The buyers also assumed an unspecified debt load. Aetna put $8.5 million cash in the deal. Tarragon will recognize a gain of $3.2 million and will share in future profits from the joint venture.
The gated properties are the 21-month-old, 288-unit, 100%-leased Club at Danforth in Jacksonville; the 17-month-old, 328-unit, 105.8% leased Vineyards at Eagle Harbor in Orange Park, a Jacksonville suburb; and the 15-month-old, 360-unit, 98.3% leased Links at Georgetown in Savannah, GA.
The Danforth rents from $640 to $1,000 per month; Vineyards, $685 to $1,030; and Links at Georgetown, $610 to $905.
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