In recent days, the Richmond, VA-based REIT has sold five multifamily complexes located in Texas, Virginia, Maryland and Alabama. The complexes, which contain 1,186 apartments, on the average are 30 years old.
The 33-year-old Memorial Bend's age had been a definite factor in the decision. "The properties in our portfolio on average are less than fifteen years old," Kevin W. Walsh, United Dominion senior vice president of finance, tells GlobeSt.com.
The 124-unit Memorial Bend has an average occupancy rate of 91%, with an average monthly rent of $618.00. The property has been in United Dominon's portfolio since March 31, 1998, when it merged with ASR investments.
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