither an offer nor a solicitation to purchase securities. Such an offer can be made only by prospectus. To obtain a prospectus, please call Wells Real Estate Funds at 800-448-1010. Please read the prospectus carefully before investing.