JPI Announces New Division Vice President

(DALLAS, TX) October 12, 2000 -- JPI, one of the nation's top apartment builders, has promoted Carol Warren Peddy to Division Vice President, Property Management, announced J. Frank Miller III, JPI Chairman and CEO.

Peddy is responsible for overseeing property operations for JPI's luxury apartment communities in Austin, Houston, and Dallas, Texas as well as their communities in Florida.

"Carol understands the needs of our customers and is a strong asset to our property management leadership team," states David Ward, Divisional President and Managing Partner of the Southern Division. Peddy has worked with JPI for seven years. She holds a BBA in Finance from the University of Oklahoma. A native of Seville, Spain, Peddy now resides in Coppell, Texas.

JPI is one of the nation's largest luxury apartment developers, providing acquisition, development, construction, property management, asset management, leasing, and disposition services for its multifamily and student housing communities nationwide. JPI is currently developing apartment communities 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. The Dallas-based company is also pursuing new developments nationwide and currently provides property management and leasing services for more than 24,000 apartment homes throughout America.

JPI maintains a significant investment partnership with GE Capital to build multifamily communities across the country. Last year, JPI broke ground on more than 9,000 new apartment homes and was active in the acquisition of various apartment communities. For the past three years, Builder magazine has named JPI one of the top three apartment builders in the nation.

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