JPI Announces New Vice President

(DALLAS, TX) August 7, 2000 -- JPI, one of the nation's top apartment builders, has promoted Lori Dearnbarger to Vice President and Chief Learning Officer, announced J. Frank Miller III, JPI Chairman and CEO.

Dearnbarger is responsible for managing and directing JPI University, an in-house educational program that consists of eight colleges. The university serves all 1,200+ JPI employees in locations throughout the U.S.

"Lori has helped make JPI University a premier educational environment and will help expand it in her new role," states JO ANN McCARTER, Executive Vice President and Senior Operational Partner.

Dearnbarger has worked for JPI for over 5 years. Her previous positions within JPI include Assistant Community Manager, Training Director, and Chief Learning Officer. She holds a BA degree in Public Relations from the University of Oklahoma. A Native of Duncan, Oklahoma, she currently resides in Flower Mound, Texas.

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.