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HOLLY RESIDENTIAL PROPERTIES INC. RECEIVES $16.9 MILLION FROM SALE OF STOCK

 TACOMA, Wash., Nov. 22 /PRNewswire/ -- Holly Residential Properties Inc. (NYSE: HLY) today announced the closing of its previously announced direct placement of 750,000 shares of common stock with Cohen & Steers Capital Management Inc. at a price per share of $23.25. The company estimates that after fees and expenses net proceeds from the sale are approximately $16.9 million.
 The company will use the proceeds from this transaction primarily to acquire multifamily residential properties in the Pacific Northwest.
 Holly Residential Properties Inc. is a fully integrated, self- administered and self-managed equity real estate investment trust (REIT) that directly owns or holds interest in 32 multifamily residential properties totaling 4,897 units in the Seattle-Tacoma area.
 -0- 11/22/93
 /CONTACT: Tracy M. Shier or James R. Fuller, chief financial officer, or Daniel M. Kelley, president, of Holly Residential, 206-627-5800/ (HLY)


CO: Holly Residential Properties Inc.; Cohen & Steers Capital
 Management Inc. ST: Washington IN: SU:


JH -- SE003 -- 6963 11/22/93 16:33 EST
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Publication:PR Newswire
Date:Nov 22, 1993
Words:164
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