Allen & O'Hara Chosen By University of Northern Colorado To Develop, Manage Student Apartments

Business Wire, August 30, 2001

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--Aug. 30, 2001

Allen & O'Hara Education Services, LLC (AOES) today announced that it has been selected by the University of Northern Colorado (UNC) in Greeley to develop a student housing complex located on University land. The facility is designed to accommodate approximately 400 upper class and graduate students. Groundbreaking for the project occurred in late July, and AOES just completed a $24,320,000 tax-exempt bond issue to finance the project.

UNC's evaluation committee was unanimous in its selection of Allen & O'Hara over 15 regional and national firms submitting responses to the University's request for qualifications.

The development, known as Arlington Park Apartments, will include the redevelopment of an historic elementary school which has been preserved on University land. The newly-constructed three-story garden apartments will be comprised primarily of two-bedroom/two-bath units, but will feature some four-bedroom/two-bath units as well. The development will include a commons area for students and the management office for the project. Construction will be completed August 2002, prior to the beginning of fall semester at UNC.

UNC President and former U.S. Senator Hank Brown said, "Arlington Park is an exceptionally well-developed project that will contribute significantly to improving the quality of life for students on the UNC campus. Allen & O'Hara has clearly provided the University with a housing project that serves as a model for private student housing development."

"Arlington Park is a creatively challenging project, requiring the preservation of the elementary school and the seamless integration of the apartments into the neighborhood," said Paul O. Bower, president and CEO of Allen & O'Hara. "By teaming with Colorado architect Christopher Carvell, we were able to create a design that assimilates the neighborhood's ambience and architecture, yet offers the students the modern, fully-equipped apartments they seek."

Arlington Park Apartments will also be managed by Allen & O'Hara Education Services, LLC. Allen & O'Hara has developed or acquired and is currently managing student residences at the University of Louisville, the University of North Carolina, North Carolina State University, Alabama A&M University, Salisbury State University, the University of Georgia, Florida State University, Western Kentucky University and Augusta (GA) State University.

Memphis-based Allen & O'Hara is a diversified real estate developer and manager with more than 37 years experience in the student housing industry. Allen & O'Hara has developed, owned, or managed 75 student housing properties comprising over 27,000 beds at 38 universities.