Evans Withycombe to build 256 apartments.

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--March 27, 1996--Evans Withycombe Residential Inc. (NYSE:EWR) has purchased 18 acres within a master planned community in northwest metro Phoenix for the development of The Isle at Arrowhead Ranch.

The 256 luxury apartments will be built in the upscale Arrowhead Ranch Master-Planned Community, located in Glendale, Ariz. The community represents a $17 million investment, and construction is set to commence in May, with initial occupancy scheduled for December of this year. Stabilized yield is expected to be 10 percent to 10.5 percent.

The Isle will contain a mix of one, two and three bedroom plans, with an average size of 1,005 square feet. The community will offer a full compliment of amenities.

Dick Berry, EWR executive vice president, said, "The Isle is the first new apartment community to be built in Glendale since 1987; and considering the premier location, its lake front location and the pent-up demand, we expect a strong response."

The lake is a unique feature. Water is stored in the lake for reuse, primarily as landscape irrigation. "With the lake totally within the confines of the apartment community, we expect that roughly 60 percent of the residences will have lake views," Berry added.

Evans Withycombe Residential, based in Scottsdale, is a REIT listed on the NYSE. The company specializes in apartments in Arizona and southern California and owns approximately 11,733 units, with an additional 1,586 units under construction.

CONTACT: Evans Withycombe Residential Inc., Scottsdale

Dick Berry or Paul Fannin, 602/840-1040