TARR: Tarragon Realty Investors Message Board

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Strategies & Market Trends : TARR: Tarragon Realty Investors

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From: JakeStraw	7/6/2005 8:28:22 AM
	of 29

Tarragon to Sell 7 Investment Properties biz.yahoo.com Wednesday July 6, 8:22 am ET Tarragon Corp. to Sell Seven Investment Properties in Fla., N.J., Nevada for $67 Million NEW YORK (AP) -- Urban homebuilder Tarragon Corp. said Wednesday that it has sold or agreed to sell seven investment properties for a total of $67 million. The sales are expected to generate about $28 million in cash proceeds and pre-tax gains of about $35 million. Five of the seven properties are older apartment rental communities comprising 715 units, all located in Florida. The other two properties are small shopping centers located in Paramus, New Jersey and Las Vegas, Nevada. Tarragon said these seven transactions are part of its capital redeployment program announced on May 11, in which 27 rental properties were targeted for sale. The remaining properties are currently on the market. Chairman and CEO William S. Friedman said, "The contract prices are, overall, 19.4 percent greater than the fair market values of these assets as of Dec. 31, 2004. We feel these prices affirm our decision to monetize these investments. We look forward to completing the remaining sales over the course of 2005 and reinvesting the cash proceeds into growing our homebuilding pipeline."

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