NEW YORK, NY - Tarragon Corporation today announced the sale by its majority owned affiliate of 1000 Jefferson, a 217 unit luxury rental apartment property in Hoboken, NJ, to a major institutional investor for $116.2 million. The 1000 Jefferson property is the fifth residential development completed by Tarragon in a formerly blighted 8-block redevelopment zone branded "Upper Grand." Two other projects, including Tarragon's first high rise development in Hoboken, are now underway. Andrew J. Merin and Jose R. Cruz of Cushman & Wakefield represented Tarragon in the marketing of this property.
This transaction and other property sales that Tarragon has completed within the past several months, as well as ongoing cost reduction efforts, have enabled Tarragon to boost its liquidity and working capital while reducing debt.
"With this successful transaction, Tarragon looks forward to continuing its role in the redevelopment of Hoboken where we and our partners control almost 20 acres of land proposed for development of rental and for sale housing, a public swimming pool and community center, parks, a multi-screen movie theatre and retail uses," said William Rosato, President of Tarragon Development Corp.
Tarragon Corporation is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas and Tennessee.
Source: MarketWire