| | | | |
| ||||
| Lane/Flagstone Ventures Acquires Student Housing Community At The University Of Florida In Gainesville, FL Lexington Crossing I & II now owned and operated by Lane/Flagstone Ventures. Gainesville, FL (March 11, 2003) — Lane/Flagstone Ventures has acquired Lexington Crossing I & II student housing community in Gainesville, Florida for an undisclosed amount. The community was formerly owned and managed by College Park Communities. Lane Company will manage the newly-acquired property. Located in the primary student housing corridor in Gainesville, FL, the property services the student community at the University of Florida. This location enables residents to commute quickly to campus via the RTS shuttle, which stops frequently at the property, and to the retail and entertainment along Archer Road. Lane/Flagstone Ventures is a joint venture between Lane Company and Flagstone Holdings that combines the investment expertise and proven management experience of an industry leader with the knowledge of a student-housing specialist. Together, Lane Company and Flagstone Holdings are building a strong portfolio of student housing properties that will provide excellent living environments for its residents and solid, long-term investment returns for investors. "This is our first student property acquisition with our Flagstone Holdings partner, and we look forward to building a sizable portfolio with them," said Scott Levitt, Vice President/Senior Acquisition Director with Lane Investment & Development Corporation, a subsidiary of Lane Company. "Lane Company has a solid track record managing student properties for other owners, and we're excited to be able to capitalize on this experience by acquiring for our own account," Levitt adds. Lexington Crossing was constructed in 1996 and was one of the first resort-style, student-living communities in Gainesville, FL. It has 300 units, which include 1,020 beds. The 12-month per bedroom leases are structured as individual liability leases so that the lessee is only responsible for their own bedroom and has no liability for the rent of the other apartment residents. Residents also enjoy a wide selection of amenities which include gated entry, two resort style swimming pools, computer lab, game room, weight room with aerobic training machines, clubroom with kitchen area, picnic areas, basketball courts, tennis courts and sand volleyball courts. In addition, each resident receives as part of their rent a bundled package of services that include high speed Internet access, free utilities including electricity, water and refuse removal, cable with HBO and local telephone service. Each of the fully-furnished bedrooms feature built-in desks with a desk chair, double bed with mattress and a full bedroom suite of furniture. The living rooms are decorated with sofas, chairs, coffee tables, end tables and entertainment centers. Student residents also enjoy all the amenities of home with full size washer and dryers, microwaves, dishwashers, garbage disposals, monitored security/intrusion alarms, monthly maid service and covered patios in each unit. Three different floor plans range in size from 2 bedroom/2 bathroom up to 4 bedroom/4 bathroom. Depending on the floor plan, monthly rent will range from approximately $420 per bedroom to $520 per bedroom. "We are very excited about this acquisition," said Grant Kornman, Managing Member of Flagstone Holdings. "We spent a great deal of time and effort getting to know the housing options for UF students. When we are done with our improvements at the Lexington Crossing, we believe we will be able to offer the best value to the students of University of Florida in Gainesville." Lane Company Flagstone Holdings For more information on privatized student housing and/or Lane/Flagstone Ventures, please contact Tom E. Lewis, Jr. at (305) 858-6149 or tlewis@flagstoneholdings.com. ### Media contact: Terri Thornton 404-932-4347 territhornton@mindspring.com
|  |