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United Dominion Unloads Five Complexes, Including 124-Unit Memorial Bend

HOUSTON-In an ongoing strategy to unload aging properties, United Dominion Realty Trust has sold five apartment complexes. The only one to go in Houston is the 124-unit Memorial Bend in the southwest submarket.

By Jennifer Brenner Andrade | Updated on January 12, 2001

HOUSTON-United Dominion Realty Trust continues its strategy to eliminate older properties from its multifamily portfolio, reaping $38 million from the latest disposition. Among those properties sold is Houston’s Memorial Bend at 12667 Memorial Drive in the city’s southwest submarket.

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.

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