Carolina Colors is Acquired by Preston Development Company

Housing Market Rebound Spurs Investment in Coastal North Carolina NEW BERN, NC – May 9, 2013, Cary based – Preston Development Company announces the purchase in April 2013 of developed home sites and all undeveloped land in Carolina Colours, a New Bern master-planned golf course community. Preston has teamed with Ken Kirkman, owner Carolina Creek, LLC, to complete the community. “Tim and I saw Carolina Colours as an excellent opportunity to rekindle our relationship with Ken Kirkman and begin another successful venture” says Julian “Bubba” Rawl, Preston Development Company. The trio originally met and teamed up when Preston purchased Landfall in Wilmington, NC, in 2002 where they went on to complete what is known as one of North Carolina’s most prestigious communities. “Bringing both the financial strength and experience of Preston into Carolina Colours positions the development to take advantage of what the market demands today. We already have a great location and an active residential community consisting of over 150 families. By having a debt free community we can assure purchasers of a completed community without risk” says Ken Kirkman, owner of Carolina Creek LLC. The new development team already has started construction of a three quarter million dollar pool complex to be opened in early summer 2013, to complement the golf course and 17,000 sf clubhouse, which is already completed. While more than 35 million dollars in lot sales have already been closed in Carolina Colours, Preston’s addition to the development team paves the way for the long term success of this master-planned golf course community in New Bern. Homes in the community will start in upper $190’s. For more information, please visit www.CarolinaColours.com. ABOUT PRESTON DEVELOPMENT COMPANY Cary-based Preston Development Company is recognized as one of the premier development teams in the nation. Founders Tim Smith and Julian “Bubba” Rawl have been honored with numerous accolades from private and public industry organizations, including the Home Builders Association of Raleigh-Wake County who has named them Developer of the Year 5 times. Over the past 30 years, Preston has established a reputation for planning and producing only the highest quality development projects. The company has brought to life over 35 communities including Prestonwood Country Club, Landfall, Cameron Pond (twice recognized as the North Carolina Community of the Year), Wakefield, Camden Forest, MacGregor West, Wessex and Weston Estates. In all Preston has been involved in the development and sales of more than 10,000 homes. Preston is also known for its upscale commercial retail projects including The Arboretum, Preston Corners, Preston Walk and numerous restaurants and office buildings. Preston Development has earned a reputation of being synonymous with excellence in North Carolina residential development. For more information about the Preston Development Company history, team and commitment to excellence, please visit www.PrestonDev.com. ABOUT CAROLINA CREEK, LLC Kenneth M. Kirkman, the owner of Carolina Creek LLC, the developer of Carolina Colours since its inception, was one of the leading land use and environmental attorneys in Eastern North Carolina before focusing on coastal real estate development. Kirkman has managed some of North Carolina’s largest and most successful coastal communities, including Pine Knoll Shores and Beacons Reach in Carteret County, Bald Head Island in Brunswick County, and Landfall in Wilmington. Communities under the direction of Kirkman have sold and constructed more than a billion dollars in properties, while being recognized as environmentally responsible and well programmed to ensure resident satisfaction. ABOUT CAROLINA COLOURS Carolina Colours is a 1500 acre master planned community. Its unique amenities include: The Clubhouse Pavilion – The social and recreational center of Carolina Colours, With some 17,000 square feet of heated space, plus patios that overlook the water that adjoins the 9th green of the golf course. The Golf Course – 18 hole golf course, regarded as one of the best in the region Swimming Complex – To be opened June 2013 Tennis – Coming soon Commercial Center – With Harris Teeter, an upscale grocer, having contracted to open a store in the Carolina Colours commercial center, construction of it is scheduled to begin in 2014, with it and other shops opening in 2015. Under the direction of Swain and Associates of Wilmington, a highly successful commercial developer for over 39 years, an attractive center has been designed to accommodate a variety of shops, restaurants and service facilities.