JPI Begins Construction on Student
Apartment Community in State College

Individual leases and furnished apartments target Pennsylvania State University students

(State College, Pa.) October 1, 1999 - JPI, one of the country's largest apartment developers, has begun construction on Jefferson at Penn State, an apartment community designed specifically for college students. Jefferson at Penn State will be located less than two miles west of the heart of Pennsylvania State University (PSU) and will have 294 apartment units.

"This community should raise the standards for quality student apartments at Penn State," said Jim Truitt, JPI president and divisional managing partner for student housing. "It's an ideal location for students because the community is on a CATA bus route, which links the property directly to campus and other parts of town."

Located off Vairo Boulevard, east of Waddle Road and two blocks from North Atherton Street, Jefferson at Penn State will offer students quick access to the PSU campus and is within walking distance of other conveniences such as restaurants and grocery and retail stores.

Jefferson at Penn State is part of JPI's student housing project, known as Jefferson Commons. 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. Also, 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. 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 two bedrooms, and most have three- and four-bedroom floorplans. Also, JPI will pre-wire all bedrooms and living rooms for cable television, telephone and high speed Internet lines. Apartment homes will also be wired for individual intrusion alarms and will feature microwaves and full-size washers and dryers.

Based on research on amenities most desired by students, Jefferson at Penn State will have a large swimming pool, hot tub, sand volleyball court, indoor basketball court and clubhouse with fitness center. The clubhouse contains two sections: a leasing center and a student services area. The student area, accessible to residents 24 hours a day, features a TV room and gameroom, as well as a study center with computers, printer, fax and copier.

The traditional-style apartment buildings, designed by Robert Kimball & Associates of West Chester, Pa., will cover more than 23 acres. JPI will serve as the construction manager for the project, and the first apartment homes are scheduled to open in August 2000. Apartment units will range in size from 767 to 1,232 square feet. Monthly rent will range from approximately $390 to $440 per bedroom.

This year, JPI has completed new student communities in Tucson, Ariz., Orlando, Fla., Lawrence, Kan., Baton Rouge, La. and San Marcos, Texas. In 1998, JPI opened three Jefferson Commons communities for students in Tempe, Ariz., Tallahassee, Fla. and Lubbock, Texas. The surge in development serves the strong demand for student apartments in key markets and is fueled by a $470 million investment venture between JPI and GE Capital.

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 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 9,900 apartment homes, sold 4,425 apartment homes and acquired 840 apartment homes. JPI's plans for 1999 include starting 25 new developments. The venture between JPI and GE Capital 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.

Jefferson at Penn State

Fact Sheet

Property Facts
294 apartment homes (984 bedrooms) in three-story buildings
Located on more than 23 acres in State College, Pa., off Vairo Boulevard, east of Waddle Road, less than two miles west of the heart of Pennsylvania State University (PSU)

Within walking distance of various retail shops, supermarkets, restaurants and convenience stores
Clubhouse to open February 2000
Expected completion date for the community is August 2000

Leasing Facts
Features two-, three- and four-bedroom floorplans
Offers individual, by-the-bedroom leases
Apartment sizes range from 767 to 1,232 square feet
Rent range: $390 to $440 per bedroom
Pre-leasing to begin January 2000 from temporary leasing site

Community Amenities
Large swimming pool with hot tub, water volleyball and spacious deck area
Poolside gas grills
Tennis court
Sand volleyball court
Clubhouse with fitness center, TV room, gameroom and tanning bed
Study center in clubhouse with computers, printer, fax and copier
Covered basketball court

Apartment Amenities
Fully furnished
Full-size washer/dryer in each unit
Refrigerator with icemaker
Private bedrooms
Microwave
Prewiring for electronic intrusion alarms, phone, cable and Internet

Architectural Firm
Robert Kimball & Associates of West Chester, Pa.

This year, JPI has completed new student communities in Tucson, Ariz., Orlando, Fla., Lawrence, Kan., Baton Rouge, La. and San Marcos, Texas. In 1998, JPI opened three Jefferson Commons communities for students in Tempe, Ariz., Tallahassee, Fla. and Lubbock, Texas. The surge in development serves the strong demand for student apartments in key markets and is fueled by a $470 million investment venture between JPI and GE Capital.