The Crosland Group Acquires 340-Unit Apartment Community in Charlotte`s University Area

Charlotte, NC, April 6, 2000 - The Crosland Group's Crosland Properties division has teamed with an institutional investment partner to purchase Alta Ridge, a 340-unit apartment community near the University of North Carolina at Charlotte, for $22,250,000.

The property consists of one-, two- and three-bedroom apartments, some with integrated garages. Detached garages are also available. Community amenities include a pool, tennis court, fitness center, business center, play areas, and clubhouse. Apartment amenities include fireplaces, 9' ceilings, patios and balconies, and designer kitchens.

Crosland and its partner, an institutional investor advised by DRA Advisors, plan to rename the property and will make some improvements. Jud Little, President of Crosland Properties, said, "This is a property that we are happy to add to our existing investments in the University area. Those include TownCenter Plazas I & II, the University East Business Park, Chancellor ParkPlaza, Mallard Crossing, Cheshire Place, the Radbourne and Brownestone subdivisions, and Brookstone Apartments. Although the University area is a very competitive apartment market, we are optimistic that continuing job growth and residential demand will validate this investment at a very attractive per unit cost. We believe this represents a discount versus replacement cost."

Crosland Group CEO Todd Mansfield added, "This purchase is indicative of our interest in acquiring good quality properties to complement our development activities, particularly income properties such as apartments and shopping centers. It also exemplifies our strategy to partner with institutional capital sources."

The purchase was financed by Patrician Financial Company of Bethesda, Maryland. Jay Sumner of CB Commercial represented the sellers, Alta Ridge Associates, a partnership sponsored by the Trammell Crow Company.