Tarragon Buys Out Local Group in $62M Deal

ORLANDO-Guardian Equities Inc., a little-known, privately-held local investment group headed by prominent multifamily developer Alan Ginsburg is part of Tarragon Realty Investors Inc.’s New York-based family today.

In a deal aggregately valued at $61.58 million, Tarragon acquired Guardian and a controlling interest in nine affiliated investment and development partnerships from Guardian founder Ginsburg. Ginsburg becomes one of Tarragon’s largest preferred shareholders and will continue as a partner in future new Tarragon developments.

The cash and stock transaction allows Tarragon to consolidate about $31 million in land construction-in-progress on its balance sheet, along with about $25 million of pre-existing partnership debt guaranteed by the partnerships.