Condominium Sales Outpace the Market at CityVista Named Best Residential Property in D.C. in Recent Reader Survey.

-Sold 32 Units in March; First Building Now 91 Percent Sold-

WASHINGTON -- Lowe Enterprises has been a leader in revitalizing the Mount Vernon Triangle, attracting new residents, retail and restaurants to its mixed-use development CityVista featuring two Class A condominiums buildings - "The L" and "The K" with a combined 441 units -- 244 apartments and 120,000 square feet of retail. It is one of the largest projects underway in the Washington D.C. area. The two condominium buildings set a remarkable sales pace with 32 units purchased in March alone. "The L" has now sold 136 condominiums or 91 percent of its inventory. The popularity of CityVista is seen in the results of a recent reader survey that named it the best residential property in D.C. Phase 2 of the development, which includes "The K" with 292 condominiums, and a third building with 244 apartment rentals, will see residents moving in around early summer. Unlike some apartment developments in the area, which originally were designed as condominiums, these units were conceived as rentals from the project's inception.

"Despite a national slowdown in condominium sales, we set a blistering pace on our units in March, and see continued interest this month," said Amy Adams, V.P., director of sales and marketing, Lowe Enterprises. "The combination of superior quality housing and great retail, restaurants and services, set around a one-acre private park in a vibrant urban setting within steps of Gallery Place and the Penn Quarter, makes CityVista very attractive for potential buyers."

The condominium units range in size from 663 square feet to 1,461 square feet with floor-to-ceiling windows flooding the expansive, open living spaces with natural light. They come in one- or two-bedroom configurations, some with balconies and terraces, and have well-appointed bathrooms and modern kitchens.

The retail and restaurant elements include a 55,0000-square-foot Urban Safeway - one of only four throughout the country. Convenience and specialty stores include Starbucks, Bergmann's Dry Cleaning, Results Gym, and 5th Street Hardware, the fourth store from the husband and wife team that created Logan Hardware. Local restaurateur Andy Shallal, creator of Busboys and Poets, will bring a new restaurant concept that combines literature and art with great food, to CityVista. Featuring large windows that bring the outside in and expansive wall space for original artwork, the 6,100-square-foot restaurant will offer an eclectic blend of literature and great food in a comfortable setting.

In addition to being named the best residential property by readers of Washington City Paper this month, CityVista won Delta Associates' prestigious award for Best Mid-Atlantic Neighborhood Impact Condominium Community in 2007 for the critical role it has played in the revitalization of the Mount Vernon Triangle.

Located at Fifth and K Streets NW, CityVista has been developed by Lowe Enterprises, CIM Group, Neighborhood Development Corporation, National Capital Revitalization Corporation and Torti Gallas and Partners. It is comprised of two Class A condominium buildings, one apartment building and 120,000 square feet of retail, restaurants and services space.

About Lowe Enterprises

Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 35 years, it has developed, acquired or managed more than $9 billion of real estate assets nationwide. The firm is currently developing $3 billion of commercial, resort and resort residential projects nationwide. Through its investment management affiliate, the firm currently manages in excess of $4 billion in real estate assets on behalf of investment clients. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Denver, Irvine, Phoenix, San Francisco, Sacramento and Washington, D.C.

Lowe Enterprises established its Washington D.C. area office in 1980 and has been an active investor and developer of commercial real estate throughout the region. Today it is developing several large mixed-use projects including the $200 million CityVista at 5th and K Streets and the $300 million Fort Totten Square in Northern Washington D.C.