Tuesday, June 12, 2012

Associated Estates Expands into Raleigh-Durham Market


CLEVELAND, OH /PRNewswire/ -- Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) announced  that it has acquired The Apartments at the Arboretum (top left photo), located in Cary, NC, a suburb of Raleigh.

The 205-unit property was built in 2009 and is located minutes from the Research Triangle Park. 

The average monthly rent per unit is approximately $1,200, and the property is currently 92 percent occupied. 

 The average unit size is 1,073 square feet and was originally developed as a condominium, with high-end finishes, structured parking and first class amenities. 

 The property is located within a premier mixed-use development known as Arboretum at Weston and is directly across the street from the world headquarters of SAS, Cary's largest employer.

Associated Estates also announced that it has waived due diligence on The Park at Crossroads (lower left photo), a 344-unit property built in 2006, also in Cary.  This property was not listed for sale.  The average monthly rent per unit is approximately $850, and the property is currently 95 percent occupied.  The average unit size is 1,021 square feet.

 The Park at Crossroads is located less than two miles from I-40 and the I-440 beltline, and is within three miles of the Regency Park and Crescent Commons office parks, containing over 1.9 million square feet of office space. 

The acquisition of this property is subject to the assumption of an approximately $25 million loan.  The loan has an interest rate of 6.325% and matures in November, 2016.  Closing is expected to occur during the third quarter.

For a complete copy of the company’s news release, please contact:

Jeremy Goldberg
(216) 797-8715


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