(Read more on the multifamilymarket.)
NEW YORK CITY-Locally based Tarragon Corp. a mixed-use developerwith a focus on multifamily housing, has completed the sale ofthree properties for a total of $91.4 million in the Southeastregion. The properties include: the Vintage at Abacoa in Jupiter,FL; 100 E. Las Olas in Ft. Lauderdale, FL; and the Kennesaw FarmsApartments development in Gallatin, TN. A spokesperson tellsGlobeSt.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 reducedebt and increase liquidity in the face of very difficult marketconditions, we realized a pretax profit of over $20 million on thesale of the Vintage at Abacoa.” The property, which the companybuilt in 2003, will make up for some of the losses on recenttransactions, according to Friedman in a prepared statement.
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