Highwoods Properties, Inc. (NYSE: HIW) Announces Sale of 96-Unit Apartment Building for $11 Million

March 12, 2012 4:09 PM EDT
Highwoods Properties, Inc. (NYSE: HIW) has sold a 96-unit, vacant apartment building located in Country Club Plaza for $11 million and recorded a non-FFO gain of $5.1 million. The property was sold to a Kansas City based multi-family developer/owner. The Company will use the proceeds from this disposition to pay down its unsecured revolving credit facility.

Ed Fritsch, president and chief executive officer of Highwoods, stated, "This sale is in direct alignment with our continuous effort to improve the overall quality of our portfolio through the disposition of non-core assets and the development and acquisition of infill, core assets. We are pleased to transfer ownership of this residential property to a firm that specializes in multi-family development and operations in the greater Kansas City area.

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