Crosland Adds Two Vice Presidents to Raleigh Staff, June 02,2003

Charlotte, N.C. June 2, 2003 – Crosland, one of the Southeast’s leading, diversified, privately held real estate companies, has named Jim Anderson, Land Division vice president, and Dean Edwards, vice president of affordable housing. The appointments are effective immediately, and both will be based in Crosland’s Raleigh, N.C., offices.

Anderson reports to Bill Daleure, president of Crosland’s Land Development Division, and Edwards to Jud Little, president of Crosland’s Apartments Division.

“Jim’s impressive performance in land acquisition, disposition and development will prove valuable as we continue to expand our presence in the Triangle,” said Bill Daleure, president of Crosland’s Land Development Division. “The combination of his multiple skill sets and awareness of the marketplace make Jim well suited for the responsibilities he is assuming.”

Anderson is charged with identifying, acquiring and developing land in the Triangle for single-family residential communities. He will also work closely with the Crosland - Raleigh Retail and Multifamily Vice Presidents to identify land development opportunities that provide engagement opportunities for multiple Crosland Divisions.

Before coming to Crosland, Anderson was development services manager for Duke Realty Corporation in Raleigh. There, he led the acquisition and development of office, industrial, and mixed-use parks insuring the timely and accurate completion of preliminary financial analysis, site evaluation, due diligence, land acquisition, entitlements, master planning, infrastructure budgeting and construction.

Jim is a graduate of the United States Military Academy at West Point and earned a Masters of Business Administration from the University of Colorado. Additionally, he is a licensed professional engineer and real estate broker in North Carolina.

“We’re pleased to have an affordable housing professional of Dean’s caliber join our organization,” stated Jud Little, president of Crosland’s Apartments Division. “During his impressive 30-plus year career, he has been highly successful in affordable housing real estate development, construction and financing. This proven expertise makes him an ideal candidate to oversee the execution of our affordable housing business plan as we move forward."

In his new position, Edwards will execute Crosland’s affordable housing business plan, focusing on expanding the organization’s presence in South Carolina, Virginia, Georgia, Tennessee, and all markets within North Carolina except for Charlotte. Roger Lewis, vice president – development manager of Crosland’s Apartments Division, will continue to oversee the extensive Charlotte-based activity.

Edwards has served with The Affordable Housing Group, a statewide North Carolina non-profit intermediary organization, for the past 14 years, most recently as executive director. There, he concentrated on collaborating with non-profit organizations and local governments in housing development, housing program design and creative financing. This resulted in an increase of over 1,000 new units of affordable housing in North Carolina and the leveraging of nearly $30 million. In total, his development experience in low-income housing tax credit projects has resulted in the completion of nearly 700 multi-family units. He also has been responsible for the development of nearly 90 single-family affordable homes in North and South Carolina.

A graduate of Lenoir-Rhyne College, Edwards has served as a contributing author to several curriculum guides used for technical training in the area of affordable housing. He holds a North Carolina Real Estate Broker’s license and is either currently serving or has served on several key boards and advisory councils including the Federal Home Loan Bank of Atlanta Advisory Council, The Fannie Mae Partnership Advisory Board, the Carolinas Affordable Housing Equity Corporation Advisory Council, and the Low Income Housing Coalition Board.

FOR MORE INFORMATION CONTACT:

About Jim Anderson – Bill Daleure, Crosland, 704.561.5318, bdaleure@crosland.com.

About Dean Edwards - Jud Little, Crosland, 704.561.5236, jlittle@crosland.com.

General media inquiries - Jim Novak, Corder Philips Wilson, 704.338.7219, jnovak@cpwadv.com.