The seller was publicly traded Tarragon Realty Investors Inc., a New York-based real estate investor and developer of for-sale housing and multifamily rental communities. The sale produced a $6.1 million gain for Tarragon Realty Investors, which acquired the property for $3.3 million in April 1995.
"A cash sale of this property for almost $3 million in excess of our Dec. 31, 2002, estimate of its fair market value represents a stunning example of the appreciation that attractive rental communities continue to enjoy," Tarragon president and CEO William Friedman says in a statement. He adds the company plans to defer the taxability of the transaction by re-deploying the sale's cash proceeds, through a tax-free exchange, into a 240-unit rental apartment community the company plans to start developing next month in Murfreesboro, TN.
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