Premium Waterfront Clear Lake Estate Lots on Beacon Island Have Been Sold by The Verandah Companies: Harbour Classic Builders and Dan Wallrath Custom Homes Purchase Clear Lake Estate Lots, Plan New Waterfront Spec Homes on Beacon Island

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The Verandah Companies announced today that Harbour Classic Builders and Dan Wallrath Custom Homes have purchased its 12 premium waterfront Clear Lake estate lots on Beacon Island with west-facing sunset views. The Verandah Companies is the developer of Beacon Island, a 35-acre private island which is surrounded by Clear Lake and connected to South Shore Harbour in League City, Texas, south of downtown Houston, Texas and north of Galveston Island, Texas.

Murphy Yates, Dan Wallrath and their respective teams understand our Beacon Island concept and the unique attributes these waterfront estate lots offer. These builders are well known in the Clear Lake-Galveston Bay area for professionalism, ethical standards, quality materials and services, and their commitment to customer satisfaction

    Each builder purchased six lots from The Verandah Companies for resale to buyers who are interested in owning a home on a Clear Lake estate lot valued at $2 million or more and who are attracted to an exclusive gated community with deep water access, quality public schools and upscale shopping.

Founded by Dan Wallrath and based in Friendswood, Texas, Dan Wallrath Custom Homes was named the 2006 Custom Builder of the Year by the Greater Houston Builders Association. Wallrath's company builds 12 to 14 custom homes each year valued from $850,000 to $3 million. Harbour Classic Builders, which was founded by Murphy Yates in 1999 and is headquartered in League City, Texas was named the H Texas Magazine 2007 Top Custom Builder. Harbour Classic Builders constructs 10 to 15 custom homes each year valued from $600,000 to $3 million.

"Beacon Island and The Verandah Companies matched well with our experience and commitment to offering custom home sites to buyers who see the value of a waterfront community as unique and well-thought-out as this one. Many Houstonians who are accustomed to luxury home-buying will be amazed that Beacon Island has so many attributes for such a reasonable price," said Wallrath, who has been a custom builder for 27 years.

Harbour Classic Builders and Dan Wallrath Custom Homes plan to begin construction of two luxury spec homes on the Clear Lake estate lots during the Spring of 2008. These homes are targeted for completion by late 2008 or early 2009.

"I was impressed by the professionalism of the entire Verandah team throughout every aspect of our negotiations. They evaluated several custom builders and chose us to be at the forefront of this exciting project. Dan and I know each other and work well together. The word is definitely out: we have been hearing from potential home buyers even before we've made any formal announcements of the completion of this transaction with Verandah," said Yates, president of Harbour Classic Builders and a home builder for 15 years.

Prospective estate home buyers, architects and realtors can contact Dan Wallrath at 713-875-0265 or Murphy Yates at 281-538-7967. Photographs of completed custom home projects, builder biographies, and additional information can be accessed via http://www.harbourclassicbuilders.com or http://www.danwallrathcustomhomes.com.

"Murphy Yates, Dan Wallrath and their respective teams understand our Beacon Island concept and the unique attributes these waterfront estate lots offer. These builders are well known in the Clear Lake-Galveston Bay area for professionalism, ethical standards, quality materials and services, and their commitment to customer satisfaction," commented Robert Stratton, co-founder of The Verandah Companies. "We are 100 percent confident that Murphy and Dan can deliver high-end homes that meet or exceed the expectations of discerning buyers and that align with Verandah's vision for a special community that we know will be among the best in the entire Houston-Galveston area."

To ensure a consistent architectural style and a Southern, coastal character for this island village, all builders for Beacon Island will be required to follow strict design standards that will result in increased value for all homeowners. Working with Verandah, Ziegler Cooper Architects has developed these strict architectural design standards that capitalize on the charm and ambiance of the southern coastal region including Georgia and the Carolinas. TBG Partners is the land planner and landscape architect for the Beacon Island project. Financing is provided by First Bank, US Bank and Comerica.

Infrastructure work on Beacon Island began during the Spring of 2007.Construction of the bulkhead and waterfront promenade are now complete, while utilities and streets are expected to be complete in the Spring of 2008.

Beacon Island, previously known as Lighthouse Island, was purchased by Crow Holdings Realty Partners IV, L.P. of Dallas, Texas and The Verandah Companies in December 2006. The Beacon Island concept is a gated master-planned community accessible by bridge from Lighthouse Boulevard in League City. In addition to the 12 homes on Clear Lake estate lots, the community will be comprised of mid-rise and high-rise condominiums, town homes and patio homes built in the Carolina coastal style and valued at $300,000 to $3 million or more. Other amenities of Beacon Island include a boardwalk promenade, boat slips facing the harbor, walkable streetscapes, a large interior park with meandering trails, and plentiful architectural accents such as gazebos and fountains. The landmark lighthouse will continue to serve as the focal point of the community.

"We are extremely excited to have these two quality builders kicking off the development of Beacon Island. When we pursued this investment, we knew the site was special, being one of the last and most unique parcels in the highest quality master-planned community in this market, and we recognized Verandah as a top-tier developer who had a fantastic vision. With the addition of Dan Wallrath Custom Homes and Harbour Classic Builders, we have added yet a third element, bringing in two highly regarded builders to help set the tone for this development," added David Craig of Crow Holdings.

About Verandah and Beacon Island

Headquartered in Houston, Texas and founded in 1996, The Verandah Companies specializes in the development, construction and marketing of residential communities. Verandah has extensive experience with multi-product communities, upscale single-family subdivisions, luxury town home and apartment home communities. Founded in 1996, Verandah's properties are located in Austin, Texas and Houston, Texas with a combined value of more than $260 million. For more information, please visit http://www.verandah.net or http://www.beacon-island.com.

About Crow Holdings

Crow Holdings (http://www.crowholdings.com) is a privately owned business based in Dallas, Texas, that makes investments on behalf of the Trammell Crow family and its investment partners. Today, Crow Holdings has a substantial stake in the ownership of various businesses, both real estate and non-real estate related, with a level of involvement in the management of these companies that ranges from active to passive. Their holdings also include significant, diversified positions in financial investments.

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