For Immediate Release:

JPI Begins Construction on Phase One of Jefferson Center
Austin's Newest Luxury Garden Apartment Community Underway

(Austin, TX) April 23, 2001 -- JPI, one of the country's largest luxury apartment developers, begun construction on Jefferson Center in November, 2000, announced J. Frank Miller III, chairman and CEO. Scheduled to open in October, 2001, the 415-unit community is located in Northwest Austin, on Parmer Lane, approximately ¼ mile south of Highway 620.

"Jefferson Center will be a Master Planned Apartment Community ultimately comprised of approximately 1,600 units," states David Ward, JPI's Divisional President and Managing Partner of the Southern Division. "The property will be developed as five communities to be built during the next five to seven years."

Jefferson Center incorporates many Traditional Neighborhood Design (TND) concepts that will create a pedestrian-friendly living environment unique to the Austin multifamily marketplace. TND concepts incorporated into the master plan include a mixed-use component of retail and multifamily, a more traditional grid-style street system, buildings that front on streets (instead of parking lots), a neighborhood park and jogging trail.

The apartment homes will feature many quality amenities including electronic intrusion alarms, ceramic tile entries, upgraded GE appliances, nine-foot ceilings, crown molding, washer/dryer connections, balconies and/or patios, and oversized garden bathtubs. Select units will feature fireplaces, separate tub and shower in the master bath, washer/dryer machines, computer desks, bookshelves, linen closets and kitchen pantries.

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.

JEFFERSON CENTER - PHASE 1 FACT SHEET

Property Facts
415 apartment homes, Phase I
Located on approximately 36 acres in Austin, TX
Clubhouse to open October, 2001
Expected completion date for the community is April, 2002

Leasing Facts
Features efficiencies, one-, two- and three-bedroom floor plans Rent range: approx. $550 to 2,400
Apartment sizes range from 440 to 2,390 sq. ft. Pre-leasing to begin June, 2001

Community Amenities
Information center and separate resident clubhouse with:
business center state-of-the-art fitness facility
teaching kitchen gameroom
resident lounge resort-style pool with spa and surrounding sundeck

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

Architectural Firm: Kaufman-Meeks, Houston, TX Fusch-Serold, Dallas, TX

Return to Press Release Table of Contents