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GlobeSt.com UPDATE: Tarragon Sells Additional $67M Worth of Properties

NEW YORK CITY-Continuing on its path of divesting of rental communities to focus on homebuilding, Tarragon sells a portfolio of five apartments and two shopping centers for a total of $67 million.

By Barbara Jarvie | Updated on July 06, 2005

(To read more on the multifamily market, click here.)

NEW YORK CITY-In a series of transactions, locally based urban homebuilder Tarragon Corp. has sold or entered into contracts to sell seven properties for $67 million. The company expects to generate $28 million in cash and pre-tax gains on sale of approximately $35 million. The firm’s officials had previously said it was about to sell a number of its holdings. In May, the company started a capital redeployment program in which 27 rental properties were targeted for sale. The remaining properties are still being marketed for sale.

According to Tarragon officials, five of the seven properties are older apartment rental communities comprising 715 units in Florida. The other two properties are small shopping centers located in Paramus, NJ and Las Vegas. In total, the company is developing a disposition strategy for 39 rental properties with a market value of $275 million.

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