Thursday, April 24, 2008

Criterion Property Company Announces Prototype Apartment Community in Uptown Dallas

Criterion Property Company announced today the groundbreaking of the company's first development of its prototype Resort Living Series in the Dallas market. The Monterey-Uptown Resort Living™ is comprised of 371 apartment homes located on 3.5 acres just north of West Village on McKinney Avenue. This community is ideally located within walking distance of shopping, dining and employment venues as well as the DART Cityplace light rail station. Criterion's President, Pretlow Riddick, explained the prototype launch: "We vacation at resorts for the feeling of an escape and to enjoy the varied settings and amenities offered. We're applying that concept to our business by creating a Resort Living Series where our apartment residents can enjoy these attributes on a daily basis."
The Monterey is a five- and six-story midrise building over two levels of concrete parking. The architectural style of the building was influenced by iconic cities on the West Coast. "Our main goal for each aspect of the design was to create a resort-like environment for our apartment residents," stated Jason Leeds, Vice President - Texas Region Partner. Some of the amenities at The Monterey include: free Wi-Fi Internet access in public amenity areas, an outdoor kitchen overlooking a waterfall pool and Acapulco wading lounge, a multi-leveled wood deck with organic-shaped arbors offering collective and individual outdoor seating, extensive landscaping, outdoor fireplace, outdoor grilling centers, "the cave" -- a covered outdoor living space with plasma TVs overlooking two courtyards with fountains, gardens and seating areas.
Project interior finishes and features include distinctive one-, two- and three-bedroom floor plans, custom millwork designs at each entry door, interior arches, contemporary custom millwork and cabinetry, spacious nine- and ten-foot ceilings, wood floors, granite countertops, stainless steel appliances, spacious walk-in closets and Berber carpet in all bedrooms.
Key Bank Real Estate Capital provided debt financing for the development.
Criterion's investment plans center in the cities surrounding areas of Dallas, Austin, Denver, Boston, Philadelphia, New York metro area, Washington, D.C., and Atlanta. 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 Property Company (http://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 the 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, Southeast and Texas.
Criterion Development Partners, through a partnership with The General Investment & Development Companies (http://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.