May 31 2007
Associated Estates Realty Corporation Completes Sale of Non-Core Midwest Asset
CLEVELAND, May 31, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Associated
Estates Realty Corporation (NYSE: AEC) announced today the sale of North Pointe, a
high-rise apartment community located on the shores of Lake Erie in Euclid, Ohio, a suburb
of Cleveland. The property, built in 1971, consists of two, 22-story towers, totaling 949
units. The property's physical occupancy at closing was 89%.
The sale price reflects a blended cap rate of 4.5% based on trailing 12- month NOI,
after a 3.0 percent management fee and $500 per unit of cap/ex. Net sales proceeds are
expected to be used to acquire another property.
"The disposition of North Pointe reflects a continuation of our strategic intent
to reduce our Midwest exposure," said John Shannon, senior vice president of
operations.
Associated Estates Realty Corporation is a real estate investment trust
("REIT") and is a member of the Russell Micro-Cap Index. The Company,
headquartered in Richmond Heights, Ohio, directly or indirectly owns, manages or is in a
joint venture partner in 98 properties containing a total of 19,701 units located in 9
states. For more information about the Company, please visit its website at http://www.aecrealty.com/.
For more information, please contact:
Michael Lawson
Vice President of Investor Relations
216-797-8798
mlawson@aecrealty.com
Kimberly Kanary
Manager of Corporate Communications
216-797-8752
kkanary@aecrealty.com
SOURCE Associated Estates Realty Corporation
Michael Lawson, Vice President of Investor Relations, +1-216-797-8798,
mlawson@aecrealty.com, or Kimberly Kanary, Manager of Corporate Communications,
+1-216-797-8752, kkanary@aecrealty.com, both of Associated Estates Realty Corporation
http://www.aecrealty.com/