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NEW YORK CITY-Locally based Tarragon Corp. a mixed-use developer with a focus on multifamily housing, has completed the sale of three properties for a total of $91.4 million in the Southeast region. The properties include: the Vintage at Abacoa in Jupiter, FL; 100 E. Las Olas in Ft. Lauderdale, FL; and the Kennesaw Farms Apartments development in Gallatin, TN. A spokesperson tells GlobeSt.com that they cannot disclose the buyer at this time.

William Friedman, Tarragon's chairman and CEO, explains that “while our recent sales have been motivated by the need to reduce debt and increase liquidity in the face of very difficult market conditions, we realized a pretax profit of over $20 million on the sale of the Vintage at Abacoa.” The property, which the company built in 2003, will make up for some of the losses on recent transactions, according to Friedman in a prepared statement.

“We have fully implemented agreements…with several of our lenders to reinstate over $150 million of loans previously in default,” he adds. One of agreements he speaks of includes an agreement with Fannie Mae to reinstate a combined $79.6 million in loans it made to Tarragon. The company has restored loans from five other lenders totaling $56.6 million and has reached an agreement in principal with another lender to reinstate an additional $73.2 million in loans.

The Vintage at Abacoa is located at 863 University Blvd. and consists of units ranging from 605 sf to 1382 sf. The Kennesaw Farms Apartments at located at 1060 Kennesaw Blvd. and offer one-, two- and three-bedroom floorplans. 100 E. Las Olas is a 25-story residential tower with prices ranging from $600,000s to over $900,000. The 44 residences of 100 E. Las Olas average 1,640 sf.

Instant Insights /

Tarragon Completes $91M in MF Sales

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