PROJECT SUMMARY
Herryford Village is an infill development consisting of 171 single and multi-family units, along with 14,000 square feet of retail space. The project is part of the Military Housing Privatization Initiative (MHPI), which Congress approved in 1996. The MHPI allows the military to obtain private-sector capital and expertise to develop, manage, and improve military housing. Through its partnerships with the Department of Defense, Clark Realty Capital, LLC is able to provide military men and women and their families with the best housing the marketplace has to offer with minimal tax-dollar investment.

Herryford Village is characterized by generous open spaces, handsome streetscapes, and pedestrian paths. Village Greens, which provide active recreation spaces, are designed to be no more than a five-minute walk from every home. Smaller greens provide playing fields, exercise paths and open space, while helping to bring structure and orientation to the village. Larger greens provide the setting for community buildings and other amenities. Together, this network of community buildings and village greens brings a unique character and identify to the post.

The importance of pedestrian connectivity cannot be stressed enough when designing homes for this unique group of residents. At the Villages at Fort Belvoir, the Clark team designed an extensive system of new roadways, pedestrian paths, jogging trails, and open spaces to create a unified structure that residents and visitors can navigate with ease. This continuous system of paths and open spaces is inviting to residents, while paths, views, and preserved tree areas augmented with new landscaping provide visual interest.

Mlitary families also tend to have more young children than typical renters. Thoughtfully planned two- and three-story homes in a traditional colonial style have a minimum of three bedrooms and range in size from 1,466 to 2,263 square feet. Residents love the spaciousness of these homes compared to what was previously offered. The most popular feature among these families is the private, fenced rear yard. Here, children can play in an enclosed yard and the care-taking spouse can watch then from inside through a strategically-placed kitchen window.

Military families need more space to accommodate the many household items and souvenirs they collect from their assignments around the world. Lack of space and storage is a huge issue. The new homes in the Village Commons neighborhoods are larger than the current military homes and compare to typical private-sector housing in the area, reflecting Clark's desire to provide truly exceptional homes and high-quality living experience. Other touches include wider than normal doors and stairways for the frequent moves caused by reassignment.

Herryford Village was completed in 2005. As a testament to its success, it has been fully occupied since its opening. The first Village of a multiphase project, Herryford Village has been a tremendous success for Clark, the Army, and most of all, its residents.

Herryford Village boasts several homes above retail space. These live/work nits are the first of their kind to be built on a military installation and have enjoyed a successful lease-up pace far exceeding expectations. This housing, combined with the mix of retail uses below and a well crafted and articulated streetscape design, are the first steps to creating a "Main Street" along the central east/west connecting road of the past. This street provides an identifiable central destination supplementing the existing public and retail services, which include two chapels, a gym facility, a child care center, and the central library. The Army is so excited by the results and popularity of the units that similar housing types are now being introduced on other Army posts around the country.

Herryford Village is the product of an innovative Public/Private Venture (PPV) between the Department of the Army and Clark Realty that leverages the development and financial expertise of the private sector to provide quality, affordable housing for soldiers and their families. PPV's like Herryford Village are financed by capitalizing the service member's market-based Basic Allowance for Housing. Military residents living in PPV housing pay zero out-of-pocket expenses. The PPV development model provides military families with higher quality housing at less cost ot the American tax-payer than typical military construction.

Another important opportunity presented by the Fort Belvoir project was the chance to provide quality housing for service members in the D.C. Metropolitan Area who could not otherwise afford to rent or buy a quality home. Clark Realty could not have built the homes at Fort Belvoir without the PPV program. Because the PPV allows the team to build the development without paying the land costs, the company is able to provide affordable, quality housing for these service members who sacrifice so much for their country. The residential units, office, and care and shell of the retail space were financed by the RCI project through third party debt (S&P rated bonds), interest income, net operating income and partnership equity over the term of the public-private partnership (PPV). No government investment (tax dollars)go into the housing redevelopment project. Clark Realty Capital (through PPV legal entities) is the managing member of the partnership and Owner of the real property (entire Town Center), AAFES signed subleases for the retail spaces and financed the fit out through internal financing and negotiations with individual tenants. The AAFES subleases reimburse the project for the upfront investment of the core and shell space. This is a key component for the financing in that dollars for the redevelopment of housing are made whole during a 6-year pay back period so the money can be reinvented into the community redevelopment.

In addition to providing the physical amenities of a high-quality community, our property management plan incorporates a service program tailored to the specific needs and demands of the residents. Pinnacle, Clark's property management partner, develops a service and amenity program geared to minimize the difficulties and demands of military life. This program begins with the management and maintenance teams and their offices strategically placed within our communities. This location allows for convenient accessibility for our residents and also enhances relationship building and customer service. Additional services provided by these teams include on call status 24 hours a day/7 days a week, regular lawn care, and weekly trash/recycling services. Prior to privatization all of these services were the responsibility of the service member and their family. Quality of life and a stress-free living environment are the primary goals we strive to achieve for the families at Fort Belvoir.