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UNITED DOMINION REALTY TRUST PURCHASES SOUTH CAROLINA APARTMENT COMMUNITY

 UNITED DOMINION REALTY TRUST PURCHASES
 SOUTH CAROLINA APARTMENT COMMUNITY
 RICHMOND, Va., Sept. 16 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR) announced today that it has purchased Colonial Villa Apartments in Columbia, South Carolina from Griffin Real Estate Fund-III, a Minnesota limited partnership, for $6 million.
 Colonial Villa is a 296 unit garden and townhouse complex located on approximately 23 acres on Garners Ferry Road in southeastern Columbia. The property which was completed in 1974 consists of 27 two story buildings of wood frame construction with mostly brick veneer walls and gable style roofs. The community includes a clubhouse/office which was an original farm house, two swimming pools, two lighted tennis courts, three laundry buildings and lake frontage. Occupancy is currently 92 percent. The Trust plans to spend approximately $1.2 million improving the property including redecorating the apartments over the next three years.
 Richard B. Chess, Vice President of Acquisitions, stated that Colonial Villa is an easy property to like: large units, brick exterior, good amenities, and a lake location. He noted that the longer term potential was attractive because of the property's easy access to the new circumferential highway around Columbia and its proximity to some major employers.
 Barry M. Kornblau, Senior Vice President-Apartments, stated that Colonial Villa fit well into the Trust's Columbia strategy and is its first property on the south side. He noted that the apartment market in Columbia was strong, and that the Trust planned to continue to acquire apartments there.
 With the purchase of Colonial Villa, United Dominion now owns 11,700 apartment units in Virginia, North Carolina, South Carolina and Georgia. Colonial Villa is the Trust's fourth Columbia, South Carolina apartment community. The Trust embarked on a major apartment expansion program in the Spring of 1991 which it expects to continue for at least another year. United Dominion is a self-administered equity real estate investment trust that owns and operates primarily apartments and also shopping centers in the South Atlantic region. The Trust's common stock is traded on the New York Stock Exchange under the symbol "UDR."
 -0- 9/16/92
 /CONTACT: Richard B. Chess, Director of Acquisitions, or Milton A. Scott, Jr., Senior Real Estate Analyst, United Dominion Realty Trust, Inc., 804-780-2691/
 (UDR) CO: United Dominion Realty Trust, Inc. ST: Virginia IN: SU: RLE


SB -- CH005 -- 0323 09/16/92 16:57 EDT
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Publication:PR Newswire
Date:Sep 16, 1992
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