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Clark Realty Builders Constructing Forest Oaks, Phase II

September 4, 2001

Rock Hill, S.C. — Clark Realty Builders (CRB)* recently started construction on the second phase of Forest Oaks, a market-rate apartment community developed by Tri-Star Management. Phase II adds 120 units to the original 160 units constructed by CRB in Phase I.

Clark Realty Builders Constructing Forest Oaks, Phase II Press Release Image

Forest Oaks Phase II

The Forest Oaks community is located in a wooded area in Rock Hill, a rapidly growing suburb of Charlotte, near the border between North and South Carolina.

Phase I was so well received that it was 100% leased within six months of the last building's turn over. Community amenities include a clubhouse, car wash with vehicle maintenance center, and detached garages. Phase II adds six new, two- and three-story residential buildings and two detached garage buildings to the complex.

The wood-frame project was designed by Miller/Player & Associates and is being financed with a HUD-secured loan. Phase II is scheduled for completion in June 2002.

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About Clark Realty Builders (CRB)

Clark Realty Builders (CRB) is a national, multifamily general contractor which was recently ranked as the sixth largest such firm in the U.S. by Builder magazine. CRB had revenues of $200 million in the year 2000, with 80% of its work from third-party owners and developers.

CRB is a subsidiary of Clark Enterprises, Inc., which also owns The Clark Construction Group, the nation's largest private general building contractor with approximately $2 billion in annual revenues. 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, capital markets, and advisory. More information about Clark Realty can be found on the Internet at www.clarkrealty.com.