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OASIS RESIDENTIAL INC. ANNOUNCES GROUND BREAKING OF APARTMENT COMMUNITIES IN LAS VEGAS

 HENDERSON, Nev., Nov. 23 /PRNewswire/ -- Oasis Residential Inc. (NYSE: OAS) announced today that it will be breaking ground on the development of three new upscale apartment communities comprising 516 units in Las Vegas. OAS is projecting a total investment of $26.6 million in the three properties, with the financing to be provided from a blend of new first mortgage construction loans and a portion of the company's $52.5 million untapped credit facilities.
 The first of the three developments to commence construction will be The Vinings II, a 132-unit apartment community in northwest Las Vegas, which will begin construction in December 1993 and is estimated to be completed in May of 1994. OAS has an option to acquire the adjacent company-developed project, The Vinings, a 102-unit property which is 98 percent leased and scheduled to be acquired by the company in December 1993. Sandcastle, a 48-unit property in west Las Vegas will also start construction in November and is targeted for completion by April 1993. Whitehorse, a 336-unit apartment community in northeast Las Vegas, is slated to commence construction in early January 1994 with completion planned for July 1994.
 OAS became a new publicly traded REIT on Oct. 15, 1993, with a portfolio of 22 apartment communities totaling 5,215 units and its commercial headquarters facility, all located in the greater Las Vegas area. OAS intends to use its conservatively leveraged balance sheet (approximately 16 percent debt to total capitalization at November 1993) as an effective tool to finance new developments over the coming year. OAS is also currently evaluating acquisition opportunities in Las Vegas and Reno, Nev., which are anticipated to be funded predominantly from excess corporate cash derived from the IPO. OAS' external growth strategy involves adding a substantial number of upscale apartment units through both developments and acquisitions while prudently preserving a debt to total capitalization ratio of less than 50 percent.
 -0- 11/23/93
 /CONTACT: Scott S. Ingraham, executive VP & CFO, 702-435-9800/
 (OAS)


CO: Oasis Residential Inc. ST: Nevada IN: FIN SU:

JL-LM -- SD001 -- 7214 11/23/93 11:01 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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