SOURCE: Tarragon Corporation

February 29, 2008 07:45 ET

Tarragon Corporation Sells Newly Completed Apartments for $116 Million

NEW YORK, NY--(Marketwire - February 29, 2008) - Tarragon Corporation (NASDAQ: TARR) ("Tarragon") 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.

About Tarragon Corporation

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. To learn more about Tarragon Corporation, visit: www.tarragoncorp.com.

Forward-looking Statements

Information in this press release includes "forward-looking statements" made pursuant of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on management's expectations, estimates, projections and assumptions. Words such as "may," "expects," "anticipates," "intends," "estimates," and variations of these words and similar expressions are intended to identify forward-looking statements. Actual results and the timing of certain events could differ materially from those projected or contemplated by these forward-looking statements due to a number of factors, including conditions in the homebuilding industry, the residential real estate and mortgage markets and the capital and financial markets generally, general economic conditions, interest rates and other risk factors outlined in Tarragon's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2006 and any subsequently filed Quarterly Reports on Form 10-Q. Tarragon assumes no responsibility to update forward-looking information contained in this press release.

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Contact Information

  • Contacts:

    Broadgate Consultants, LLC
    Alan H. Oshiki
    (212) 232-2222
    Email Contact

    Tarragon Corporation
    William S. Friedman
    (212) 949-5000
    Email Contact