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UNITED DOMINION REALTY TRUST PURCHASES COLUMBIA, SOUTH CAROLINA APARTMENTS FROM FDIC AFFILIATE

 UNITED DOMINION REALTY TRUST PURCHASES
 COLUMBIA, SOUTH CAROLINA APARTMENTS FROM FDIC AFFILIATE
 RICHMOND, Va., Dec. 23 /PRNewswire/ -- United Dominion Realty Trust, Inc., (NYSE: UDR), a Richmond, Virginia based real estate investment trust, announced today that it has purchased Country Walk Apartments, a 208 unit apartment complex located in Columbia, South Carolina, from Prospect Realty, Inc., an affiliate of the Federal Deposit Insurance Corporation. The purchase price was $3.5 million which is approximately $17,000 per unit. Country Walk is located on 12 acres on Interstate 26 at the Piney Grove Road exit in the St. Andrews area of Columbia.
 The 208 unit one, two and three bedroom garden style complex was constructed in 1974. Each of the twenty-nine buildings is two story, wood frame with brick veneer and horizontal vinyl siding and gable style roofs. The apartments, which contain, on average, 1,085 square feet, include washer/dryer connections, patios or balconies and storage rooms. The property has a clubhouse, swimming pool, a lighted tennis court and laundry facilities. Occupancy at the time of closing was 82 percent.
 Richard B. Chess, Vice President of Acquisitions, stated that the Trust tried to buy the property in 1987 when it was known as Piney Grove but it was sold to a syndication group at a higher price. Since then, the property was partially renovated and then foreclosed on early this year. He indicated that the Trust felt that Country Walk fit well with its other two Columbia properties and that the Trust would seek other acquisitions in the Columbia market. He noted that the Trust plans to complete the renovation, correct some deferred maintenance and redecorate the units as they turn over.
 Barry M. Kornblau, Senior Vice President of Apartments, stated that he expected the Trust to be able to build from the 82 percent occupancy relatively quickly, as it redecorated units. He indicated that the location, large floor plans which are similar to one of the Charlotte properties, washer/dryer connections in each unit and the unit mix with only 12 percent one bedrooms should make the apartments very marketable.
 With the purchase of Country Walk, United Dominion now owns 10,925 apartment units in Virginia, North Carolina, South Carolina and Georgia. The Trust began a major apartment acquisition drive in the spring of 1991 to take advantage of depressed prices. It has acquired eight complexes with 2,247 units this year.
 United Dominion Realty Trust is a self-administered equity real estate investment trust that owns and operates primarily apartments and also shopping centers in the Southeast. The Trust specializes in purchasing properties that can be upgraded by capital improvements and new management. Its common stock is traded on the new York Stock Exchange under the symbol "UDR."
 -0- 12/23/91
 /CONTACT: Richard B. Chess, Director of Acquisitions, or Milton A. Scott, Jr., Senior Real Estate Analyst, 804-780-2691, both of United Dominion Realty Trust/
 (UDR) CO: United Dominion Realty Trust, Inc.; Prospect Realty , Inc. ST: Virginia, South Carolina IN: SU:


DF -- CH003 -- 4838 12/23/91 12:28 EST
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Publication:PR Newswire
Date:Dec 23, 1991
Words:510
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