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UNITED DOMINION PURCHASES SECOND NASHVILLE APARTMENT COMMUNITY

 RICHMOND, Va., Sept. 16 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR), announced today that it has purchased The Lakes Apartments in Nashville, Tenn., for $7,150,000 from The Lakes Apartments Associates, an affiliate of Levow, Engel & Coons of Birmingham, Ala. The Lakes is a 256-unit garden apartment community located on 21 acres on Lincoya Bay Drive, off of Bells Road, on the east side of Nashville near Percy Priest Lake. The purchase also includes an additional 23 acres of land for an additional phase of the property.
 The Lakes consists of 13 two- and three-story wood frame buildings with clapboard and plywood siding and gable style roofs. The apartments are a mix of one-, two-, and three-bedroom units averaging 802 square feet. The community includes a clubhouse/office, an exercise room, two swimming pools, a jacuzzi, and two lighted tennis courts. Initially the trust plans to spend approximately $700,000 correcting some construction deficiencies and enhancing the community. The property is currently 94 percent occupied.
 Commenting on the acquisition, Richard B. Chess, vice president and director of acquisitions, stated that The Lakes is the trust's second Nashville apartment community. The trust made its initial Nashville purchase last December. He noted that Nashville is a very good apartment market and that the trust would like to own several additional communities in the metropolitan area.
 Barry M. Kornblau, senior vice president-apartments, stated that the property was a good mix of one-, two- and three-bedroom units, each with washer/dryer connections, some fireplaces and other special features. He indicated that the community included excellent amenities and also benefited from its proximity to Percy Priest Lake. He indicated that while no decision has been made on the use of the additional land, it does give the trust the potential to build additional units, if the market warrants.
 United Dominion now owns approximately 16,000 apartment units in the Southeast, from Baltimore/Washington to Tampa, Fla. The trust also owns 2 million square free of shopping center and other commercial space. In the spring of 1991, the trust embarked on a major apartment acquisition program which it expects to continue at least into 1994. United Dominion is a self-administered equity real estate investment trust, and its common stock is traded on the New York Stock Exchange under the symbol "UDR."
 -0- 9/16/93
 /CONTACT: Richard B. Chess, director of acquisitions, or Milton A. Scott Jr., assistant director of acquisitions, both of United Dominion Realty Trust, 804-780-2691/
 (UDR)


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

IH-DC -- DC016 -- 2701 09/16/93 13:03 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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