Tarragon Realty Announces Sale of New Haven Property And Continuation of Stock Buy Back Program
NEW YORK, Sept. 17 /PRNewswire/ -- Tarragon Realty Investors Inc (Nasdaq: TARR) announced the sale of the Strouse Adler building in New Haven, CT by its 70 percent owned affiliate, Ansonia Apartments LLC. The property was acquired December 31, 1999, for $1.4 million and was sold for $2.6 million in a cash transaction.
William S Friedman, Chairman, stated, "We were pleased to take a quick profit in view of the splendid reinvestment opportunities we have in our pipeline, including commercial and residential projects ready to go in Paramus, NJ, Stratford, CT and Charleston, SC. We also intend to use a portion of these proceeds for our continuing stock repurchase program."
About Tarragon Realty Investors Inc
Tarragon Realty Investors Inc, a growth-oriented, fully integrated property development, acquisition and management company, manages and maintains a portfolio of approximately 20,000 apartment units, including over 3,500 luxury units, located primarily in Florida, Connecticut, Texas and California. The Company also manages a portfolio of almost 2,500,000 square feet of office and retail space. |
