Printer Friendly

PROPERTY TRUST OF AMERICA ACQUIRES COBBLESTONE VILLAGE IN SAN ANTONIO

PROPERTY TRUST OF AMERICA ACQUIRES COBBLESTONE VILLAGE IN SAN ANTONIO
 EL PASO, Texas, March 2 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that it has acquired the 184 unit Cobblestone Village in San Antonio, Texas from an institution supervised by The Resolution Trust Corporation (RTC). The total cost of the project, including planned renovations of $321,000, is $4.25 million, all cash. At $23,100 per unit or $31.00 per square foot, the cost of Cobblestone Village is substantially below replacement cost. The anticipated unleveraged cash yield on PTR's cost, including planned renovations, is 11.4 percent.
 J.H. Polk III, managing director of the Trust's advisor, Southwest Realty Advisors Incorporated, stated that Cobblestone is an extremely well-located, quality complex convenient to major shopping and employment centers, and because of its proximity to the Loop 410 and Interstate 35 Freeways, is easily accessible to all parts of the San Antonio metropolitan area.
 Cobblestone Village is located on approximately eight acres of land on Ray Bon Drive just south of Walzem Road in northeast San Antonio. The complex has both one and two bedroom units in 15 separate buildings with an average unit size of 737 square feet. Project and individual unit amenities are very competitive for the northeast San Antonio multifamily market. All buildings are two-story in height with wood frame construction and pitched roofs. Exterior walls are a combination of brick and cedar siding. The property was completed in 1984.
 Polk also noted that PTR's opportunities for multifamily investment continue to be favorable because of its strong balance sheet, and that the Advisor expects to announce major acquisitions on behalf of PTR in the near future that will use the balance of the $46 million of equity raised in PTR's November, 1991 public offering. At present PTR has under contract or letter of intent, subject to final due diligence, 12 multifamily properties totaling an additional 3,156 units with an approximate total value of $80 million in its southwestern target market.
 PTR is an equity real estate investment trust which acquires and develops multifamily properties in the southwestern United States. In February 1990, Southwest Realty Investors Incorporated became PTR's principal shareholder, and in March 1991 PTR retained Southwest Realty Advisors Incorporated as its advisor. The advisor's management team has focused PTR's efforts on investment in multifamily properties in the Southwest with the goal of maximizing Funds from Operations and quarterly distributions to shareholders.
 -0- 3/2/92
 /CONTACT: James H. Polk III of Southwest Realty Advisors, 505-982-9292/
 (PTR) CO: Property Trust of America ST: Texas IN: FIN SU: TNM SH -- NY029 -- 3847 03/02/92 10:23 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 2, 1992
Words:443
Previous Article:WERTHEIM SCHRODER INVESTMENT SERVICES ACQUIRES $350 MILLION INVESTMENT MANAGER, FMA
Next Article:USAIR EXPRESS INAUGURATES DIRECT INTERNATIONAL SERVICE FROM INDIANAPOLIS TO TORONTO VIA DAYTON
Topics:


Related Articles
SIZELER PROPERTY INVESTORS, INC., PURCHASES CAMELOT PLAZA SHOPPING CENTER, IN SAN ANTONIO, TEXAS
PROPERTY TRUST OF AMERICA ANNOUNCES $19.3 MILLION OF MULTIFAMILY ACQUISITIONS IN TUCSON, ARIZ. AND SAN ANTONIO, TEXAS
PROPERTY TRUST OF AMERICA ANNOUNCES THE ACQUISITION OF FOUR MULTIFAMILY PROJECTS TOTALING $40.3 MILLION
PROPERTY TRUST OF AMERICA ANNOUNCES THREE MULTIFAMILY PROJECTS TOTALING $34.1 MILLION
PROPERTY TRUST OF AMERICA ANNOUNCES EIGHT MULTIFAMILY ACQUISITIONS AND DEVELOPMENTS TOTALING $89.5 MILLION AND DECLARATION OF DIVIDEND
PROPERTY TRUST OF AMERICA ANNOUNCES 11 MULTIFAMILY ACQUISITIONS AND DEVELOPMENTS TOTALING $75.6 MILLION
CAMDEN PROPERTY TRUST PURCHASES TWO MULTIFAMILY PROPERTIES
CAMDEN PROPERTY TRUST PURCHASES HOUSTON PROPERTY
Healthcare Realty Trust Adds Three Properties To Portfolio
Colonial Properties Trust Expands West, Completes First Acquisition in Texas; Major Apartment Complex Acquired in San Antonio

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters