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Article: Tarragon Realty Investors Announces Gain of $6.1 Million on Apartment Sale.
- Article from:
- PR Newswire
- Article date:
- September 30, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Tarragon Realty Investors, Inc. , a real estate investor and developer of for-sale housing and multi-family rental communities, today announced the sale of Marina Park Apartments in North Miami, FL for $10.3 million to Keystone Bay, LLP of Miami, FL, producing a gain of $6.1 million. The 90-unit apartment property was acquired by Tarragon for $3.3 million in April 1995.
William Friedman, Tarragon President and CEO, stated: "A cash sale of this property for almost $3 million in excess of our December 31, 2002, estimate of its fair market value represents a stunning example of the appreciation that attractive rental communities continue to enjoy. We expect to ...
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