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 Criterion Development Joins Forces with the General Investment & Development Companies to Launch Criterion Property Company
 

Dallas – October 18, 2004 - The principals of Criterion Development Partners today announced the formation of a partnership with the General Investment & Development Companies (GID). This new partnership, named Criterion Property Company, L.P., will be capitalized by Criterion Development Partners’ principals and a sizeable investment by GID to develop up to $250 million in multifamily properties throughout the Northeast and Texas over the next few years.

Criterion Development Partners will provide the new entity’s real estate expertise in development, construction management, asset management and disposition of assets. GID, a privately held vertically integrated real estate operating company based in Boston and a co-investment partner with major pension funds will be Criterion Development Partners’ investment and financial partner. GID’s co-investment partners include CalPERS (California Public Employees’ Retirement System), CalSTRS (California State Teacher Retirement System) and OPERF (Oregon Public Employees Retirement Fund).

"GID is an outstanding organization and group with which we have had a long-standing relationship,” said Criterion President and Principal Pretlow Riddick. “Their in-depth knowledge of our business and target markets will add tremendous insight to our ‘smart growth’ development strategy. The timing was perfect for us to join forces with GID. We have been actively working to expand our development platform, and the ability to bring in a sophisticated institutional investor will strengthen our capabilities."

"Criterion is our partner of choice,” said Robert E. DeWitt, President and CEO at GID. “We are confident that Criterion’s experienced and knowledgeable professionals will be able to capitalize on the caliber of multifamily opportunities in which we want to participate. We also share their business values and ethics and believe this partnership’s projects will yield superior returns for GID and its co-investment pension fund partners."

Criterion’s intent is to focus on the cities 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 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

About GID
The General Investment & Development Companies (GID) (www.generalinvestments.com), founded in 1960, are privately held, diversified companies with substantial interests in both residential apartment and other commercial real estate throughout the United States. GID is headquartered in Boston, Massachusetts, and its various affiliates operate nationwide. Over its 44-year history, GID has developed and acquired apartment, condominium, office, research & development and industrial properties. Today, GID and its affiliates’ portfolios include 16,032 apartment homes in 18 states and the District of Columbia and 2.1 million square feet of commercial office property. Over the years, GID has developed and/ or acquired over 30,000 apartment homes.

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