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TRANSCONTINENTAL REALTY INVESTORS, INC. ANNOUNCES ACQUISITION OF OFFICE BUILDING

 DALLAS, Dec. 23 /PRNewswire/ -- Transcontinental Realty Investors, Inc. (NYSE: TCI) today announced the acquisition of the 103,000-square- foot One Steeplechase Office Building, located in Sterling, Va., from a subsidiary of SouthTrust Bank, N.A. (NASDAQ: SOTR) for $9.8 million.
 Transcontinental paid $1.47 million in cash and received long-term, floating-rate financing of $8.33 million. Transcontinental expects the building will be 100 percent leased by April 1, 1993, by a single tenant under a lease with an initial term of 12 years.
 One Steeplechase is a modern five-story glass office building surrounded by twelve landscaped acres overlooking a lake. It is within minutes of Dulles International Airport, which is the primary airport serving Washington, D.C.
 "We expect One Steeplechase--a fully leased premier property with close proximity to the nation's capital--will add significant cash flow to the company. Moreover, rent under the lease increases by 3 percent per annum while interest under the prime plus one-half percent floating rate financing is capped at 9 percent for the first five years and 10 percent for the last seven years," said a spokesperson for the company.
 Transcontinental Realty Investors, Inc. is an equity real estate investment trust which operates nationwide.
 -0- 12/23/92
 /CONTACT: Jean Krone Bono, CFA, director - investor relations of Transcontinental Realty Investors, Inc., 214-692-4800/
 (TCI SOTR)


CO: Transcontinental Realty Investors, Inc.; SouthTrust Bank, N.A. ST: Texas IN: SU: TNM

AH -- NY064 -- 9739 12/23/92 17:31 EST
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Date:Dec 23, 1992
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