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PROPERTY TRUST OF AMERICA ANNOUNCES THREE MULTIFAMILY PROJECTS TOTALING $34.1 MILLION

 PROPERTY TRUST OF AMERICA ANNOUNCES THREE MULTIFAMILY PROJECTS
 TOTALING $34.1 MILLION
 SAN ANTONIO, Oct. 6 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that it has completed the acquisition of two multifamily properties in San Antonio and has commenced development of a third in El Paso with a combined investment value totaling $34.1 million. The multifamily acquisitions include the 292-unit Lakeside Villas Apartments and the 280-unit Oakhampton Place Apartments in San Antonio. The El Paso multifamily development is the 336-unit The Phoenix of El Paso.
 Lakeside Villas and Oakhampton Place are located northeast of downtown San Antonio in the master-planned Oakwell Farms, a 350-acre community with over 670 homes, office buildings, restaurants and an equestrian center. Single-family homes within Oakwell Farms are valued between $150,000 and $1 million plus. Just south and west of Oakwell Farms lies Alamo Heights, considered the most prestigious address and school system in the San Antonio area.
 The properties are conveniently located off Harry Wurzbach Road just south of Loop 410, and are convenient to major employment and retail centers along Loop 410 and in downtown San Antonio. In addition to nearby retail facilities, North Star Mall is within three miles and includes Saks Fifth Avenue, Marshall Fields, Foleys and Dillards as anchor tenants. The citywide apartment occupancy rate for San Antonio is currently 94 percent, while Lakeside Villas and Oakhampton Place enjoy occupancies of 98 percent and 97 percent, respectively.
 C. Ronald Blankenship, chairman of PTR, also noted that San Antonio appears to be an excellent long-term investment market. The announcement on Sept. 28, 1992 by Southwestern Bell to move its headquarters to San Antonio from St. Louis is an example of the attractive employment and living environment of the San Antonio area and its proximity to investment opportunities in Mexico. With a reported employment growth rate of 1.8 percent, San Antonio ranked seventh in the United States for employment growth for the 12 month period ended April 1992.
 The Phoenix of El Paso development is located in east central El Paso just east of Hawkins Boulevard and directly across from the Valle Verde campus of the El Paso Community College. Its close proximity to Interstate-10 provides easy access to major employment centers and the one million plus square foot Cielo Vista Shopping Mall, whose anchor tenants include Dillards, Joskes, Mervyns and Sears department stores.
 Blankenship stated that a contract to acquire the land was entered into on Feb. 19, 1992, subject to obtaining rezoning and a building permit, and because of the site's superior infill location in central El Paso, the rezoning was difficult. During the last eight months the Advisor's senior management had three public meetings with the Mayor and City Council, two meetings and a discussion with the City Planning Commission and a multitude of meetings and discussion with the Phoenix Drive neighborhood association. As a result of these meetings the site was approved for rezoning, and the project is extremely well conceived and planned. The property will include one, two and three bedroom units. Amenities will include cable television connections, walk-in and storage closets, washer/dryer connections, refrigerated air conditioning, two basketball courts, a swimming pool and other recreational facilities.
 The El Paso multifamily market continues to be strong with city wide average rents up 10 percent over the last 18 months. Including those under development and renovation, PTR's six other multifamily properties in El Paso are currently 96.4 percent occupied.
 Blankenship also announced that with these three latest transactions PTR has drawn down approximately $63 million of its revolving lines of credit.
 As part of the multifamily acquisitions in San Antonio, PTR's Advisor, Southwest Multifamily Advisors, also announced today that it has completed the disposition on behalf of PTR of the Crown Tower Office Building in San Antonio for a price which approximates PTR's book value. As previously announced, periodic sales of its non-multifamily assets may occur as PTR implements its strategy of becoming the leading multifamily owner in the southwestern United States. The Advisor is continuing its efforts to position PTR's remaining non-multifamily properties for improved performance and potential opportunistic sale in the future.
 PTR is an equity real estate investment trust ("REIT") which invests in multifamily properties in its 12 city target market in the southwestern United States. PTR's Advisor, Southwest multifamily Advisors Incorporated, is an affiliate of PTR's largest shareholder (21.2 percent), Security Capital Realty Investors Incorporated. The objective of the Advisor's management team is to make PTR the leading owner, developer and operator of multifamily housing in the Southwest.
 -0- 10/6/92
 /CONTACT: James H. Polk III or Jeffrey A. Cozad of Southwest Multifamily Advisors Incorporated, 800-982-9293, for PTR/
 (PTR) CO: Property Trust of America ST: Texas IN: FIN SU:


AH -- NY010 -- 6925 10/06/92 09:10 EDT
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Date:Oct 6, 1992
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