Exhibit (a)(4)


                                                        CONTACTS:
                                                        Kevin Schwicardi
                                                        D.F. King & Co., Inc.
                                                        (212) 269-5550


FOR IMMEDIATE RELEASE
        AQUARIUS ACQUISITION, L.P. COMMENCES OFFER TO PURCHASE
        SPRINGHILL LAKE INVESTORS LIMITED PARTNERSHIP INTERESTS

        NEW YORK, NEW  YORK, February 1,  1995 -- Aquarius  Acquisition, L.P., a
newly formed Delaware limited partnership, announced today that it has commenced
an offer  to purchase  outstanding limited  partnership interests  in Springhill
Lake Investors Limited Partnership, a  Maryland limited partnership, for a  cash
payment of $36,000 per partnership unit, subject to the terms and conditions set
forth in the offer document and its related transmittal letter.

        Up to approximately $18,000 of the consideration paid for each  tendered
unit may  be in  the form  of proceeds  of a  non-recourse secured loan from the
purchaser  to  a  tendering  unit  holder,  depending  upon  the number of units
tendered.

        The offer  by Aquarius  is made  to Springhill  Lake limited partners of
record as of  February 1, 1995.   The offer  will expire at  5:00 P.M., New York
Time, on March 2, 1995, unless extended.

        The Offer is being made only  by an Offer to Purchase dated  February 1,
1995, and the  related Letter of  Transmittal, copies of  which can be  obtained
from the Information Agent, D.F. King & Co., Inc., by calling 1-800-659-5550.