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 Former JPI Executives Form Criterion Development Partners
 

Dallas – August 6, 2004 - Four former JPI executives have pooled their experience, resources and expertise to form Criterion Development Partners, a real estate operating company specializing in the development, construction, management, asset management and disposition of multifamily communities. The newly-formed company currently has offices in Dallas and Boston.

"Criterion believes that it takes an experienced, knowledgeable and motivated group of professionals to identify and capitalize on the market niche where they can uniquely add value,” said Criterion President and Principal W. Pretlow Riddick. “Based on our prior experience working together and identifying high value development opportunities, we believe this management team will produce projects that yield superior returns and service for our loyal customers, investors, vendors, and employees."

The company seeks 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. Over the next five years, Criterion expects to develop more than $800 million in multifamily assets, focusing on projects with a minimum of 150 units, valued at an average of $40 million.

Criterion’s key management team includes:

 

  • W. Pretlow Riddick, President and Principal, formerly chief investment/development officer with JPI Partners, Inc.
  • Andrew S. Kaye, Executive Vice President and Principal, former regional managing partner with JPI Partners, Inc.
  • John J. Englert, Executive Vice President and Principal, former area managing partner with JPI Partners, Inc.
  • C. Christopher Harris, Executive Vice President, Chief Financial Officer, and Principal, former chief financial officer/partner with FirstWorthing®, with previous experience at JPI Partners, Inc.

Riddick and Harris will operate from Criterion’s Dallas office, while Kaye and Englert will serve Criterion’s New England Region in Boston.

About Criterion Development Partners
Criterion Development Partners is a real estate operating company specializing in the development, construction management, asset management and disposition of multifamily communities. Over the next five years, Criterion expects to develop more than $800 million in multifamily assets. Dedicated to conducting all business with utmost honor 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 development opportunities in New England and Texas. www.criteriondp.com

Contact:
Leah Ekmark
C. Pharr & Company for Criterion
(972) 931-7576 Ext. 22 or Leah@PharrPR.com