The Richmond, VA-based real estate investment trust sold 1,638 units in six properties in Broward, Miami-Dade and Palm Beach counties for an estimated $68,987 per unit or $68.30 per sf.
The properties are Polo Chase, 320 units built in 1991 in Wellington, Palm Beach County; Copperfield, 352 units built in 1990 in Coral Springs; University Club, 164 units built in 1988 in Tamarac; Cleary Court, 192 units built in 1985 in Plantation; Pembroke Bay, 358 units built in 1990 in Pembroke Pines, all in Broward County; and Mediterranean Village, 252 units built in 1988 in Miami.
The Virginia-based REIT indicates in publicly available shareholder reports that those six properties carried an estimated market value of $103 million, with about $21 million in encumbrances, as of Dec. 31, 2000. Those properties also showed an average occupancy rate of about 92.9%.
Brad Capas, Richard Donnellan and Marc deBaptiste of Boca Raton-based Atlantic Realty Partners represented United Dominion.
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