Associated Estates Realty Corporation
During the year, we acquired eight multifamily properties containing an aggregate of 1,762 suites. In February 1998, we completed the acquisition of three properties containing a total of 1,004 suites in connection with the acquisition of MIG Realty Advisors, Inc. (MIG) and, in a separate transaction, acquired Country Club Apartments, a 316-suite community in Toledo, Ohio. These acquisitions increased our portfolio to 92 multifamily properties containing 18,920 suites.
The properties acquired during 1997 include: The Gables at White River and Waterstone Apartments in Indianapolis, Indiana, a new market for us; Remington Place Apartments in Cincinnati, Ohio, another new market; Saw Mill Village Apartments and Oak Bend Commons in Columbus, Ohio; Hawthorne Hills in Toledo, Ohio; Clinton Place Apartments in Clinton Township, Michigan; and Spring Valley Apartments in Farmington Hills, Michigan.
The Gables is a 228-suite class "A" garden-style apartment community located on a 22-acre site overlooking the White River. Residents are within walking distance from the Indianapolis Museum of Art. Waterstone is also a class "A" community, consisting of 344 garden-style suites. Both properties are among the top apartment communities within the Indianapolis market with respect to location, site amenities, physical condition and floor plans.
Remington Place is a 234-suite class "A" garden-style apartment community, our first acquisition in the Cincinnati/northern Kentucky market. The two properties added to our central Ohio portfolio in 1997 were Oak Bend Commons, consisting of 102 new townhome-style apartments, and Saw Mill Village, a 340-suite class "A" garden-style community. In Toledo, the 88-suite Hawthorne Hills acquisition is located within one mile of our other properties there, providing operating efficiencies.
Clinton Place, a 202-suite garden-style complex, is located in the rapidly growing area of Clinton Township, north of suburban Detroit. Spring Valley, consisting of 224 garden-style apartments in Farmington Hills, is also located within convenient access to Detroit.
The three properties acquired in February 1998 in connection with the MIG transaction include: Cypress Shores, a 300-suite apartment community in Coconut Creek, Florida; The Falls, a 520-suite apartment community in Atlanta, Georgia; and Reflections, a 184-suite apartment community in Columbia, Maryland. The communities are fully amenitized, class "A" properties in excellent locations.
Country Club Apartments, acquired in February 1998, is a 316-suite garden community in Toledo, Ohio. Located adjacent to Inverness Country Club, a frequent host to PGA tournaments, the luxury community offers seven floor plans comprised of one- and two- bedroom layouts.
Construction of Bradford at Easton, a 324-suite luxury development in Columbus, Ohio, was completed in the fourth quarter of 1997. Bradford includes one-, two-, and three-bedroom garden and town home apartments surrounded by nearly seven acres of nature preserve.
Projects under construction at the end of 1997 include The Village of Western Reserve in Streetsboro, Ohio and The Residence at Barrington in Aurora, Ohio. Barrington, consisting of 288 luxury apartments, is scheduled for completion in the fourth quarter of 1998. This property is adjacent to a Jack Nicklaus-designed golf course community surrounded by upscale single-family homes. Barrington appeals to a growing segment of the population who can afford to own homes, but choose to rent for the "lifestyle" benefits. The Village of Western Reserve development, which consists of 108 unique single story ranch-style apartment homes, is expected to be completed in the second quarter of 1998. This property also appeals to the "lifestyle" renter and is attractive to young families as well, since the property has the look and "feel" of a single-family home community.
The Company owns several parcels of land adjacent to existing properties that are currently under development or planned for future development. Construction of an additional 120 suites at our 360-suite Georgetown Park Apartments in Fenton, Michigan, and a 160-suite addition to Arbor Landings in Ann Arbor, Michigan, were under way at the end of 1997 and are scheduled for completion in the fourth quarter of 1998. Construction of an additional 118 suites at Aspen Lakes in Grand Rapids, Michigan is scheduled to begin in 1998 and be completed in the first quarter of 1999. Other undeveloped land parcels include approximately 30 acres in Westlake, Ohio, on Cleveland's west side; approximately 10 acres in Mt. Sterling, located in central Ohio; and 4.5 acres in Battle Creek, Michigan.
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