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INSIGNIA COMPLETES ACQUISITION OF SECURITY PROPERTIES' $1 BILLION PORTFOLIO

 GREENVILLE, S.C., July 6 /PRNewswire/ -- Insignia Financial Group, Inc. announced today that is has acquired Security Management, Inc., an affiliate of Security Properties, Inc. of Seattle, Wash., as well as general partnership interests in approximately 300 real estate partnerships. These partnerships own assets with a total capitalization of approximatley $1,000,000,000.
 Security Management, which will be combined with Insignia's residential management group, is responsible for the property management and asset management of the approximately 32,000 units of multi-family housing. The purchase price includes both cash and Class A Common Stock of Insignia Financial.
 "The 40 states in which the properties are located fit particularly well with Insignia's current organization. Insignia's total portfolio will increase to approximately 130,000 residential units and close to 20 million square feet of commercial space for which we provide either asset or property management or both. With this acquisition, the total capitalization of Insignia's portfolio is approximately $4.5 billion," said Andrew L. Farkas, chairman and chief executive officer of Insignia Financial Group.
 Farkas also stated, "Paul H. Pfleger, chairman and chief executive officer of Security Properties, will join Insignia management as chairman of Insignia Community Housing Partnership, which provides a national focus and specific expertise in management and rehabilitation of affordable housing properties."
 Insignia Financial Group, Inc. is the nation's largest manager of multi-family housing, according to the most recent report of the National Multi Housing Council. The Insignia group of companies specializes in developing and executing workout strategies, real estate securities restructurings, partnership and asset recapitalizations, asset and property management, mortgage banking, real estate brokerage and partnership administration.
 -0- 7/6/93
 /CONTACT: Paulette Sintay, Insignia Financial Group, Inc., 803-239-1101/


CO: Insignia Financial Group, Inc.; Security Management, Inc.; Security
 Properties, Inc. ST: South Carolina IN: FIN SU: RLE


SB -- CH002 -- 8624 07/06/93 12:32 EDT
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Publication:PR Newswire
Date:Jul 6, 1993
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