For Immediate Release:

JPI Begins Construction on Jefferson at Empire Lakes
New Luxury Apartment Community Underway in Rancho Cucamonga, California

(Rancho Cucamonga, CA) April 9, 2001 -- JPI, one of the country's largest luxury apartment developers, has begun construction on Jefferson at Empire Lakes, announced J. Frank Miller III, chairman and CEO. Scheduled to open in September 2001, the 521-unit community is Jefferson at Empire Lakes is located within the master planned business community of "Empire Lakes Center" at the northwest corner of Milliken Avenue and 6th Street. It is adjacent to the beautiful Arnold Palmer designed Empire Lakes Golf Course and is in close proximity to Ontario Mills Mall. Southern California's second largest airport, Ontario International Airport, is less than ten minutes away.

Jefferson at Empire Lakes will be JPI's first luxury apartment community to be developed in the "Inland Empire's" city of Rancho Cucamonga. According to a recent survey conducted by real estate researcher, The Meyers Group, Rancho Cucamonga is ranked as one of the top two most livable communities in the Inland Empire. The survey propelled Rancho Cucamonga into the top two most livable communities by virtue of its outstanding school system and low crime statistics.

"The site's ideal location provides complete access to a comprehensive transportation network, with immediate access to California's major freeways, the I-10 and I-15, and close proximity to the 60, 210, 57 and 91 freeways," states -- J. Edward Easley, JPI's Divisional President and Managing Partner of the Western Division. "And, with the Rancho Cucamonga Metrolink station within close walking distance, the site provides unprecedented commuter access to both Orange and Los Angeles Counties," he adds.

Easley comments that the project is being designed by the award-winning architectural firm of Architects Orange and will feature classic Mediterranean architecture. The exteriors will feature stucco with various accent colors and selected reliefs. Jefferson at Empire Lakes will provide residents with private, direct access garages, breezeway access garages and carports. Apartment interiors will feature designer kitchens, luxury baths, nine foot ceilings, crown molding, full size washers and dryers, and many other upgrades that will set a new standard in the Rancho Cucamonga marketplace.
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 and in Canada. 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 in Canada 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.

JEFFERSON AT EMPIRE LAKES FACT SHEET

Property Facts
521 apartment homes
Located on approximately 20.5 acres in Rancho Cucamonga
Clubhouse to open September, 2001
Expected completion date for the community is December, 2002

Leasing Facts
Features one-, two- and three-bedroom floor plans Rent range: approx. $900 to $2,000
Apartment sizes range from 673 to 1,383 sq. ft. Pre-leasing to begin August, 2001

Community Amenities
Main information center/clubhouse with:
business center
state-of-the-art fitness facility
media center with theater seating
gameroom
resident lounge
full teaching kitchen
resort-style swimming pool with spa, sundeck, fire pit and barbecue serving area
3-hole putting green
lawn volleyball
additional recreational amenities placed throughout the site

Apartment Amenities
Electronic intrusion alarms Designer kitchens
Walk-in closets Private balconies and patios
Oversized oval tubs Full-size washers and dryers
Gas fireplaces Nine-foot ceilings
Pre-wiring for cable TV Crown molding
High speed Internet access Eight-foot sliding glass doors
Direct access and breezeway garages

Architectural Firm: Architects Orange/Orange, CA

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