ZOM Expands Operations into Texas

Tampa, FL — January 25, 2001 — ZOM, an Orlando-based real estate company, owning various subsidiaries that perform a variety of real estate functions including development, syndication, asset management, property management and brokerage, has been working towards the establishment of a new operating entity for the purpose of undertaking development activities in the State of Texas. The new division, ZOM Texas, Inc., formed in January 2001, is headquartered in Dallas and will be managed by Senior Vice President, Kevin Wisdom, who has an extensive background in acquisitions, development and property management. President & CEO, Steve Patterson announced the expansion of ZOM's activities beyond Florida state lines and stated that ZOM Texas, Inc. will be aggressively seeking multifamily development opportunities in the Dallas metropolitan area.

Company executives selected Texas for their expansion strategy due to its track record for new job growth, consistently ranking in the top three job growth states over the past ten years, along with Florida and California. They stated that its central location, highly developed transportation infrastructure, and diverse economic base are expected to ensure the state's growth over the next decade. In addition to these factors, Dallas, like Orlando, has several medium-to-large metropolitan areas within a one-day commute, including Houston, Austin and San Antonio that could be targets for future expansion.

Over the past twenty-four years, ZOM initiated more than 70 real estate projects from its Central Florida headquarters. These projects include land developments, shopping centers, office complexes, single-family subdivisions and for-sale and rental multifamily housing. This real estate activity amounts to over $700 million in acquisitions, joint venture and development, $600 million of which has occurred since 1990. ZOM has developed over 6,000 apartments and currently has over 2,000 units in various stages of development throughout the State of Florida, including Orlando, Tampa, Ft. Lauderdale and Miami.

The company has received 11 Pillars awards, including the prestigious Pillars award for Best Garden Apartment Community in 2000, 1997 and 1996. In 1999, ZOM was awarded the esteemed Pillars award for Multifamily Development Firm of the Year. ZOM has won 32 Aurora awards, including a Grand Aurora award for Best Rental Apartment Community in 2000, a Grand Aurora award for Builder's Choice Design and Planning in 1998, and a Golden Aurora for Best Development Project in 1997.