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HOLLY RESIDENTIAL PROPERTIES INC. ACQUIRES PROPERTIES

 TACOMA, Wash., Dec. 3 /PRNewswire/ -- Holly Residential Properties Inc. (NYSE: HLY) today announced it has acquired two multifamily residential properties totaling 326 units and representing a total investment of $16.05 million. The two acquisitions bring the total units owned by the REIT to 5,223 units.
 The Hamptons is an upscale 230-unit apartment community built in 1991 and located on approximately 12 acres in Pierce County was acquired for $10,200,000. The complex consists of 26 two and three story buildings and a clubhouse facility featuring a spa, swimming pool, sauna, fitness center, sport court and lounge area. All of the one, two and three bedroom units contain amenities including fireplaces, washers and dryers, dishwashers and private decks or patios. The units average 880 square feet and the average rent per unit is $583. In addition, the complex has 25 detached garages and covered parking for each unit. Based on net operating income "in place" the investment represents approximately a 9.5-percent yield.
 Whitedove Pointe apartments, a luxury 96-unit apartment community built in 1992 and located in King County on 5.01 acres was acquired for $5,850,000. The complex consists of 9 two and three story buildings as well as a clubhouse featuring swimming pool, fitness center, spa, playground, lounge and big screen theater room. All of the two and three bedroom flats and townhomes contain amenities including fireplaces, washers and dryers, dishwashers, microwaves, vaulted ceilings on the top floor units and private decks and patios. Additionally, Whitedove won the 1992 Apartment Community of the Year award for the Puget Sound Region. The units average 1,071 square feet and the average rent per unit is $730. In addition, the complex has 28 detached garages and covered parking for each unit. Based on net operating income "in place" the investment represents approximately a 9.5-percent yield.
 The purchases were completed on an all cash basis, however, the company intends to use Whitedove and The Hamptons as collateral to borrow funds from its General Electric Capital Corp. line of credit in the approximate amount of $10.2 million in order to fund additional acquisitions.
 Holly Residential Properties Inc. is a fully integrated, self-administered and self-managed equity real estate investment trust (REIT) that now directly owns or holds interest in 34 multifamily residential properties totaling 5,223 units in the Puget Sound Region of the Pacific Northwest.
 -0- 12/3/93
 /CONTACT: Tracy M. Shier, or James R. Fuller, chief financial officer, or Daniel M. Kelley, president, of Holly Residential Properties, 206-627-5800/
 (HLY)


CO: Holly Residential Properties ST: Washington IN: SU:

IC -- SE002 -- 0128 12/03/93 09:20 EST
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Publication:PR Newswire
Date:Dec 3, 1993
Words:442
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