CLEVELAND, May 18 /PRNewswire-FirstCall/ -- Associated Estates Realty
Corporation (NYSE: AEC) announced today that it has sold two Northeast Ohio
high-rise apartment communities containing a total of 1,100 units. The
properties were built in the 1970s.
"These sales are consistent with our objective to reduce the number of
older, non-core apartment communities we own in the Midwest," said Jeffrey
I. Friedman, President and CEO.
The sales prices reflect a blended cap rate of 5.0% percent. Net sales
proceeds of $41.3 million are being used to pay down debt.
Associated Estates Realty Corporation, one of the largest multifamily
property managers in the United States, is a real estate investment trust
("REIT"), headquartered in Richmond Heights, Ohio, a suburb of Cleveland.
The Company directly or indirectly owns, manages, or is a joint venture
partner in 107 apartment communities containing a total of 22,213 units
located in 11 states.
For more information, please contact: Barbara E. Hasenstab, Vice
President of Investor Relations and Corporate Communications, by telephone
at 216-797-8798 or e-mail at IR@aecrealty.com. This press release and other
corporate information are available through the Company's web site on the
Internet at http://www.aecrealty.com. AEC's web site is linked to Sharebuilder, an
online service that allows investments in shares of AEC common stock
directly on a recurring basis. For more information, access the Investor
Relations "News" section of http://www.aecrealty.com.
SOURCE Associated Estates Realty Corporation
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Related links:
http://www.aecrealty.com/
CONTACT:
Barbara E. Hasenstab, Vice President of
Investor Relations and Corporate Communications of Associated
Estates Realty Corporation, +1-216-797-8798, or IR@aecrealty.com
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