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Jamestown Unveils Evolution of Seven-Acre Beach Place Residential Complex
Leading real estate firm pursues renovations, upgrades and amenities at South Florida coastal apartment community

Sunny Isles Beach, Fla. (October 20, 2011) – Leading real estate investment and management firm Jamestown has announced the second phase of planned changes and upgrades at Beach Place, a 308-unit coastal apartment community in Sunny Isles Beach. After purchasing the property in December 2009, Jamestown began transforming the former Vista View Apartments into a relaxed, contemporary collection of rental homes. Jamestown has begun renovations on both exterior and interior spaces at the property, and has also started a series of improvements to the development’s common areas and leasing and management services.

“Beach Place is at the heart of the developing Sunny Isles Beach community. Based on location alone, we saw an opportunity to provide immediate, positive redirection for the project,” said Matt Bronfman, COO and managing director for Jamestown. “Jamestown has concentrated on improving the quality of day-to-day life for Beach Place residents, and on strengthening community ties to drive Beach Place to its potential within the growing Miami Beach area.”

Situated on North Bay Road between A1A (Collins Avenue) and Florida’s Intracoastal Waterway, Beach Place is a modern representation of charming beachside living. The property features 308 one- and two-bedroom apartments with generous living areas, lush amenities and a prime coastal location in a highly rated school district. Laying the foundation for a community-focused atmosphere and sophisticated set of residences, Jamestown has renovated the former apartment complex to reveal an upscale living environment with a neighborhood feel.

Lavish landscaping has been installed throughout Beach Place’s outdoor spaces, with an inviting heated pool and spa area that includes cabanas with new striped awnings, grills for residential use, a community-accessible dog park and a newly designed leasing and business center. Lush, open-air courtyards to each of the complex’s four buildings have been designed by Mario Nievera Design, Inc., and an inviting walkway for residents to stroll to the beach - a mere block away - has been installed. In addition, a completely overhauled signage package makes residents feel welcome and at home. Jamestown has completed a prototype unit plus two furnished models, covering standard and premium rental options.

“Sunny Isles Beach has been going through a transformation of its own, and a project like Beach Place definitely shares our vision for enhancing the community,” said George “Bud” Scholl, City Commissioner for Sunny Isles Beach. “The area has changed dramatically over the last 10 years. It has transitioned from a retirement destination to an enclave for young people and families. The changes at Beach Place reinforce this direction of our city. Beach Place is at the epicenter of activity in the south end, including new parks, better access to the community school, a public pier and other amenities that the city has initiated to serve its residents.”

Jamestown brought a renewed commitment to professional resident services to the property by selecting and establishing a new management and leasing office with Riverstone Residential Group, and by building a new on-site maintenance shop. Jamestown is also working in conjunction with Green Street Properties, its wholly owned green development and consulting subsidiary, on studies related to environment-focused green building options for the Beach Place complex. The green programming, focused on energy and resource efficiency and sustainable living, will align with Jamestown’s environmentally focused investment and management strategy.

Jamestown acquired Beach Place from Sky Development in December 2009. The firm purchased the property with funds from its most recent opportunity fund, Jamestown Co-Invest V, which focuses on core markets with barriers to entry and distressed residential and hotel investments. As Jamestown concludes the initial repositioning efforts, the firm plans to introduce the interior renovation phase in fall 2011. For more information on Jamestown’s national real estate portfolio and investment strategies, visit www.jamestownproperties.com. Learn more about Beach Place at www.beachplacesunnyisles.com.

Jamestown
Founded in 1983 with headquarters in Atlanta, Ga. and Cologne, Germany and offices in New York City, San Francisco, Ca. and Washington, D.C., Jamestown is a leader in acquisitions and value added management. Over 28 years, Jamestown has generated approximately $8 billion in strategic investments. The company is focused across the risk spectrum with core, core-plus and opportunistic funds in two primary markets: 24-hour cities and Sunbelt territories with strong demographic growth. For more information, visit www.jamestownproperties.com.