JPI Begins Construction on 354 Luxury Apartment Homes in Raleigh

Jefferson at Cary Towne-Phase I site features several specimen-sized oak, elm and beech trees

(Raleigh, N.C.) March 10, 2000 -- JPI, one of the country's largest luxury apartment developers, has begun construction on Jefferson at Cary Towne-Phase I, announced J. Frank Miller III, chairman and CEO. Scheduled to open in February 2001, the 354-unit luxury community is located on Cary Towne Boulevard in west Raleigh.

"Jefferson at Cary Towne will introduce a new level of convenience and high-quality amenities to the Raleigh market," said Tim Norman, Area Partner for North Carolina. "JPI will design the apartment community with the utmost care and attention to detail in order to offer our residents the very best in luxury rental living."

Jefferson at Cary Towne-Phase II will feature 256 luxury apartment homes and is scheduled to begin construction in January 2002. JPI currently has 1,092 apartment units under development in North Carolina and recently completed 492 units at Jefferson Creekside in Charlotte.

Jefferson at Cary Towne will feature nine-foot ceilings, crown molding, garden tubs, ceramic tile entries, gas fireplaces, full-size washers and dryers and picture frame cabinets. Residents will have their choice of private direct access garages, breezeway garages and in-line garages.

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 Cary Towne will provide residents with outstanding amenities that enhance today's lifestyle, such as a resort-style pool, a heated whirlpool and interactive fountain, a tennis court and a car wash facility. The community's clubhouse will feature a business center, a fitness room, a children's playroom, a media center, a coffee/expresso bar and concierge area.

The Garden-style apartments, designed by Cline Davis Architects of Raleigh, N.C., will cover 25 acres and are located near Cary Towne Center, a 1 million square foot shopping mall. The community is seconds away from I-40, providing access to the area's largest employment base: Research Triangle Park; the regional airport; and downtown Raleigh.

Jefferson at Cary Towne 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 February 2001. Jefferson at Cary Towne will offer one-, two- and three-bedroom apartment homes ranging in size from 722 to 1,289 square feet. Monthly rent will range from $690 to $1,100. The projected completion date for the community is January 2002. 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 AT CARY TOWNE-PHASE I

FACT SHEET

Property Facts
354 apartment homes
Located on approximately 25 acres in west Raleigh, N.C., on Cary Towne Boulevard
Clubhouse to open February 2001
Expected completion date for the community is January 2002

Leasing Facts
Features one-, two- and three-bedroom floor plans
Rent range: $690 to $1,100
Apartment sizes range from 722 to 1,289 sq. ft.
Pre-leasing to begin February 2001

Community Amenities
Clubhouse/information center with:
    business center
    fitness facility
    media room
    children's playroom
    coffee/expresso bar
    concierge area
Resort-style pool with heated whirlpool and interactive fountain
Tennis court
Sports court
Car wash facility

Apartment Amenities
Private balconies or patios
Walk-in closets
Ceramic tile entries
Picture frame cabinets
Gas fireplaces
Full-size washers and dryers
Garden tubs
Nine-foot ceilings
Crown molding

Architectural Firm
Cline Davis Architects of Raleigh, N.C.

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.