Tarragon Realty Investors Announces Sale of Two Properties and Commencement Of Construction on New Class 'A' Apartments as Part of Modernizing Strategy
PR NEWSWIRE - May 03, 2002 08:00
NEW YORK, May 3, 2002 /PRNewswire-FirstCall via COMTEX/ -- Tarragon Realty Investors Inc (Nasdaq: TARR), today announced that its 70 percent owned affiliate, Ansonia Apartments, LLC, has sold Fox Run Apartments in Ledyard, Connecticut for $7.8 million and Foxon Woods Apartments in East Haven, Connecticut for $3.6 million. Tarragon netted $2.9 million in proceeds and expects to recognize a gain of about $1.0 million from the sales.
The Company also announced the commencement of construction on Tarragon's newest development, The Vintage at Vista Lakes, a 300-unit Class "A" Apartment community in Orlando, Florida. Tarragon recently completed construction on The Vintage at the Parke, a 278-unit, Class "A" apartment community in Murfreesboro, Tennessee. Leasing for the project is well ahead of projections.
William S Friedman, Tarragon's President and Chief Executive Officer, commented, "Our share of the proceeds from the sale of these two properties is more than the cash investment required for The Vintage at Vista Lakes development. We are, in effect, trading 250 units of 30+ year old property for 300 units of brand new, Class "A" property. This is consistent with our strategy to improve the quality and reduce the average age of our portfolio." |
