JPI Begins Construction on 361-Unit Luxury Apartment
Community in Dutchess County

Jefferson at Merritt Park is JPI's first development in New York

(Fishkill, N.Y.) May 14, 1999 -- JPI, one of the country's largest luxury apartment developers, has begun construction on Jefferson at Merritt Park in Fishkill, N.Y., announced J. Frank Miller, III, chairman and CEO. The community's 361 apartments, located at the intersection of Interstate 84 and Route 9, will open in March 2000.

"We believe Jefferson at Merritt Park will lease up quickly because of the limited supply of luxury housing built in the past five years in this market," said W. Pretlow Riddick, executive vice president and JPI divisional managing partner. "In addition, the county has seen strong job growth and high occupancy rates in the past several years."

Amenities at Jefferson at Merritt Park will include individual intrusion alarms, gas-burning fireplaces, over-sized garden bathtubs, walk-in closets, washer and dryers and nine-foot ceilings. The luxury apartment community also has a controlled-access perimeter gate.

To meet the needs of consumers, JPI has created a community lifestyle that bridges the gap between traditional apartment-complex convenience and luxury home-style living. Jefferson at Merritt Park will provide residents with outstanding amenities that enhance today's lifestyle, such as a large resort-style pool, sundeck and tennis and basketball courts, all situated near Fishkill Creek. The community's clubhouse/ information center will feature a media room, an exercise room with state-of-the-art cardiovascular and weight-training equipment, and a business center with a conference room, computers, a copier and a fax machine.

Designed by EDI Architecture of Houston, Texas, the community's 16 two-story colonial-style apartment buildings will be located on 42 acres along Fishkill Creek. Jefferson at Merritt Park offers residents convenient highway access to Westchester County and Danbury, Conn., as well as commuter train access to Manhattan. Major employers nearby include PepsiCo, IBM, The Gap, Philip Morris and Texaco.

Jefferson at Merritt Park and other luxury JPI apartment communities cater to the growing number of residents who choose to rent because of the services, amenities, flexibility, convenience and sense of community of apartment living. An industry study, Apartment Living in America, notes that in recent years a growing number of people who can afford to buy a house prefer to rent.

JPI will serve as the construction manager for the project, and the first apartment homes are scheduled to open in March 2000. Jefferson at Merritt Park will offer one-, two- and three-bedroom apartments ranging in size from 754 to 1,328 square feet. Monthly rent will range from $895 to $1,320. The projected completion date for the community is December 2000.

JPI is one of the nation's largest multifamily developers. The Dallas-based company currently provides property management and leasing services for more than 24,000 apartment homes. JPI has over 13,386 apartment homes currently under development and construction in Arizona, California, Colorado, Florida, Georgia, Kansas, Louisiana, Maryland, Massachusetts, Missouri, Nevada, New Hampshire, New York, North Carolina, Pennsylvania, Tennessee, Texas, Virginia and Washington. JPI is also pursuing new developments and acquisitions nationwide.

In 1998, JPI broke ground on more than 9,935 apartment homes, sold 4,425 apartment homes and acquired 840 apartment homes. JPI's plans for 1999 include starting 25 new developments. The majority of new developments will be funded through a $470 million investment venture formed between JPI and GE Capital. The venture will build and acquire multifamily communities across the country and is expected to generate approximately $2.2 billion in new development. Builder magazine named JPI the nation's second largest apartment builder in 1998.

For leasing information, call 800-789-9677.


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