SOURCE: Audubon Communities Management, LLC

November 15, 2006 17:28 ET

Parkview's New Owners Unveil $10 Million Renovation Plan at November 14 Tenant Meeting

COLLINGSWOOD, NJ -- (MARKET WIRE) -- November 15, 2006 --Charles Reyher, President of Audubon Communities Management, LLC, has unveiled the $10 million master plan for the renovation of the Parkview Apartments, one of southern New Jersey's largest rental communities. The plan was disclosed at a tenant meeting on Tuesday evening, November 14, 2006. Two Collingswood police officers attended the event, Detective Sargent Guy Deritas and Detective Brad Boyer.

Making Parkview southern New Jersey's premiere property once again was the theme of the night. Under the plan, Parkview residents will see a full renovation of the building interiors including lobbies, mechanical systems and sprawling grounds.

"We are bringing back a real jewel of a property and a fabulous community," said Reyher. "The renovations will ensure that Parkview residents have an exceptional facility today and far into the future."

Parkview Apartments, a 1,025 unit mid-rise apartment complex, gained media and public attention as a successful private-public partnership during the late 1990s. The property was sold to an affiliate of Audubon Communities of Maple Shade, N.J., in April of this year.

"After completing the renovation of over 15,000 apartment units in my career, I'm happy to apply the knowledge I've gained from that to this landmark property," Reyher said. "We have been listening to the needs of Parkview's residents and have created the master plan with their input very much in mind."

Reyher is trying to balance the needs of residents without pricing out the many existing long-term residents, by ensuring that the renovations provide the overwhelming majority of residents with the most value and relevance. An additional goal is to minimize the time the work is in progress.

"Due to the condition of the property, especially the mechanical components, we thought it was better to do all of the work simultaneously," Reyher said. "This will help limit the inconvenience to residents. We therefore look forward to completing all work by summer 2007." Accordingly, all building roofs have been completely replaced and work on this will be complete by November 24, 2006.

Now in progress is the replacement of all 12 elevators, noted Reyher at the meeting. The first four, one in each building, will be completed by the end of the month and the others will be finished around the end of the first quarter of 2007. In the meantime, in an unprecedented move, the owners have assigned one full-time on-site elevator engineer and 3 on call to attend to any problems that occur with the old elevators. "We inherited a very challenging situation with the elevators and are determined to set it right in a short a time as possible," noted Reyher.

Reyher also discussed another major renovation involving the repair of the existing 100,000 square foot parking deck. The garage has been only partially usable for many years, as water seepage has caused failures in the steel and concrete structure, so Reyher called in renowned New Jersey engineer Dan Siegel to help with the project.

The parking repairs are already 25 percent complete. At the meeting, Siegel projected that the renovation of the 276-space parking area will be complete in six months, making the garage fully functional for the first time in several years. Since about 2000, only 50% of the parking spots were usable.

Interior renovations will include new elevator lobbies, hallways and many apartments designed by local Collingswood Architect Phillip Kunz.

"We have already ordered the materials, and will begin the installation of the new lobby and hallway finishes in about 90 days," Reyher said.

Residents will also benefit from the presence of a proposed new Detective Bureau that will be placed in Parkview's retail arcade, Reyher added. "The police really needed the additional office space and the community should benefit from their onsite proximity, a real win-win."

Once renovations are complete, residents will enjoy a much-improved living environment, Reyher adds. "We have never been more excited about the future of a property than that of Parkview's. The 1950s facility was built right. We are making Parkview the quality community that residents in a prospering community like Collingswood deserve."

About Audubon Communities

Audubon Communities Management, LLC, an owner and operator of multi-family properties in the Northeast and Gulf South regions of the United States, is focused on acquiring, maintaining and adding value to residential communities that have lacked the necessary investment to ensure their complete success and viability. Audubon's team of multi-family professionals manages all aspects of property operations, continuously working to provide the service and value residents, their primary customers, desire. Their attention to detail has resulted in the positive transformation of countless buildings and communities. Audubon has assembled a group of committed multi-family professionals with broad expertise in all aspects of real estate finance, construction, redevelopment, and operations. This management team combines decades of knowledge and experience with a shared vision of success. Audubon's collective track record demonstrates their ability to turn challenging opportunities into major successes. For more information, please visit www.auduboncommunities.com.

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