CLEVELAND, May 31 /PRNewswire-FirstCall/ -- Associated Estates Realty
Corporation (NYSE: AEC) announced today the sale of North Pointe, a
high-rise apartment community located on the shores of Lake Erie in Euclid,
Ohio, a suburb of Cleveland. The property, built in 1971, consists of two,
22-story towers, totaling 949 units. The property's physical occupancy at
closing was 89%.
The sale price reflects a blended cap rate of 4.5% based on trailing
12- month NOI, after a 3.0 percent management fee and $500 per unit of
cap/ex. Net sales proceeds are expected to be used to acquire another
property.
"The disposition of North Pointe reflects a continuation of our
strategic intent to reduce our Midwest exposure," said John Shannon, senior
vice president of operations.
Associated Estates Realty Corporation is a real estate investment trust
("REIT") and is a member of the Russell Micro-Cap Index. The Company,
headquartered in Richmond Heights, Ohio, directly or indirectly owns,
manages or is in a joint venture partner in 98 properties containing a
total of 19,701 units located in 9 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
Kimberly Kanary
Manager of Corporate Communications
216-797-8752
kkanary@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, +1-216-797-8798, mlawson@aecrealty.com, or Kimberly
Kanary, Manager of Corporate Communications, +1-216-797-8752,
kkanary@aecrealty.com, both of Associated Estates Realty
Corporation
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