550 Moreland Among Finalists in National Multifamily Housing Industry Award Competition

SAN MATEO, Calif., Dec. 16, 2010 /PRNewswire/ -- The National Association of Home Builders [NAHB] recognized 550 Moreland among the top trend-setters in the multifamily housing industry, as part of its annual Pillars of the Industry Awards program promoting excellence in apartment design, development, management, and marketing.

This year's finalists are showcased virtually with NAHB Multifamily's new venue for the Pillars Awards – the Internet. An interactive presentation at this link – www.nahb.org/pillarsawards shows 550 Moreland and other innovative multifamily communities to viewers all over the country.

"Creativity in design and a clear understanding of the entrants' local markets characterized this year's entries," said Charles R. Brindell, Jr., CEO of Mill Creek Residential Trust, LLC, and chair of NAHB's Multifamily Leadership Board. "The results are outstanding apartments and condos that their residents will take pride in for years to come."

Finalists were selected for superior achievement in 27 categories, including Best Mid-rise. 550 Moreland was chosen on the basis of

1. ConXTech column beam interconnect structural system.  
2. Record lease-up of 430 units in 10 months with average lease rate of $2,800.  
3. Resort style living within an urban setting.  

Hundreds of entries—representing apartment and condo communities from across the country—vied for this year's awards, which are considered among the most prestigious in the housing industry.

"All Prometheans are proud to accept this recognition for creating a very special rental housing community," said Jon Moss, the executive vice president of development at Prometheus. "Our vision for 550 Moreland is to provide resort style living immediately adjacent to restaurants and shopping."

Prometheus is the largest private owner of multi-family properties in the San Francisco Bay Area. The firm's portfolio is comprised of award-winning properties in the best locations throughout the Western United States.

ABOUT NAHB: The National Association of Home Builders is a Washington-based trade association representing more than 175,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. NAHB is affiliated with 800 state and local home builders associations around the country. NAHB's builder members will construct about 80 percent of the new housing units projected for 2010.

SOURCE Prometheus Real Estate Group