Tarragon chairman and CEO William S. Friedman says he expectsthe acquisition will generate gross aggregate condo unit sales of"more than $250 million" over the next two years after theproperties are converted to condominiums. The deals are scheduledto close between Dec. 29 and Jan. 28.
Friedman says the acquisitions, from separate unrelated sellers,will be financed with the company's working capital and separatefirst mortgage acquisition loans from undisclosed lenders.
The properties are Arlington Park Town Homes at Westchase inTampa, completed this month, 76 units; the Madison at Deerwood inJacksonville, built in 2003, 344 units; the Yacht Club at Hypoloxo,a West Palm Beach suburb, built in 1996, 388 units ; and Georgetownat North Village in Celebration, completed in 2002, 315 units.
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