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PROPERTY TRUST OF AMERICA ANNOUNCES THE ACQUISITION OF FOUR MULTIFAMILY PROJECTS TOTALING $40.3 MILLION

 PROPERTY TRUST OF AMERICA ANNOUNCES THE ACQUISITION OF FOUR
 MULTIFAMILY PROJECTS TOTALING $40.3 MILLION
 EL PASO, Texas, Sept. 23 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that it has completed the acquisition of four multifamily properties in Denver, San Antonio, and Tuscon, Ariz., for a combined purchase price of $40.3 million, including planned renovations of $1.2 million.
 The multifamily acquisitions include the 688-unit Hickory Ridge Apartments in Denver; the 273-unit villas of St. Tropez in San Antonio; and the 147-unit Tierra Antiqua and 101-unit Craycroft Gardens in Tuscon, Ariz. At an average of $33,294 per unit, which includes planned renovations for the properties of $1,024 per unit, the properties were purchased at below replacement cost.
 Hickory Ridge is a middle-income apartment complex located in Aurora (southeast suburban Denver) on Buckley Road, one quarter mile north of Iliff Avenue. There are four shopping centers located one quarter mile from the property, and major employers in close proximity include IBM, AT&T, Hartford Insurance, Honeywell, United Air Lines, McDonald-Douglas and Martin Marietta. Citywide occupancy for Denver is currently 95 percent, and as of Sept. 21, 1992 Hickory Ridge was 97 percent occupied.
 The Villas of St. Tropez is an upper middle-income project located in northwest San Antonio on Horizon Hill Boulevard near the intersection with Callaghan Road. The neighborhood immediately surrounding the property is one of the most desirable living and working areas of San Antonio and is comprised of major office buildings, high-end apartment complexes and single-family homes ranging in value from $100,000 to $1,000,000 plus. The project is within easy access of major employment centers and retail including both the Crossroads and North Star Malls. With its high level of individual unit and project amenities combined with its excellent location, the Villas of St. Tropez has maintained high occupancy since its opening in 1982. As of Sept. 21, 1992, occupancy stood at 97 percent. Citywide occupancy in San Antonio is currently 94 percent.
 Tierra Antiqua is a middle-income project acquired at approximately 85 percent of replacement cost. It is located in East Tuscon in close proximity to the El Dorado Medical Center, St. Joseph's Hospital and the El Dorado Country Club. In addition, the Park and El Con Malls, totaling in excess of 2,000,000 feet of retail, are each 1.5 miles from the property. With its outstanding in-fill location, large floor plans averaging 947 square feet, and high level of amenities, Tierra Antiqua has consistently maintained high occupancies since its construction in 1979, and as of Sept. 21, 1992 was 93 percent occupied. The citywide multifamily occupancy for Tuscon is currently 92 percent.
 Craycroft Gardens is a competitive, affordable complex in East Tuscon, conveniently located three miles north of Interstate 10 and five miles east of downtown Tuscon. The 900,000 square-foot Park Mall shopping center is located 2.5 miles from the site and includes Sears, Broadway and Dillard's as anchor tenants. With its large average unit size and high level of individual unit and project amenities, the property will continue to be a very desirable, affordable housing property in its submarket. Craycroft Gardens' occupancy as of Sept 21, 1992 was 98 percent.
 With the completion of these four acquisitions, PTR's Advisor, Southwest Multifamily Advisors Incorporated, has completed transactions since Jan. 1, 1992 on behalf of PTR for 3,596 multifamily units, which represent a total investment value of approximately $114.7 million. PTR has invested all of the proceeds of the $70 million of equity raised in its April 15, 1992 public offering of shares and has drawn down approximately $41 million from its revolving line of credit. PTR's opportunities for multifamily investment continue to be very favorable with an additional 2,556 units (whose total investment value is approximately $93 million) under contract or letter of intent, subject to further due diligence.
 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 Multifamily Advisors Incorporated, which is an affiliate of PTR's largest shareholder (21.1 percent), Security Capital Realty Investors Incorporated. The Advisors' management team is focusing PTR's efforts on acquiring, developing, and operating multifamily housing.
 -0- 9/23/92
 /CONTACT: James H. Polk III, or Jeffrey A. Cozad, 800-982-9293, both of Southwest Multifamily Advisors Incorporated, for Property Trust of America/
 (PTR) CO: Property Trust of America ST: Texas IN: FIN SU: TNM


AH -- NY057 -- 2668 09/23/92 13:02 EDT
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Date:Sep 23, 1992
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