Addition of Presidential Villas Doubles Number of Furnished Apartments
ARLINGTON, Va., June 4 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW), one of the country's leading residential REITs,
announced today that an affiliate of the company has acquired Presidential
Villas, a Chicago-based operating company that is the largest operator of
furnished corporate rental apartments in the Chicago area, for approximately
$8.5 million. Charles E. Smith Residential's Smith Corporate Living division
has a strong position in the fast-growing corporate apartment business and the
acquisition of Presidential Villas will significantly enhance its ability to
provide furnished apartments to corporate customers in the greater Chicago
market.
Both Smith Corporate Living and Presidential Villas specialize in the
rental of fully-furnished, appointed and serviced apartments. Corporate
furnished apartments provide an economical alternative to hotels for residents
needing longer term, but not permanent, residential accommodations.
Apartments are fully-furnished and accessorized, including dishes, linens,
televisions and VCRs. In addition, a complete range of convenience services
are available including house cleaning, linen service, health clubs,
continental breakfasts, and transportation services in some locations.
Kevin M. Cross, Vice President of Smith Residential and the official
responsible for Smith Corporate Living operations, commented: "This is an
exciting and logical geographic expansion for Smith Corporate Living.
Efficiencies realized through the merger of Presidential Villas and Smith will
strengthen our collective ability to provide even better services for both
property owners and corporate apartment residents. The combination of
Smith's financial stability, proactive sales concepts, and customer service
procedures will help Presidential Villas to grow, and Presidential Villas'
expertise in third-party operations will, in turn, benefit Smith Corporate
Living in Chicago as well as other markets."
Presidential Villas will continue to operate under its own name, which has
brand recognition in the Chicago area, and its management team will remain in
place, including Lea Goldblatt as President. Ms. Goldblatt stated,
"Presidential Villas will be made even better by the association with the
Smith Corporate Living brand and Charles E.Smith Residential's corporate
strength." Noel Goldblatt, founder and former Chairman of the Board of
Presidential Villas, concurred, stating, "I fully endorse the merger and I am
excited about the outstanding future growth opportunity it represents for Lea
and the Presidential Villas organization."
Presidential Villas currently maintains approximately 1,100 apartments in
37 properties in the Chicago area, with 400 units in downtown Chicago and 700
units in the suburbs, ranging from efficiencies to two-bedroom units. The
firm provides furnished apartments to business executives and professionals
visiting the Chicago area on short-term assignments or training seminars, and
temporary housing for individuals and families relocating to the region.
Presidential Villas services also include arranging for the individual needs
of its clients, such as transportation, computer requirements, and grocery
services. Since its founding in 1968, Presidential Villas has enjoyed strong,
steady growth, and the firm's client base includes a substantial number of
Fortune 500 corporations.
Smith Corporate Living provides nearly 1,000 corporate apartments in
luxury properties throughout the Washington D.C./Northern Virginia
metropolitan area, including locations in the downtown area and the
Connecticut Avenue corridor in northwest Washington D.C., and the Crystal
City, Arlington, Tysons Corner, Reston and the Dulles Airport areas in
Northern Virginia. Each property is owned and/or managed by Charles E. Smith
Residential Realty, Inc., which is recognized for its commitment to a quality
living experience for residents of each of its apartment properties. Smith
Corporate Living recently entered into a new partnership with HomeSolutions by
Marriott to provide its residents with cleaning and linen services comparable
with those offered by luxury hotels.
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 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.
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
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 101271
CONTACT:
For Investors: Greg Samay, 703-769-1029;
for Media: John Kurtz, 703-769-1153; both of Charles E. Smith
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