Cambridge Apartments is located at 200-234 Fountain St. and1269-1274 Forest Rd. and consists of the Towers--twin seven-storypoured concrete buildings; a free-standing rental office/residenceand an 11,000-sf activity/community room. In addition, the complexalso includes the Annex, which consists of two detached two-storybrick buildings that contain 18 rental apartment units. One of theAnnex buildings is attached to the Mansion, which has another sixrental apartments. The complex, which sits on a 4.7-acre site, alsoincludes six detached single-family and multifamily dwellings.

The deal increases Tarragon's portfolio in the New Haven rentalhousing market where the company already owns the Liberty, a123-unit rental apartment property at 152 Temple St. In the Stateof Connecticut, Tarragon Realty owns approximately 3,000 rentalhousing units and nationwide has a portfolio of about 16,000housing units.

"It was an excellent opportunity to buy an older, tiredmultifamily property and bring some fresh investment and do acomplete repositioning of the asset," says Saul Spitz, executivevice president of acquisitions for Tarragon. He adds that Tarragonplans to invest more than $1 million in upgrades to theproperty.