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Clark DCC Builders Breaks Ground on Magnolia Place Apartments in Florida

April 29, 2003

GAINESVILLE, Fla. — Clark DCC Builders (CDCC)*, the Florida construction arm of Clark Realty Builders**, recently broke ground on Magnolia Place Apartments in Gainesville, Fla. CDCC is constructing the $24 million, 332-unit, upper-end housing community for repeat client Grayhawk Development Corporation of Lake Worth, Fla. The first apartments will be available for lease in late 2003.

Clark DCC Builders Breaks Ground on Magnolia Place Apartments in Florida Press Release Image

Magnolia Place Apartments

Andrew Kaplan of Gainesville, Fla., designed the 46 wood-framed townhome apartment buildings with a classic vintage style.

Individual apartments will feature washers/dryers, ceiling fans, and crown molding.

Select townhome apartments will boast designer kitchens, monitored alarm systems, walk-in closets, balconies, screened porches, and nine-foot ceilings. Floor plans comprise 16 one-bedroom / 1.5 bath apartments, 240 two-bedroom / 2.5 bath apartments, and 76 three-bedroom / 2.5 bath apartments.

Community amenities will include detached and attached parking structures, a clubhouse with cinema, putting green, fitness center, children's play center, swimming pool, tennis court, and walking trails. Magnolia Place is conveniently located near Interstate 75 and just five miles from the University of Florida and Gainesville Regional Airport. Residents will enjoy access to a nearby three-acre park. The development is being financed in part by a HUD-insured loan.

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* Clark DCC Builders was established when Clark Realty Builders acquired Florida contractor DCC Constructors, Inc., a 15-year-old firm specializing in residential projects. * Clark Realty Builders, L.L.C. (CRB) is a national, multifamily general contractor recently ranked as the sixth largest such firm in the U.S. by Builder magazine.

About Clark Realty

The Clark Realty companies offer a full spectrum of services to the real estate industry including investment, development, construction, property management, and capital markets.