CRITERION DEVELOPING 360-U ACQUIRES MULTIFAMILY PORTFOLIO FOR $270 MILLION

RICHARDSON, TEXAS — The Dallas office of Criterion Property Co. is developing Pradera, a 360-unit, resort-style apartment community located at the corner of Custer Road and Bush Tollway in the Telecom Corridor of Richardson. The community will consist of two- and three-story buildings; amenities will include outdoor gathering spaces, private front yards, an outdoor kitchen with a grilling station, a lagoon pool and spa lounge, and poolside cabanas. The community is being built along the new Greenside Drive, which will serve as the “main street” for the project and promote pedestrian activity. Equity financing for the project is being provided by Trammell Crow Company Acquisitions Fund II, with the Dallas office of Wachovia Bank providing debt financing.