Criterion Property Company to Develop Austin-Area Apartments

Property is company's first development in Texas market; company seeks further investments

Dallas - July 27, 2006 - Criterion Property Company, L.P., today announced the company’s commencement of development of Windsor at Bee Caves Village, a 293-unit luxury garden apartment community located on Highway 71 in the Village of Bee Caves, Texas. The community's location offers convenient access to employment and recreation centers along Highways 71 and 620.

Criterion will offer the latest luxury amenities including access to the Hill Country Galleria and the Shops at the Galleria, both adjacent to the 19-acre site. The community will include a full-service, 7,000-square-foot community center complete with a swimming pool, spa and game room. Other luxury amenities include garage and carport parking, private balconies, nine and 10-foot ceilings, open floor plans with bar top seating, fully-applianced designer kitchens, and washer and dryer connections.

This transaction is Criterion's third since the company's formation in September 2004. Criterion's first project, Winchester Gardens, is a 96-unit converted condominium community located eight miles northeast of Boston in the town of Winchester. Criterion’s second project, Windsor Green at Andover, is a 192-unit luxury apartment development that is currently approaching completion of construction. The company also subsequently announced plans to develop Windsor Woods at Canton, a 159-unit luxury garden apartment community located in Canton, Mass.

"Criterion is pleased to start our expansion in the Austin and Texas markets with this transaction, and we are actively seeking other developments in Texas," said Criterion President and Principal, Pretlow Riddick.

Debt financing for the project was provided by Washington Mutual Bank of Dallas. The general contractor was Watermark Construction.

Criterion's investment plans center in the cities and surrounding areas of Boston, Philadelphia, New York, Washington, D.C., Dallas, Atlanta, and Austin. In these areas, Criterion will seek to identify multifamily development opportunities in "smart growth" areas, which are mixed-use areas of residential, retail and office space already served by key infrastructure components such as mass transit systems.

About Criterion: Criterion Development Partners ( is a real estate operating company specializing in the development, construction management, asset management and disposition of multifamily communities. Dedicated to conducting all business with the utmost honesty and integrity, Criterion’s mission is to enhance and maximize the value of its assets for partners, lenders, investors, and employees. With offices in Dallas and Boston, Criterion is actively seeking multifamily investment opportunities in the Northeast, Southeast and Texas.

Criterion Development Partners, through a partnership with The General Investment & Development Companies ( (GID), also operates Criterion Property Company, L.P. Criterion Development Partners contributes to the partnership's expertise in development, construction management, asset management and disposition of assets. GID, a privately-held pension fund advisor based in Boston, serves as Criterion Property Company's primary investment and financial partner, with and on behalf of its pension fund clients.

Leah Ekmark
C. Pharr & Company for Criterion
972-931-7576 Ext. 22 or