FOR IMMEDIATE RELEASE

Unique "Village" Concept Succeeding in Riverwood

MEMPHIS, Tennessee, May 22, 2000 - Construction is underway on three new phases totaling 181 new homes in the thriving residential community of Riverwood Farms in Cordova.

Setting itself apart from traditional residential neighborhoods, which may include apartments, office or retail buildings, Riverwood Farms is a 100 percent, single-family, detached housing neighborhood. The 14-year-old development hopes to complete construction on the entire Riverwood Farms community within five years.

Riverwood Farms is a 537-acre development located off Dexter Road one mile north of Macon Road and one mile east of Germantown Parkway. This residential community offers a private 35-acre, tree-lined lake, two ponds and a 2.5 paved mile fitness path around the lake.

Also rare to find, the neighborhoods of Riverwood Farms are segmented according to price and lot size.

"Riverwood Farms was concepted to attract a cross-section of home buyers," said Ron Belz, president of Belz Enterprises. "Because the homes range in price from the high $100,000s to the low $400,000s, Riverwood Farms appeals to everyone -- from newlyweds and families with children to empty-nesters and retirees."

One phase of the new development is located at the entrance of Dexter Lane and -more- page 2 of 2 is expected to be complete in three to four years. Homes are built on 70-foot lots and range from the $190,000s to the $240,000s.

Currently under construction in the northeast section of Riverwood Farms are homes situated on 80-foot lots ranging from $210,000 to $280,000.

The final phase of the newest development in Riverwood Farms is at the southern end of Riverwood Farms Parkway. Ranging from the mid-$200,000s to the low $300,000s, the homes are built on 80-foot lots.

All told, the Riverwood Farms development will have more than
1,000 homes when finished.

Model homes at Riverwood Farms will be open to the public every weekend throughout the month of May and June.

Headquartered in Memphis, Tennessee, Belz is a national leader in real estate development. The company owns and manages more than
25 million square feet of industrial warehouse and distribution centers, shopping centers, office buildings, mixed-use centers, and corporate campuses.