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UNITED DOMINION REALTY TRUST PURCHASES ALEXANDRIA APARTMENTS

 RICHMOND, Va., June 30 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR), announced today that it has purchased Parkwood Terrace Apartments in Alexandria, Va., for $6,200,000 from Parkwood Terrace Limited Partnership. Parkwood Terrace is a 189-unit garden style community located on 5.5 acres on North Ripley Street, north of I-395 and just north of Duke Street near the Landmark Mall of Alexandria. The property was completed in 1964 and consists of four, three and one-half story brick masonry buildings with flat roofs. The apartments are a mix of studio, one-, two- and three-bedroom garden units averaging 729 square feet. The community includes a swimming pool, playground and laundry rooms. Occupancy is currently 82 percent. The Trust plans to invest approximately $900,000 making immediate improvements to the property. United Dominion has obtained the approval for tax exempt bond financing for the acquisition and improvements.
 Richard B. Chess, vice president and director of acquisitions, stated that Parkwood is the Trust's second Alexandria apartment acquisition. The Trust made its initial acquisition in Alexandria in February. He noted that the Trust plans to acquire several other Northern Virginia apartments during the next two years due to the favorable long-term outlook for jobs and population growth in the metropolitan Washington area. Parkwood Terrace is a well-located community near the recently remodeled Landmark Regional Mall and represents a good value in the Washington and Alexandria market at $33,000 per unit. This value is enhanced by the commitment for tax exempt bond financing which the Trust will likely place in the early fall.
 Barry M. Kornblau, senior vice president-apartments, stated that in addition to its good location, Parkwood Terrace offers lower maintenance costs due to the brick masonry construction, convenient access to the mall and other major shopping. When the Trust completes its improvements, Parkwood Terrace will be very good, affordable housing in a very good location.
 With the purchase of Parkwood Terrace Apartments, United Dominion now owns 15,318 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. The Trust embarked on a major apartment expansion program in the spring of 1991 which it expects to continue 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- 6/30/93
 /CONTACT: Richard B. Chess, director of acquisitions, or Milton A. Scott, senior real estate analyst, United Dominion Realty Trust, 804-780-2691/
 (UDR)


CO: United Dominion Realty Trust; Parkwood Terrace Limited Partnership ST: Virginia IN: FIN SU:

TW-DC -- DC034 -- 7294 06/30/93 15:46 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
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