SPECIAL: Tarragon, Aetna Do $62 Mil Apartment Deal

JACKSONVILLE, FL-A partnership jointly controlled by New York-based Tarragon Realty Investors Inc. and Aetna Life Insurance Co. has acquired a total 976 newly completed, two story garden apartment units developed by Tarragon in North Florida and Georgia for $62 million cash or about $63,525 per unit.

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.