Tarragon sold the Collegewood Apartments in Tallahassee for $5.6 million and expects a gain of roughly $2.5 from the transaction. Built in 1975, the REIT acquired the 162-unit property at 434 West Jefferson Street in 1996.
The 66-unit Meriden East Apartments brought in a sale price of $3.2 million and Tarragon hopes to realize roughly $750,000 from the deal. The complex was built in 1977 and remodeled in 2000.
"The profitable cash sale of these two properties is an example of the success of our buy, improve, and sell approach to older apartment communities," says Tarragon president and CEO William Friedman. "We acquired Collegewood in 1996 and Meriden in 1998. After making operating and capital improvements to both of these 35-plus-year-old communities, we achieved higher rents and were able to recognize significant operating income over the holding period as well as from the sale."
Tarragon controls roughly 20,000 apartment units located primarily in Florida, Connecticut, Texas and California.
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