Business/Photo Editors

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CHARLOTTE, N.C.--(BUSINESS WIRE)--Aug. 22, 2002

Colony Homes, L.L.C., one of the largest privately owned homebuilders in the Southeast, has announced its regional strategy for expanding its Charlotte,

Business/Photo Editors

NOTE TO MEDIA: Multimedia assets available

CHARLOTTE, N.C.--(BUSINESS WIRE)--Aug. 22, 2002

Colony Homes, L.L.C., one of the largest privately owned homebuilders in the Southeast, has announced

its regional strategy for expanding its Charlotte, N,C.-based operations and has named Kenneth Alan Corbitt, formerly Operations Manager, as Division President of Colony Homes-Charlotte, to lead the company's efforts to become the #1 homebuilder in the Charlotte-Mecklenburg market and the surrounding counties. This announcement was made by Colony Homes Chief Executive Officer Ron Peiffer.

Mr. Corbitt joined Colony Homes in 1989, serving initially as Estimator, then as Chief Estimator, Builder and most recently as Operations Manager for the Atlanta Division.

He is assisted by a newly formed land development and management team, based in Charlotte, and headed by Pete Sullivan, as Land Development Manger, and John Chism, as Land Acquisition Manager. New Marketing Manager for Colony Homes-Charlotte is Sheila Duffey, formerly marketing manager for Colony Homes, Atlanta.

With this team in place, Colony Homes-Charlotte is planning nine new communities by 2003 and a projected growth of 80% over its 2001 closings volume.

Colony Homes' Charlotte Division closed 266 homes in 2001 and currently has seven active single-family communities under construction, including two in Union County (BearCreek and Arbor Glen), one in Cabarrus County (Haddington at Highland Creek), three in Mecklenburg County (Back Creek Chase, Coventry and Woodlands), and one announced this week in Gaston County's Ranlo area (Mountain View).

As Ron Peiffer stated, "Within four years of entering the Charlotte marketplace, Colony Homes is already ranked #13 in the Charlotte area. Under Ken Corbitt's leadership, we expect to become an even stronger player, with new land positions in Charlotte and the surrounding counties, including Union, Cabarrus and Gaston."

Ranked #38 in the nation, Colony Homes specialized in entry-level homes priced from the low $100,000s. The company closed 2,047 company-wide in 2001 and generated a gross volume of $259 million.

Mr. Corbitt is a native of Montgomery, Alabama, and attended Auburn University in both Auburn and Montgomery, where he received his bachelor of science degree in construction and MBA, respectively.

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Mr. Corbitt joined Colony Homes in 1989, serving initially as Estimator, then as Chief Estimator, Builder and most recently as Operations Manager for the Atlanta Division.

He is assisted by a newly formed land development and management team, based in Charlotte, and headed by Pete Sullivan, as Land Development Manger, and John Chism, as Land Acquisition Manager. New Marketing Manager for Colony Homes-Charlotte is Sheila Duffey, formerly marketing manager for Colony Homes, Atlanta.

With this team in place, Colony Homes-Charlotte is planning nine new communities by 2003 and a projected growth of 80% over its 2001 closings volume.

Colony Homes' Charlotte Division closed 266 homes in 2001 and currently has seven active single-family communities under construction, including two in Union County (BearCreek and Arbor Glen), one in Cabarrus County (Haddington at Highland Creek), three in Mecklenburg County (Back Creek Chase, Coventry and Woodlands), and one announced this week in Gaston County's Ranlo area (Mountain View).

As Ron Peiffer stated, "Within four years of entering the Charlotte marketplace, Colony Homes is already ranked #13 in the Charlotte area. Under Ken Corbitt's leadership, we expect to become an even stronger player, with new land positions in Charlotte and the surrounding counties, including Union, Cabarrus and Gaston."

Ranked #38 in the nation, Colony Homes specialized in entry-level homes priced from the low $100,000s. The company closed 2,047 company-wide in 2001 and generated a gross volume of $259 million.

Mr. Corbitt is a native of Montgomery, Alabama, and attended Auburn University in both Auburn and Montgomery, where he received his bachelor of science degree in construction and MBA, respectively.

For additional information on Colony Homes, visit the company's website at www.colonyhomes.com.

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