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SIZELER PROPERTY INVESTORS, INC. TO ACQUIRE STEEPLECHASE APARTMENTS

 KENNER, La., Nov. 30 ~PRNewswire~ -- Sizeler Property Investors, Inc. (NYSE: SIZ), an equity real estate investment trust (REIT), which invests in income-producing shopping center and apartment properties, announced today that it has entered into a contract to purchase the Steeplechase Apartments in Lafayette, La., for $3.5 million.
 Constructed in 1981, the 11-acre site includes 192 one- and two- bedroom, garden-style units. The units are large, averaging 900 square feet each, with a per-unit acquisition cost of $18,200.00, or $20.00 per square foot. The property contains a community club house building with a leisure area, swimming pool, Jacuzzi, tennis court, basketball court, volleyball court, and a fitness center.
 According to Jim Brodie, vice president of Acquisitions, "Steeplechase Apartments is a natural addition to our portfolio, since it will now give us critical mass in the Lafayette area, with 340 apartment units within a 20-mile radius, bringing the total number of units owned by Sizeler Property Investors, Inc. to 523." Brodie stated that the complex is in excellent condition and needs only minor improvements.
 Sizeler Property Investors, Inc. currently owns two enclosed regional shopping malls, one power shopping center, 10 community shopping centers, and three apartment complexes in the southern United States. With the purchase of Steeplechase Apartments, Sizeler will own four apartment complexes.
 Sizeler Property Investors, Inc.'s common stock (SIZ) is traded on the New York Stock Exchange. At Sept. 30, the company had assets totaling $117 million.
 -0- 11~30~92
 ~CONTACT: John J. Gilluly Jr., vice president~treasurer of Sizeler Property Investors, 504-466-5363 or, home, 504-833-4773~
 (SIZ)


CO: Sizeler Property Investors, Inc. ST: Louisiana IN: SU: RLE

BN-BR -- AT013 -- 2027 11~30~92 15:26 EST
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Publication:PR Newswire
Date:Nov 30, 1992
Words:282
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