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PROPERTY TRUST OF AMERICA ANNOUNCES 11 MULTIFAMILY ACQUISITIONS AND DEVELOPMENTS TOTALING $75.6 MILLION

 SANTA FE, N.M., July 7 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that it has acquired nine multifamily properties, and has purchased zoned land and commenced development of two new multifamily properties. These 11 properties total 2,361 units and represent a total investment commitment of $75.6 million in PTR's southwestern target market.
 PTR acquired three adjacent properties in Lakewood, Colo. (metro- Denver), Cedar Crossing, Cedar Woods and Fox Run at the Cedars, which were originally a single property called The Cedars that had been divided into three distinct ownership groups using three separate management entities. Pursuing parallel negotiations and separate due diligence over nine months, PTR ultimately succeeded in reuniting The Cedars into a single community. PTR believes that the combined 408-unit middle income property is an excellent opportunity to create value through consolidated, intensive marketing and management. The Cedars is located in one of the strongest submarkets in the Denver metropolitan area with a substantial employment base. The Cedars is within two miles of the Adolph Coors Company headquarters and the Denver Federal Center, which provide employment for approximately 16,000 people. The property is also within close proximity to numerous retail facilities, including the 1.25 million square foot Villa Italia Mall anchored by Joslins, JCPenney and Montgomery Ward. The Cedars' amenities include full-size washer/dryer connections is in all units with washers/dryers and fireplaces in selected units, two swimming pools and clubhouse with spa and sauna. A major renovation and market repositioning of The Cedars will be completed by PTR. The Cedars is currently 93 percent occupied.
 Indian Trails is a 254-unit affordable housing property acquired by PTR and located in northwest San Antonio within one-half mile of the South Texas Medical Center, which employs more than 23,000 people. The property is two miles from Loop 410 which provides excellent access to major employers along Loop 410 including the South Texas Medical Center and USAA. Indian Trails is also located four miles from the 1.2 million square foot Ingram Mall, anchored by Foley's, Dillard's, Sears, and JCPenney. The property features large floor plans averaging 892 square feet and comprehensive amenities including washer/dryer connections, ceiling fans, two swimming pools, a tennis court and clubhouse. Indian Trails is 91 percent occupied.
 Reflections Apartments is a 208-unit middle income property acquired by PTR and located in Aurora, Colo. (metro-Denver). Reflections is four miles from the Denver Technological Center, the largest employment center in the metropolitan area. Reflections is also located within one-quarter mile of Cherry Creek State Park, one of the most popular recreational facilities in Denver, containing marina and boating facilities as well as public beaches, camping, walking and hiking trails. Property amenities include full-size washer/dryer connections and fireplaces in all units, a clubhouse including spa, jacuzzi and party room, two lighted tennis courts and an outdoor heated swimming pool. Reflections is 94 percent occupied.
 Cielo Vista is a 378-unit affordable housing property acquired by PTR and located in east central El Paso, Texas. The property is located within three miles of the Bassett Center Shopping Mall anchored by Mervyn's and Target discount store and the 1.1 million square foot Cielo Vista Mall anchored by Dillard's, Sears, Montgomery Ward, and JCPenney. A Sam's Wholesale Club and Wal-Mart totaling 268,000 square feet are proposed to open next to the Cielo Vista Mall. Cielo Vista is one-half mile from the El Paso International Airport and 1.5 miles from Butterfield Trail Industrial Park which employs 10,000 people and includes major employers such as Baxter Travenol, General Motors and Ford Motor Company. Property amenities include covered parking, two swimming pools and a playground. Cielo Vista is 96 percent occupied.
 Villas of Castle hills is a 163-unit middle income property acquired by PTR and located in northwest San Antonio, Texas. The property is adjacent to the prestigious residential community of Castle Hills, has excellent access to major employment centers along Loop 410, and is within one mile of two million square feet of retail in the North Star Mall and Central Park Mall which are anchored by Saks Fifth Avenue, Marshall Fields, Dillard's, Foley's, Sears and Bealls. The property has large floor plans averaging 1,014 square feet and extensive amenities including washer/dryer connections, fireplaces, ceiling fans, a swimming pool, sport court, clubhouse and preschool facility, and video monitored limited access gates. Villas of Castle Hills is 95 percent occupied.
 Parkside Village is a 384-unit middle income property acquired by PTR and located in Aurora, Colo. (metro-Denver). The property is one- half mile from four neighborhood shopping centers totaling 308,000 square feet, and is 3.5 miles from the one million square foot Aurora Mall anchored by Sears, May D&F, JCPenney and Wal-Mart. Nearby major employers include AT&T, Hartford Insurance, Honeywell, United Airlines, McDonnell Douglas and Martin Marietta. Property amenities include fireplaces and washer/dryer connections in all units and vaulted ceilings in selected units, two lighted tennis courts and a swimming pool. Parkside Village is 97 percent occupied.
 Vista del Sol is a 168-unit affordable housing property acquired by PTR and located in northeast Albuquerque, N.M. The northeast portion of Albuquerque is one of the most desirable living areas of the metropolitan area. Vista del Sol is conveniently located near Albuquerque's largest employers, including Honeywell, Digital Equipment, Motorola and Intel. The property is also located within 2.5 miles of 900,000 feet of neighborhood retail and is within 15 minutes of the Coronado and Winrock regional shopping malls, totaling 2.1 million square feet of retail anchored by Sears, Mervyn's, JCPenney, Foley's, Montgomery Ward, and Dillard's. Vista del Sol's amenities include washer/dryer connections in all units, with washers/dryers and vaulted ceilings in selected units, a swimming pool, exercise facility, spa, sauna and a clubhouse. Vista del Sol is 92 percent occupied.
 San Marquis is a 264-unit affordable housing property being developed by PTR in Scottsdale, Ariz. (metro-Phoenix). PTR considers this site to be extremely well located for a high quality affordable housing property. Located in the heart of Scottsdale and consisting of one, two and three bedroom floor plans, San Marquis will fill an unaddressed market niche for quality housing at an affordable price. San Marquis has excellent access to numerous neighborhood retail facilities, the Scottsdale Civic Center and the 1.25 million square foot Fashion Square Mall. Major employers in the Scottsdale area include Motorola, Scottsdale Memorial Health and Discover Card Services. The property is located in the highest ranked school district in the metropolitan area. Property amenities include washer/dryers, microwave ovens, a club room, exercise facility, swimming pool and covered parking. Initial leasing is scheduled to commence February 1994.
 Development of PTR's fourth Homestead Village commenced in June on a 2.69 acre site located in northwest Houston and will consist of 134 units. Homestead Village is an affordable housing product catering to budget-conscious tenants. With its new construction, individual unit amenities and competitive pricing structure, Homestead Village offers a very competitive affordable housing alternative. PTR's Homestead Village properties have all been performing above projections. Initial leasing is scheduled to commence December 1993.
 These properties bring the total units owned and under development by PTR to 14,520. As of July 5, 1993, PTR had a balance of $51 million of short term borrowing under its $125 million secured revolving line of bank credit. PTR Chairman C. Ronald Blankenship stated that job growth in PTR's southwestern target market continues to be very strong, providing excellent opportunity for PTR's multifamily properties to continue to maintain high occupancy rates, with consistent rental increases. PTR's opportunities for new multifamily investments also continue to be very attractive, with an additional 3,154 units, having a total investment value of approximately $99 million, under contract or letter of intent subject to final due diligence.
 PTR's objective is to become the dominant real estate operating company in the southwestern United States focusing on the acquisition, development, operation and long-term ownership of multifamily properties.
 -0- 7/7/93
 /CONTACT: John Q. Collins, 800-982-9293, or Jeffrey A. Cozad, 212-838-9292, both of Security Capital Group/
 (PTR)


CO: Property Trust of America ST: New Mexico, Colorado, Texas, Arizona IN: SU: RLE

LR -- NY015 -- 8971 07/07/93 09:40 EDT
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Date:Jul 7, 1993
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