JPI Begins Construction on 342 Luxury Apartment Homes in Aurora

Jefferson at Meadow Hills located next to Denver's Southeast Business Corridor

(Aurora, Colo.) July 9, 1999 -- JPI, one of the country's largest luxury apartment developers, has begun construction on Jefferson at Meadow Hills in Aurora, Colo., announced J. Frank Miller, III, chairman and CEO. The community's 342 apartment homes, located approximately one block east of Parker Road at the intersection of Quincy Avenue and Carson Road, will open in February 2000.

"Jefferson at Meadow Hills will be the first luxury apartment community built in southern Aurora, and its amenities will far exceed anything in the area," said Brad L. Taylor, vice president and area managing partner. "In addition, the community accommodates Aurora's rapid growth over the past decade, and its proximity to major Denver-area employers will be a big draw."

Jefferson at Meadow Hills apartment homes will feature island kitchens, built-in computer desks, over-sized oval bathtubs, fireplaces, built-in bookshelves and full-size washers and dryers. The luxury apartment community, which also will have a children's playground and a resort-style pool with spa and sundeck, will be within walking distance of Cherry Creek State Park and the Meadow Hills Golf Course. 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 Meadow Hills will provide residents with community amenities that enhance today's lifestyle, such as a theatre-style movie room; an exercise facility with state-of-the-art cardiovascular and weight-training equipment; a club room with a full-service kitchen and a 24-hour business center.

The English-style apartment buildings, designed by Paul T. Bergner Architects of Denver, Colo., will cover more than 20 acres in south Aurora. The location offers commuters convenient access to Denver's Southeast Business Corridor and employers such as Lockheed Martin, Avco Financial, US West, Telecheck and Cendant Corp.

Jefferson at Meadow Hills/ page 2 Jefferson at Meadow Hills 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 Meadow Hills will offer one-, two- and three- bedroom apartments ranging in size from 714 to 1,305 square feet. Monthly rent will range from $750 to $1,442. The projected completion date for the community is December 2000.

JPI has been developing apartment homes in Colorado since 1994, and Jefferson at Meadow Hills will be the ninth JPI community in the state. In addition to Aurora, JPI has apartment communities in Broomfield, Colorado Springs, Denver, Douglas County, Lakewood and Superior.

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.

JEFFERSON AT MEADOW HILLS FACT SHEET

Property Facts
342 apartment homes
Located on 20.813 acres in Aurora, Colo., one block east of Parker Road at the intersection of Quincy Avenue and Carson Road
Clubhouse to open February 2000
Expected completion date for the community is December 2000

Leasing Facts
Features one-, two- and three-bedroom floor plans
Rent range: $750 to $1,442
Apartment sizes range from 714 to 1,305 square feet
Pre-leasing to begin February 2000

Community Amenities
Information Center/Clubhouse with:
theatre-style media room
full-service kitchen and lounge area
fully-equipped business center with computers with internet access, fax machine and copier
exercise facility with cardiovascular and weight-training equipment
Large, resort-style swimming pool with spa and sundeck
Children's playground
Within walking distance to Cherry Creek State Park and Meadow Hills Golf Course
Controlled-access perimeter gate

Apartment Amenities
Island kitchens
Walk-in closets
Built-in computer desks
Crown molding
Full-size washers and dryers
Built-in bookshelves
Large garden tubs
Nine-foot ceilings
Fireplaces Microwaves

Architectural Firm
Paul T. Bergner Architects of Denver, Colo.

One of the country's largest multifamily developers, JPI currently provides property management and leasing services for more than 24,000 apartment homes.

JPI has over 13,386 apartment homes currently under various stages of 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. JPI has been recognized as a leader in multifamily development by national industry publications.

For leasing information, call 800-789-9677.




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