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Clark Realty Management Assumes Management of Ashburn Meadows

October 4, 2001

ASHBURN, Va. — Clark Realty Management (CRM)*, a full-service property management firm, recently began managing Ashburn Meadows, a 336-unit multifamily community in Loudoun County. Established with a focus on new technology, CRM is dedicated to serving owners and residents with state-of-the-art management services.

Clark Realty Management Assumes Management of Ashburn Meadows Press Release Image

Ashburn Meadows Phase I

Ashburn Meadows is a high quality apartment development providing residents who meet income qualifications an opportunity to live in Ashburn Village, a desirable master planned community. Ashburn Village offers more recreational amenities than any other planned community in the area, including a large sports pavilion, multi-purpose fields, hiking and biking trails, and a lake for fishing and boating.

"Ashburn Meadows offers beautiful, spacious apartment homes in a great location," said Mary Froehlich, CRM's Vice President of Operations. "The community offers residents a variety of amenities and it's also convenient to schools, shopping, and entertainment. It's simply a great place to live."

Developed and owned by Clark Realty Capital**, Ashburn Meadows was constructed by Clark Realty Builders*** in two phases. Phase I, which has been fully leased for the past several months, includes 176 apartments. Phase II, which is currently leasing, adds 160 new residences.

Individual apartments feature full-size washers/dryers, walk-in closets, separate dining areas, and wall-to-wall carpeting. The modern, white on white kitchens include electric ranges, frost-free refrigerators, dishwashers, and disposals. All floor plans also feature private balconies or patios and bathrooms with cultured marble vanity tops. In addition, select top-floor apartments offer gas fireplaces and vaulted ceilings.

New residents choose from three spacious floor plans to meet their family's needs. The three bedroom/two bath plan includes 1,178 square feet; the two bedroom/two bath plan includes 1,010 square feet; and the two bedroom/one bath plan includes 877 square feet.

Community amenities within Ashburn Meadows include a tot lot and a clubhouse with a large swimming pool, children's pool, and fitness center. Phase II adds a tennis court to the recreational amenities offered within the development.

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* Clark Realty Management (CRM) is a property management company dedicated to serving owners and residents with state-of-the-art management services using the latest technologies available. CRM is a full-service firm providing value-added services from the conceptual design phase through marketing, lease-up, maintenance, and asset management. Clark Realty began management of apartment and commercial properties in 2001.

** Clark Realty Capital (CRC) offers a full spectrum of services to the real estate industry including investment, development, construction, property management, capital markets, and advisory.

*** 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.

More information about the Clark Realty organization can be found on the Internet at www.clarkrealty.com.

CRM, CRC, and CRB are all subsidiaries 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.