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December 18, 2001 For More Information:
Joy Lutes 877.846.7760
Clark Realty Capital Earns DCHFA "Award of Excellence" for Rockburne Estates

Clark Realty Capital Earns DCHFA
WASHINGTON, D.C. — Clark Realty Capital and The Patriot Group were recently honored by the District of Columbia Housing Finance Agency (DCHFA) for the multi-million dollar renovation of Rockburne Estates, a 222-unit apartment community in Washington, D.C. The community earned the DCHFA's 2001 "Affordable Housing Development Award of Excellence" that was presented at the organization's annual awards ceremony.

According to the DCHFA, Rockburne Estates was selected for the award as the development that "most exemplifies quality affordable housing" in Washington. Rockburne Estates ranked the highest among HFA-funded projects in the following five categories: best construction concept, affordability, community need, cost efficiency, and uniqueness.

Built in 1967, Rockburne Estates was less than 25% occupied and severely distressed by the late 1990s. Clark Realty Capital and The Patriot Group purchased the urban multifamily complex out of bankruptcy in 1997 and began renovating the project's seven residential buildings in 1999.

The entire community was refurbished during months of extensive interior and exterior construction. The interior apartment remodeling involved all new appliances including dishwashers and garbage disposals, new kitchens, all new windows, new paint, new wall-to-wall carpeting, lead and asbestos abatement, and remodeled balconies and patios.

Exterior work included roof replacement for all buildings, removal of underground storage tanks, new storm water and sanitary sewer lines, all new landscaping, new parking lot pavement, and the addition of an on-site laundry facility, tot lot, and recreation area.

Despite the extent of the renovations, none of Rockburne's prior residents were displaced during construction. Residents were professionally moved into renovated units as they became available, and then given the option of moving back into their original units after renovation, all at no cost to the residents. The construction was completed by Clark Realty Builders on schedule and within budget.

A spacious, garden-style community, Rockburne Estates offers 112 unique two-story units on the second floor. These "duplex" units feature a living room, dining room, kitchen, and half bath downstairs, and two bedrooms, a balcony, and a full bath upstairs. The remaining 110 units are equally divided between two bedroom/one bath and one bedroom/one bath units.

The freshly remodeled development was immediately embraced by the affordable housing market and was one of the fastest leasing properties in the area's submarket.

Financing bonds were provided by the District of Columbia Housing Finance Agency and insured by the Department of Housing and Urban Development (HUD).

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About Clark Realty Capital

Clark Realty Capital, L.L.C. (CRC) is an integrated, national real estate company actively investing in, developing, and financing major real estate projects across the nation. CRC's developments include high-rise apartment towers, garden-style apartment communities, residential land developments, professional office space, retail centers, and mixed-use properties. CRC offers a full spectrum of services to the real estate industry including investment, development, construction, property management, and capital markets.