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Lerner Wins The Fastest Lease-Up Award And Completes Construction Of Parc Dulles

Dulles, Virginia, August 29, 2007 – Lerner Enterprises, Washington, D.C.’s largest private real estate developer, has completed the final phase of Parc Dulles at Dulles Town Center.  The residential community is located at City Center Boulevard and Stefanie Place in Dulles, Loudoun County, Virginia.

Leasing began in December 2006 and has exceeded the company’s expectations.  The first two phases were fully leased by spring of 2007 due to overwhelming demand from corporate clients and the community.  Because of its success, Delta Associates, sponsor of the 11th Annual Mid-Atlantic Multifamily Excellence in Achievement Awards, announced that it will present Parc Dulles with the Best Lease-Up for a Northern Virginia Garden Apartment Community award.

"We knew there was an untapped market in Loudoun County for high-end luxury apartment homes and are excited by the response,” said Mark D. Lerner, a Principal of Lerner Enterprises.  "We learned much from this project and have incorporated many of the design features in our next project, The Falls at Flint Hill in Oakton, Virginia, to make it even more successful,” Lerner said.

The luxury garden apartment community features 393 distinctive residential apartments. The community is within walking distance of Dulles Town Center, a 1.4 million square foot shopping center featuring high-end stores and restaurants including Nordstrom, Macy’s, Lord & Taylor, Sears, Dick’s Sporting Goods, The Cheesecake Factory, among many others.

Parc Dulles at Dulles Town Center consists of sixteen residential buildings and 393 total apartments.  The architectural design is composed of three building styles: Courtyard Homes, Garden Apartments, and Carriage Homes.  The Courtyard Homes are three-story buildings built to resemble townhouses.  Each building contains three apartment units offering privacy and seclusion.  A garage and tandem space is provided for each of the Courtyard Home units.  The Garden Apartments are three-story breezeway buildings composed of 13 unit types with reserved parking at selected locations.  The Carriage Homes feature both a private entrance and a garage in a resort-style environment.

For additional information on Parc Dulles at Dulles Town Center, please visit ParcDullesatDTC.com.

About Lerner Enterprises:

Lerner Enterprises, founded by Theodore N. Lerner in 1952, is based in North Bethesda, Maryland, and is Washington, D.C.'s largest private real estate developer.  The company is involved in all phases of commercial, retail, and residential real estate including planning, development, construction, leasing, and asset and property management.  Included in the Lerner residential portfolio is the award winning Lillian Court at Tysons II condominiums in McLean, Virginia; Remington at Dulles Town Center in Dulles, Virginia; Tower 2000 in Alexandria, Virginia; and Oxford Square at White Flint in Rockville, Maryland, among many others.  Lerner has developed over 7,000 apartment units in the Washington, D.C. metropolitan area; Richmond and Newport News, Virginia.  The newest project, The Falls at Flint Hill, has begun construction with expected occupancy beginning in fall 2008.

About Dulles Town Center:

Dulles Town Center, a 554 acre master-planned mixed-use project located in Dulles, Virginia is home to commercial, retail, and residential projects.  The development features Dulles Town Center, a 1.4 million square foot super-regional mall with over 185 specialty stores and restaurants, Nordstrom, JCPenney, Sears, Macy’s, Dick’s Sporting Goods, and The Cheesecake Factory.  Other projects include The Corporate Office Park at Dulles Town Center, Courtyard by Marriott at Dulles Town Center, KinderCare Learning Center, Colonnade Townhomes, and Remington at Dulles Town Center luxury apartment homes community.