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New Plan Excel Realty to Sell Portfolio for $380-Mil

NEW YORK CITY-New Plan Excel Realty Trust, a REIT based here, has entered an agreement to sell its garden apartment portfolio the company revealed in a conference call Friday. May 18.

By Betsy Kraat | Updated on May 21, 2001

NEW YORK CITY-A private investor group comprised of Houlihan-Parnes Realtors and CLK Management Corp. has laid the groundwork to acquire New Plan Excel Realty Trust’s portfolio of 53 garden apartment communities, totaling 12,550 units, for a total of $380 million. A total of $55 million will be used to satisfy existing mortgage indebtedness. This was revealed in a conference call hosted by the company on Friday, May 18.

“This transaction is instrumental in our corporate directive to refocus the company on its retail franchise,” says Glenn J. Rufrano, CEO and president of New Plan Realty Trust. “We find ourselves in an attractive multifamily disposition market and have taken advantage of the opportunity to sell the entire portfolio.”

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