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UNITED DOMINION REALTY TRUST PURCHASES TWO NORTH CAROLINA APARTMENT COMPLEXES

 UNITED DOMINION REALTY TRUST PURCHASES
 TWO NORTH CAROLINA APARTMENT COMPLEXES
 RICHMOND, Va., June 30 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR), announced today that it has purchased two Wilmington, North Carolina apartment complexes from Connecticut Mutual Life Insurance Company. The purchase price was $9.3 million including $4.65 million of mortgage financing.
 The larger of the properties is Forest Hills Apartments, located in the Forest Hills neighborhood on Confederate Avenue near Colonial Drive. The 278 unit townhouse and garden complex in 56 buildings on 24.3 acres was constructed in three phases between 1964 and 1969. The buildings which are primarily two story are colonial style with brick veneer walls and gable roofs. There are eight different floor plans in the primarily two and three bedroom complex with the average size apartment containing 1,055 square feet. Amenities in the property include a swimming pool, clubhouse, laundry and an exercise room. Occupancy is currently 99 percent.
 The smaller complex is The Creek Apartments located on Wrightsville Avenue adjacent to Forest Hills. The 198 unit garden complex in 13 buildings on 10.2 acres was constructed in 1973. The buildings which are two and two-and-a-half stories have horizontal cedar siding and gable style roofs. There is a mix of one, two and three bedroom garden style apartments with more than 50 percent of the units being one bedroom. Amenities include a swimming pool, clubhouse, exercise room, tennis court and laundries. Occupancy is currently 96 percent.
 Richard B. Chess, Vice President of Acquisitions, stated that the Trust was attracted by the purchase price, which averages $19,500 per unit, some favorable financing, consistent occupancy history of both properties and their good location. He noted that the Trust planned modest physical improvements to both properties and will redecorate the units on turnover.
 Barry M. Kornblau, Senior Vice President-Apartments, stated that Forest Hills and The Creek were the Trust's second and third Wilmington Apartments and that demand for apartments in Wilmington continued to be strong. He indicated that the two properties generally serve two separate submarket niches. Forest Hills with large units, washer/dryer connections in most apartments, low density and large trees is an excellent complex for families and older residents, while The Creek, with a higher mix of one bedrooms, a compact site and good amenities, attracts primarily singles.
 With the purchase of Forest Hills and The Creek, United Dominion now owns 11,400 apartment units in Virginia, North Carolina, South Carolina and Georgia. The Trust embarked on a major apartment expansion program in the Spring of 1991 which it expects to continue for at least another year. United Dominion is a self-administered equity real estate investment trust that owns and operates primarily apartments and also shopping centers in the South Atlantic region. The Trust's common stock is traded on the New York Stock Exchange under the symbol "UDR."
 -0- 6/30/92
 /CONTACT: Richard B. Chess, Director of Acquisitions, or Milton A. Scott, Jr., Senior Real Estate Analyst, United Dominion Realty Trust, Inc., 804-780-2691/
 (UDR) CO: United Dominion Realty Trust, Inc. ST: Virginia IN: SU: TNM


JZ -- CH006 -- 5270 06/30/92 15:07 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
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