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PROPERTY TRUST OF AMERICA ANNOUNCES EIGHT MULTIFAMILY ACQUISITIONS AND DEVELOPMENTS TOTALING $89.5 MILLION AND DECLARATION OF DIVIDEND

 SANTA FE, N.M., April 28 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that it has acquired five multifamily properties and has purchased zoned land and begun the development of three new multifamily properties. These eight properties total 2,364 units and represent a total investment commitment of $89.5 million in PTR's southwestern target market.
 PTR also announced that on April 23, 1993 its board of trustees declared a regular dividend of 20.5 cents per share, payable on May 14, 1993 to shareholders of record on May 3, 1993. On an annualized basis, this represents a dividend of 82 cents per share, which is a 17 percent increase over the 1992 dividend level.
 Camino Real is a 176-unit middle income multifamily property acquired by PTR and located in northwest San Antonio, Texas. The property has excellent access to major employment centers and retail including the North Star Mall and Central Park Mall which are anchored by Saks Fifth Avenue, Marshall Fields, Dillard's, Foley's, Sears and Bealls. The neighborhood immediately surrounding Camino Real is one of the most desirable living and working areas of San Antonio. Camino Real features large floor plans averaging 972 square feet coupled with extensive unit and project amenities including washer/dryer connections, vaulted ceilings and screened porches in selected units, a swimming pool, jacuzzi, two tennis courts and a clubhouse. Camino Real is 96 percent occupied.
 Sundown Village is a 250-unit middle income property acquired by PTR and located in northwest Tucson, Ariz. Sundown Village is conveniently located to employment centers in the northwest as well as other areas of Tucson and has excellent access to major retail centers including the Foothills Mall anchored by Dillard's and Foley's. Comprehensive project amenities include microwave ovens, washer/dryer connections, fireplaces, ceiling fans, four swimming pools, spas, a fitness facility, a clubhouse and covered parking. Sundown Village is 95 percent occupied.
 Windsail is a 300-unit middle income property acquired by PTR and located in northwest Tucson. Windsail is adjacent to the Foothills Mall and is surrounded by one of Tucson's most attractive residential areas. Amenities include washer/dryer connections, fireplaces, ceiling fans, two swimming pools, jacuzzi, exercise facility, tennis and volleyball courts, clubhouse, toddler playground and covered parking. Windsail is 96 percent occupied.
 The Ridge is a 326-unit middle income property acquired by PTR and located in northwest Austin. The Ridge is conveniently located to nearby retail facilities including the Northcross Mall and the Arboretum Center which include Scarborough's, TJ Maxx, Williams Sonoma and Bealls. Major employers in the area include Texas Instruments, MCC, IBM and Dell Computers. Amenities include washer/dryer connections, ceiling fans, two clubhouses, two swimming pools, an exercise facility, tennis court and laundry facilities. The Ridge is located near PTR's Spyglass apartments which will provide marketing and operating efficiencies. A major renovation and market repositioning of The Ridge will be completed by PTR. The Ridge is 93 percent occupied.
 Double Tree is a 284-unit affordable housing property acquired by PTR and located in northwest El Paso, Texas. The property is conveniently located near the Sunland Park Mall anchored by Dillard's, Mervyn's, Montgomery Ward and JCPenney. The property is located across the street from PTR's new multifamily development project, Acacia Park, which will provide marketing and operating efficiencies. The citywide occupancy rate for El Paso is 96 percent and Double Tree is 97 percent occupied.
 Located across the street from PTR's Double Tree apartments, Acacia Park is a 360-unit middle income property being developed by PTR in northwest El Paso, Texas. The site has superior visibility from Mesa Street, northwest El Paso's major north-south arterial. The property is also conveniently located near the Sunland Park Mall. Amenities for Acacia Park include washer/dryer connections, ceiling fans, and microwave ovens in selected units, Community Resource Center, swimming pool, lap pool and toddler pool, toddler and child playground areas, a basketball court, a volleyball court, jogging paths and covered parking. The project was approved after nine months and numerous meetings with the City of El Paso Planning Commission and City Council, resulting in the successful rezoning of the site. Acacia Park's extensive amenities make it a very competitive apartment complex in northwest El Paso, where PTR's units are 97 percent occupied.
 Pavilions of McCormick Ranch is a 320-unit upper middle income property being developed by PTR in Scottsdale, Ariz. (metro-Phoenix). PTR considers this site to be extremely well located and highly amenitized. The site is located in McCormick Ranch, centered in a luxury-planned residential and resort development which, with adjacent Gainey Ranch, includes a Hyatt Regency Hotel, championship golf course, jogging and bicycle paths and series of lakes. The property is located in the highest-ranked school district in the metropolitan area. Major retail centers near the property include the 1.25 million square foot Fashion Square Mall and the one million square foot Scottsdale Pavilions. Large units averaging 1,052 square feet include washers/dryers, microwave ovens, fireplaces and private balconies or patios. Project amenities include two swimming pools, a clubhouse, exercise facility, social room and volleyball court. Parking consists of one- and two-car attached garages and carports.
 Jollyville Oaks, is a 348-unit middle income property being developed by PTR in the Northwest Hills section of Austin, Texas, one of the most desirable and upscale residential areas of the city. Jollyville Oaks is located one-half mile from the Arboretum Center and the Highland Shopping Mall which include Scarborough's, TJ Maxx, Williams Sonoma and HEB. Major employers in the area include Texas Instruments, MCC, IBM an Dell Computers. Unit and project amenities include full size washer/dryer connections in all units, washer/dryers and garages for selected units, a large swimming pool, an expanded exercise facility, sport court, jogging track, outdoor barbecue areas and a clubhouse. Employment growth in Austin in 1992 was 4 percent, and is projected to be approximately 4 percent per year for the next three years. This excellent job growth is creating strong demand for multifamily properties. The north Austin submarket in which Jollyville Oaks is located is currently 97 percent occupied and has experienced a 10 percent increase in rental rates over last year.
 These properties bring the total units owned and under development by PTR to 12,159. PTR Chairman C. Ronald Blankenship stated that job growth in PTR's southwestern target market continues to be very strong, providing excellent opportunity for PTR's multifamily properties to continue to maintain high occupancy rates, with consistent rental increases. PTR's opportunities for new multifamily investments also continue to be very attractive, with an additional 3,799 units, having a total investment value of approximately $110 million, under contract or letter of intent subject to final due diligence.
 PTR's objective is to become the dominant real estate operating company in the southwestern United States focusing on the acquisition, development, operation and long-term ownership of multifamily properties.
 -0- 4/28/93
 /CONTACT: John Q. Collins or Jeffrey A. Cozad of Security Capital Group, 800-982-9293/
 (PTR)


CO: Property Trust of America ST: New Mexico IN: FIN SU: TNM

SM -- NY024 -- 1842 04/28/93 09:31 EDT
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