October 10, 2005

Clark Pinnacle Receives Congressional Approval of Development Plan for Fort Benning in Georgia

Fort Benning, Ga. - The U.S. Army and Clark Pinnacle Family Communities received approval this month from the U.S. Congress to implement their Community Development and Management Plan for Fort Benning and Porter Village in Georgia. As part of the U.S. Army's Residential Communities Initiative (RCI) Program, Clark Pinnacle and the U.S. Army will form a unique public-private partnership to finance, construct, renovate, and operate approximately 4,200 military family homes at Fort Benning in Columbus, Ga. and Porter Village in Dahlonega, Ga. Clark Pinnacle Family Communities is a joint-venture between Clark Realty of Bethesda, Md. and Pinnacle, an American Management Services Company, of Seattle. Project closing is expected to occur in January of next year.

In addition to new and refurbished homes, Clark Pinnacle proposes to build neighborhood amenities such as Village Centers, Neighborhood Centers, pools, basketball courts, tennis courts, play fields, picnic shelters, and nature/fitness trails. Award-winning architect Torti Gallas and Partners of Silver Spring, Md. designed the Benning homes in Mission, Colonial Vernacular, and Arts and Crafts styles. All new homes will be EnergyStar-compliant.

Construction is expected to begin in early 2006 at Fort Benning, and late 2006 at Porter Village. The first new homes at Fort Benning will be delivered in the third quarter of 2007, and the first Porter Village homes will be delivered in early 2008.

In addition to this project, Clark Pinnacle is financing, developing, building, and operating military housing at the Presidio of Monterey and Naval Postgraduate School in Monterey Bay, California; Fort Irwin, Moffett Field and Camp Parks in California; and Fort Belvoir in Virginia. Clark Pinnacle was also selected by the Navy for exclusive negotiations on Naval Complex San Diego's Pacific Beacon development, the first large-scale privatized housing initiative for unaccompanied personnel. When these projects are complete, Clark Pinnacle will be operating more than 14,000 recently constructed and/or renovated military homes. Clark Pinnacle recently received Multifamily Executive magazine's "Project of the Year" award, its highest honor in the military category.