The Market Common, Clarendon selected as finalist for the National Association of Home Builders prestigious 2004 Pillars of the Industry Award

Chicago, Illinois, March 3, 2004 – McCaffery Interests, Inc. (www.mccafferyinterests.com) is pleased to announce that the Market Common, Clarendon, located in Arlington, Virginia has been selected by the National Association of Home Builders (www.nahb.org) as a finalist for the 2004 Pillars of the Industry Award. The Pillar Awards, considered the most prestigious awards in the multifamily housing industry, honor excellence in development, design, marketing and management.

The Market Common, Clarendon is one of four finalists in the “Best Mixed-Use Community” category. The Market Common, Clarendon is noted for artfully blending 240,000 SF of prime retail, 300 Class –A apartments, 87 townhomes, 100,000 SF of office space and nearly 1,200 parking spaces into a relatively compact footprint that compliments the surrounding neighborhoods and commercial areas, providing a attractive, walkable, visually stimulating and architecturally timeless street-front setting. What once stood as an empty parking lot for more than a decade, the property is now a thriving example of the creative and effective collaboration between McCaffery Interests, Inc., Arlington County Officials, local Citizen Associations and innovative financial partners.

Well received by both the public and the industry since conception, The Market Common, Clarendon has set new standards -- 87 town homes sold out and 300 rental units were fully leased above pro forma rates within the first year. The retail portion was 100% leased to highly desired tenants such as Crate & Barrel, Pottery Barn, The Container Store and Barnes & Noble. The office space is also 100% leased. Honored in the commercial industry, The Market Common, Clarendon has received awards including 1) Washington Business Journal Real Estate Deal of the Year 2) 2001 Delta Associates, Mid-Atlantic Community Impact Award for an Apartment Property, and 3) 1999 Transwestern Carey Winston, DC Area Commercial Real Estate Services Trendsetter of the Year.

Financing for The Market Common, Clarendon was arranged by RREEF, a nation a real estate investment advisor. Construction financing was provided by a banking group led by Fleet Bank, and included BankOne and PNC Real Estate Finance. In 2001, the Market Common, Clarendon was sold to the Teachers Insurance and Annuity Association of American (www.tiaa.com), one of the most prestigious institutional owners of real estate in the country. Located adjacent to the successful Market Common, Clarendon are an additional two phases designed to complete the master-planned urban village – bringing an additional 50,000 square feet of street front retail, restaurants and 150 parking stalls.

“To create a project of this quality, sell it to a strong institutional owner, and to receive national development and design recognition is the best end-game in the development business.” says Dan McCaffery, McCaffery Interests, Inc. The National Association of Home Builders will announce the 2004 Pillar Award winners on March 29, 2004.

About McCaffery Interests, Inc.
Established in 1991, McCaffery Interests, Inc. is a privately held real estate development company specializing in the development, leasing, and management of urban mixed-use properties nationwide. McCaffery Interests, Inc. is located at 737 Michigan Avenue, Suite 2050, Chicago, IL 60611, (312) 944-3777.

- END -

Media Contact:
Stephanie Orton Lynch
MJ Marketing
Ph: (703) 683-9631
Mbl: (703) 405-0728
email me