Tarragon Pays $64Mln for Fla. Apartments

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Tarragon Pays $64Mln for Fla. Apartments

Thursday, March 09, 2006

Tarragon Corp. has paid $64 million for Promenade at Reflection Lakes, a 360-unit apartment complex in Fort Myers, Fla. The property, which was constructed in 2002, was purchased from RAM Development Co. of Palm Beach Gardens, Fla., which was advised on the sale by Apartment Realty Advisors of Boca Raton, Fla. The high-end property is expected to be converted to condominiums by Tarragon, a New York REIT that has become very active in the condo conversion market, especially in Florida. The Promenade property is less than a mile from Tamiami Trail and five miles from I-75.