June 11 2007
Associated Estates Acquires 268-Unit Property in Norfolk, Plans to Acquire 100%
Interest in Atlanta Area Joint Venture
Company Strategically Increases Presence in Mid-Atlantic/Southeast Regions
CLEVELAND, June 11, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Associated
Estates Realty Corporation (NYSE: AEC) announced today the acquisition of Bristol at
Ghent, a 268-unit, class AA community in Norfolk, VA. The property is located in a highly
desirable, supply-constrained area a few blocks north of the central business district.
The four-story mid-rise was built in 2006 and features unique floor plans that include
lofts with certain amenities such as nine and ten foot ceilings with crown molding,
upgraded appliances, gourmet island luxury kitchens and more. Community features include a
parking garage, clubhouse, swimming pool, health and fitness center, spa and massage room
and more. Occupancy is currently at 80% with stabilization (95% occupancy) expected in the
fourth quarter of 2007.
"We're excited to enter the Hampton Roads market, one of the top performing
apartment markets in the country over the past several years," said Patrick Duffy,
vice president of strategic marketing. "Bristol is a great addition to our
Mid-Atlantic portfolio. Its location will facilitate our ability to operate it
efficiently, and we will continue to look for opportunities to grow in this region,"
Duffy continued.
The Company also announced that it has elected to purchase its partner's 51% joint
venture interest in Idlewylde, an 843-unit, class A community in Duluth, GA., near
Atlanta. In 2000, AEC entered into a joint venture partnership to acquire and further
develop this property. Some of Idlewylde's best-in-class amenities include two clubhouses
with pools and state-of-the-art fitness centers, an interactive water park and media room
with theatre seating.
"This is a great opportunity to add to our operations in the Atlanta area.
Idlewylde has performed well for us, and we continue to be excited about the prospects for
growth in this marketplace," said John Shannon, senior vice president of operations.
These acquisitions further the Company's strategy to expand its presence in the
Mid-Atlantic and Southeast regions of the country.
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 99 properties containing a total of 19,969 units located in 10
states. For more information about the Company, please visit its website at http://www.aecrealty.com/.
For more information, please contact:
Michael Lawson Kimberly Kanary
Vice President of Investor Relations Manager of Corporate Communications
216-797-8798 216-797-8752
mlawson@aecrealty.com 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
http://www.aecrealty.com//