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Forest City Enterprises completes disposition of Detroit apartment community

Forest City Enterprises announced that it has closed the sale of Millender Center, a 339-unit apartment community in Detroit, Michigan, to RCA VG. The gross selling price reflected a cap rate of 4.3% based on the property's 2012 net operating income, and the transaction generated net cash proceeds to Forest City of approximately $15M. "We use liquidity from dispositions to reduce debt and further improve our balance sheet, invest in our mature portfolio and activate entitled development opportunities in core markets," said CEO David LaRue.