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FOR IMMEDIATE RELEASE

David Kusumoto Director of Media Relations (858) 947-2709

NEWS FROM HEARTHSTONE

HEARTHSTONE COMMITMENT ADDRESSES NEED FOR AFFORDABLE HOUSING IN MISSION VALLEY

SAN DIEGO, CA (April 17, 2002) – Hearthstone, the largest institutional investor in for

sale housing in the nation, has joined Irvine-based homebuilder Regis Homes, an affiliate of the

Sares-Regis Group and locally-based investor/developer American Property Enterprises,

committing $50 million to fund the conversion of 300 apartment units to upscale condominiums

in the Mission Valley area north of downtown San Diego, announced Anthony Botte,

Hearthstone’s senior vice president of the Western Region.

“River Colony represents an exciting alternative to single family detached homes,” said

Botte. “These homes will address the egregious lack of quality homes for the first time buyer in

the central corridor of San Diego.”

According to Botte, Hearthstone’s partnership with Regis Homes and American Property

Enterprises breaks new ground for the largest funder of for-sale housing projects in the nation.

Previously, Hearthstone, headquartered in San Francisco with offices in San Diego and across

the country, has been involved primarily in funding single-family detached home developments.

“Hearthstone has the greatest confidence that this project will benefit many homebuyers

who have been priced out of San Diego’s escalating housing market. Regis Homes is unmatched

in the field, converting more than 7,000 apartments into high quality, affordable condominiums

throughout the Western United States,” he said.

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