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Clark Realty Builders Completes Phase II of Forest Oaks

June 19, 2002

Rock Hill, S.C. — Clark Realty Builders (CRB)* has substantially completed the construction of Phase II of Forest Oaks Apartments for repeat clients Tri-Star Management and HS Management. Including Forest Oaks, CRB has worked with Tri-Star and HS Management on the construction of five communities in North and South Carolina and Virginia, for a total of 1,090 units.

Clark Realty Builders Completes Phase II of Forest Oaks Press Release Image

Forest Oaks Phase II

Phase II of Forest Oaks adds six residential buildings with 120 units and two detached garage buildings to the original 160 market-rate apartments in Phase I. Located off Interstate 77 in the rapidly growing suburbs 20 miles south of Charlotte, Forest Oaks is situated near the border between North and South Carolina. The development is completely surrounded by tall virgin forests, lending a private, rustic feel to the 280-unit community.

Phase II began leasing in January of this year. Phase I was so well received that it was 100% leased within six months of completion. Optional sunrooms were added in the Phase II units offering more variety in the unit mix.

Designed by Miller/Player & Associates, Forest Oaks provides residents a clubhouse with exercise room and pool, car wash and maintenance center, and detached garages. Both phases of the development were 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.