Opened in April of this year, the apartment community is about 76% leased. Roberts anticipates the property will produce a stable occupancy rate of 95% by April 2002.
In closing the deal, the REIT completes a tax-deferred exchange related to the recent sale of its Crestmark apartment community in Douglasville, GA. The company arranged $21 million in permanent financing on the Wellington property through State Farm Life Insurance Company.
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