JPI Begins Construction on Student Apartment Community in Knoxville

Individual leases and furnished apartments target University of Tennessee students

(Knoxville, Tenn.) October 19, 1999 - JPI, one of the country's largest apartment developers, has begun construction on Jefferson Commons, an apartment community designed specifically for college students. Jefferson Commons will be divided among four tracts of land located in the Fort Sanders neighborhood, between four and six blocks north of the University of Tennessee campus. The student apartment community will have 211 units.

"Jefferson Commons will offer new and innovative apartments for those students who want to live in the Fort Sanders neighborhood adjacent to the University of Tennessee," said Jim Truitt, JPI president and divisional managing partner for student housing. "The location is ideal for students because it is within easy walking and bicycling distance to campus and popular retail stores."

The first tract is at the intersection of Sixteenth Street and Grand Avenue. The other tracts are located at the intersections of Seventeenth Street and Grand Avenue and Nineteenth Street and Highland Avenue, and in the block bounded by Eleventh Street, Twelfth Street, Forest Avenue and Highland Avenue. Jefferson Commons will offer students quick access to campus and other conveniences such as bars, restaurants and bookstores.

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- and two-bedroom floorplans, but most will have four bedrooms. Also, JPI will pre-wire all bedrooms and living rooms for cable television, telephone and high speed Internet lines. Apartment homes will also feature intrusion alarms, microwaves and full-size washers and dryers.

Jefferson Commons will have community amenities located in two converted apartment units that will include a Clubhouse/Information center, fitness facility and student services center with computers, printer, fax and copier.

The Victorian-style apartment buildings, by Design Innovations Architects, Inc. of Knoxville, Tenn., will reflect the architecture of the Fort Sanders neighborhood and will cover more than six 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 377 to 1,344 square feet. Monthly rent will range from $391 to $540 per bedroom. The projected completion date for the community is August 2000.

In the year 2000, JPI will complete new student communities in Tampa, Fla., Stillwater, Okla., State College, Pa., Knoxville, Tenn. and Denton, Texas. This year, JPI has completed new student communities in Tucson, Ariz., Orlando, Fla., Lawrence, Kan., Baton Rouge, La. and San Marcos, 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.

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. In 1998, JPI broke ground on more than 9,900 apartment homes, sold 4,425 apartment homes and acquired 840 apartment homes. Builder magazine named JPI the nation's second largest apartment builder in 1998.

Jefferson Commons at Knoxville

Fact Sheet

Property Facts
211 apartment homes (708 bedrooms) in three-story buildings Located on more than six acres in Knoxville, Tenn., on four tracts of land at Grand Avenue/ Sixteenth Street, Grand Avenue/Seventeenth Street, Highland Avenue/Nineteenth Street and in the block bounded by Eleventh Street, Twelfth Street, Forest Avenue and Highland Avenue, four to six blocks north of the University of Tennessee campus

Within four to six blocks of Cumberland Avenue, restaurants, bookstores and convenience stores
Clubhouse to open May 2000
Expected completion date for the community is August 2000

Leasing Facts
Features one-, two- and four-bedroom floorplans
Offers individual, by-the-bedroom leases
Apartment sizes range from 377 to 1,344 square feet
Rent range: $391 to $540 per bedroom
Pre-leasing to begin February 2000 from temporary leasing site

Community Amenities
Clubhouse/Information Center
   fitness center with weight station, Stairmaster and treadmill
   student services center with computers, printer, fax and copier

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

Architectural Firm
Design Innovations Architects, Inc. of Knoxville, Tenn.

In the year 2000, JPI will complete new student communities in Tampa, Fla., Stillwater, Okla., State College, Pa., Knoxville, Tenn. and Denton, Texas. This year, JPI has completed new student communities in Tucson, Ariz., Orlando, Fla., Lawrence, Kan., Baton Rouge, La. and San Marcos, 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.