ARLINGTON, Va., Nov. 8 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW), the nation's leading urban multifamily residential
REIT, announced it has completed the acquisition of a 1,339-unit, 5-building
high-rise apartment property located in the South Beach section of Miami
Beach, Fla. The property was acquired for approximately $85 million. The
transaction involved the merger of the privately held corporation that owns
the property into the publicly held Charles E. Smith Residential Realty. It
was funded primarily through a combination of 694,586 shares of common stock
issued to the original property owner, proceeds from the sale of convertible
preferred stock, and a debt assumption of approximately $34 million. Smith
Residential will reposition the property through $15 to $25 million of
renovations commencing in the spring of 2000.
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 multi-family residential units in Washington, D.C., Northern Va.,
Chicago, Boston and Southeast Florida. As of 11/1/99, the Company owns
approximately 23,000 units and has approximately 3,000 units under pre-
purchase and/or construction. The total market capitalization of the Company
Charles E. Smith Residential Realty, including its Operating Partnership
-- exceeds $2.3 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 "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:
Chandler Spears, Investor Relations,
703-769-1044, or Susan Goyette, Media Relations, 703-769-6746;
both of Charles E. Smith
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