Smith Residential Realty Announces $58 Million Acquisition Of Newly Developed Properties in Northern Va. and Southeast Fla.

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Smith Residential Realty Announces $58 Million Acquisition Of Newly Developed Properties in Northern Va. and Southeast Fla.
            Company Re-Deploys Funds From Disposition of Property

    ARLINGTON, Va., Nov. 16 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW), the nation's leading urban multifamily REIT,
announced today the acquisition of two newly-developed apartment properties:
2201 Wilson Boulevard in Arlington, Va., and New River Village in Fort
Lauderdale, Fla. Both properties were acquired under purchase contracts
executed in 1998.  The purchase of the properties was funded from the $67
million disposition of Orleans Village, an 851-unit garden apartment complex
in Northern Virginia, to Home Properties (NYSE: HME).
    Smith Residential's President Ernest Gerardi, Jr., said, "The addition of
2201 Wilson Boulevard and New River Village adds depth to our leadership
position in key submarkets in Northern Virginia and Southeast Florida. These
are locations where high quality properties have great appeal to lifestyle
renters who want the convenience and amenities of living in an urban
environment.  We anticipate both properties will make a strong contribution to
our future performance with average monthly rents at each property exceeding
$1,750."
    2201 Wilson Boulevard is a 219-unit, ten-story high-rise located in the
heart of the thriving Rosslyn/Ballston submarket.  The property is located in
the midst of local dining and entertainment options and is only a ten-minute
MetroRail ride to downtown Washington, D.C.  2201 Wilson Boulevard, which is
expected to reach stabilization in December 2000, is currently 97% leased and
is expected to provide a stabilized first-year yield of approximately 10.25%.
The property was acquired from a subsidiary of Bush Construction Corporation
for a total capitalized cost of approximately $28 million.
    New River Village is a 240-unit, six-story mid-rise located along the New
River in Ft. Lauderdale, just minutes from Las Olas Boulevard's shopping,
restaurants, and entertainment. It is currently 82% leased and is expected to
reach stabilization by the end of the first quarter of 2001, at which time it
is expected to provide a stabilized first-year yield of approximately 8.75%.
New River Village was acquired from a subsidiary of American Land Housing
Group, Inc. for a total capitalized cost of approximately $30 million.
    The purchase contracts for 2201 Wilson Boulevard and New River Village
both contain contingent earnout provisions under which the sellers may receive
additional post-closing payments based on achievement by the properties of
certain minimum yields.
    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 28,000 units and has another 1,600 units under construction or
subject to pre-purchase agreements. The total market capitalization of the
Company -- Charles E. Smith Residential Realty, Inc., including its Operating
Partnership -- exceeds $3 billion.
    This news release contains forward-looking statements regarding the
Company's outlook, including statements of goals, intentions, and expectations
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.
    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 at 1-800-758-5804, ext. 101271, or at http://www.prnewswire.com .
SOURCE Charles E. Smith Companies
http://www.charlesesmith.com
CONTACT:
Investors: Greg Samay, 703-769-1029, or
Media: Susan Goyette, 703-769-6746 both of Charles E. Smith
Residential Realty, Inc.