Balfour Beatty Communities Expands into Richmond Market: Assumes Management of Carriage House Townhomes in Historic Fan

  Balfour Beatty Communities Expands into Richmond Market: Assumes Management
  of Carriage House Townhomes in Historic Fan District

New property management contract showcases company’s diversification into the
multifamily market

Business Wire

NEWTOWN SQUARE, Pa. -- January 28, 2013

Balfour Beatty Communities, LLC, a leading provider of property management,
development and related real estate services for the multifamily, military and
student housing markets, has assumed management of the Carriage House
Townhomes, a multifamily property located in ‘The Fan,’ a historic area of
Richmond adjacent to Virginia Commonwealth University. The new management
contract reflects Balfour Beatty Communities’ push to diversify its portfolio
further into the multifamily market throughout the U.S.

Carriage House Townhomes, located at 728 West Marshall Street, Richmond,
Virginia 23220, is a three-story, street walk-up design with 40 units/160 beds
and garage parking. The 10-year-old property also includes a historic carriage
house that has been architecturally incorporated into the building design and
serves as the community management office. The Townhomes are within walking
distance to the many shops and restaurants on historic Broad Street.

Balfour Beatty Communities has been contracted to deliver comprehensive
property management services, including marketing, leasing, facility
management and accounting. As part of the transition, the company has deployed
expert teams to coordinate the onboarding/training of new associates, market
analysis and other enhancements designed to overcome a locally competitive
student market and historically challenged occupancy.

"Balfour Beatty Communities is very pleased to add Carriage House Townhomes to
our multifamily portfolio," said Holly Costello, Vice President, Multifamily
Operations for Balfour Beatty Communities. "With an exceptional team and the
significant expertise and resources of our national organization, we are
poised to deliver the highest level of service and value for both our client
and residents."

About Balfour Beatty Communities

Balfour Beatty Communities, LLC is a diversified real estate services company
delivering development, design, financing, construction, renovation, property
and facilities management services in the multifamily, student and military
housing sectors. A leader in the industry, Balfour Beatty Communities has more
than 37,000 residential units and $5.5 billion in real estate assets under
management and has developed or renovated more than 27,000 units with a total
value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour
Beatty Communities has more than 1,100 employees and is a subsidiary of
Balfour Beatty Investments, Inc.

Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in
professional services, construction services, support services, and
infrastructure investment, with more than $18 billion in annual revenues.


Balfour Beatty Communities
Maureen Omrod, 610-355-8136
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