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NATIONAL INCOME REALTY TRUST ANNOUNCES ACQUISITION OF CONSOLIDATED CAPITAL PROPERTIES II

 NATIONAL INCOME REALTY TRUST ANNOUNCES ACQUISITION
 OF CONSOLIDATED CAPITAL PROPERTIES II
 DALLAS, Nov. 9 /PRNewswire/ -- National Income Realty Trust (NASDAQ: NIRTS) today announced the purchase of 100 percent of the general and limited partner interests of Consolidated Capital Properties II (CCPII) for $2.6 million. This was in completion of CCPII's bankruptcy reorganization proceedings in the U.S. Bankruptcy Court for the Northern District of Texas.
 CCPII owns 11 apartment complexes with 2,300 apartments, a 19 percent participation in a $2.5 million first mortgage on one of the apartment complexes, 20 percent ownership of a Memphis apartment property and a second mortgage valued at approximately $300,000 on a California office building. Three of the apartment complexes are in Kentucky, one in Oklahoma, six in Florida and one in South Carolina.
 Six of the apartment complexes are subject to non-recourse mortgages insured by the Federal Housing Authority in amounts substantially in excess of their current value. Without favorable debt modifications, these properties are expected to be foreclosed. The other five properties total 981 units and are encumbered by reinstated, non- recourse mortgages of approximately $12.5 million. These properties currently meet debt service requirements, despite substantial vacancies in two of them.
 At the closing, approximately $1.4 million of the partnership's cash on hand and funded cash reserves were either unrestricted or available for use in connection with the five performing properties, reducing National Income's net investment in the portfolio to $1.2 million. Further reductions in the net investment are expected upon settlement of a property insurance claim.
 "The purchase of CCPII provides National Income Realty Trust with a portfolio of under-managed apartment properties in areas where we have significant presence and experience," said a spokesperson for the trust. "This strategic acquisition illustrates our policy of concentrating trust investments in middle-market apartment communities in growing areas. In terms of number of units, the performing properties increase the trust's apartment portfolio by over 25 percent."
 National Income Realty Trust is a combination mortgage and equity real estate investment trust which operates nationwide.
 -0- 11/9/92
 /CONTACT: Jean Krone Bono, Director Investor Relations, of National Income Realty Trust, 214-692-4800/
 (NIRTS) CO: National Income Realty Trust ST: Texas IN: FIN SU: TNM


SB -- NY072 -- 8706 11/09/92 12:31 EST
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Publication:PR Newswire
Date:Nov 9, 1992
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