JPI Begins Construction on 561 Luxury Apartment Homes in Valencia

Jefferson at Town Center amenities to set new standard in Valencia marketplace

(Santa Clarita, Calif.) January 5, 2000 — JPI, one of the country's largest luxury apartment developers, has begun construction on Jefferson at Town Center in Valencia, the master planned community in Santa Clarita, Calif., announced J. Frank Miller, III, chairman and CEO. Scheduled to open in September 2000, the 561-unit luxury community is located within the Town Center area of Valencia just west of the proposed retail site at the northwest corner of McBean and Magic Mountain Parkways.

"JPI will be one of the first apartment developers allowed to build in Valencia. Jefferson at Town Center will set new standards for upscale apartment communities in the area," said Ed Easley, JPI regional managing partner. "Jefferson at Town Center integrates the beauty and elegance of a luxurious single family home with the practicality and efficiency of a multifamily community. The project will far exceed the competition in Valencia in terms of amenities and interior finishes."

Amenities at Jefferson at Town Center will include pre-wiring for electronic security systems, designer kitchens, luxury baths with over-sized tubs, Berber carpet, walk-in closets, full-size washers and dryers, crown molding and nine-foot ceilings. Adjacent to Jefferson at Town Center is the Santa Clara River and a park featuring a variety of trails for jogging, biking, walking and horseback riding.

To meet the needs of consumers, JPI has created a community lifestyle that bridges the gap between traditional apartment-complex convenience and luxury home-style living. Jefferson at Town Center will provide residents with outstanding amenities that enhance today's lifestyle, such as two clubhouse facilities and two resort-style pools with spas and surrounding sundecks.

The community's main clubhouse/information center will feature a business center, resident lounge, full teaching kitchen, movie theater with THX surround sound system, a state-of-the-art fitness facility and a gameroom with a pool table, shuffleboard table and big screen TV. The secondary clubhouse/information center will also feature a business center, resident lounge, full kitchen, movie theater with THX surround sound system and a state-of-the art fitness facility.

The luxury apartment homes, featuring a blend of classic "Craftsman Style" and European architecture, are designed by the award-winning architectural firm of Thomas P. Cox Architects of Irvine, Calif. Jefferson at Town Center is located 35 miles north of Los Angeles off Interstate 5. Valencia is 20 minutes from the Burbank Airport and 40 minutes from the Los Angeles Airport. The apartment community is adjacent to the Valencia Town Center Regional Mall, featuring Robinsons-May, restaurants and a state-of-the-art IMAX Theatre.

JPI will serve as the general contractor and construction manager for the project, and the first apartment homes are scheduled to open in October 2000. Jefferson at Town Center will offer one-, two- and three-bedroom apartment homes ranging in size from 710 to 1,370 square feet. Monthly rent will range from approximately $1,050 to $2,100. The projected completion date for the community is March 2002.

JPI is one of the nation's largest apartment developers. The Dallas-based company currently provides property management and leasing services for more than 24,000 apartment homes. JPI has 17,318 apartment homes currently under development in Arizona, California, Colorado, Florida, Georgia, Kansas, Louisiana, Maryland, Massachusetts, Missouri, Nevada, New Hampshire, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and West Virginia. JPI is also pursuing new developments and sales nationwide.

JPI's plans for 2000 include starting 25 new developments and selling 25 existing communities. The majority of new developments will be funded through a $470 million investment between JPI and GE Capital. The venture will build and sell multifamily communities across the country. Last year, JPI broke ground on more than 9,100 apartment homes, sold 4,540 apartment homes and acquired 1,149 apartment homes. Builder magazine named JPI the nation's second largest apartment builder in 1998.

For more information, please call 972-556-3740.

Jefferson at Town Center

Fact Sheet

Property Facts
561 apartment homes
Located on approximately 27 acres in Valencia, the master-planned community in Santa Clarita, Calif., adjacent to the northwest corner of McBean and Magic Mountain Parkways
Clubhouse to open September 2000
Expected completion date for the community is March 2002

Leasing Facts
Features one-, two- and three-bedroom floor plans
Rent range: approx. $1,050 to $2,100
Apartment sizes range from 710 to 1,370 sq. ft. Pre-leasing to begin September 2000

Community Amenities
Property will be adjacent to Santa Clara River Park with trails for biking, jogging, walking and horseback riding
Main information center/clubhouse with:
    business center
    state-of-the-art fitness facility
    media center with theater seating
    gameroom
    resident lounge
    full teaching kitchen
Secondary information center/clubhouse with:
    business center
    state-of-the-art fitness facility
    media center
    resident lounge
    full kitchen
Two resort-style swimming pools with spas and sundecks

Apartment Amenities
Electronic intrusion alarms
Walk-in closets
Oversized oval tubs
Gas fireplaces
Pre-wiring for cable TV
High speed Internet access
Designer kitchens
Private balconies and patios
Full-size washers and dryers
Nine-foot ceilings
Crown molding

Architectural Firms
Thomas P. Cox Architects of Irvine, Calif.

One of the country's largest multifamily apartment developers, JPI currently provides property management and leasing services for more than 24,000 apartment homes.

JPI has 17,318 apartment homes currently under development in Arizona, California, Colorado, Florida, Georgia, Kansas, Louisiana, Maryland, Massachusetts, Missouri, Nevada, New Hampshire, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and West Virginia. JPI is also pursuing new developments and sales nationwide. JPI has been recognized as a leader in multifamily development by national industry publications.