ORLANDO, FL - July 8, 2002 - An affiliate of ZOM Development, Inc. has completed the sale of The Waverly at South Beach, a 399-unit luxury waterfront high-rise in Miami's South Beach. The sales price was $97 million. Athena-Karlton SOBE, LLC purchased The Waverly and plans to convert the property to condominiums. The property is well known in South Beach for its contemporary architecture and prime waterfront location. Designed by internationally acclaimed design firm Arquitectonica, The Waverly at South Beach features a wavelike roofline atop two interlocking towers of 29 and 35 stories. The Waverly at South Beach has become a distinctive South Beach landmark with its unique floor design elements and breathtaking views of the Atlantic Ocean, Biscayne Bay and the downtown Miami skyline. The project opened in July 2001 and experienced rapid lease-up.

The Waverly at South Beach has garnered many prestigious awards, including The National Association of Home Builders' Pillars Award for Best High Rise Apartment Community and Best Interior Merchandising in 2002.

The property will continue to be managed by ZOM Residential Services, Inc.