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FOREST CITY ENTERPRISES, INC. ACQUIRES TWO MULTIFAMILY PROPERTIES

 CLEVELAND, Dec. 31 /PRNewswire/ -- Forest City Enterprises, Inc., (AMEX-FCEA and AMEX-FCEB) President Albert B. Ratner reported that the Company has acquired major apartment projects located in Illinois and Texas.
 The Company acquired the Pavilion, a 1,127 unit rental apartment located in Chicago for approximately $32,000,000. Forest City and the Harris Group have formed a joint venture to own this property and the company will have a 47-1/2 percent equity interest in this venture. This property was built in phases between 1968 and 1972 and occupies 18 acres near O'Hare International Airport. It is the only high-rise apartment complex in its market area and benefits from easy access to highways and mass transit. Ratner stated that the company expects to make certain capital improvements out of the financing proceeds.
 A second acquisition consists of 1,036 units located in three different sub-markets in Houston. These units were purchased from a joint venture formed by First Boston Corporation and National Housing Partnership for $15 million. Forest City has formed a joint venture to purchase this property with a Taiwanese investor who is also a partner with Forest City in several other real estate investments. Forest City will own 20 percent of the property.
 Forest City Enterprises, Inc. is a major national real estate development and management company that owns more than $2 billion of properties at cost. The Company is active in 17 states and the District of Columbia. Its corporate headquarters is located in Cleveland, with regional offices in New York, Boston, Los Angeles and Tucson.
 -0- 12/31/92
 /CONTACT: Thomas G. Smith of Forest City Enterprises, Inc. 216-267-1200/
 (FCEA FCEB)


CO: Forest City Enterprises, Inc. ST: Ohio IN: CST REA SU: TNM

LC -- CL009 -- 0948 12/31/92 14:41 EST
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Publication:PR Newswire
Date:Dec 31, 1992
Words:296
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