Printer Friendly

PROPERTY TRUST OF AMERICA ANNOUNCES $19.3 MILLION OF MULTIFAMILY ACQUISITIONS IN TUCSON, ARIZ. AND SAN ANTONIO, TEXAS

 PROPERTY TRUST OF AMERICA ANNOUNCES $19.3 MILLION OF MULTIFAMILY
 ACQUISITIONS IN TUCSON, ARIZ. AND SAN ANTONIO, TEXAS
 EL PASO, Texas, March 13 /PRNewswire/ -- Property Trust of America (NYSE: PTR) reported today that it closed on the purchase of Sonoran Terraces, a $17 million multifamily complex in Tucson, Ariz., and is also expected to close today on the purchase of Contour Place, a $2.3 million multifamily complex in San Antonio, Texas.
 During 1991, PTR issued a total of 8,090,496 new shares in connection with two capital offerings that totaled $68 million of new equity. Proceeds of both share offerings were fully invested in acquisition and development transactions as of today.
 The 374 unit Sonoran Terraces is the largest single investment in PTR's history. The total cost of the project, including planned renovations of $185,000, is $17.2 million, all cash. At $46,080 per unit or $41.40 per square foot, the cost of Sonoran Terraces is below replacement cost. The anticipated unleveraged yield on PTR's cost, including planned renovations, is 10.3 percent.
 Sonoran Terraces is an extremely well located, quality complex convenient to major shopping and employment centers, adjacent to the Tucson National Golf and Conference Resort, and easily accessible to all parts of the Tucson metropolitan area.
 Sonoran Terraces is located on approximately 25 acres of land at the southwest corner of La Cholla Boulevard and MaGee Street. The complex has both one and two bedroom units in 29 separate buildings with an average unit size of 1,113 square feet and with a density of approximately 15 units per acre. The project and individual unit amenities are extremely competitive for the northwest Tucson market. All buildings are two story in height with wood frame construction. Exterior walls are slump block with a mortar wash and red tile, pitched roofs. The property was completed in 1986.
 The 126 unit Contour Place is PTR's second multifamily acquisition in the San Antonio market in 1992. The total cost of the project, including planned renovations of $150,000, is $2.4 million, all cash. At $19,090 per unit or $31.50 per square foot, the cost of Contour Place is well below replacement cost. The anticipated unleveraged cash yield on PTR's cost, including planned renovations, is 11.8 percent.
 Contour Place is a well located in-fill community in the Olmos Park neighborhood of San Antonio on Contour Drive, which is one of the most exclusive locations in San Antonio. The surrounding area consists of primarily single family homes, which has resulted in limited multifamily competition in the immediate area. Downtown San Antonio is located approximately five miles to the south, the San Antonio International Airport is located approximately four miles to the north, and the complex has direct access to Highway 37, a major north/south artery through San Antonio.
 Contour Place has both one and two bedroom units in 10 separate buildings with an average unit size of 606 square feet. Project amenities include a clubhouse with a social area and a pool and deck, and the Olmos Basin Park to the west is a 700-acre facility containing recreational amenities which include softball and soccer fields, walkways, and bike trails. Individual unit amenities include private balconies or patios, washer/dryer hook-ups, frost free refrigerators, and fireplaces, pantries, and bookcases in selected units. All multifamily buildings are composed of a concrete slab on-grade, three story wood frame, brick and wood veneer and a composite shingle roof.
 PTR's opportunities for multifamily investment continue to be favorable because of its strong balance sheet and attractive buy market conditions in the southwestern United States. In addition to a preliminary pipeline of potential acquisitions exceeding $110 million, PTR has under contract or letter of intent, subject to final due diligence, 10 additional multifamily properties totaling 2,656 units with a total value of $60.7 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- 3/13/92
 /CONTACT: James H. Polk III, or Jeffrey A. Cozad of Southwest Realty Advisors, 505-982-9292/
 (PTR) CO: Property Trust of America ST: Texas IN: FIN SU: TNM


TS -- NY014 -- 7681 03/13/92 09:20 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 13, 1992
Words:763
Previous Article:YUKON ANNOUNCES TJOSVOLD RESIGNATION
Next Article:LOUIS R. HUGHES NAMED VICE PRESIDENT OF GENERAL MOTORS
Topics:


Related Articles
PROPERTY TRUST OF AMERICA ACQUIRES COBBLESTONE VILLAGE IN SAN ANTONIO
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
CAMDEN PROPERTY TRUST PURCHASES TWO MULTIFAMILY PROPERTIES
CAMDEN PROPERTY TRUST ANNOUNCES NEW DEVELOPMENT
CAMDEN PROPERTY TRUST PURCHASES FOUR PROPERTIES
CAMDEN PROPERTY TRUST ANNOUNCES MIRAMAR LEASE-UP AND LINE OF CREDIT MODIFICATIONS
CAMDEN PROPERTY TRUST ANNOUNCES NEW DEVELOPMENT
CAMDEN PROPERTY TRUST ANNOUNCES ASSET SALE

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters