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HIGHLANDS RANCH, CO-TIAA-CREF recently agreed to pay $176 million to Wellsford Real Properties Inc. for its three operating rental phases of its upscale Palomino Park community in this master-planned community. The contract is subject to the satisfactory completion within 30 days of the due diligence by TIAA-CREF.

The deal also is subject to approval by WRP’s shareholders at its next stockholders’ meeting. Palomino Park is a five-phase, 1,707-unit multifamily residential development south of Denver. The five phases include three operating residential rental phases comprising 1,184 units with a total of 1.3 million sf. These are the Blue Ridge, Red Canyon and Green River phases in the development.

The deal also includes 264 units in the Silver Mesa phases, which will be converted into condominiums. So far, all but one unit has been sold. The 259-unit Gold Peak phase is being retained by WRP and currently is being built as for-sale condominiums.

In May, WRP’s board approved a plan of liquidation. Under the plan,stockholders could receive $18 to $20.50 per share in distributions over the liquidation period, including an initial distribution of $12 to $14 per share within 30 days after stockholder approval of the plan and the closing of the sale of the three rental phases of Palomino Park. The pending sale to TIAA-CREF at the current price does not enter the estimated range of the initial distribution.

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