
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, February 21, 1991                   TAG: 9102210127
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: Sandra Brown Kelly
DATELINE:                                 LENGTH: Short

FORECLOSURE AUCTION FOR BRANDON RIDGE APARTMENTS SET

A foreclosure auction of the Brandon Ridge Apartment complex in Roanoke has been scheduled for March 8. The sale is being forced by William H. Price of Blacksburg, who holds a $1.5 million second mortgage on the property.

CorEast Federal Savings Bank, now under control of the Resolution Trust Corp., has a first mortgage granted in 1978 for $1.1 million.

The 120-unit complex on Brandon Avenue Southwest, which has a tax valuation of $3.1 million, is owned by Brandon Associates, a limited partnership that includes Peter Morris of Chicago. Morris also is general partner in groups that own Brandon West, which has 84 units, and Colonial Yorktown, with 104 units, in Roanoke.

Morris is the founder of VMS Realty Partners of Chicago, which as recently as January 1990 had eight publicly traded real-estate funds and 100 privately placed limited partnerships controlling real-estate assets valued at $9 billion.

In February 1990, VMS said it had problems paying its lenders. There was a dispute between Morris and Xerox Corp., a major creditor-investor in VMS through its Xerox Credit Corp. unit. Wednesday, a VMS spokesman said Morris still is involved in VMS but does not have offices at the company.

The Roanoke properties are managed by Prime Residential Management Co. in Chicago. Morris is president of Prime, said a spokesman, who declined to comment on the foreclosure except to say the company is getting more details on the auction.

by CNB