Coscan Homes and Tarragon Realty Investors, Inc. Enter Into a Joint Venture Partnership

Coscan Homes and Tarragon Realty Investors, Inc. Enter Into a Joint Venture Partnership

Business Editors/Real Estate Writers

FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–May 21, 2004

Two Leaders in the Real Estate Business Join Forces to Build an

Urban Community in Broward County

Al Piazza, president of Coscan Homes, and Jim Cauley, president of Tarragon South Development Corporation, a wholly owned subsidiary of Tarragon Realty Investors, Inc. (Nasdaq:TARR), announced that they have entered into a joint venture partnership to construct Cypress Grove, a 32 acre residential community in the city of Pompano Beach, Florida. The 476 residences will include 376 three-story town homes and 100 two-story condominium units. This Coscan/Tarragon development has a projected sell-out value of $130,000,000. Pre-construction prices will range from about $200,000 to $450,000. Sales are expected to begin later this year.

“One of our goals at Cypress Grove is to enhance and be a part of the surrounding Pompano Beach community. There will be a strong sense of neighborhood that can be seen in the site plan for the project,” said Piazza. Town homes and condominiums around the perimeter of the site will have front porches and face the street. A one mile beautifully landscaped running/walking path will be around the outside of the development. In the center of the community there will be a 2.5 acre lake surrounded by a park and a second exercise path. Seating areas and beautiful sculptures will be placed throughout the lakefront park. On the east end of the lake there will be a resident’s club house and exercise facility with outdoor lap pool. An island will be built in the center of the lake with a family recreational pool and picnic area.

Coscan and Tarragon have equal ownership interests and Coscan will be the managing member responsible for overseeing the day-to-day activities of the project including development, construction, sales, marketing and property supervision.

Says Piazza: “We chose Tarragon as a partner for several reasons; we are both in a growth mode and are following similar paths in how we are growing our companies. Additionally, Tarragon has an excellent reputation and financial strength. We share many of the same attributes in our corporate cultures such as integrity, honesty and a tight knit, highly qualified staff. We are very excited about working with them on this project and many more to come.”

Cauley expresses a similar sentiment about Coscan Homes. “We are thrilled to be in a joint venture with Coscan. We are expanding our operations in South Florida and Coscan is a first-class operation with an exceptional reputation. This is a perfect fit and we look forward to a long-term relationship.”

Over the past 25 years, Coscan Homes, one of the most active and reliable developers of high-rise condominiums and single family residences in South Florida, has built more than 5,000 distinctive homes in over 20 diverse communities. Coscan Homes operates as a fully integrated residential developer and construction company. In addition to development, Coscan Construction, LLC, an affiliate of Coscan Homes is known as the “developer’s contractor” and offers their construction services to other real estate companies. Currently, Coscan Construction is the general contractor for NoLA lofts, a unique loft condominium being constructed in the heart of Fort Lauderdale, and two luxury high-rise towers for Trump Dezer Development in Sunny Isles Beach, Florida and has plans for several more projects in both South Florida and Orlando.

Tarragon Realty Investors, Inc. is a homebuilder specializing in high-density residential communities with over $1.5 billion in homes under development in Florida, New Jersey, Connecticut and Tennessee. The Company also owns and operates an investment portfolio of approximately 15,000 apartments valued at almost $1 billion, with concentrations in Florida, Connecticut and Texas.

Tarragon seeks to improve the quality of its overall portfolio through the development of new projects and through continued acquisition, service, and sale of strategic properties. The goal is to operate within a limited, but varied market managing an array of property types. Tarragon developments in South Florida include, Las Olas River House, Pine Crest Village at Victoria Park, Tuscany on the Intracoastal, Alta Mar in Fort Myers, The Metropolitan on Sarasota Bay and WaterStreet at Celebration.

For further information call Melissa Netkin, director of marketing at Coscan Homes at 954-620-1046 and Kristie Reinert, vice president of marketing at Tarragon at 954-445-9348.

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