"The sale was the second leg of a tax-deferred exchange [under Section 1031 of the Internal Revenue Code] involving a Herndon, VA-property bought in April," Town and Country executive vice president Thomas L. Brodie tells Globe St.com. The REIT acquired the 328-unit Lionsgate Apartment Homes, previously known as the Windsor at Lionsgate, in September. "We're selling some of our older buildings and buying newer ones," Brodie explains. "The market for apartments is very hot and we sold into a very strong market."
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