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FIRST UNION ACQUIRES ATLANTA GARDEN APARTMENT COMPLEX

 FIRST UNION ACQUIRES ATLANTA GARDEN APARTMENT COMPLEX
 CLEVELAND, June 2 /PRNewswire/ -- First Union Real Estate


Investments (NYSE: FUR) today announced it has acquired a 380-unit garden apartment complex in Atlanta.
 In 1986, the apartment complex was the security for a wraparound mortgage investment made by the Trust. In 1989, the maker of the note filed for reorganization under Chapter 11 of the Bankruptcy Code. In 1992, the plan of reorganization failed and the Trust has obtained the property by deed in lieu of foreclosure. The Trust intends to hold and operate the apartment complex as a long term investment.
 First Union Real Estate Investments is a self-administered equity real estate investment trust specializing in acquiring and holding real estate for current yield and long term appreciation. Its portfolio is made up of 34 properties in 17 states consisting of shopping malls, office buildings and apartment complexes.
 -0- 6/2/92
 /CONTACT: Thomas T. Kmiecik, treasurer of First Union Real Estate Investments, 216-781-4030/
 (FUR) CO: First Union Real Estate ST: Ohio IN: FIN SU: TNM


BM -- CL015 -- 6217 06/02/92 12:06 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
Words:183
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