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Clark Realty Builders Completes Phase II of Carriage Hill in Virginia

January 6, 2003

CHARLOTTESVILLE, VA — Clark Realty Builders (CRB)* has substantially completed phase II of Carriage Hill for repeat client Cathcart Properties of Charlottesville, Va. Phase II adds 140 spacious units to the 164 units Clark Realty Builders and Cathcart Properties constructed in Phase I. This includes the addition of twelve new two- and three-story buildings and two detached garage buildings.

Clark Realty Builders Completes Phase II of Carriage Hill in Virginia Press Release Image

Carriage Hill Phase II

Designed by Humphreys & Partners, Dallas, Tex., this "Big House" community offers a total of 304 spacious apartments with interior and community amenities resembling those of single-family homes. Many of the apartments offer integral garages, bay windows, nine-foot vaulted ceilings, eat-in kitchens, crown molding, and wood burning fireplaces with tile surrounds. Other interior features include pre-wired, built-in computer desks and oversized soaker tubs. Units average 1,100 square feet each, with 1,630 square feet in the largest three bedroom units.

The Carriage Hill "neighborhood" provides residents the convenience of a full-featured clubhouse for fitness, business, and recreation, in addition to a large pool and outdoor playing space for a variety of sports. Carriage Hill residents can walk to a nearby Giant grocery store.

The community is located near the University of Virginia in the rolling hills of picturesque Charlottesville. The wood-frame residential buildings are terraced up the side of a mountain within view of Monticello, Thomas Jefferson's historic estate and 5,000-acre plantation.

Phase I of Carriage Hill was so well received by the high-end rental market that it is currently fully leased. The $13 million construction of Phase II was financed with a HUD-secured loan.

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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.