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The Retreat at West Creek Community to Break Ground in December 2012 A 254 unit executive style apartment community to be developed in “The Notch at West Creek” area of Goochland County, VA

October 11, 2012

The Retreat at West Creek Community to Break Ground in December 2012 A 254 unit executive style apartment community to be developed in “The Notch at West Creek” area of Goochland County, VA

SULLIVAN’S ISLAND, SC – Kassinger Development and Richardson Properties announced today the first phase of The Retreat at West Creek Community which sits on 20 acres near the intersection of West Broad Street and I-288 in “The Notch” portion of the West Creek Business Park in Goochland County. The first phase will offer 254 units and is planned to begin in December 2012. The Notch at West Creek a 230-acre mixed use development is proposed to have general and medical office, retail, hospitality, office/service and multifamily development. West Creek Business Park is home to some of the most respected businesses in the region including Capital One, CarMax, Virginia Farm Bureau, Hospital Corporation of America, Performance Food Group and The Federal Reserve Bank of Richmond.

“We are pleased to have The Retreat at West Creek as the first project to call The Notch at West Creek home. We evaluated many multifamily developers and selected the development team that would best fit with our long term goals for The Notch at West Creek,” said Tommy Pruitt – Managing Partner West Creek Associates. “We are encouraged by the response we have seen thus far and The Retreat at West Creek sets the stage for additional development for The Notch at West Creek.” Pruitt added

This 254 unit apartment community offers 1 and 2 bedroom apartment homes that cater to executive life-styles and will host many “firsts” for the area. The Retreat at West Creek will not only be the first apartment community in Goochland County and the first in “The Notch” Development, but it is being designed with many Energy Star features and will seek Energy Star certification. The Retreat at West Creek will have access to all of the major employers in the West Creek development and surrounding areas, and is near shopping and entertainment in the sought after Short Pump area, and convenient to Downtown Richmond via the I-64 corridor and I-288. The Retreat at West Creek will be managed by Pegasus Residential of Atlanta, GA. Lindy Ware, President of Pegasus Residential, stated, “We are very excited to be working in the Goochland market and to have the pleasure of managing another Kassinger developed community.”

The Retreat at West Creek will maintain the exceptionally high standards of previous Kassinger Developments with luxury amenities such as a resort style clubhouse complete with Wi-Fi access, a business center/study and a gourmet coffee bar for the residents’ enjoyment. The community will also include a cabana with an outdoor kitchen, pool, fitness center, walking trails, pet park, car care center and a park amenity just across Tuckahoe Creek. As a special feature of this community, “The Retreat” will offer kayaks, canoes and bikes for residents’ use. The development will also offer aesthetically pleasing construction details and features such as Hardi-siding and stone construction as well as a landscaping plan in keeping with the natural surroundings of the area. The residents at The Retreat at West Creek will enjoy many features within their homes that can’t be found at other apartment communities in the area. Some of these include Energy Star appliances, screened porches, granite countertops, elevator access, attached and detached garages, and much more.

Kassinger Development recently partnered with Richardson Properties from Greensboro, North Carolina on other communities located in Asheville, North Carolina. “We have assembled an experienced development team combined with an upscale executive style community, in a desirable location….The Retreat at West Creek brings to the forefront the importance of a development such as this – a collaboration between developers and Goochland County working toward a common set of goals,” said Edward T. “Chip” Kassinger Jr. – Managing Partner, The Retreat at West Creek. – 2 –

“The Retreat at West Creek will be the first multifamily community in Goochland County and will set the bar for collaboration, quality and sustainability for others to follow,” said Mr. Bob Minnick, Goochland Board of Supervisors.

Kassinger Development Group is based in Sullivan’s Island, South Carolina with a focus to develop and own upscale, environmentally friendly and energy efficient multifamily communities within the Southeastern United States. Most recently, Kassinger Development completed development of Weirbridge Village, a 280 unit apartment community in 2012, and Audubon Place, a 256 unit apartment community in 2010, both located in Asheville North Carolina.

Richardson Properties is a private real estate investment company based in Greensboro, North Carolina owned by the Richardson Family. The company owns multi-family, office and retail properties located in North Carolina, South Carolina and Virginia. Richardson Properties and its affiliates have been investing in commercial real estate on behalf of the Richardson Family since 1925 when the Family separated their real estate holdings from Richardson-Vicks, Inc.

Pegasus Residential is a professional property management company that believes in taking personal accountability for delivering passionate, professional and polished service to their clients, thereby creating unique and life changing experiences. Founded in 2009, it is committed to the highest standards in all facets of its business. Its core leadership team has more than 75 years combined experience on real estate projects in a dozen states. Current operations are in Georgia, Florida, North Carolina, South Carolina, Louisiana, Mississippi and Texas with over 16,000 units currently under management and/or development.