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New Plan's Garden Apartment Portfolio Fetches $380 Mil

NEW YORK CITY-The local REIT unloads its entire portfolio of 53 garden-apartment communities to a private investment group. Proceeds will be used to pare down existing debt.

By Glen Thompson | Updated on September 24, 2001

NEW YORK CITY-New Plan Excel Realty Trust has divested itself of its entire gardenapartment portfolio. Price tag is $380 million.

The buyer is a private investment group including Houlihan-Parnes Realtors LLC and C.L.K. Management Corp. Salomon Smith Barney advised New Plan in the transaction. Roughly $55 million of the gross proceeds from the sale will be used to pay off existing mortgage debt on the garden apartment communities.

Short-term plans for the remaining proceeds are to pay down New Plan’s existing debt. Down the road, leftover cash from the sale will be used to spruce up the REIT’s core shopping-center portfolio, repurchase public equity or debt or in the pursuit of new acquisitions. The portfolio comprises 53 garden-apartment communities, leaving New Plan with roughly 250 properties after the sale.

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