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HOLLY RESIDENTIAL PROPERTIES INC. NAMES NEW DIRECTORS

 TACOMA, Wash., June 24 /PRNewswire/ -- Holly Residential Properties Inc. (NYSE: HLY) announced today it has named five persons to serve on its expanded board of directors following the recent completion of its initial public offering of common stock.
 The new directors are William P. Foley II, James C. George, Bruce D. Mann, James A. Milgard and Larry W. Wells.
 Foley has been chairman, chief executive officer and president of Fidelity National Financial Inc., one of the nation's largest underwriters of title insurance policies, since 1984. Prior to joining Fidelity National, he practiced law with Foley, Clark and Nye, P.C., a Phoenix law firm specializing in real estate and tax law. His term expires in 1995.
 For 25 years, George was the investment manager for the Oregon State Treasury and executive secretary for the Oregon Investment Council until retiring in May 1992. Currently he is a member of the Pension Fund Advisory Committee of the New York Stock Exchange Board of Directors and of the Advisory Board of the National Conference for Real Estate Investment. Additionally, he is a special advisor to the Oregon Investment Council and national chairman of the State Investment Officers Association. His term expires in 1996.
 Mann chairs the department of economics at the University of Puget Sound, Tacoma. His research and publications focus on the Pacific Northwest's economic conditions and housing markets. Mann, who holds a Ph.D. in economics from Indiana University, frequently serves as an expert witness on valuation issues. He also is a member of the Council of Economic Advisors for Tacoma's daily newspaper, The Morning News Tribune. His term expires in 1994.
 Milgard is a principal, secretary and treasurer of Milgard Manufacturing Inc., one of the nation's largest manufacturers of windows and related products for commercial and residential real estate. His term expires in 1995.
 Wells, whose term expires in 1996, is vice chairman and chief executive officer of SAFECO Properties Inc., a real estate investment subsidiary of SAFECO Corp. Previously, he was a vice president with the parent company, SAFECO Corp. He also serves as a director of Port Blakely Co., Leisure Care Inc. and Swedish Hospital Medical Center.
 The five directors join David M. Kelley and Daniel M. Kelley on the company's board. David M. Kelley, chairman of the board, co-founded Holly Corp., predecessor of Holly Residential Properties, in 1972. Through the company and related entities, he has managed production of more than 5,300 units of multifamily housing. He is past president and lifetime director of the Greater Tacoma Home Builders Association and has served as a national director of the National Association of Home Builders. His term expires in 1994.
 Daniel M. Kelley, whose term expires in 1994, is the company's president and chief executive officer. Also a company co-founder, Kelley has handled construction and permanent financings for development of more than 50 multifamily projects containing more than 5,300 units. He is a past director of the Tacoma Home Builders Association and a current director of the Puget Sound Title Insurance Co.
 Holly Residential Properties is a fully integrated, self- administered and self-managed real estate investment trust (REIT) that owns or holds interest in, and manages, 31 multifamily residential properties in the Seattle-Tacoma area.
 -0- 6/24/93
 /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:

JH-SW -- SE004 -- 5190 06/24/93 09:30 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
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