281-Unit Luxury Mid-Rise On Charles River
ARLINGTON, Va., May 19 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW) announced today that it has contracted to acquire
Cronin's Landing, a newly-constructed 281 unit luxury mid-rise property
located along the Charles River in Waltham, a close-in western suburb of
Boston, for $60 million. Construction of the property is nearly complete and
it is currently being leased. Closing is expected within 60 days.
Ernest Gerardi, Jr., President of Charles E. Smith Residential, said, "We
are excited to add this exceptional property to our portfolio. It more than
doubles our investment in the Boston area and is a significant step toward our
goal of building visibility and critical mass in this strong market. The
developer of Cronin's Landing, Roy MacDowell, has created a one-of-a kind
living environment, and we believe it will continue to be the highest quality
apartment property in the Boston area for a long time. Its location is
excellent, just off Route 128 in the midst of the growing technology industry,
and its setting along the Charles River is spectacular. Boston is a difficult
market in which to develop, so having the finest new property in the market is
a real competitive advantage."
Cronin's Landing has 850 feet of frontage along the Charles River and is
designed with three wings of five to seven stories, so that a majority of
units have river views. The exterior is brick and cast stone and features
terraces, balconies and bay windows. The property includes 25,000 square feet
of commercial space, a 418-space parking garage and 72 surface parking spaces.
Construction of the property is nearing completion, and as of May 15, 1998,
60% of the units had already been leased.
Cronin's Landing is well located with excellent transportation access to
nearby Route 128/I-95, as well as downtown Boston via the Massachusetts
Turnpike. An MBTA commuter rail station is a short walk, just across the
Charles River bridge, and there are a wide array of restaurants, services, and
entertainment options within close proximity to the property. Located in the
midst of the Boston area technology industry, Waltham is experiencing strong
growth and revitalization, and has the third largest concentration of
commercial space in the area after downtown Boston and Cambridge.
The $60 million acquisition price for the property includes the assumption
of $31.5 million of debt, the issuance of $3 million of Operating Partnership
units, and the balance in cash. This transaction will bring the year to date
total of acquisitions by Charles E. Smith Residential Realty to 1,942
apartment units, representing a total investment of over $180 million.
Charles E. Smith Residential Realty, Inc. is a self-managed real estate
investment trust listed on the New York Stock Exchange (SRW). The Company and
its subsidiaries and affiliates own, acquire, develop, and manage multi-family
residential properties; and in addition, provide a full range of real estate
services to other property owners. The Company owns a portfolio of over
19,500 apartment units, has 2,000 units under construction, and manages an
additional 3,500+ units for other owners. The total market capitalization of
the Company -- Charles E. Smith Residential Realty, including its Operating
Partnership -- is approximately $1.8 billion. Investor information including
press releases about Charles E. Smith Residential Realty is available on the
Company's Web site at: http://www.smithreit.com, and also through PR Newswire
"News on Call" by fax 800-758-5804, ext. 101271, or at:
http://www.prnewswire.com.
This news release contains forward-looking statements regarding the
Company's outlook, including statements of goals, intentions, and expectations
regarding or based on assumptions about general economic and market
conditions, competitive dynamics and other factors that, by their nature, are
subject to significant uncertainties, some of which are discussed in the
Company's filings with the Securities and Exchange Commission. Because of
these uncertainties, and the assumptions on which statements in this release
are based, actual future results may differ materially.
SOURCE Charles E. Smith Residential Realty, Inc.
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Related links:
http://www.smithreit.com
CONTACT:
Investors: Greg Samay, 703-769-1029; or
Media: John Kurtz, 703-769-1153; both of Charles E. Smith
Residential Realty
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