Greystar breaks ground on Luxury Apartment Community in South Pasco

TAMPA, FL— Greystar is pleased to announce groundbreaking on a 451-unit luxury apartment community. Greystar at Cypress Creek is scheduled to open in the summer of 2009 incorporating a mix of 3-story garden apartments with direct access garages and 3-story town homes. The community is being developed on a heavily wooded 30-acre site overlooking Cypress Creek. The development is situated around nature preserves, wooded groves and open recreational areas to protect and provide views of the waterway, clusters of majestic live oaks and four and a half acres of internal parks.

Amenities at Greystar at Cypress Creek will include an expansive resort-style swimming pool with cascading water features, live palms, an outdoor kitchen and fire pit; a large fitness center featuring the latest in cardio and strength technology and an adjoining nursery; a resident club room with a home theater area, billiards table, business center, entertainment-style kitchen/bar, a wi-fi internet café and screened porch overlooking the pool. The community also features abundant walking trails, a playground and multiple park areas.

Greystar at Cypress Creek will be located just north of the I-75 / I-275 merge along Cypress Creek Road between Highway 54 and County Line Road. From this central location, residents can enjoy the Pasco County quality of life, and still be less than 30 minutes from most major employment centers, downtown Tampa, and Tampa International Airport.

New retail development in the vicinity of Greystar at Cypress Creek includes Cypress Creek Town Center (a 1.5 million square foot open-air regional center scheduled to open in fall, 2009), The Shops of Wiregrass (800,000 square foot mall scheduled to open on October 30, 2008), and the Grove at Wesley Chapel (opened in November 2007).

“As the sixth largest manager of apartments in the US, we are proud to add this latest development in Pasco County. We feel that this will be the finest apartment development to fuel the continued growth in the South Pasco Market.” says Andrew R. Livingstone, Greystar Executive Director

Greystar is a fully integrated real estate investment and services company that offers expertise in multifamily management, development and investment throughout the United States. Since inception, Greystar has made investments of over $2.75 billion and has an annual development pipeline of more than $500 million. Its property management division has approximately 100,000 residences under management in 18 states throughout the United States. Further information can be found on the Company’s website at www.greystar.com.