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UNITED DOMINION REALTY TRUST ACQUIRES GREENVILLE-SPARTANBURG AREA APARTMENTS

 RICHMOND, Va., Dec. 31 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR), announced today that it has purchased Riverwind Apartments in Spartanburg, S.C., for $7,050,000 from Franklin Riverwood Associates, a Pennsylvania limited partnership. Riverwind is a 194-unit garden apartment community, located on 21 acres, on Haywood Avenue, northeast of downtown Spartanburg.
 Riverwind, constructed in 1987, consists of 20 two- and three-story wood frame buildings with horizontal cedar siding and pitched roofs. The apartments are a mix of one-, two- and three-bedroom units that average 869 square feet. The community includes a clubhouse, swimming pool, Jacuzzi, fitness center, volleyball court, two lighted tennis courts, jogging trail and car wash. The trust plans to invest approximately $500,000 improving the community, buildings and individual apartments. The property is currently 96 percent occupied.
 Richard B. Chess, vice president and director of acquisitions, stated that Riverwind is the third property acquired by the trust during the past two years in Greenville-Spartanburg, an area targeted for additional apartment acquisitions. He noted that Greenville-Spartanburg was a good apartment market today and will benefit from the new BMW plant and related employment growth in future years.
 Barry M. Kornblau, senior vice president-apartments, stated that Riverwind is a newer property with low density and excellent community amenities. He noted that the individual units benefit from having fireplaces, washers and dryers furnished, wet bars and other special features.
 United Dominion now owns 17,914 apartment units in the Southeast, from Baltimore/Washington to Tampa, Fla. The trust also owns approximately 2 million square feet of shopping centers and other commercial space. Riverwind is the 17th apartment community acquired by the trust in 1993. 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- 12/31/93
 /CONTACT: Richard B. Chess, director of acquisitions, or Milton A. Scott Jr., assistant director of acquisitions, of United Dominion Realty Trust, 804-780-2691/
 (UDR)


CO: United Dominion Realty Trust, Inc.; Franklin Riverwood Associates ST: South Carolina, Virginia IN: FIN SU: TNM RLE

DC-KD -- DC002 -- 8316 12/31/93 13:23 EST
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Publication:PR Newswire
Date:Dec 31, 1993
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