CLEVELAND, Jan. 12 /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation (NYSE: AEC, Nasdaq: AEC) announced today that it has completed the sale of Lakeshore Village and Bay Club apartments, two Midwest apartment communities.

Lakeshore Village, a 108-unit affordable apartment community located in Cleveland, Ohio, was owned by a joint venture in which the company had a 50% interest. Lakeshore Village was the last affordable housing community in which the company had an ownership interest.

Bay Club is a 96-unit market-rate property located in Willowick, Ohio, an eastern suburb of Cleveland. Bay Club was developed by an AEC predecessor company in 1990 and was part of the company's original 1993 IPO portfolio. The sale price reflects a cap rate of 6.8 percent based on trailing 12-month NOI, after a 3.0 percent management fee and $500 per unit of capital expenditures.

"These property sales are consistent with our plan to sell non-core assets and reduce our exposure to the Midwest," said John Shannon, senior vice president of operations.

Associated Estates Realty Corporation (AEC), based in Richmond Heights, Ohio, is a real estate investment trust ("REIT") and is a member of the Russell 2000. AEC's portfolio consists of 52 properties totaling 13,192 units in nine states. For more information about the Company, please visit its website at www.aecrealty.com.



    For more information, please contact:

    Kim Kanary
    Vice President of Corporate Communications
    216-797-8718
    kkanary@aecrealty.com

SOURCE Associated Estates Realty Corporation