WATERFORD DEVELOPMENT’S NORTH CAROLINA DIVISION
CLOSES ON STERLING FARMS PROPERTY

Reston, VA – Waterford Development LLC, a Reston-based developer, announced today the closing of its newest project, Sterling Farms, a future equestrian community located in North Carolina’s Orange County.

The 445-acre gated community will boast 37 farmettes, a planned 10-acre equestrian center, wood-chip riding trails, all surrounded by vast amounts of natural open space. Construction is set to begin in Spring 2005.

“This is a very unique project for us and one in which we’re thrilled to be involved,” explained Waterford Development President and CEO Jan A. Zachariasse. “Sterling Farms is testament to our diversity and commitment to beautifying the communities in which we build.”

Waterford Development, recently named the Metropolitan area’s 15th largest homebuilder, is a full-service real estate development company headquartered in Reston, Virginia, with an office in Raleigh, North Carolina. Over the past 15 years, Waterford Development has developed thousands of acres of land and completed numerous unique residential communities, as well as innovative office and retail spaces. Recent award-winning developments include Belmont Greene, Symphony Village, The Broadway, and Palladium at McLean.