U.S. Air Force Selects Pinnacle Development and Hunt ELP for Family Housing Redevelopment in California

WASHINGTON – After a highly competitive bid process, the Department of the Air Force has selected Beale Privatized Housing LLC to enter into exclusive negotiations for the Beale Air Force Base military housing privatization project, a 50-year public-private venture to revitalize the existing housing at Beale AFB. Beale Privatized Housing LLC is a joint venture comprised of Pinnacle AMS Development Company LLC (Pinnacle) of Irvine, Calif. and Hunt ELP Ltd (Hunt) of El Paso, Texas.

Pinnacle and Hunt will develop, finance, design and construct improvements as well as own and operate the family homes at Beale AFB for the next 50 years. Proposed plans include the demolition of 644 inadequate homes, construction of 242 new homes, and renovation of 558 homes. New homes will feature two-car garages, double sinks in bathrooms, ceiling fans, overhead lighting in all rooms, and walk-in clothes closets. Neighborhood recreational amenities include a fully renovated Welcome Center and swimming pool; and the addition of picnic areas, walking trails, playgrounds, and tennis courts.

Approximately $228 million in private sector debt and equity will be spent during the 3-year initial development period to renovate existing and construct new and replacement family housing. Implementation of the plan is expected in the fall of 2007.

Pinnacle will provide co-development and property management services. Hunt will provide co-development and asset management services. Harper Construction Co. of San Diego will be the design-builder. The new homes will be designed by Cass Sowatsky Chapman + Associates, San Diego. Woolpert, Inc., Dayton, Ohio, will offer renovation architecture plans and civil engineering services. EDAW’s Irvine and San Francisco offices will provide site planning and landscape architecture services.

In addition to the Beale project, Hunt Pinnacle was also recently selected to redevelop family housing at Barksdale Air Force Base, La.; Langley Air Force Base, Va.; Bolling Air Force Base, Washington, D.C.; Columbus Air Force Base, Miss.; Laughlin Air Force Base, Texas; Randolph Air Force Base, Texas; Good Fellow Air Force Base, Texas; Maxwell Air Force Base, Ala.; Vance Air Force Base, Okla.; and Fort Lee, Va. Hunt Pinnacle is developing, building, renovating, and operating military family housing at Scott Air Force Base, Ill., Nellis Air Force Base, Nev., and Dover Air Force Base, Del.

Hunt Building Company is currently managing development and construction at eight other Military Housing Privatization Initiative (MHPI) projects. Pinnacle also owns and operates military family housing at Fort Benning and Camp Merrill, Ga.; Fort Belvoir, Va.; the Presidio of Monterey and Naval Postgraduate School in Monterey Bay, Calif.; and Fort Irwin, Moffett Federal Airfield, and Parks Reserve Forces Training Area in California.

About Pinnacle
Headquartered in Seattle, Pinnacle is the third largest manager of residential real estate with over 3,100 employees in 42 states and 266 cities. Pinnacle’s multifamily portfolio consists of over 140,000 units – of which more than 17,000 are military family homes - including 56 General Officer Quarters for the U.S. Air Force, Army and Navy. Pinnacle manages an international portfolio valued at more than $12.3 billion. The firm’s clients include more than 235 institutions, pension funds, private partnerships, foreign investors, sole owners and government housing groups in North America and Asia.

About Hunt
Founded in 1947, Hunt Building Corporation and its affiliated companies provide a full range of development, design, construction, investment, and asset/property management services. The companies have been headquartered in El Paso and operated by the Hunt family for four generations. It began its emergence as one of the premier design/build firms for military housing in the United States in 1970. Today, Hunt Building has completed military construction projects in 38 states, representing more military family housing projects in the U. S. than any other entity.

Hunt affiliated companies are Hunt Building Company, Hunt Development Group, Hunt Communities, HBC Property Managers, Hunt Administrative Services, and Hunt NR.