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HOLLY RESIDENTIAL PROPERTIES INC. COMPLETES INITIAL PUBLIC OFFERING OF COMMON STOCK

 TACOMA, Wash., June 18 /PRNewswire/ -- Holly Residential Properties Inc. (NYSE: HLY) today completed its initial public offering of 6,640,000 shares of common stock at an issue price of $23 per share. The company also concluded $115 million of mortgage financing by issuing mortgage pass-through certificates.
 With these transactions effective, the company completed the acquisition of 31 residential apartment properties located in Washington state's Puget Sound area (Seattle/Tacoma).
 Holly Residential Properties is a fully integrated, self- administered and self-managed equity real estate investment trust (REIT) that owns or holds interest in, and manages, 31 multifamily residential properties containing 4,748 apartment units in the Seattle-Tacoma area.
 A prospectus for the common stock offering may be obtained from Oppenheimer & Co. Inc., Oppenheimer Tower, World Financial Center, New York, NY 10281.
 -0- 6/18/93
 /CONTACT: Daniel M. Kelley of Holly Residential Properties, 206-627-5800; or Susan McAllister of Corporate Communications, 206-728-1778, for Holly Residential Properties/
 (HLY)


CO: Holly Residential Properties Inc. ST: Washington IN: SU: OFR

SW-JH -- SE005 -- 3640 06/18/93 14:42 EDT
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Publication:PR Newswire
Date:Jun 18, 1993
Words:175
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