JPI Announces New Senior Vice President

(DALLAS, TX) July 11, 2000 -- JPI, one of the nation's top apartment builders, has promoted Larry Carr to Senior Vice President for the Business Technology Group, announced J. Frank Miller III, JPI Chairman and CEO.

Carr is responsible for managing the firm's information systems environment that includes over 1,200 users in 63 cities across the nation.

"Larry is strong team player and a real professional," states Thomas E. Bumpass, Executive Vice President and Senior Operational Partner in charge of Information Technology Support Services.

Carr is a graduate of Lamar University in Beaumont, TX and currently resides in Allen, TX. He is a Certified Public Accountant with nearly 20 years of experience in the real estate and development industry.

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 third largest apartment builder in 1999.

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