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UNITED DOMINION REALTY TRUST PURCHASES FIFTH TAMPA BAY AREA APARTMENTS

 RICHMOND, Va., Dec. 9 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR), announced that it has purchased The Village at Old Tampa Bay Apartments in Oldsmar, Fla., a suburb of Tampa/Clearwater, for $12,500,000 from Old Tampa Village, Inc., an affiliate of Citicorp North America, Inc. The Village at Old Tampa Bay is a 408-unit garden and townhouse community located on 55 acres at the intersection of Hillsborough Avenue, State Route 584 and Forest Lakes Boulevard.
 The Village at Old Tampa bay, constructed in 1986, consists of 53 two-story wood frame buildings with a combination of stucco and wood siding and gable-style roofs. The apartments are a mix of one-, two- and three-bedroom units that average 990 square feet. The community includes a clubhouse, two swimming pools, Jacuzzi, tennis court, sand volleyball court, playground, jogging trail, car wash and three small lakes. The trust plans to invest approximately $675,000 enhancing the community and the individual units. The property is currently 85 percent occupied.
 Richard B. Chess, vice president and director of acquisitions, stated that at less than $31,000 per unit, or $37 per square foot, The Village at Old Tampa Bay represents a good value for a newer property. He noted that the seller had spent a significant amount on the property over the past two years correcting some construction defects. He stated that with additional improvements planned by the trust to enhance both the appeal of the community and the individual apartments, The Village at Old Tampa Bay has good upside potential.
 Barry M. Kornblau, senior vice president-apartments, stated that the community has a good mix of units with 92 percent two and three bedrooms with the two-bedroom units all having two full baths. All of the units have washer/dryer connections, and the community has excellent amenities. He indicated that he felt that occupancy would gradually grow during the spring and summer, after the trust completed its planned improvements.
 United Dominion now owns more than 17,000 apartment units in the Southeast, from Baltimore/Washington to Tampa. The trust also owns approximately 2 million square feet of shopping centers 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- 12/9/93
 /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 CCI)


CO: United Dominion Realty Trust, Inc.; Citicorp North America, Inc. ST: Virginia, Florida IN: FIN SU: RLE

MH-DC -- DC010 -- 2135 12/09/93 10:26 EST
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Publication:PR Newswire
Date:Dec 9, 1993
Words:462
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