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CF INCOME PARTNERS ANNOUNCES AGREEMENT WITH AN AFFILIATE OF JMB REALTY CORP. AND APOLLO REAL ESTATE ADVISORS TO SELL PARTNERSHIP ASSETS

 LOS ANGELES, Nov. 24 /PRNewswire/ -- CF Income Partners L.P. (NYSE: CFI), a Los Angeles-based master limited partnership, announced today that it had reached an agreement in principle with an affiliate of JMB Realty Corp. and with Apollo Real Estate Advisors L.P. to sell the partnership's portfolio of investment real estate to an entity to be controlled by these investors for a purchase price of $168,750,000.
 Dennis A. Sondker, president of CF Management Corp., the partnership's general partner, said, "I am pleased that the partnership has been able to reach an agreement with JMB and Apollo, both of whom are distinguished and experienced real estate owners and operators. If consummated, this transaction should enable the partnership to make a $1.00 per unit liquidating distribution to its unitholders."
 Completion of the transaction is subject to completion of the purchaser's due diligence, approval and execution of a definitive agreement, receipt of a fairness opinion as to the transaction, execution of a definitive agreement with California Federal Bank, settlement of all outstanding pending and threatened class action and derivative litigation affecting the partnership, unitholder approval, and obtaining any necessary third party consents to the transaction.
 CF Income Partners L.P. is a publicly traded master limited partnership which has invested in income producing multifamily residential, commercial and industrial properties.
 -0- 11/24/93
 /CONTACT: Barbara J. Pape of CF Income Partners, 213-920-6246/
 (CFI)


CO: CF Income Partners L.P.; JMB Realty Corp.; Apollo Real Estate
 Advisors L.P. ST: California IN: FIN SU:


NY-LM -- LA006 -- 7520 11/24/93 08:01 EST
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Publication:PR Newswire
Date:Nov 24, 1993
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