Tarragon Realty Investors Announces Sale of Two Properties And 10 Percent Common Stock Dividend
NEW YORK, April 1 /PRNewswire-FirstCall/ -- Tarragon Realty Investors Inc (Nasdaq: TARR - news), a growth-oriented, fully integrated property development investment, management company, today announced the closing of the sale of Collegewood Apartments in Tallahassee, Florida for $5.35 million and the sale by Tarragon's 70 percent owned affiliate, Ansonia Apartments, LLC, of Meriden East Apartments, located in Meriden, Connecticut for $3.2 million. Tarragon expects to recognize a gain of about $2.5 million from the sale of Collegewood and $750 thousand from the sale of Meriden.
The Company also announced a 10 percent stock dividend on its common shares, to be distributed on April 26, 2002 to shareholders of record on April 15, 2002.
William Friedman, Tarragon's President and Chief Executive Officer, commented, ``The profitable cash sale of these two properties is an example of the success of our buy, improve, and sell approach to older apartment communities; we acquired Collegewood in 1996 and Meriden in 1998. After making operating and capital improvements to both of these 35+ year old communities, we achieved higher rents and were able to recognize significant operating income over the holding period as well as from the sale.'' |
