PHOENIX (December 14, 2004) -- Phoenix-based Pivotal Group has purchased 3,000 acres known as Stroh Ranch in Parker, Colorado, for $72 million. Located 20 miles southeast of Denver, Pivotal Group will develop the project, which will include up to 6,200 residential units, as well as various commercial parcels.

"We are delighted to expand our community development into Colorado," said Pivotal Group CEO Francis Najafi. "Colorado is a perfect addition to our existing community projects in Arizona, Texas and Utah. Our vision is to create a unique and premier community in Southeast Denver." The transaction further demonstrates Pivotal Group's strategic focus on master planned community development. Other Pivotal Group communities include the award-winning 6,500-acre development, Promontory, The Ranch Club in Park City/Deer Valley, Utah; the 820-acre Cimarron Hills Golf & Country Club in the Austin, Texas area, featuring a Jack Nicklaus Signature Golf course and custom homesites; the 1,400-acre WestWing Mountain community in northwest Phoenix surrounded by natural Sonoran desert; and Sandia, a 3,200-acre residential community to be developed Southeast of Phoenix.

Pivotal Group is an institutionally based diversified investment firm widely recognized for its history in creating high-quality residential, lodging and business environments. Pivotal Group's portfolio has also included assets and projects such as the Century Plaza Hotel & Spa and the St. Regis Hotel in Los Angeles; the Ritz-Carlton Phoenix; Red Mountain Spa in Southern Utah; 650 California Street in San Francisco's financial district; Esplanade Place, a luxury residential high-rise in Phoenix, and numerous other projects.

For more information about Pivotal Private Equity, visit www.pivotalgroup.com