JPI Begins Construction on Jefferson on Camino Real in Boca Raton, Florida

(Boca Raton, FL) June 28, 2000 -- JPI, one of the nation's largest luxury apartment developers, has begun construction on Jefferson on Camino Real, announced J. Frank Miller III, Chairman and CEO. Scheduled to open in June, 2001, the 235-unit community is located in Boca Raton, Florida.

The Mediterranean style, nine-story project is being designed by the award-winning firm of Quincy Johnson and Associates and will feature a row of townhomes over flats directly fronting Camino Real and SE 9th Avenue. Behind the townhomes will be a 203 unit, nine-story mid-rise tower. Parking will be provided to residents within a six-story parking garage connected directly to the building. JPI will offer many amenities not currently found in this market, including crown molding, accent mirrors, ceramic tile at entry, kitchens, and bath, island kitchens with pot racks in select units, built-in bookshelves in select units and a custom appliance package. Jefferson on Camino Real will also feature all the amenities JPI properties have become known for, including: designer kitchens, garden tubs in luxurious bathrooms, nine-foot ceilings in select units, vaulted ceilings in select units, full size washer and dryer, Berber carpet and many other luxury amenities that will create new standards in the Boca submarket.

"Jefferson on Camino Real is uniquely situated in the heart of a city that has rapidly become one of the nation's top spots to live, states David Ward, Divisional President and Managing Partner of the Southern Division. "With easy access to US 1, I-95 and A1A, residents will enjoy freedom to visit a variety of world famous destinations just minutes from their residence. Five star restaurants along with a new Publix grocery store are located just across the street. The ocean is less the one mile east on Camino Real."

Jefferson on Camino Real includes 203 units in a nine-story courtyard-shaped tower. There will also be a combination of townhouse units over flats on Camino Real and SE 9th Avenue. The extra 32 units provided in the flat/townhouse combination not only enhance the architectural elements of this community, but will also hide the parking garage along Camino Real. The courtyard will feature a 4,000-plus square foot clubhouse with beautifully landscaped terraces and fountains surrounding the full size pool and jacuzzi. The community will also offer a full range of amenities including a full service cardio/fitness room, sauna, steam room, clubroom, billiards/media room, indoor racquetball, a professional conference center, and storage facilities.

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 9,153 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 ON CAMINO REAL

FACT SHEET

Property Facts
235 unit luxury apartment homes
Located on nearly 2 acres in downtown Boca Raton, at the corner of Camino Real and US1
Clubhouse to open August, 2001
Expected completion date for the community is March, 2002

Leasing Facts
Features one-, two- and three-bedroom floor plans, average unit size - 1,142 sq. ft.
Rent range: approx. $1,180 to $2,600
Apartment sizes range from 754 to 1,582 sq. ft. Pre-leasing to begin May, 2001

Living Area Features

• Professional color schemes, which coordinate wall paint, carpets, entry, kitchen and bath tile.
• Oversized sliding glass doors to balconies and patios.
• Nine foot ceilings in selected units and vaulted ceilings in top floor townhomes.
• Full size washer/dryer in all apartment homes.
• Generous walk-in closets, and pantries and large private storage areas.
• Designer cabinets and countertops in kitchens and baths.
• Mini-blinds or vertical blinds on all windows and sliding glass doors.
• Designer kitchens, with selected apartment homes having islands with pot racks.
• White-on-white upscale appliances.
• Select apartment homes will include double door refrigerators with water and ice dispensers.
• Wired for individual intrusion alarms.
• Crown molding in the dining and living rooms.
• Luxury bathrooms with oversized oval tubs and ceramic tile surrounds.
• Built-in bookshelves in selected units.

Exterior Amenities

• Community center with state of the art fitness facility, game room with pool table, shuffle board table, and big screen television, conference center, and residential service area.
• A large pool with Jacuzzi and surrounding sundeck.
• Gated community with controlled building access.

Architectural Firm
Quincy Johnson and Associates Architects

Media Contact: Jackie Jones (972) 556-6988.

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