May 10, 2004

CAMP PARKS, CA. - Construction officially kicked off today with a groundbreaking ceremony for The Village at Parks and Wescoat Village, two new military family communities to be built at Camp Parks and Moffett Field, California, as part of the U.S. Army's Residential Communities Initiative Program. The Village at Parks will be home to 114 military families at Camp Parks, and Wescoat Village will be home to 190 military families at Moffett Field.

Speakers at the ceremony included Congressman Richard Pombo; Acting Assistant Secretary of the Army for Installations and Environment Mr. Geoffrey G. Prosch; Brigadier General Gary M. Profit, Deputy Chief, Army Reserve; Clark Realty Capital Managing Director Cleve Johnson; and Pinnacle President and CEO Stan Harrelson.

"The housing will allow more soldiers to live in quality housing on the base and not be forced to pay the high rents in the surrounding area," said Congressman Richard Pombo. "The least that we can do is to raise the quality of life of the men and women who choose to serve in uniform and choose to protect us. If we deploy soldiers to foreign nations around the world, maybe just the thought that their families are back at home in safe, comfortable housing makes their lives just a little bit easier."

"The installation staffs from Camp Parks, Moffett Field, and Fort Irwin forged a true partnership with our development partners Clark Pinnacle. They are also our partners at Fort Belvoir, Virginia and Presidio of Monterey so we have a true proven seasoned partner. We are very fortunate," said Mr. Prosch. "Together they concentrated on putting the military family first and making sure that this project offers a community that is comparable in both services and structures to modern, first-class communities found off the installation."

The Department of the Army and Clark Pinnacle California Military Communities LLC are working together to design, build, and operate military family housing communities at three California military installations: Fort Irwin in San Bernardino County, Moffett Field in Santa Clara County, and Camp Parks in Alameda County.

Clark Pinnacle California Military Communities is a joint venture between Clark Realty Capital of Bethesda, Md., and Pinnacle of Seattle. When the initial development plan is complete, Clark Pinnacle will manage a total of 2,376 homes and 200 apartments at Fort Irwin, 316 homes at Moffett Field and 114 homes at Camp Parks.

At Moffett Field, the initial development plan includes the demolition of 96 homes, construction of 181 townhomes and renovation of 66 townhomes. Nine historic homes will also be renovated. An existing building will be renovated and converted to a new neighborhood center.

At Camp Parks, the initial development plan includes the demolition of 13 homes and the construction of 114 single-family homes and a new neighborhood center.

Award-winning architect Torti Gallas and Partners designed the new one- and two-story homes at Moffett Field and Camp Parks in the Mission style. The family housing, which has a minimum of three bedrooms, will average 1,750 square feet and offer a range of floor plans. Interior amenities include spacious great rooms, kitchens equipped with dishwashers and microwaves, and two-car garages. Residents of the neo-traditional communities will have access to pedestrian walkways, children's play areas, and outdoor playing courts and fields.

At all three installations, Clark Realty Capital and affiliates will manage the development, design, construction, and asset management and Pinnacle will handle the property management.

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About Clark
Founded in 1906, the Clark organization has become one of the country's premier developers of multifamily housing. The Clark companies are headquartered in Bethesda, Md., with regional offices strategically located throughout the United States.

About Pinnacle
Pinnacle is an international real estate investment management firm headquartered in Seattle. Pinnacle provides both multifamily residential and commercial real estate owners and investors with a broad scope of realty services, including the acquisition, disposition, rehabilitation, property management, financing, and repositioning of real estate assets.