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OAKWOOD HOMES CORPORATION ANNOUNCES PURCHASE OF PINEHURST AREA GOLF COURSE COMMUNITY

 OAKWOOD HOMES CORPORATION ANNOUNCES PURCHASE OF
 PINEHURST AREA GOLF COURSE COMMUNITY
 GREENSBORO, N.C., June 18 /PRNewswire/ -- Oakwood Homes Corporation (NYSE: OH) has announced the recent purchase of The Pines Golf Resort on U.S. Highway 1 South, in Pinebluff, N.C., for $1.5 million. James D. Casterline, chief operating office for Oakwood Land Development Corporation, the company's real estate subsidiary, said the property has been renamed Oakwood Hills Golf Community.
 According to Casterline, the Oakwood Hills Golf Community subdivision will include 260 manufactured homes sold along the 18 hole championship golf course, with future development of 800 additional manufactured homes. All manufactured homes will be financed as real estate with conventional 25-year loan terms, primarily through FHA, local lending institutions, and Oakwood Acceptance Corporation, the company's finance subsidiary.
 Casterline pointed out that one of the reasons behind the golf course community project is the real need for affordable homes in the area. "In addition to being surrounded by the lakes and fairways of Oakwood Hills Golf Community, homeowners will experience real value in being able to purchase a golf course home in the $75,000 to $85,000 price range," said Casterline. "Traditionally, site-built homes sold in similar golf course communities sell in the $130,000 range."
 Plans call for five different models of manufactured homes at Oakwood Hills Golf Community ranging from 1,500 to 1,800 square feet of living space. The first phase consisting of 54 homes sites will be available in November 1992.
 In commenting on the purchase, Oakwood Homes Corporation's president, Nicholas J. St. George, said: "Our land development division, in operation since 1972, is a logical extension of our vertically integrated concept. We have the know-how to develop and operate these communities and we will continue to actively pursue opportunities to develop other properties. This offers us the double advantage of marketing our homes and building value in the communities every day."
 Oakwood Land Development Corporation is also engaged in the development and management of a total of seven manufactured housing communities in North Carolina, Virginia and Georgia. The nearest community to Oakwood Hills is Saltaire Village, a coastal community near Myrtle Beach, in Calabash, N.C.
 Oakwood is known for its high-quality, affordable manufactured housing and the positive contributions it makes wherever it builds and manages manufactured housing communities. When asked about Oakwood's reputation, Maurice Wine, president of the home owners association at Saltaire Village summed it up quite well when he said, "People like living in our Oakwood community so much that they recommend it to family members up North as a great place to live and an excellent way of life." He went on to say that Oakwood does everything it can to make sure the people who own one of its homes are completely satisfied.
 Oakwood Homes Corporation and its subsidiaries are engaged primarily in the production and sale of manufactured housing in North Carolina, South Carolina, Virginia, West Virginia, Tennessee, Georgia, Delaware, Kentucky and Ohio.
 -0- 6/18/92
 /CONTACT: James D. Casterline of Oakwood Land Development Corporation, 919-855-2534/
 (OH) CO: Oakwood Homes Corporation ST: North Carolina IN: SU: TNM


PS -- NY062 -- 1607 06/18/92 15:42 EDT
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Date:Jun 18, 1992
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