Cottages of Stonehenge in Raleigh Meet Pre-Sale Goal

RALEIGH, NORTH CAROLINA - July 22, 2003 - Daniel Corporation today announced that the conversion of Cottages of Stonehenge has begun. Daniel started marketing the units as condos for purchase in February 2003, and having met the goal of pre-selling 40 units, the company has begun closing on the units this month. Sales agents Cindy and Lewis Penny, Brokers for Fonville Morisey Realty are overseeing the marketing for the conversion.



Formerly known as Sterling Village apartments, Daniel purchased the 188-unit townhome-style property in July 2002 and operated it as a rental community while completing major exterior renovations. Those renovations included the installation of new Hardiplank® siding, roofs, security gates and playground equipment as well as refurbishing the tennis court and upgrades to the landscaping and fences.



Daniel's Senior Executive Vice President and Raleigh native Andy Andrews commented, "The quality of these condominiums and their location make an ideal home for those in the market. Additionally, the number of amenities and the recent upgrades to the property make Cottages of Stonehenge desirable for both families and singles. The buyers we are capturing range from young professionals to retirees."



Originally built in the mid-1980s, Cottages of Stonehenge are comprised of 49 three-bedroom units (each 1,400 square feet), and 139 two-bedroom units (each 1,200 square feet). Each unit has two and one-half baths and wood burning fireplaces.



Prices start at $108,900 and go up to the $140,000s based on the level of upgrades. There are four basic styles of units: "As Is," "Base," "Standard" and "Upgrade." In addition, buyers can choose "à la carte" items to add to their units.