For Immediate Release:

JPI Begins Construction On Student
Apartment Community In San Marcos

Individual leases and furnished apartments targeted to Southwest Texas State University students



(San Marcos, Texas) November 3, 1998 - JPI, one of the nation's largest apartment builders, has begun construction on Jefferson Commons, an apartment community designed specifically for college students. Jefferson Commons will be located one mile southwest of Southwest Texas State University (SWTSU) and will have 173 apartment units.

"Southwest Texas State is an ideal campus for the type of luxury student housing that we build, and the site we've purchased is one of the last available tracts for apartment development within one mile of the university," said Jim Truitt, JPI executive vice president and divisional managing partner.

Located on Ranch Road 12, just west of Bishop Street and overlooking the Hill Country, Jefferson Commons will offer students quick access to the SWTSU campus by car and the SWTram bus system.

All Jefferson Commons apartments are fully furnished and rented by the bedroom. This leasing structure enables students to be responsible only for their own rent; the individual bedrooms offer more privacy than conventional apartments. A study at the University of Florida shows that 93 percent of incoming college freshman have never shared a bedroom with anyone. A Jefferson Commons apartment eases the transition from home to college by offering the privacy of a single bedroom in a community environment - the best of both worlds.

Some apartments have one bedroom, and most have two-, three- and four-bedroom floorplans. Also, JPI will pre-wire all living rooms and bedrooms for cable television and voice and data telephone lines.

Based on research on amenities most desired by students, Jefferson Commons will have a swimming pool, deck, hot tub, tennis court, basketball court, sand volleyball court and a clubhouse with a fitness center. The clubhouse contains two sections - the leasing center and a -more sudent services area - connected by a covered breezeway. The student area, which is accessible to residents 24 hours a day, features a TV room, game room and a tanning bed, as well as a study center with computers, printers and a copier. (Please see the Jefferson Commons Fact Sheet for a full listing of amenities.)

In 1998, JPI opened three Jefferson Commons communities for students in Lubbock, Texas; Tempe, Ariz.; and Tallahassee, Fla. JPI will also break ground on new student communities in 1998 in Baton Rouge, La.; Lawrence, Kan., Orlando, Fla., San Marcos, Texas, and Tucson, Ariz., that will open in the fall of 1999. The surge in development serves the strong demand for student apartments in key markets and will be fueled by an investment venture formed in 1997 between JPI and GE Capital. The $470 million venture will provide the equity for the development of all new JPI student housing communities, including Jefferson Commons in San Marcos.

JPI is one of the nation's largest multifamily developers. The Dallas-based company currently provides property management and leasing services for more than 20,000 apartment homes. JPI has over 8,600 apartment homes currently under development and construction in Arizona, California, Colorado, Florida, Georgia, Kansas, Louisiana, Maryland, Massachusetts, Missouri, Nevada, New Hampshire, Pennsylvania, Tennessee, Texas and Virginia. JPI is also pursuing new developments and acquisitions nationwide.

In 1997, JPI broke ground on more than 5,900 apartment homes, sold 3,500 apartment homes and acquired 700 apartment homes. JPI plans to start 30 new developments in 1998. The majority of the new developments will be funded through a $470 million investment venture formed in 1997 between JPI and GE Capital Services. The venture will build and acquire multifamily communities across the country and is expected to generate $2 billion in new development. Multi-Housing News, the apartment industry's leading publication, named the JPI/GE venture a Deal of the Year in 1997.

For leasing information, call 800-789-9677.



JEFFERSON COMMONS IN SAN MARCOS, TEXAS

FACT SHEET

Property Facts

173 apartment homes (552 bedrooms) in three-story buildings

Located on Ranch Road 12, just west of Bishop Street and approximately one mile northwest of the SWTSU campus

Two miles from San Marcos' Central Business District, which includes retail centers and restaurants

Clubhouse to open August 1999

Expected completion date for the community is Fall 1999

Leasing Facts

Features one-, two-, three- and four-bedroom floorplans

Offers individual, by-the-bedroom leases

Apartment sizes range from 477 to 1,532 square feet

Rent range: $345 to $540 per bedroom ($540 to $1,440 per apartment)

Pre-leasing to begin February 1999 from temporary leasing site

Community Amenities

Swimming pool

Tennis court

Sand volleyball court

Hot tub

Basketball court

Deck area

Clubhouse with fitness center, TV room, game room and tanning bed -- all accessible 24 hours a day

Study center in clubhouse with computers, printers and a copier

Apartment Amenities

Fully furnished

Full-size washer/dryer in each unit

Microwave

Refrigerator with icemaker

Electronic intrusion alarms

Bedrooms and living rooms pre-wired for phone, cable and data/modem lines

Private bedrooms

Built-in study desk with chair and lamp

All electric white-on-white appliances

Designer cabinetry

Architectural Firm

Kaufman Meeks, Inc., Houston, Texas

In 1998, JPI opened three Jefferson Commons communities for students in Lubbock, Texas; Tempe, Ariz.; and Tallahassee, Fla. JPI will also break ground on new student communities in 1998 in Baton Rouge, La.; Lawrence, Kan., Orlando, Fla., San Marcos, Texas, and Tucson, Ariz., that will open in the fall of 1999. The surge in development serves the strong demand for student apartments in key markets and will be fueled by an investment venture formed in 1997 between JPI and GE Capital. The $470 million venture will provide the equity for the development of all new JPI student housing communities, including Jefferson Commons in San Marcos.

For leasing information, call 800-789-9677.

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