PROPERTY TRUST OF AMERICA COMMITS TO ITS LARGEST SINGLE MULTIFAMILY INVESTMENT IN SCOTTSDALE, ARIZ.
PROPERTY TRUST OF AMERICA COMMITS TO ITS LARGEST SINGLE MULTIFAMILY
INVESTMENT IN SCOTTSDALE, ARIZ. SANTA FE, N.M., Jan. 17 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today at a presentation to 26 institutional investors that it is breaking ground on the 276 unit, $16.5 million San Marin multifamily complex in Scottsdale, Ariz. The project will be PTR's largest single multifamily investment to date. Occupancy of units in the newly developed complex will commence in August, 1992. The anticipated unleveraged cash yield for the San Marin complex on PTR's total investment cost is approximately 10.5 percent. PTR's Advisor, Southwest Realty Advisors Incorporated, also announced that PTR has entered into contracts or letters of intent for 12 additional multifamily projects totaling 3,110 units representing an aggregate investment, including planned renovations, of $76.6 million. The anticipated unleveraged cash yield on these potential investments equals 11.4 percent. Additionally, the Advisor is in varying stages of negotiation and due diligence on 16 projects totaling approximately 4,000 units with a total cost of approximately $100 million, which PTR is hopeful of consummating by the end of 1992. J. H. Polk III, managing director of Southwest Realty Advisors Incorporated, stated: "The San Marin site is considered to be one of the best multifamily locations in Arizona. Located on the new Civic Center Drive, which will carry an estimated 33,000 cars per day, the complex is within three blocks of the Scottsdale Civic Center, one quarter mile south of the Scottsdale Galleria, a $175 million, 1.3 million square foot retail shopping and entertainment complex, and within three blocks of the intersection of Scottsdale and Camelback Roads." San Marin will have one, two and three bedroom units in 23 separate buildings. The average unit size will be 1,004 square feet with each unit having its own private balcony or patio, wood burning fire place, full size washer and dryer and interior storage rooms. Construction will be three-story wood frame with stucco exterior, tile roofs and detached covered parking. Project amenities will include a clubhouse with facilities for private functions, a fully equipped aerobic exercise room, a large swimming pool and volleyball courts. PTR is an equity real estate investment trust which acquires and develops multifamily properties in the southwestern United States. In March 1991, PTR retained Southwest Realty Advisors Incorporated as its Advisor. The Advisor's management team has focused PTR's efforts on multifamily investments with the goal of maximizing Funds from Operations and quarterly distributions to shareholders while building additional equity through appreciation of PTR's properties. -0- 1/17/92 /CONTACT: James H. Polk III or Jeffrey A. Cozad of Southwest Realty Advisors, 505-982-9292/ (PTR) CO: Property Trust of America ST: New Mexico IN: CST SU: SH -- NY015 -- 0879 01/17/92 09:30 EST
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|Date:||Jan 17, 1992|
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