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Clark Realty Builders Breaks Ground on Massachusetts Court Apartments in Washington, D.C.

September 9, 2002

WASHINGTON — Clark Realty Builders*, Bethesda, Md., recently broke ground at 300 Massachusetts Avenue in northwest Washington. As the project's general contractor, Clark is constructing a $45 million, 371-unit luxury high-rise and rehabilitating three historic townhomes on the site at 300 Massachusetts Avenue. Leasing is scheduled to begin in March 2004.

Clark Realty Builders Breaks Ground on Massachusetts Court Apartments in Washington, D.C. Press Release Image

Massachusetts Court

Developed and managed by Pritzker Residential, in partnership with Prudential Real Estate Investors, Inc., the 14-story high-rise will feature an attractive brick exterior and encompass the two- and three-story historic townhomes. Plans to rehabilitate the townhomes include their conversion into seven luxury apartments with live/work studios. Northwestern Mutual is providing the construction and permanent financing for the development.

SK&I Architectural Design Group, LLC, Bethesda, Md., designed the high-rise, which offers a rooftop pool, running track, and first floor fitness center. Residents will also enjoy access to a business center, storage space, concierge service, and three levels of below grade parking. The apartments average 884 square feet and will include fireplaces, washers/dryers, and ceramic-tiled bathrooms.

Massachusetts Court Apartments is located just two blocks from the Judiciary Square metro station and one block from Interstate 395. Final completion of the high-rise is scheduled for the summer of 2004.

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* Clark Realty Builders (CRB) is a national, multifamily general contractor recently ranked as the sixth largest such firm in the U.S. by Builder Magazine. More information about CRB can be found on the Internet at www.clarkrealty.com.

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.