Tarragon Realty Announces Major Property Sale
NEW YORK, Feb. 12 /PRNewswire-FirstCall/ -- Tarragon Realty Investors Inc (Nasdaq: TARR - news), a growth-oriented, fully integrated property development investment, management company, announced the closing of the sale of The Villages at Gateway in Denver, Colorado, a 768-unit apartment property, for $33.2 million to Bridge Partners of Salt Lake City, Utah. Tarragon realized a gain of more than $8 million on the sale.
President and CEO, William S. Friedman, commented: ``The sale of this 32-year old property, our only asset in Denver, Colorado, is a step forward in rejuvenating and rationalizing our investment portfolio. The cash generated from the sale will provide the equity capital to finance an equal number of brand new apartments in growing markets where we have significant management competence and efficiency. Through new construction and sales of older properties like this one, we have reduced the average age of our apartments from 22.3 years in 1997 to less than 17 years today.'' |
