DALLAS, TX - December 27, 2002 - ZOM is developing a 207 apartment home community in an architecturally distinctive townhome format. The Townes at Prestonwood, located two blocks east of the intersection of the Dallas North Tollway and Beltline Road along Prestonwood Boulevard in North Dallas, will emanate a distinctive neighborhood ambiance significantly different from most luxury rental housing currently available in the Dallas market. Adjacent to the city of Addison and bound by Beltline Road, the high visibility site has excellent access to surrounding business districts and a variety of retail, cultural, recreational and municipal services. Beltline Road, long known as a retail and entertainment zone within Dallas, offers an abundance of retail and recreational activity. The Galleria, Valley View Mall, Water Town Theater and numerous other neighborhood services are within a one-mile radius.

Inspired by the 1930s era bungalow-style, courtyard housing popularized in California, The Townes at Prestonwood will feature spacious two, three and four bedroom plans with an average unit size of 1,668 square feet. The townhomes will offer a superior level of quality and features including: ground level entry, a direct access two-car garage, luxurious master suites, a community fitness center, swimming pool, clubroom with entertainment facilities and unit upgrades including granite counters and two-sided fireplaces. Stylistically, the property emanates a Spanish eclectic thematic image, with relatively low-pitched tile roofs, little eave overhang, prominent arches and intimate courtyard settings. The architectural and floor plan design elements will combine to create a unique and highly desirable in-town living address. Look for ZOM to break ground in January 2003.

"The Townes at Prestonwood is an exciting project," states ZOM Texas Senior Vice President, Kevin Wisdom. "The project benefits from an attractive location, a differentiated architectural image and a high level of interior finish all in a true townhome."

ZOM's creative approach to development has been nationally recognized, and they have received numerous awards for their multifamily developments. ZOM has developed over 6,000 apartments in Florida and currently has over 2,000 units in various stages of development throughout Florida including Orlando, Tampa, Ft. Lauderdale and Miami.