ARLINGTON, Va., July 5 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW), the nation's leading urban multifamily residential
REIT, announced today that it has acquired Reston Landing, a new $44 million,
400-unit apartment property located in the heart of Northern Virginia's Dulles
Technology Corridor. The complex was acquired from an affiliate of the Foulger
Pratt Companies pursuant to an agreement arranged prior to the start of
construction in 1998. Reston Landing is well-positioned within walking
distance of Reston Town Center, a popular shopping and entertainment
destination and within a 15 minute commute to the offices of major area
employers such as AOL, Intel, Sprint, MCI/Worldcom, PSI Net, and NextLink.
"Reston Landing increases our strong leadership position in one of the
fastest growing submarkets in the country," said Ernest Gerardi, Jr.,
President and CEO of Smith Residential. "The lease-up was ahead of schedule
and now, at 99% occupancy, all indications point to another excellent
performer for our portfolio."
The transaction was funded primarily through a Section 1031 exchange
involving the $41 million disposition of Worldgate Centre, a 231,000 square
foot retail center located in Herndon, Va.
Charles E. Smith Residential Realty, Inc. is a self-managed real estate
investment trust listed on the New York Stock Exchange under the symbol "SRW."
The Company and its subsidiaries and affiliates own, acquire, develop, and
manage multifamily residential units in Washington, D.C., Northern Va.,
Chicago, Boston, and Southeast Fla. The Company owns or has an interest in
approximately 27,500 units and has over 2,300 units under construction or pre-
purchase agreement. The total market capitalization of the Company -- Charles
E. Smith Residential Realty, Inc., including its Operating Partnership --
exceeds $2.8 billion. Investor information, including press releases about
Charles E. Smith Residential Realty, is available on the Company's Web site at
http://www.charlesesmith.com and also through PR Newswire's News on Call by fax
800-758-5804, ext. 101271, or at http://www.prnewswire.com.
SOURCE Charles E. Smith Residential Realty, Inc.
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Related links:
http://www.charlesesmith.com
CONTACT:
Investors: Chandler Spears, 703-769-1044, or
Media: Susan Goyette, 703-769-6746, both of Charles E. Smith
Residential Realty, Inc.
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