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Jefferson Ridge Luxury Apartments Under Construction in Charlottesville

July 5, 2002

CHARLOTTESVILLE, Va. — Clark Realty Builders*, Bethesda, Md., has started construction on Jefferson Ridge Apartments in Charlottesville, Va. Owned and developed by Neighborhood Properties, Inc., Charlottesville, the $25 million Jefferson Ridge development will consist of 234 luxury apartments. The first units will be available for move-in in February 2003, with pre-leasing beginning this September. Professional leasing and management will be provided by Management Services Corporation, the largest property manager in Central Virginia. Subcontractor DIGS, Inc. of Charlottesville has broken ground and is currently performing site work and installing utilities. Jefferson Ridge is located in Albemarle County on Sunset Avenue Extended, just south of the Charlottesville city limits. The site is on a hillside ridge with spectacular views of the Blue Ridge Mountains. The community is adjacent to the popular Redfields neighborhood and enjoys easy access to I-64, the University of Virginia Medical Center, downtown, and the University's North Grounds.

Jefferson Ridge Luxury Apartments Under Construction in Charlottesville Press Release Image

Jefferson Ridge

Architect Mitchell/Matthews, also of Charlottesville, designed the community with the nearby University of Virginia in mind. With large vertical windows, classical columns, and brick masonry, Jefferson Ridge will reflect the enduring character of Thomas Jefferson's University. The design also borrows from the residential warmth and simplicity of the turn-of-the-century arts and crafts movement with the inclusion of covered entries, sheltering roof overhangs, and pergolas. Jefferson Ridge was thoughtfully conceived without the breezeways common to most apartments, and each unit will have its own private, ground-level entry door. The 23.8-acre development will include 11 two- and three-story buildings and four detached garage buildings. Floor plans are divided among 60 one-bedroom units, 44 one-bedroom units with dens, 120 two-bedroom units and 10 three-bedroom units. All apartments will offer 9- or 10-foot ceilings, state-of the-art sound insulation, washers/dryers, and fully equipped kitchens with microwaves, icemakers, and high quality cherry or maple cabinets. Some apartment homes will also feature cathedral ceilings, crown molding, fireplaces, and baths with double vanities, six-foot-long tubs and separate shower stalls. High speed, T-1 Internet access will be provided in every room. Auxiliary garages will be available for cars or storage.

Residents will also enjoy access to many community amenities, including a clubhouse with a fitness facility, meeting room, and theatre. Other amenities include a swimming pool, tennis court, basketball courts, and tot lots.

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Clark Realty Builders, L.L.C. (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.