Tarragon Realty Reports Property Sales
Monday December 23, 7:35 am ET
Company Locks in $7 Million Gain From Sale of Three Apartment Properties; Forecasts Record Total Property Sales of Nearly $100 Million for 2002
NEW YORK, Dec. 23 /PRNewswire-FirstCall/ -- Tarragon Realty Investors, Inc. (Nasdaq: TARR - News), announced the sale of two 30-plus-year old apartment properties located in Memphis and Orlando for approximately $16 million and the sale for $28 million of a third property in Sacramento, CA in which Tarragon had a substantial minority interest. After payoff of project mortgages and closing expenses, Tarragon received net cash proceeds of approximately $10 million. Tarragon's gain on the sales will exceed $7 million. The Company expects to report results on or about the second week of March.
William Friedman, Tarragon's President and Chief Executive Officer, stated: "With these closings, our property sales for the year are approaching $100 million for the first time ever as the sales tempo has more than kept pace with our increased development activities. Proceeds from the sale of English Village in Memphis, TN will be directly reinvested into Alta Mar Apartments and Marina, which our For-Sale-Housing Division is developing on Billy's Creek in downtown Ft. Myers, FL. Construction of the $28 million development is expected to begin in March with completion anticipated in the second quarter of 2004."
The Alta Mar will offer the best of waterfront living with a fully permitted 160-boat slip public marina and 126 unusually spacious waterfront apartments with structured parking, a full amenity package, and spectacular, unobstructed views of the Caloosahatchee River estuary, which separates Ft. Myers from Cape Coral. |
