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