Crosland to Build its First Student Housing Center

Private Apartments Near East Carolina University to Offer Unusual Per-Room Leases

Charlotte, N.C., Oct. 27, 2003 – The contracting division of Crosland, one of the Southeast’s leading, diversified, privately held real estate companies, has won an $11 million contract for a 198,000-square-foot private student housing center in Greenville, N.C. Located less than two miles from the campus of East Carolina University at Highway 264 and 10th Street, River Pointe Village will include student apartments and a clubhouse that will feature a fitness center, game room, business center and study hall. Ground was broken recently with plans for completion by early fall of 2004. (To download a rendering of the project, click here: www.cpwadv.com/pr/riverpointe.hires.jpg).

While Crosland is known for its expertise in multi-family construction, this marks the first student housing project of its kind for Crosland’s contracting division. “Our proficiency in wood-frame construction of apartments and other housing lends itself well to this opportunity,” said Gregg Hendershot, president of Crosland’s contracting division. “We look forward to future participation in the student housing market throughout the Southeast region.”

The complex will have 13 buildings which will encompass a total of 180 student apartments, with the ability to house 504 students. Occupants will have the option of selecting from two-, three- or four-bedroom apartments, with private bathrooms off each bedroom. The apartments will offer high-speed Internet access in addition to an on-site resident manager. In an unusual arrangement designed to meet student needs, leases will be available per bedroom, providing each occupant the opportunity to personally manage his or her lease. Triton Properties Group is the developer in the project and River Pointe Village LLC is the owner in the deal. Carolina First Bank is providing the financing.

“There is a growing demand throughout the country for the development of off-site luxury student housing from the private sector,” said Charlie Madsen, president of Triton Properties Group. “With the growing student population at East Carolina University, the tremendous need in this particular area became obvious, and we are pleased to offer students the additional privacy and amenities that they are seeking.”

About Crosland’s Contracting Division

Known for its quality construction and custom-tailored solutions, Crosland’s roots in construction trace back to the company’s founder, John Crosland Sr., who laid the foundation for his first building project in 1937. With expertise in wood-frame quality construction for single-family and light commercial projects, since 1995, Crosland has constructed nearly 3,000 residential units and several hundred multi-family projects, and is ranked 21st among largest contractors headquartered in the Charlotte region.

About Triton Properties Group

Formed in 2002, Triton Properties Group Inc. is a privately held real estate owner/developer with commercial, industrial and residential projects and properties throughout the Southeast. The Rock Hill, S.C., based company also has offices in Tampa, Fla.