Cornerstone Realty Acquires Two Atlanta Apartment Communities.

Business Editors

RICHMOND, Va.--(BUSINESS WIRE)--Sept. 17, 2001

Cornerstone Realty Income Trust, Inc. (NYSE:TCR) announced today that it has purchased two Atlanta-area apartment communities - Poplar Place Apartments and Enclave at Poplar Place Apartments - for $34.7 million.

Formerly owned by Poplar and Enclave Housing Associates LP, the two adjacent properties are located in Kennesaw, Ga., 20 miles northwest of downtown Atlanta, and contain a total of 524 units.

Commenting on the acquisitions, Chairman and Chief Executive Officer Glade M. Knight said, "We are extremely pleased to substantially increase our presence in the Atlanta market with the purchases of these quality Poplar properties. Atlanta now represents approximately 10% of our total portfolio of 18,976 units, up from 7% before the purchases. These communities are excellent additions to the other five communities we currently own and manage in the Atlanta area."

The 324-unit Poplar Place Apartments is a garden-style community with 18 two- and three-story buildings on nearly 27 acres. Built in 1989, the average unit size is 925 square feet. The community includes one-, two- and three-bedroom floor plans and the units include fully equipped kitchens, wall-to-wall carpeting, walk-in closets, individual HVAC controls, washer/dryer connections, and fireplaces in select units. The community's amenities include a spacious clubhouse and fitness center, outdoor swimming pool, lighted tennis courts, sports courts and a children's playground.

The 200-unit, garden-style Enclave at Poplar Place Apartments was built in 1995 and contains 11 two- and three-story buildings on approximately 19 acres. The average size per unit is 1,154 square feet. The one-, two- and three-bedroom units include fully equipped kitchens, wall-to-wall carpeting, walk-in closets, individual HVAC controls and washer/dryer connections, detached garages, and nine-foot ceilings, vaulted ceilings and fireplaces in select units. Amenities include a clubhouse and fitness center, outdoor swimming pool and lighted tennis courts.

Certain statements contained herein constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the future results, performance or achievements of the Company to be materially different from any forward-looking statements. Such factors include, among others, risks associated with future economic and rental conditions in specific markets and general competitive factors.

Cornerstone Realty Income Trust, Inc. (NYSE:TCR) is a fully integrated, self-managed and self-advised real estate company that has operated as a real estate investment trust (REIT) since 1993. The company focuses on the ownership and management of multifamily communities in select markets in Virginia, North Carolina, South Carolina, Georgia and Texas. Currently Cornerstone owns 75 apartment communities with 18,976 units. Cornerstone is headquartered in Richmond, Va. and its common stock trades on the New York Stock Exchange under the symbol TCR. For more information about Cornerstone, visit the company's web site at www.cornerstonereit.com.