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United Dominion Realty Trust Sells College Apartments

PULLMAN, WA-The Richmond, VA-based multifamily REIT sells its lone asset here--the 334-unit Campus Commons Apartments adjacent Washington State University--for $16.5 million.

By Brian K. Miller | Updated on July 26, 2004

PULLMAN, WA-United Dominion Realty Trust has sold the 14.6-acre Campus Commons Apartments here for $16.5 million or $49,401 per unit. The Richmond, VA-based multifamily REIT acquired the property in 1998 for about $14 million, according to SEC filings. The 334-unit complex, the largest in Whitman County, is located two blocks off the Washington State University campus. Built in 1972, the asset’s carrying value as of the end of 2003 was $12 million, according to United Dominion’s most recent annual report. United Dominion was represented by Cushman & Wakefield senior director Greg Laycock, who confirmed the transaction for GlobeSt.com. The buyer, listed as FPA Campus Commons Associates LLC, represented itself in the transaction. United Dominion is the nation’s fourth largest apartment REIT. It owns and operates more than 76,000 units around the country. A company spokesperson declined comment on the Campus Commons transaction until after the company makes the information public. In its most recent quarterly earnings call, a company executive made only vague reference to the sale, saying, “We have two assets under contract for sale at a price of $57 million that are scheduled to close by the end of July at a blended cap rate of 6 percent. One of those asset sales will take us out of another one-off market.”

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