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PROPERTY TRUST OF AMERICA ANNOUNCES EIGHT MULTIFAMILY PROJECTS TOTALING $74.4 MILLION

 SANTA FE, N.M., Jan. 5 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that it has committed to eight new multifamily projects totaling 2,045 units and representing a total investment of $74.4 million in its southwestern target market. In addition, Southwest Multifamily Advisors Incorporated, PTR's Advisor, announced that it has named two new members to its board of directors - James C. Potts and Karen J. Knudson.
 The 376-unit Superstition Park is a middle income project located in Tempe, Ariz. (metro-Phoenix) at the southwest corner of the Superstition Freeway which connects to Interstate 10 and provides easy access to all parts of the Phoenix area. Project amenities include three swimming pools, a club house, covered parking and individual storage closets. Superstition Park is 93.1 percent occupied.
 The Moorings at Mesa Cove is a 406-unit middle income project located in Mesa, Ariz. (metro-Phoenix). The project consists entirely of two bedroom/two bath units averaging 1,163 square feet and includes a comprehensive package of unit and project amenities including washer/dryer connections, fireplaces, vaulted ceilings, two patios/balconies per unit, ample storage facilities, four swimming pools, a fitness facility, a library and covered parking. The Moorings at Mesa Cove is located on Mesa Drive which is a north/south collector street providing ready access to retail, employment and recreational centers. The Moorings at Mesa Cove is 94 percent occupied.
 Papago Crossing is located in Phoenix, Ariz. and is an affordable multifamily community consisting of 180 units located 1.5 miles northeast of Sky Harbor International Airport. The project is centrally located with excellent access to the Hohokam Expressway and the Papago Freeway. Large unit floor plans averaging 831 square feet coupled with extensive unit and project amenities, make Papago Crossing a very competitive affordable housing complex. PTR views this project as an excellent repositioning opportunity; the project is currently only 80 percent occupied in a 91 percent market.
 The Enclave is a 204-unit middle income multifamily complex located in Santa Fe, N.M. across the street from Rancho Vizcaya, a 212-unit project owned by PTR. This proximity will provide operating and marketing advantages. The property was acquired through a foreclosure sale after a year of communications with RTC supervised lending institutions. The Enclave has excellent access to both Interstate 25 and downtown Santa Fe. Unit and project amenities include fireplaces, washer/dryer hookups, storage closets, a club house and swimming pool, a racquetball court and gated entrance with telephone entry system. The Santa Fe multifamily market averages 98.5 percent occupancy and The Enclave is 99 percent occupied.
 The Meadows of Santa Fe is a 296-unit affordable housing development project in Santa Fe, N.M. located on 12 acres on Airport Road one mile west of Cerrillos Road and the one million square foot Villa Linda Retail Mall. Demand for affordable housing in the Santa Fe market is extremely strong. Unit and property amenities will include full size washer and dryers, basic cable television connections, clubhouse, activity center for children, a sport court, volleyball/basketball facilities and a jogging and walking path through the property. The project was approved after 11 months and numerous public meeting with the City of Santa Fe Planning Commission and City Council concerning annexation and zoning. Ground breaking is scheduled for April 1993.
 Hobby Horse is a 308-unit middle income multifamily project under development on a 17.87 acre site in north Austin, Texas. The site is 1.25 miles east of the intersection of Loop 1 (MoPac Freeway) and Duval Road and near the Balcones Research Center, a major employment center in north Austin. The Austin market has had very little new construction since 1986. The north Austin submarket in which Hobby Horse is located is currently 95 percent occupied and has experienced 10 percent increases in rental rates over the last year.
 Development of PTR's third Homestead Village project commenced during December on a 1.95 acre site on the North Dallas Tollway in north Dallas and will consist of 120 units. Homestead Village is a new 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. This project is similar to and in the same market place as the two recently completed Homesteads that are performing well above pro forma.
 PTR has also committed to acquire a 7.02 acre tract adjacent to its existing Shadow Ridge Apartments in east El Paso and will develop an additional 164 units to be operated as part of this highly successful project. By adding units to this existing project, the fixed costs of operating the project will be spread over a larger number of units and operating expenses per unit will be reduced for the combined project. Shadow Ridge is located on Viscount Drive in east central El Paso, which has historically been one of the best apartment submarkets in the city. The citywide occupancy rate for El Paso is currently 96 percent and Shadow Ridge is currently 97 percent occupied.
 In a related announcement, Southwest Multifamily Advisors Incorporated, Advisor to PTR, announced the addition of James C. Potts and Karen J. Knudson to its board of directors. Potts is the former chief executive officer of four regional management companies for the Trammel Crow Residential Organization in Phoenix, Dallas, Atlanta and Washington D.C. and oversaw the management of approximately 52,000 multifamily units with an employment of approximately 1,600 management personnel. Potts' primary responsibility will be supervising the asset management of all of PTR's multifamily assets. Karen J. Knudson joined the Advisor's board of directors in December 1992 and until Feb. 1, 1993 is senior vice president of real estate research and real estate investment activities of Bailard, Beihl & Kaiser, Inc., a money management firm headquartered in San Mateo, Calif. Knudson is also president and supervised the formation and management of REIT formed by BB&K and manages portfolios of publicly- traded REIT securities. Knudson is also a member of the Board of Governors of the National Association of Real Estate Investment Trusts. When Ms. Knudson joins PTR's Advisor she will serve on the Advisor's Investment Committee, and be involved in the oversight of real estate research and institutional investor relations services for the Advisor.
 As of Dec. 31, 1992, PTR had a balance of $68 million of short term borrowings under its $72 million revolving bank line of credit. C. Ronald Blankenship, chairman of PTR, stated that negotiations are underway with its lead bank to increase the line of credit to $100 million. In addition, David Dressler, managing director of PTR's Advisor and in charge of its acquisition team, noted PTR's acquisition pipeline was the strongest it had been for several quarters and that attractive acquisition opportunities exist in selected cities within PTR's target market.
 PRT'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- 1/5/93
 /CONTACT: John Q. Collins or Jeffrey A. Cozad, both for Southwest Multifamily Advisors Incorporated, 800-982-9293/
 (PTR)


CO: Property Trust of America ST: New Mexico IN: FIN SU:

LR -- NY016 -- 1579 01/05/93 09:32 EST
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