PRESS RELEASES

Hines Sells Dallas Galleria To UBS Realty Investors LLC

Homes in all neighborhoods are appreciating, new home construction starts booming

4/28/2000

Hines Resorts announced today that the first million-dollar-plus custom homes have been purchased at River Valley Ranch, Carbondale's year-round residential resort community. Two homes with nearly $1.2 million price tags have been sold. The two homes that are under construction now will be completed before year's end.

Homes throughout the River Valley Ranch community are appreciating and selling quickly. Homes in The Settlement, a neighborhood comprised of single-family luxury maintenance-free mountain homes, have appreciated in the past year. They have seen a 29 percent increase in price over the last eight months. The latest three-bedroom, three-and-a half-bath speculative home in The Settlement sold for $730,000. Two-level homes in the Victorian-styled Old Town have also appreciated. Over the last two years, Old Town has seen an appreciation rate averaging 36 percent. There are also more than 40 custom homes going under construction this year.

One of the first residents to move into the Settlement neighborhood was Dick Durrance II and his wife, Susan Drinker. Son of Dick and Miggs Durrance who were part of the rebirth of Aspen in 1947, Durrance said, "There's a parallel with my parents being among the first to settle in Aspen in '47 and now Sue and I as the early pioneers of River Valley Ranch." The Durrances moved downvalley from Snowmass and just spent their first winter in their new home. "We love the climate down here with less winter and a warmer winter," he said. An avid golfer and professional golf course photographer, Durrance loves "the open views we have across the golf course and across the river to Mt. Sopris. I also love to walk to lunch at the Club House, play nine holes of golf after work and hit balls at the driving range. But best of all, I love the daily show of weather around Mt. Sopris."

Vicki and Russell McKenzie, owners of Ace Hardware of Carbondale and Alpine Ace Hardware in Aspen, and her parents, Vance and Ellen Grenko, are among the recent purchasers of property at River Valley Ranch. "We are thrilled at the prospect of moving here," said Vicki McKenzie. "It's our chance to build our dream home, be next to our parents to care for them, and live in a place with a strong sense of community that is so well-suited to our lifestyle." Vicki's father is looking forward to living next to his daughter as well. "If we have to move anywhere, it's here," Grenko said. "I'm also looking forward to being able to walk to the post office for my mail."

River Valley Ranch is located on the site of a 520-acre former working ranch and offers a variety of ownership opportunities in several different neighborhoods, each of which features architecture that is influenced by Colorado's rich ranching and mining heritage. The design and content of each community purposefully bring together people of all generations to enjoy the Ranch's amenities and outdoor-oriented lifestyle.

River Valley Ranch features an 18-hole championship golf course, as well as a clubhouse with pro shop and a driving range. Other amenities include the Ranch House Swim and Tennis Club, featuring five Har Tru tennis courts, an outdoor swimming pool, a year-round lap pool and a children's pool. In addition, there are 250 acres of dedicated open space, 1.5 miles of fly fishing on the Crystal River, a five-mile trail network and eight community parks, including a European-sized soccer field, a baseball field and a traditional kids' playground.