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First Downtown Housing Units on Court Avenue Developed by Hubbell Realty Company Now Leasing

DES MOINES, Iowa (November 28, 2006) – Hubbell Realty Company announced today that its first downtown housing units located at 308 Court Avenue in the historic Spaghetti Works building are now leasing. The 51-unit rental apartments featuring one and two-bedrooms are one of downtown’s most affordable options beginning in the $560s. Nearly 20% of the units have already been leased with the first residents moving in by the end of January 2007. Fifty percent of these apartments are designated as income restricted. Recently named to the National Register of Historic Places, the Court Avenue Lofts puts residents in the heart of the Court Avenue entertainment district. The 573 to 1,115-square-foot apartments feature contemporary floor plans with exposed concrete columns, hardwood floors and expansive windows with great views of the city. The apartments were designed by GE Wattier Architecture, Inc. and constructed by the general contracting firm of Venter Spooner Inc. Other amenities include a business and fitness center, large windows overlooking the city, and a community room equipped with a large screen TV and lounge area. The 51-unit apartment building above Spaghetti Works is part of a larger project being developed by the Court Avenue Partners consisting of three buildings: the 51 apartments above the Spaghetti Works building, a 52-unit apartment building at 4th and Court, and a 40-unit condominium building to be constructed on 4th Street directly behind the 4th and Court Apartments. “It is very important to everyone at Hubbell Realty Company to provide affordable housing options that feature the latest elements of urban design in downtown Des Moines,” states Rick Tollakson, President and CEO of Hubbell Realty Company. “To increase housing overall downtown, it is critical to have a depth of offering. We are committed to that through the Court Avenue Lofts, as well as our numerous other downtown housing developments, including Hubbell Tower Apartments and the Brownstones on Grand.” A public “sneak peek” tour will be held on Tuesday, December 5 from 11 AM – 1 PM and 4 PM – 6 PM where visitors can view a furnished model as well as register for such prizes as an iPod and gift certificates to downtown establishments. For leasing information on the Court Avenue Lofts, visit the leasing office at 308 Court Avenue, or call BH Equities at 515-953-5090 or visit the Court Avenue Lofts on the web at www.courtavenuelofts.com.

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