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SUPPLEMENT NO. 1
dated June 24, 1996
to the Prospectus
dated May 1, 1996
for the TIAA Real Estate Account
The following supplements the information set forth in
Appendix A of the Prospectus:
Multi-family Residential Complexes
Monte Vista Apartments -- Littleton, Colorado
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On June 21, 1996, the Account purchased the fee
interest in Monte Vista Apartments, a luxury garden apartment
complex located in Littleton, Colorado, for a purchase price of
approximately $17.6 million. The property is not subject to a
mortgage.
Monte Vista Apartments was built in 1995, and is
located on approximately 15.1 acres of land. The complex
consists of 219 one- and two-bedroom units in 22 two-story
buildings, with units containing such amenities as 9 foot
ceilings, a gas fireplace and an attached garage. Building
exteriors are brick and siding. There are 221 uncovered parking
spaces in addition to the garages. Residents have use of an on-
site clubhouse, a fully equipped exercise center and swimming
pool. The complex is currently 95% occupied with monthly rents
averaging $916.00 per unit. Rents are comparable with
competitive complexes in the locality and are not subject to rent
regulation. The Account will be responsible for the expenses of
operating the property.
Littleton is located 10 miles southwest of downtown
Denver. Denver, the capital of Colorado, is the largest city in
the seven state Rocky Mountain region. The population of the
Denver metropolitan area, which includes Littleton, has grown
steadily during the past ten years and is expected to continue to
expand in the near future.
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