JPI Begins Construction on 240 Luxury Apartment
Homes in North Andover

Jefferson at Den Rock to be located near 125-acre Den Rock Park

(North Andover, Mass.) May 14, 1999 -- JPI, one of the country's largest luxury apartment developers, has begun construction on Jefferson at Den Rock, announced J. Frank Miller, III, chairman and CEO. The community's 240 apartment homes will open in May 2000.

"Apartment development in this area has been limited, and no new apartments have been built in the last eight years. We believe Jefferson at Den Rock will lease up quickly because of strong market demand," said Andrew Kaye, JPI vice president and regional managing partner. "Jefferson at Den Rock will also bring a new level of amenities and resident services to the North Andover apartment market."

Jefferson at Den Rock apartments will feature built-in entertainment centers and computer workstations, oversized garden bathtubs, electronic intrusion alarms, walk-in closets, balconies, fireplaces and full-size washers and dryers. The luxury apartment community also has direct-access garages and 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 Den Rock will provide residents with community amenities that enhance today's lifestyle, such as a clubhouse/information center with a large, resort-style swimming pool, sauna and sundeck. The clubhouse will also feature a state-of-the-art exercise room with cardiovascular and weight-training equipment, a media room, a conference room and a business center with computers, a fax machine and a copier.

Jefferson at Den Rock offers residents convenient highway and commuter train access to downtown Boston and major employment centers along Interstate Routes 128, 495 and 93. Major employers nearby include Lucent Technologies, Putnam Investments, Raytheon, Genetics Institute and Hewlett Packard.

Designed by Kaufman Meeks, Inc., a national, award-winning architectural firm, the community's eight colonial-style apartment buildings and 5,500 square-foot luxury clubhouse are located on 17 acres of wetlands and woodlands near Den Rock Park, a 125 acre conservation and recreation area.

Jefferson at Den Rock 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 with household incomes above $50,000 - those 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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