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 GREENVILLE, S.C., Dec. 29 /PRNewswire/ -- Insignia Financial Group, Inc. ("Insignia") (NASDAQ: IFGI) announced today that it has combined its operations with those of Duddlesten Management Corporation ("Duddlesten") of Houston, Texas. Duddlesten, which will be merged with Insignia's residential and commercial property management organizations, is responsible for the property management of approximately 8,000 apartment units and 2,000,000 square feet of retail and office space. The announcement was made jointly by Andrew L. Farkas, chairman and CEO of Insignia, and Wayne B. Duddlesten, chairman of Duddlesten Management Corporation.
 "The Duddlesten portfolio of properties generates annual fee revenues of approximately $2 million. The properties are substantially located in Texas, and when combined with Insginia's existing Texas portfolio, will allow us to accelerate our development of a major presence in Texas and to provide more efficient operations and better services to our customers," said Farkas. He also said: "Duddlesten manages more than $1 billion in commercial and multi-family properties for many of the largest institutional owners of real estate in the country. The relationships established through this combination should prove to be beneficial to everyone."
 Insignia is a fully integrated real estate service organization performing property management, asset management, investor services, partnership administration, mortgage banking, and real estate investment banking services for various ownership entities, including approximately 600 limited partnerships having approximately 132,000 limited partners.
 Insignia is the largest manager of multi-family residential properties in the United States and a significant manager of commerical property. Insignia commenced operations in December 1990 and since then has grown to provide property and/or asset management services for more than 1,000 properties, which include approximately 148,000 residential units and approximately 26 million square feet of commerical space, located in more than 400 cities in 44 states.
 Duddlesten emphasized that other Duddlesten operations in real estate development and acquisition, marketing, advisory services and construction remain independent of the merged management companies.
 -0- 12/29/93
 /CONTACT: Bill Page of Insignia, 803-239-1640/

CO: Insignia Financial Group, Inc.; Duddlesten Management Corporation ST: South Carolina, Texas IN: FIN SU: TNM

MM -- CH004 -- 7873 12/29/93 16:36 EST
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Publication:PR Newswire
Date:Dec 29, 1993

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