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 Criterion Property Company to Develop Andover Apartments
 

Criterion Property Company to Develop Andover Apartments

Property is Company's Second Investment in Boston-area Marke; Company Seeks Further Investments

BOSTON – May 11, 2005 - Criterion Property Company, L.P. today announced the company's plans to develop Windsor on the Green, a 191-unit luxury garden apartment community located at Lowell Street and I-93 in historic Andover, Massachusetts. Andover is a highly regarded community with top-rated schools. The community's location offers convenient access to employment centers along Interstates 93, 95 and 495 as well as to downtown Boston via the MBTA Commuter Rail.

Criterion will offer the latest in luxury amenities including access to the Rolling Green Golf Course and the Boston Sports Club, both located next door to the 15-acre site. The community will include a full-service, 2,750-square-foot community center complete with a swimming pool, spa, sports court and playground. Other luxury amenities include garage and carport parking, private balconies, fireplaces, nine-foot ceilings, open floor plans with bar top seating, fully-applianced designer kitchens, and full-size washers and dryers.

This $36 million transaction is Criterion’s second since the company’s formation in September 2004. Criterion also recently acquired Winchester Gardens, a 96-unit apartment community conveniently located eight miles northeast of Boston in the town of Winchester. Criterion will convert the property to a townhome community to be renamed the Residences at Winchester.

"Criterion is pleased to expand our presence in the Boston market with this transaction, and we are actively seeking other additional investments here and in other markets," said Criterion President and Principal Pretlow Riddick.

Debt financing for the project was provided by Bank of America, N.A. of Dallas, with a permanent loan takeout commitment from the Massachusetts Housing Partnership (MHP) of Boston.

Criterion's investment plans center on the cities and surrounding areas of Boston, Philadelphia, Washington, D.C., Dallas 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 (www.criteriondp.com) 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 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 and Texas.

Criterion Development Partners, through a partnership with The General Investment & Development Companies (http://www.generalinvestment.com) (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.

Contact:
Amy Sandling Crawford
C. Pharr & Company for Criterion
972-931-7576 or Amy@PharrPR.com