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PINNACLE ANNOUNCES ACQUISITION OF AVALON TOWER APARTMENTS IN JERSEY CITY, NJ

JERSEY CITY, NJ, APRIL 10, 2006 — Pinnacle has announced the acquisition of the Avalon Tower Apartments, a 25-story apartment building featuring 269 rental units. Located in the heart of Jersey City, the property is ideally located adjacent to the PATH station and in close proximity to ferry service to Manhattan. Pinnacle has acquired the property as a joint venture with Centrum Properties of Chicago and will convert the property to condominiums. The new community will be known as Mandalay on the Hudson and plans for this new building include décor changes to the lobby, corridors, clubroom and exercise amenities by a designer with world wide experience that include prestigious resorts and hotels.

“We are excited to have acquired such a desirable property in one of the state’s fastest-growing cites. The waterfront property and easy access to New York City will make Mandalay extremely appealing to prospective residents looking to experience Pinnacle’s standards of excellence and luxury. ” said Mary Boorman, senior vice president of marketing and strategic planning for the Pinnacle Companies.

Pinnacle, which includes Pinnacle Communities, Pinnacle Custom and Pinnacle Downtown, is among the most respected real estate development and investment companies in the industry. The award-winning company has built an enviable reputation in the sale and rental of luxury, active adult and custom housing, as well as the office, retail, and mixed-use markets. Since the company’s founding in 1984, Pinnacle has built in excess of 3,000 luxury attached and detached homes as well as several million square feet of commercial space. Pinnacle’s innovative approach to development and creative problem-solving abilities are qualities that continually position Pinnacle as “what’s next” in the real estate market.

For more information on Pinnacle, visit www.pinnaclecompanies.net or contact the company’s Chatham headquarters at 973-379-1900