JPI Begins Construction on 400 Luxury Apartment Homes in Memphis

Jefferson River Estates to offer unique amenities and set a new standard in the downtown Memphis submarket

(Memphis, Tenn.) January 20, 2000 -- JPI, one of the country's largest luxury apartment developers, has begun construction on Jefferson River Estates, announced J. Frank Miller, III, chairman and CEO. Scheduled to open in January 2001, the 400-unit luxury community is located on the north end of Mud Island, a high-end residential enclave situated along Levee Road between the Mississippi and Wolf Rivers, adjacent to downtown Memphis.

Currently, due to the scarcity of available land in downtown Memphis, most apartment communities are being built to densities nearing 30 units per acre. Jefferson River Estates will achieve a total density of approximately 17 units per acre, making it the only new luxury apartment home community in the entire downtown submarket to offer suburban scale in an urban environment.

Jefferson River Estates will feature Euro-style cabinets in kitchens, luxury baths with over-sized tubs, French doors leading to balconies and patios, walk-in closets and pantries, full-size washers and dryers and nine-foot ceilings. Residents will have their choice of direct access garages, breezeway access garages, remote garages, carports or uncovered parking spaces, providing a selection previously unavailable in downtown Memphis.

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 River Estates will provide residents with community amenities that enhance today's lifestyle, such as a sand volleyball court and a resort-style swimming pool with spa and surrounding sundeck. The 24-hour clubhouse center will feature a screening room with DVD, surround sound and theater-style reclining seats, a fitness center and an e-commerce business center.

Designed by the award-winning firm of Fusch-Serold & Partners of Dallas, the apartment homes will feature a blend of classic Craftsman Style and Victorian architecture and will be placed within a park-like setting. Jefferson River Estates is located minutes from the center of downtown, a central business district with 50,000 employees, and is within five miles of Memphis Medical Center. Beale Street, home of the downtown entertainment and restaurant district, is fewer than four miles away, and Mud Island Park, a lighted walking and bicycle path providing access to downtown, is within walking distance.

Jefferson River Estates and other luxury apartment communities cater to the growing number of residents who choose to rent because of the services, amenities, flexibility, convenience and sense of community of apartment living. An industry study Apartment Living in America, notes that, in recent years, a growing number of people who can afford to buy a house prefer to rent.

JPI will serve as the construction manager for the project, and the first apartment homes are scheduled to open in January 2001. Jefferson River Estates will offer one-, two- and three-bedroom apartment homes ranging in size from 716 to 1,368 square feet. Monthly rent will range from approximately $675 to $1,080. The projected completion date for the community is December 2001.

JPI is one of the nation's largest multifamily 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 and construction 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.

JEFFERSON RIVER ESTATES

FACT SHEET

Property Facts
400 apartment homes
Located on approximately 23 acres in downtown Memphis, Tenn., on
Mud Island between the Mississippi and Wolf Rivers along Levee Road
Clubhouse to open January 2001
Expected completion date for the community is December 2001

Leasing Facts
Features one-, two- and three-bedroom floor plans
Rent range: approx. $675 to $1,080
Apartment sizes range from 716 to 1,368 sq. ft.
Pre-leasing to begin November 2000

Community Amenities
Information center/clubhouse with:
     e-commerce business center
     fitness facility
     screening room with theater seating
     billiards parlor
Resort-style pool with sundeck and spa
Barbecue grills
Tennis court
Sand volleyball court

Apartment Amenities
Euro-style cabinets in kitchens
Walk-in closets and pantries
Oversized oval tubs
French doors to balconies/patios
Arched entryways
Luxury baths
Full-size washers and dryers
Nine-foot ceilings
Built in bookshelves

Architectural Firm
Fusch-Serold & Partners of Dallas

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.