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PROPERTY TRUST OF AMERICA ACQUIRES TWO MULTIFAMILY PROJECTS FOR $13.7 MILLION IN ALBUQUERQUE, NEW MEXICO AND EL PASO, TEXAS

PROPERTY TRUST OF AMERICA ACQUIRES TWO MULTIFAMILY PROJECTS FOR $13.7
 MILLION IN ALBUQUERQUE, NEW MEXICO AND EL PASO, TEXAS
 EL PASO, Texas, June 8 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that it has acquired the 272 unit Sandia Ridge multifamily project in Albuquerque, New Mexico and the 288 unit Mountain Village project in El Paso, Texas. The cost of the two all cash transactions, including planned renovations, was $6.93 million and $6.77 million, respectively, or a total of $13.7 million. At an average of $24,464 per unit, both properties were purchased at substantially below replacement cost. The citywide multifamily occupancy rates for Albuquerque and El Paso are currently averaging 94.7 percent and 95.9 percent, respectively, and Sandia Ridge and Mountain Village are currently 96 percent occupied on average. Following the completion of planned renovations and subsequent to the implementation of enhanced marketing and management programs, the anticipated unleveraged yield on PTR'S cost for the two projects will average 11.6 percent.
 PTR's advisor, Southwest Realty Advisors Incorporated, has completed transactions since Jan. 1, 1992 on behalf of PTR for 2,387 multifamily units, which represent a total investment of approximately $73.8 million. With the completion of these two acquisitions, PTR has invested approximately half of the $70 million of equity raised in its April 15, 1992 public offering of shares. PTR's opportunities for multifamily investment continue to be very favorable. PTR currently has under contract or letter of intent, subject to final due diligence an additional 2,574 units with an approximate total investment value of $70.3 million.
 Sandia Ridge is well located on Skyline Road just off the Juan Tabo/Interstate-40 interchange in southeast Albuquerque. Retail shopping is convenient to the property as approximately 3.5 miles to the west are the Coronado and Winrock regional shopping malls, totaling approximately 2.9 million square feet, whose anchors include Dillards, Sears, J.C. Penney, Mervyn's and Montgomery Ward.
 Albuquerque International Airport is located approximately four miles south of the property, and nearby major employers include Lovelace Medical Center and Veterans Hospital. Sandia Ridge is situated on 11.9 acres of land with 28 two and three story buildings containing one, two and three bedroom units with an average unit size of 822 square feet. Project amenities include three swimming pools, a club house, a playground and three laundry facilities. The property was constructed in 1986.
 The Mountain Village project is located on Bandolero Drive in northwest El Paso in the most desirable residential section of the city where home values range between $250,000 and $7of land with 18 two and three story buildings containing both one and two bedroom units with an average unit size of 898 square feet. Project amenities include two swimming pools, a club house, four laundry rooms and a basketball court. The property was constructed in 1982.
 PTR is an equity real estate investment trust ("REIT") which invests in multifamily properties in its 12 city target market in the southwestern United States. PTR's advisor is Southwest Realty Advisors Incorporated, which is an affiliate of PTR's largest shareholder (20.8 percent), Realty Growth Investors Incorporated.
 The advisor's management team is focusing PTR's efforts on acquiring, developing and operating multifamily housing that will compete very effectively in each specific market place over the long- term, as well as producing high initial and growing funds from operations which will maximize quarterly dividend growth to shareholders.
 -0- 6/8/92
 /CONTACT: James H. Polk III, or Jeffrey A. Cozad of Southwest Realty Advisors Incorporated, 800-982-9293, advisor for Property Trust of America/
 (PTR) CO: Property Trust of America ST: Texas IN: FIN SU: TNM


TQ -- NY019 -- 7788 06/08/92 09:57 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
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