Company Strategically Increases Presence in Mid-Atlantic/Southeast Regions
CLEVELAND, June 11 /PRNewswire-FirstCall/ -- Associated Estates Realty
Corporation (NYSE: AEC) announced today the acquisition of Bristol at
Ghent, a 268-unit, class AA community in Norfolk, VA. The property is
located in a highly desirable, supply-constrained area a few blocks north
of the central business district. The four-story mid-rise was built in 2006
and features unique floor plans that include lofts with certain amenities
such as nine and ten foot ceilings with crown molding, upgraded appliances,
gourmet island luxury kitchens and more. Community features include a
parking garage, clubhouse, swimming pool, health and fitness center, spa
and massage room and more. Occupancy is currently at 80% with stabilization
(95% occupancy) expected in the fourth quarter of 2007.
"We're excited to enter the Hampton Roads market, one of the top
performing apartment markets in the country over the past several years,"
said Patrick Duffy, vice president of strategic marketing. "Bristol is a
great addition to our Mid-Atlantic portfolio. Its location will facilitate
our ability to operate it efficiently, and we will continue to look for
opportunities to grow in this region," Duffy continued.
The Company also announced that it has elected to purchase its
partner's 51% joint venture interest in Idlewylde, an 843-unit, class A
community in Duluth, GA., near Atlanta. In 2000, AEC entered into a joint
venture partnership to acquire and further develop this property. Some of
Idlewylde's best-in-class amenities include two clubhouses with pools and
state-of-the-art fitness centers, an interactive water park and media room
with theatre seating.
"This is a great opportunity to add to our operations in the Atlanta
area. Idlewylde has performed well for us, and we continue to be excited
about the prospects for growth in this marketplace," said John Shannon,
senior vice president of operations.
These acquisitions further the Company's strategy to expand its
presence in the Mid-Atlantic and Southeast regions of the country.
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 99 properties containing a
total of 19,969 units located in 10 states. For more information about the
Company, please visit its website at http://www.aecrealty.com.
For more information, please contact:
Michael Lawson Kimberly Kanary
Vice President of Investor Relations Manager of Corporate Communications
216-797-8798 216-797-8752
mlawson@aecrealty.com 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
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