Crosland Honored in 2008 Pillars of the Industry Awards

Raleigh, N.C., May 19, 2008– Crosland LLC, one of the southeast’s leading real estate companies, has been recognized by the National Association of Homebuilders (NAHB) for its Waynesville, N.C., Laurels of Junaluska project. Crosland earned top honors for “Most Creative Financing of an Affordable Apartment Community” and was a finalist for the overall “Best Affordable Apartment Community” in the NAHB’s Pillars of the Industry Awards - considered the most prestigious in the industry. Alpha Mill in Charlotte, N.C., was also a finalist in “Best Adaptive Reuse” category.

The Laurels of Junaluska is a model for affordable senior living with 36 spacious one-bedroom and 64 two-bedroom apartments overlooking scenic Lake Junaluska in the heart of the Western North Carolina Mountains. This project was developed in conjunction with the Southeastern Methodist Association for Rehabilitation and was uniquely financed through the U.S. Department of Housing and Urban Development tax credits, Federal Home Loan Bank Affordable Housing Program funds and a Duke endowment grant.

 “The entire team at Crosland is proud to be associated with this wonderful community where senior residents, living on a small fixed income, can have a comfortable home that they can take great pride in. Thanks to collaboration among industry experts, the Laurels of Junaluska is truly one of the most impressive affordable housing communities you’ll find. This is a terrific example of Crosland’s Signature Placemaking philosophy,” said Dean Edwards, Crosland’s vice president of affordable housing. As a finalist for the “Best Affordable Apartment Community,” at least 40 percent of the units found in the Laurels of Junaluska had to be reasonably priced for people of Waynesville, N.C., earning 60 percent or less of the area’s median income. The “Best Adaptive Reuse” finalist recognition is the third significant honor for Alpha Mill, Crosland’s sensitive renovation of Charlotte’s second cotton mill, a local Historic Landmark listed on the National Register of Historic Places. Crosland’s residential division developed both projects.

David Ravin, Crosland’s residential division president said, “Providing affordable housing opportunities has been one of Crosland’s top priorities for more than 60 years. We are very encouraged that more municipalities are now realizing the importance of providing quality affordable housing within their communities.”

The awards were recently presented at a gala ceremony held in Colorado Springs, Colo., during NAHB’s annual conference for apartment and condominium developers. Over the years, Crosland has won several past Pillars of Industry awards in Best Mixed-Use, Best Affordable Housing and Best Market Rate Apartments categories.