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UNITED DOMINION REALTY TRUST PURCHASES TWO COLUMBIA, MARYLAND APARTMENT PROPERTIES

 RICHMOND, Va., Dec. 29 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR), announced today that it has purchased two Columbia, Md. apartment communities, Chase Brae and Chase Eden, containing 404 units for $19.8 million from Phoenix Home Life Insurance Company and an affiliated partnership. As part of the purchase price, the Trust assumed $13.8 million of tax exempt housing bonds on the properties. The Trust anticipates refinancing the bonds by mid-1993 with 20-30 year bonds at market rates, expected to be around 7 percent.
 Chase Brae is a 172 unit garden apartment community located on 8.7 acres on Murray Hill Road in the Village of Kings Contrivance in Columbia. The property, built in 1983, consists of nine two and three story wood frame buildings with vinyl siding, gable style roofs and enclosed hallways. The apartments are a mix of one and two bedroom units containing an average of 890 square feet. Chase Brae includes a sundeck/jacuzzi, playground and laundry room. The Trust does not plan to make major improvements to the property. Occupancy is currently 91 percent.
 Chase Eden is a 232 unit garden apartment community located on approximately 12 acres on Eden Brook Road also in the Village of Kings Contrivance. The property, built in 1984, consists of eleven two and three story wood frame buildings with vinyl siding, gable style roofs and enclosed hallways. The apartments are a mix of one and two bedroom units containing an average of 880 square feet. Chase Eden includes an office/clubhouse, exercise room, jacuzzi, tennis court and laundry room. The Trust does not plan to make major improvements to the property. Occupancy is currently 93 percent.
 Richard B. Chess, Director of Acquisitions, stated that these two apartment acquisitions are part of the Trust's strategy to acquire a significant presence in the Baltimore/Washington apartment market. He noted that the ability to refinance the tax free bonds at attractive rates over a longer term enhances the Trust's return on equity and makes the acquisitions particularly attractive.
 Barry M. Kornblau, Director of Apartments, stated that Columbia is an attractive market for the Trust not only because of the life style it offers as a planned community, but also because of its convenience to both Baltimore and Washington. He indicated that both Chase Brae and Chase Eden have quality units offering several special features including security intercom systems, vaulted ceilings, fireplaces, washer/dryer connections and icemakers.
 With the purchase of these two apartment communities, United Dominion now owns 13,831 apartment units in the southeast, from Baltimore/Washington, south to Tampa, Fla. The Trust also owns approximately 2 million square feet of shopping centers and other commerical space. The Trust embarked on a major apartment expansion program in the spring of 1991 which it expects to continue at least through 1993. United Dominion is a self-administered equity real estate investment trust that owns and operates primarily apartments and also shopping centers in the southeast. The Trust's common stock is traded on the New York Stock Exchange under the symbol "UDR".
 -0- 12/29/92
 /CONTACT: Richard B. Chess, Director of Acquisitions, or Milton A. Scott, Jr., Senior Real Estate Analyst, both of United Dominion Realty, 804-780-2691/
 (UDR)


CO: United Dominion Realty Trust, Inc. ST: Virginia, Maryland IN: SU: TNM

MM -- CH005 -- 0430 12/29/92 17:15 EST
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Publication:PR Newswire
Date:Dec 29, 1992
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