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ANGELES SUBSIDIARY ACQUIRES TWO CALIFORNIA RETIREMENT PROPERTIES, INCREASES UNITS UNDER MANAGEMENT TO 2,500

ANGELES SUBSIDIARY ACQUIRES TWO CALIFORNIA RETIREMENT PROPERTIES,
 INCREASES UNITS UNDER MANAGEMENT TO 2,500
 LOS ANGELES, Sept. 10 /PRNewswire/ -- Angeles Housing Concepts Inc. (AHC), a wholly owned subsidiary of Angeles Corp. (AMEX: ANG), has announced the acquisition of two retirement properties in Santa Barbara and Stockton, Calif., bringing its managed portfolio to 2,500 congregate and assisted living units in 17 facilities located in nine states.
 The 166-unit Rio Las Palmas congregate-style property in Stockton was acquired from Spectrum Properties Inc. Villa Santa Barbara, a 143-unit property in Santa Barbara, was acquired from the Resolution Trust Corp. as receiver for Brookside Savings and Loan.
 The two acquisitions complete the investment of $125 million raised by two PaineWebber Properties Inc. real estate investment trusts designed specifically to finance senior housing through AHC.
 Angeles Corp. is a Los Angeles-based real estate investment management company with approximately $1.5 billion of assets under management.
 -0- 9/10/92
 /CONTACT: Steve Leach of Angeles, 800-421-4374, ext. 598, or 310-284-3598/
 (ANG) CO: Angeles Housing Concepts Inc.; Angeles Corp.; Spectrum
 Properties Inc. ST: California IN: FIN SU: TNM


AL-JL -- LA014 -- 8059 09/10/92 13:33 EDT
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Publication:PR Newswire
Date:Sep 10, 1992
Words:191
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