Tarragon South Announces Conversion of Jacksonville Apartment Complex to Condominiums

Tarragon South Development Corp., a wholly owned subsidiary of Tarragon Corporation, today announced plans to convert the Madison at Deerwood Lake apartment complex in Jacksonville, Fla. to a condominium community named The Montreux at Deerwood Lake.

Orlando, FL (PRWEB) February 20, 2005 -- Tarragon South Development Corp., a wholly owned subsidiary of Tarragon Corporation, today announced plans to convert the Madison at Deerwood Lake apartment complex in Jacksonville, Fla. to a condominium community named The Montreux at Deerwood Lake. Tarragon closed on the property Jan. 17. The 444-unit Montreux is in Southside, one of Jacksonvilles fastest-growing and most popular communities. Located just off Southside Boulevard near Interstate 95, The Montreux is convenient to many major employers, as well as the beach and downtown Jacksonville. An added bonus to residents is the new Publix-anchored retail center adjacent to the property and the Tinseltown Entertainment Complex located across the street.

Southside is considered the new place to be by many young professionals living in Jacksonville," said Tony Martin, Tarragon South vice president. The area is experiencing exponential residential growth and a number of employers have opened new offices. With the prime location and the amenities this property boasts, we expect condos at The Montreux to be in high demand," concluded Martin.

Perched on the shore of picturesque Deerwood Lake in a park-like setting accented by colorfully lighted fountains, The Montreux offers 12 spacious floor plans ranging in size from 786 to 1613 square feet. Some of the homes will be available with optional solariums, balconies and lofts. Prices range from the $130s to the mid-$200s. The Montreux also boasts numerous amenities including: restricted/gated access, a business center for residents and guests, billiards room, theater, club room/bar area, two swimming pools and spas, sand volleyball court, lighted tennis

court, picnic area with BBQ grills and lakeside pavilion with sunning deck. The clubhouse features a state-of-the-art fitness center, dry rock sauna and a full-sized, indoor basketball court. The Montreux, which is less than 18 months old, consists of two- and three-story buildings, each of wood-frame construction with a cement siding and stone exterior finish, complemented by a hip-style, gabled, architectural asphalt shingled roof. One unique feature that The Montreux offers is every condo is pre-wired for surround-sound and comes equipped with built in speakers. Just plug in your stereo or home theatre and youre ready to go," said Martin. Its one of the reasons we named the property Montreux [after the Montreux Jazz Festival] -- to express the propertys inherent musical attributes."

Sales and marketing for The Montreux at Deerwood Lake will be handled by Coldwell Banker The Condo Store, one of the market leaders in the sales and marketing of condominiums, lofts, luxury high-rises, cluster and town homes. The projects preferred end-loan lender is Wells Fargo, and the title company is Suncoast Title. The sales office and model homes at The Montreux will open in early March. To register for The Montreux at Deerwood Lakes Priority Buyers List, visit the Web site at www.montreuxcondo.com or call 904-997-0924.

About Tarragon South Development Corp.
Tarragon South Development Corp., wholly-owned by Tarragon Corporation, is a publicly traded corporation (Nasdaq: TARR). Founded in 1973, Tarragon South is a leading urban homebuilder and developer and owner of rental communities. Known for superior attention to detail, outstanding amenities and exceptional customer service, Tarragon controls approximately 16,000 rental apartments and 1.4 million square feet of commercial space, valued at $1 billion, with concentrations in New Jersey, Florida, Connecticut, and Texas. The New York City-based company, which also has regional offices in Wallingford, Connecticut, Fort Lauderdale, Jacksonville and Orlando, Florida, in 2005 will build and sell more than 2,000 new homes in urban, high density locations in Florida, New Jersey, Connecticut, Tennessee and Texas. Tarragons business is to create and realize value for our stockholders by developing, renovating, operating and selling real estate.

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