CLEVELAND, April 22 /PRNewswire-FirstCall/ -- Associated Estates Realty
Corporation (NYSE: AEC) announced today the purchase of The Belvedere and
River Forest apartments, two Class A apartment communities located in the
Richmond, Virginia metro area.
The properties are located in Chesterfield County, one of Virginia's
most prosperous and fastest growing regions. AEC has acquired three
properties in Virginia over the last ten months with a total of 804 units.
"These are terrific properties in high barrier to entry markets and fit in
well with our other Mid Atlantic properties," said John Shannon, Senior
Vice President of Operations.
The Belvedere (296 units) and River Forest (240 units) were built in
2005 and 2006 respectively. Both properties are located in close proximity
to major employment centers, shopping and recreational venues. The
communities offer outdoor pools, 24-hour fitness centers, business centers
and tennis and volleyball courts. The Belvedere is currently 97 percent
leased and has average market rents of approximately $1,015 per month.
River Forest is currently 95 percent leased and has average market rents of
approximately $970 per month.
Associated Estates Realty Corporation (AEC) is a real estate investment
trust ("REIT") and is a member of the Russell 2000. The Company is
headquartered in Richmond Heights, Ohio. AEC's portfolio consists of 54
properties containing 13,396 units located in nine states. For more
information about the Company, please visit its website at
http://www.aecrealty.com.
For more information, please contact:
Michael Lawson
Vice President of Investor Relations
216-797-8798
mlawson@aecrealty.com
SOURCE Associated Estates Realty Corporation
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Related links:
http://www.aecrealty.com
CONTACT:
Michael Lawson, Vice President of Investor
Relations, Associated Estates Realty Corporation,
+1-216-797-8798, mlawson@aecrealty.com
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