Acquisition brings Company's Ownership to 3,400 Units in Key Urban Submarket
ARLINGTON, Va., July 15 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW), the country's leading urban multifamily real estate
investment trust, announced today that it has acquired The Consulate, a 269-
unit 9-story luxury high-rise apartment property located in the prestigious
Connecticut Avenue corridor in northwest Washington, D.C. With this
acquisition, Smith Residential now owns 3,400 apartment units in this premier
urban submarket. The property was acquired from a private partnership. Total
transaction value is $33 million, including up-front capital and transaction
costs, which was funded with cash and the assumption of $13 million of debt.
"This property is a perfect strategic fit with our portfolio and enhances
our position as leaders in upscale urban living," said John W. Guinee, Chief
Investment Officer for Charles E. Smith Residential. "The Connecticut Avenue
corridor is an excellent proven market for us, with occupancy better than 98%.
A combination of factors, including strong demand for apartments in the
submarket, significant constraints on new development, and excellent
demographics makes this one of the most attractive multifamily urban living
submarkets in the country."
The Consulate is located on Van Ness Street, one-half block from
Connecticut Avenue and the Van Ness Metrorail station. It is across the
street from another Smith Residential property, Van Ness South, and within two
blocks of one of the company's new development projects, the Park Connecticut,
which is scheduled to open late this year. The Consulate, built in 1978,
underwent significant renovations in 1996-98 and is in excellent physical
condition. Smith Residential will make minor improvements to common areas.
Amenities include a controlled-access underground parking garage, a fitness
center, an outdoor swimming pool and sun deck, and a tennis court.
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 also provide a full range of real estate services
to other property owners. The Company owns a portfolio of approximately
22,000 apartment units, has over 4,000 units under construction and pre-
purchase agreement, and manages an additional 2,900+ units for other owners.
The total market capitalization of the Company -- Charles E. Smith Residential
Realty, including its Operating Partnership -- is approximately $2 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, which are based on assumptions about economic and market
conditions, competitive dynamics and other factors subject to a number of
risks and uncertainties, some of which are discussed in the Company's filings
with the Securities and Exchange Commission. Actual results could differ
materially.
SOURCE Charles E. Smith Residential Realty, Inc.
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Related links:
http://www.smithreit.com
CONTACT:
Media: John Kurtz, 703-769-1153, or
Investors: Greg Samay, 703-769-1029, both of Charles E. Smith
Residential Realty, Inc.
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